Bridgewater Bancshares director sells 2,512 shares

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported an open-market sale of 2,512 shares of Common Stock at a weighted average price of $18.5029 per share on April 29, 2026.

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Rhea-AI Filing Summary

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported an open-market sale of 2,512 shares of Common Stock at a weighted average price of $18.5029 per share on April 29, 2026. The sale was made indirectly through a trust for which he serves as trustee and holds voting and investment power.

Following the transaction, the trust held 62,488 shares, and Shellberg also reported 266,187 shares held directly and additional indirect holdings of 87,000 and 355,000 shares through other trusts.

Insider Trade Summary

Net Seller: 2,512 shares

Net Sell 4 txns

Insider Shellberg Jeffrey D.

Role Director

Sold 2,512 shs ($46K)

Type	Security	Shares	Price	Value
Sale	Common Stock	2,512	$18.5029	$46K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 504,488 shares (Indirect, By Trust); Common Stock — 266,187 shares (Direct)

Footnotes (4)

F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.500 to $18.675, inclusive. The reporting person undertakes to provide to Bridgewater Bancshares, Inc., any security holder of Bridgewater Bancshares, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price set forth in this footnote to this Form 4.
F2. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Marital Trust dated July 16, 2024.
F3. Shares of common stock are held by Mr. Shellberg as trustee of the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014.
F4. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K Shellberg Family Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Family Trust dated July 16, 2024.

Key Figures

Shares sold: 2,512 shares Weighted average sale price: $18.5029 per share Direct holdings after transaction: 266,187 shares +3 more

6 metrics

Shares sold 2,512 shares Open-market sale on April 29, 2026

Weighted average sale price $18.5029 per share Common Stock sale

Direct holdings after transaction 266,187 shares Common Stock held directly by Shellberg

Trust holdings after sale 62,488 shares Indirect Common Stock in selling trust

Additional trust holdings 87,000 shares Indirect Common Stock in another trust

Additional trust holdings 355,000 shares Indirect Common Stock in a third trust

Key Terms

weighted average price, open-market sale, trustee, voting and investment power

4 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

trustee financial

"Shares of common stock are held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

voting and investment power financial

"Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Marital Trust"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Bridgewater Bancshares (BWB) disclose for Jeffrey D. Shellberg?

Bridgewater Bancshares reported that director Jeffrey D. Shellberg indirectly sold 2,512 shares of Common Stock on April 29, 2026. The sale occurred at a weighted average price of $18.5029 per share through a trust where he serves as trustee with voting and investment power.

At what price were the Bridgewater Bancshares (BWB) shares sold in Shellberg’s Form 4?

The 2,512 Bridgewater Bancshares shares were sold at a weighted average price of $18.5029 per share. Footnotes state the trades occurred in multiple transactions between $18.500 and $18.675, and detailed breakdowns are available upon request from the company or the SEC staff.

How many Bridgewater Bancshares (BWB) shares does Jeffrey D. Shellberg hold after this transaction?

After the reported sale, Shellberg holds 266,187 shares directly. Indirectly, he reports 62,488 shares in the selling trust, 87,000 shares in another trust, and 355,000 shares in an additional trust, all of which he oversees as trustee with voting and investment power.

Was the Bridgewater Bancshares (BWB) insider sale made directly by Jeffrey D. Shellberg?

The reported 2,512-share sale was made indirectly through a trust rather than from a personal brokerage account. However, Shellberg is trustee of the trust and has voting and investment power over its Bridgewater Bancshares shares, so the transaction is attributed to him in the Form 4.

Does the Bridgewater Bancshares (BWB) Form 4 indicate any options or derivative exercises for Shellberg?

The Form 4 excerpt shows only transactions in Common Stock and lists no derivative securities. The derivative summary indicates zero derivative transactions or remaining derivative positions, suggesting no option exercises or other derivative activity were reported in this particular filing.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/01/2026 - 04:15 PM EDT

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shellberg Jeffrey D.

(Last)

(First)

(Middle)

C/O BRIDGEWATER BANCSHARES, INC.

4450 EXCELSIOR BLVD., SUITE 100

(Street)

ST. LOUIS PARK

MINNESOTA

55416

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Bridgewater Bancshares Inc [ BWB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/29/2026		S		2,512	D	$18.5029⁽¹⁾	62,488	I	By Trust⁽²⁾
Common Stock								355,000	I	By Trust⁽³⁾
Common Stock								87,000	I	By Trust⁽⁴⁾
Common Stock								266,187	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.500 to $18.675, inclusive. The reporting person undertakes to provide to Bridgewater Bancshares, Inc., any security holder of Bridgewater Bancshares, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price set forth in this footnote to this Form 4.

2. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Marital Trust dated July 16, 2024.

3. Shares of common stock are held by Mr. Shellberg as trustee of the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014.

4. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K Shellberg Family Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Family Trust dated July 16, 2024.

	/s/ Ben Klocke, Attorney-in-Fact	05/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR