Bridgewater Bancshares director’s trust sells 20,000 shares

The director’s indirect trust holdings stood at 840,909 shares after the sale; his direct holdings were 307,000 shares after the prior gift transfer.

Available on EDGAR 11/06/2026 - 04:41 PM EST Accepted by SEC EDGAR 11/06/2026 - 04:41 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Bridgewater Bancshares Inc director Todd B. Urness reported that the Todd B. Urness Revocable Trust sold 20,000 shares on November 5, 2026, at a weighted average of $20.2109 per share; the sales ranged from $20.04 to $20.275 per share, inclusive, and no Rule 10b5-1 plan is reported. On November 4, 2026, Urness transferred 4,187 shares to the trust for no consideration and remained their beneficial owner. After the November 5 sale, the trust held 840,909 shares; after the November 4 transfer, Urness held 307,000 shares directly.

Insider Trade Summary

Net Seller: 20,000 shares

Net Sell 2 txns

Insider Urness Todd B.

Role Director

Sold 20,000 shs ($404K)

Share of Position Sold 2.3%

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F2, F3	20,000	$20.2109	$404K
Gift	Common Stock	4,187	$0.00	$0.00

Holdings After Transaction: Common Stock — 307,000 shares (Direct); Common Stock — 840,909 shares (Indirect, By Trust)

Holdings Before and After: Common Stock, 311,187 to 307,000 shares (Direct); Common Stock, 860,909 to 840,909 shares (Indirect, By Trust)

Other Insiders: 2 other insiders reported open-market sales of this stock in the 30 days up to this filing.

Footnotes (3)

1. F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.04 to $20.275, 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. F2. On November 4, 2026, Mr. Urness transferred 4,187 shares of common stock to the Todd B. Urness Revocable Trust dated May 21, 2024 for no consideration. Mr. Urness is the trustee of the trust and members of his immediate family are beneficiaries of the trust. Mr. Urness remains the beneficial owner of the securities held by the trust.
3. F3. Shares of common stock are held by Mr. Urness as trustee of the Todd B. Urness Revocable Trust under agreement dated May 21, 2024. Mr. Urness possesses sole voting and investment power with respect to the shares of common stock held by the Todd B. Urness Revocable Trust under agreement dated May 21, 2024.

Key Figures

Shares sold: 20,000 shares Weighted average sale price: $20.2109 per share Sale price range: $20.04 to $20.275 per share +3 more

6 metrics

Shares sold 20,000 shares By the Todd B. Urness Revocable Trust on November 5, 2026

Weighted average sale price $20.2109 per share Trust sale on November 5, 2026

Sale price range $20.04 to $20.275 per share Multiple transactions; inclusive

Trust shares following sale 840,909 shares After the November 5, 2026 sale

Shares transferred as a gift 4,187 shares Transferred to the trust on November 4, 2026, for no consideration

Direct shares following transfer 307,000 shares After the November 4, 2026 transfer

Key Terms

weighted average price, beneficial owner, Rule 10b5-1 plan

3 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.

beneficial owner financial

"Mr. Urness remains the beneficial owner of the securities held by the trust."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Rule 10b5-1 plan regulatory

"no Rule 10b5-1 plan is reported"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

FAQ

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

How many BWB shares did the Todd B. Urness Revocable Trust sell, and at what price?

The Todd B. Urness Revocable Trust sold 20,000 shares on November 5, 2026, at a weighted average price of $20.2109 per share. The sales were made in multiple transactions at prices ranging from $20.04 to $20.275 per share, inclusive. The trust held 840,909 shares after the sale.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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^*

Urness Todd B.

(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)
11/04/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/04/2026		G		4,187	D	$0	307,000	D
Common Stock	11/05/2026		S		20,000	D	$20.2109(1)	840,909	I(2)	By Trust(3)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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 $20.04 to $20.275, 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. On November 4, 2026, Mr. Urness transferred 4,187 shares of common stock to the Todd B. Urness Revocable Trust dated May 21, 2024 for no consideration. Mr. Urness is the trustee of the trust and members of his immediate family are beneficiaries of the trust. Mr. Urness remains the beneficial owner of the securities held by the trust.

3. Shares of common stock are held by Mr. Urness as trustee of the Todd B. Urness Revocable Trust under agreement dated May 21, 2024. Mr. Urness possesses sole voting and investment power with respect to the shares of common stock held by the Todd B. Urness Revocable Trust under agreement dated May 21, 2024.

	/s/ Ben Klocke, Attorney-in-Fact	11/06/2026
	** 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)