Bridgewater director sells 9,838 shares of stock

Q: What indirect BWB share holdings are reported for Jeffrey D. Shellberg?

Jeffrey D. Shellberg reports indirect BWB holdings through three trusts. These trusts hold 355,000 shares, 87,000 shares, and 65,000 shares of Bridgewater Bancshares common stock, with Mr. Shellberg serving as trustee and possessing both voting and investment power over the shares held by each trust.

Bridgewater Bancshares director Jeffrey D. Shellberg reported a sale of company stock.

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Rhea-AI Filing Summary

Bridgewater Bancshares director Jeffrey D. Shellberg reported a sale of company stock. On February 6, 2026, he sold 9,838 shares of common stock at a price of $18.8901 per share in a transaction reported as a sale.

After this trade, Mr. Shellberg directly beneficially owned 266,187 shares of Bridgewater Bancshares common stock. He also indirectly held additional shares through three trusts, including 355,000 shares, 87,000 shares, and 65,000 shares, where he serves as trustee with voting and investment power.

Insider Trade Summary

Net Seller: 9,838 shares

Net Sell 4 txns

Insider Shellberg Jeffrey D.

Role Director

Sold 9,838 shs ($186K)

Type	Security	Shares	Price	Value
Sale	Common Stock	9,838	$18.8901	$186K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 266,187 shares (Direct); Common Stock — 507,000 shares (Indirect, By Trust)

Footnotes (3)

F1. 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.
F2. 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.
F3. 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.

FAQ

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What insider transaction did BWB director Jeffrey D. Shellberg report?

Jeffrey D. Shellberg reported selling 9,838 shares of Bridgewater Bancshares common stock. The sale occurred on February 6, 2026, at a price of $18.8901 per share and was reported as a non-derivative disposition of common stock on a Form 4 filing.

How many BWB shares does Jeffrey D. Shellberg own after the reported sale?

After the sale, Jeffrey D. Shellberg directly beneficially owned 266,187 BWB shares. In addition to this direct holding, he is trustee for three trusts that hold 355,000 shares, 87,000 shares, and 65,000 shares of Bridgewater Bancshares common stock, over which he has voting and investment power.

At what price did the BWB insider sale take place on February 6, 2026?

The reported Bridgewater Bancshares insider sale was executed at $18.8901 per share. Director Jeffrey D. Shellberg sold 9,838 shares of common stock at this price in a single transaction, as disclosed in the Form 4 insider trading report filed under Section 16 rules.

What role does Jeffrey D. Shellberg have at Bridgewater Bancshares (BWB)?

Jeffrey D. Shellberg is reported as a director of Bridgewater Bancshares. His Form 4 filing indicates he is a board member but not a company officer or 10% owner by designation, while still holding significant direct and indirect positions in the company’s common stock.

Were any derivative securities reported in this BWB Form 4 filing?

No derivative securities were reported in this Form 4 for BWB. The filing’s Table II, which covers options, warrants, and other derivatives, contains no transactions or holdings, indicating the report relates solely to non-derivative common stock positions and one sale transaction.

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Accepted by SEC EDGAR 02/06/2026 - 05:50 PM EST

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

55416

(City)

(State)

(Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

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

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

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

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	02/06/2026		S		9,838	D	$18.8901	266,187	D
Common Stock								355,000	I	By Trust⁽¹⁾
Common Stock								87,000	I	By Trust⁽²⁾
Common Stock								65,000	I	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)
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. 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.

2. 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.

3. 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.

	/s/ Ben Klocke, Attorney-in-Fact	02/06/2026
	** 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.

Source: View Original Filing on SEC EDGAR