Bridgewater director sells 62 BWB shares via trust

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported an indirect open-market sale of 62 shares of Common Stock at $18.50 per share on May 1, 2026, by a trust for which he serves as trustee.

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Form Type

Rhea-AI Filing Summary

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported an indirect open-market sale of 62 shares of Common Stock at $18.50 per share on May 1, 2026, by a trust for which he serves as trustee. Following this sale, that trust held 62,426 shares. Separate entries show Shellberg with 266,187 shares held directly, and additional indirect positions of 87,000 and 355,000 shares held by other trusts where he also has voting and investment power.

Insider Trade Summary

Net Seller: 62 shares

Net Sell 4 txns

Insider Shellberg Jeffrey D.

Role Director

Sold 62 shs ($1K)

Type	Security	Shares	Price	Value
Sale	Common Stock	62	$18.50	$1K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 504,426 shares (Indirect, By Trust); Common Stock — 266,187 shares (Direct)

Footnotes (3)

F1. 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.
F2. 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.
F3. 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: 62 shares Sale price: $18.50 per share Trust holdings after sale: 62,426 shares +3 more

6 metrics

Shares sold 62 shares Open-market sale on May 1, 2026

Sale price $18.50 per share Price for 62-share sale

Trust holdings after sale 62,426 shares Indirect trust position post-transaction

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

Indirect trust holdings 87,000 shares Common Stock held indirectly by one trust

Additional trust holdings 355,000 shares Common Stock held indirectly by another trust

Key Terms

open-market sale, Common Stock, indirect, trustee, +1 more

5 terms

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.

Common Stock financial

"security_title: "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

indirect financial

"ownership_type: "indirect" with nature_of_ownership "By Trust""

trustee financial

"Shares of common stock are held by Mr. Shellberg as trustee"

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"

FAQ

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

What insider transaction did Bridgewater Bancshares (BWB) director Jeffrey D. Shellberg report?

Jeffrey D. Shellberg reported an indirect open-market sale of 62 shares of Bridgewater Bancshares Common Stock at $18.50 per share. The sale was executed on May 1, 2026 through a trust for which he serves as trustee.

At what price were the Bridgewater Bancshares (BWB) shares sold in this Form 4 filing?

The reported transaction shows 62 shares of Bridgewater Bancshares Common Stock sold at $18.50 per share. This price reflects the per-share consideration received in the open-market sale disclosed for May 1, 2026.

How many Bridgewater Bancshares (BWB) shares did the selling trust hold after the reported sale?

After the sale, the trust involved in the transaction held 62,426 shares of Bridgewater Bancshares Common Stock. This post-transaction balance is disclosed as the total shares following the 62-share open-market sale on May 1, 2026.

What direct holdings in Bridgewater Bancshares (BWB) does Jeffrey D. Shellberg report?

Jeffrey D. Shellberg reports 266,187 shares of Bridgewater Bancshares Common Stock held directly. This direct ownership is separate from his indirect positions in multiple trusts where he also has voting and investment power over additional shares.

What indirect Bridgewater Bancshares (BWB) holdings does Jeffrey D. Shellberg report through trusts?

Shellberg reports indirect holdings through several trusts: 87,000 shares in one trust, 355,000 shares in another trust, and 62,426 shares in the trust that executed the 62-share sale. He serves as trustee with voting and investment power over these trust-held shares.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/05/2026 - 05:56 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)
05/01/2026

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	05/01/2026		S		62	D	$18.5	62,426	I	By Trust⁽¹⁾
Common Stock								355,000	I	By Trust⁽²⁾
Common Stock								87,000	I	By Trust⁽³⁾
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. 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.

2. 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.

3. 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	05/05/2026
	** 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