Insider Jerry Baack reports 5.1% Bridgewater Bancshares (BWB) ownership

Rhea-AI Filing Summary

Bridgewater Bancshares, Inc. reports that insider Jerry Baack beneficially owns 1,429,162 shares of its common stock, representing 5.1% of the class. This percentage is based on 27,759,970 shares outstanding as of December 31, 2025.

Baack has sole voting and dispositive power over 1,422,162 shares and shared power over 7,000 shares held jointly with his spouse. The sole power amount includes 290,000 option shares exercisable within 60 days, 13,888 restricted stock units vesting within 60 days, and 3,000 shares held as custodian for children.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

BRIDGEWATER BANCSHARES, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

108621103

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 108621103

1

Names of Reporting Persons

Jerry Baack

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,422,162.00
6	Shared Voting Power 7,000.00
7	Sole Dispositive Power 1,422,162.00
8	Shared Dispositive Power 7,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,429,162.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BRIDGEWATER BANCSHARES, INC.
(b)	Address of issuer's principal executive offices: 4450 Excelsior Blvd., Suite 100, St. Louis Park, MN, 55416.
Item 2.
(a)	Name of person filing: Jerry Baack
(b)	Address or principal business office or, if none, residence: 4450 Excelsior Blvd., Suite 100, St. Louis Park, MN 55416
(c)	Citizenship: United States
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 108621103
Item 4.	Ownership
(a)	Amount beneficially owned: See the responses to Item 9 on the attached cover pages.
(b)	Percent of class: See the responses to Item 11 on the attached cover pages. Such response is based on 27,759,970 shares of common stock outstanding as of December 31, 2025, as reflected in the Issuer's Form 8-K dated January 27, 2026, as filed by the Issuer with the U.S. Securities and Exchange Commission on January 27, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the responses to Item 5 on the attached cover pages. Such response (i) includes 290,000 shares of common stock underlying options that are currently exercisable or are exercisable within 60 days of December 31, 2025; (ii) includes 13,888 shares of restricted stock units that will vest within 60 days of December 31, 2025 and excludes 26,102 shares of restricted stock units that will not vest within 60 days of December 31, 2025; and (iii) includes 3,000 shares held by Mr. Baack as custodian for children.
	(ii) Shared power to vote or to direct the vote: See the responses to Item 6 on the attached cover pages. Such response includes 7,000 shares held jointly with Mr. Baack's spouse.
	(iii) Sole power to dispose or to direct the disposition of: See the responses to Item 7 on the attached cover pages. Such response (i) includes 290,000 shares of common stock underlying options that are currently exercisable or are exercisable within 60 days of December 31, 2025; (ii) includes 13,888 shares of restricted stock units that will vest within 60 days of December 31, 2025 and excludes 26,102 shares of restricted stock units that will not vest within 60 days of December 31, 2025; and (iii) includes 3,000 shares held by Mr. Baack as custodian for children.
	(iv) Shared power to dispose or to direct the disposition of: See the responses to Item 8 on the attached cover pages. Such response includes 7,000 shares held jointly with Mr. Baack's spouse.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Jerry Baack

Signature:	/s/ Ben Klocke
Name/Title:	Ben Klocke, attorney-in-fact for Jerry Baack pursuant to Power of Attorney attached to this Schedule 13G
Date:	02/11/2026

FAQ

How much of Bridgewater Bancshares (BWB) stock does Jerry Baack beneficially own?

Jerry Baack beneficially owns 1,429,162 Bridgewater Bancshares shares, or 5.1% of the common stock. This percentage is calculated using 27,759,970 shares outstanding as of December 31, 2025, as reported by the company in a Form 8-K filing.

How is Jerry Baack’s 5.1% ownership in Bridgewater Bancshares (BWB) structured?

Baack has sole power over 1,422,162 shares and shared power over 7,000 shares. The shared amount reflects stock held jointly with his spouse, while the sole amount covers shares he can individually vote and dispose of under SEC rules.

What derivative or equity awards are included in Jerry Baack’s BWB ownership?

Baack’s beneficial ownership includes 290,000 option shares and 13,888 restricted stock units. These options are currently exercisable or exercisable within 60 days of December 31, 2025, and the RSUs are scheduled to vest within the same 60-day period.

Which Bridgewater Bancshares (BWB) awards are excluded from Baack’s reported beneficial ownership?

Baack excludes 26,102 restricted stock units from his beneficial ownership calculation. These RSUs are not counted because they will not vest within 60 days of December 31, 2025, and therefore do not meet the SEC’s standard for current beneficial ownership.

Does Jerry Baack hold any Bridgewater Bancshares (BWB) shares for family members?

Yes, Baack’s beneficial ownership includes 3,000 BWB shares held as custodian for children. Under SEC rules, these custodian-held shares are attributed to him for beneficial ownership because he can direct voting or disposition on behalf of the children.

On what share count is Jerry Baack’s 5.1% BWB ownership percentage based?

The 5.1% ownership is based on 27,759,970 BWB shares outstanding as of December 31, 2025. This outstanding share figure comes from Bridgewater Bancshares’ Form 8-K dated January 27, 2026, filed with the U.S. Securities and Exchange Commission.