Bridgewater Bancshares: Jerry Baack reports 4.8% stake

The sole-power total includes 1,000 shares held by Baack's dependent child and 2,000 shares he holds as custodian for children.

Available on EDGAR 11/09/2026 - 05:17 PM EST Accepted by SEC EDGAR 11/09/2026 - 05:17 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Bridgewater Bancshares, Inc. (BWB) reports Jerry Baack's beneficial ownership of 1,366,928 shares of common stock, or 4.8% of the class, as of September 30, 2026. The percentage is based on 27,960,252 shares outstanding on that date. The reported amount includes 290,000 shares underlying options exercisable currently or within 60 days and excludes 49,841 restricted stock units that will not vest within 60 days. Baack reported sole voting and dispositive power over 1,359,928 shares and shared power over 7,000 shares held jointly with his spouse.

Key Figures

Beneficial ownership: 1,366,928 shares Ownership of class: 4.8% Sole voting and dispositive power: 1,359,928 shares +3 more

6 metrics

Beneficial ownership 1,366,928 shares Jerry Baack, as of September 30, 2026

Ownership of class 4.8% Based on 27,960,252 shares outstanding as of September 30, 2026

Sole voting and dispositive power 1,359,928 shares Jerry Baack

Shared voting and dispositive power 7,000 shares Held jointly with Jerry Baack's spouse

Shares underlying options included 290,000 shares Currently exercisable or exercisable within 60 days of September 30, 2026

Restricted stock units excluded 49,841 units Will not vest within 60 days of September 30, 2026

Key Terms

beneficially owned, sole voting power, dispositive power, restricted stock units

4 terms

beneficially owned financial

"Amount beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole Voting Power 1,359,928.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

dispositive power financial

"Sole Dispositive Power 1,359,928.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

restricted stock units financial

"excludes 49,841 shares of restricted stock units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

FAQ

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

How many BWB shares does Jerry Baack beneficially own?

Jerry Baack reported beneficial ownership of 1,366,928 Bridgewater Bancshares common shares, equal to 4.8% of the class as of September 30, 2026; the percentage uses 27,960,252 shares outstanding as of that date.

How many BWB shares did Jerry Baack have sole and shared voting power over?

Baack reported sole voting and dispositive power over 1,359,928 shares and shared voting and dispositive power over 7,000 shares, held jointly with his spouse.

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

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

BRIDGEWATER BANCSHARES, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

108621103

(CUSIP Number)

09/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 1,359,928.00
6	Shared Voting Power 7,000.00
7	Sole Dispositive Power 1,359,928.00
8	Shared Dispositive Power 7,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,366,928.00

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)

4.8 %

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 27,960,252 shares of common stock outstanding as of September 30, 2026, as reflected in the Issuer's Form 8-K dated October 20, 2026, as filed by the Issuer with the U.S. Securities and Exchange Commission on October 20, 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 September 30, 2026; (ii) excludes 49,841 shares of restricted stock units that will not vest within 60 days of September 30, 2026; (iii) includes 1,000 shares held by Mr. Baack's dependent child; and (iv) includes 2,000 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 September 30, 2026; (ii) excludes 49,841 shares of restricted stock units that will not vest within 60 days of September 30, 2026; (iii) includes 1,000 shares held by Mr. Baack's dependent child; and (iv) includes 2,000 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 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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
Date:	11/09/2026

Comments accompanying signature: Power of Attorney incorporated by reference to Exhibit 24 to the Schedule 13G filed by Jerry Baack on February 11, 2026.