[144] Bridgewater Bancshares, Inc. SEC Filing

Rhea-AI Filing Summary

Bridgewater Bancshares, Inc. (BWBBP) filed a Form 144 notifying the proposed sale of 6,152 shares of common stock. The shares were acquired by exercise on 12/27/2023 and paid in cash. The filing lists Morgan Stanley Smith Barney LLC as the broker and states an approximate sale date of 08/22/2025. The aggregate market value of the shares at filing is $100,892.80 and the issuer's shares outstanding are reported as 27,482,534. The filer certifies no undisclosed material adverse information and reports no sales of the issuer's securities in the past three months.

Positive

• Full disclosure of transaction details: acquisition date, payment method, broker, and aggregate value are provided
• No reported sales in the past three months, simplifying Rule 144 aggregation
• Filer certifies no undisclosed material adverse information about the issuer

Negative

• Insider sale of 6,152 shares could be viewed negatively by some investors despite small size relative to outstanding shares

Insights

Securities Analyst

TL;DR: Routine insider sale notice for 6,152 exercised shares, limited immediate market impact.

The Form 144 documents a proposed insider sale executed through a broker with clear provenance: the shares were acquired by exercise on 12/27/2023 and fully paid in cash. The transaction size—6,152 shares with an aggregate value of $100,892.80—represents a small fraction of the reported 27,482,534 shares outstanding, indicating low dilution or market pressure solely from this sale. No sales in the prior three months were reported, and the filer affirms no undisclosed material adverse information; this aligns with a routine disclosure under Rule 144 rather than a material corporate development.

Corporate Governance Expert

TL;DR: Compliance-focused filing showing exercised equity monetization; governance disclosure appears complete.

The notice includes required details: acquisition date, nature of acquisition (exercised shares), payment method (cash), broker identity, approximate sale date, and aggregate market value. Such transparency supports governance norms around insider dispositions. The absence of reported sales in the past three months simplifies aggregation calculations under Rule 144. Based on the information provided, the filing does not indicate governance irregularities or undisclosed related-party transactions.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	6152	100892.80	27482534	08/22/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	12/27/2023	Exercised Shares	Issuer			6152	12/27/2023	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 for Bridgewater Bancshares (BWBBP) disclose?

The filing discloses a proposed sale of 6,152 common shares acquired by exercise on 12/27/2023, with an aggregate market value of $100,892.80, brokered by Morgan Stanley Smith Barney LLC, and an approximate sale date of 08/22/2025.

How many outstanding shares does Bridgewater Bancshares report in this filing?

The filing reports 27,482,534 shares outstanding.

Did the filer report any securities sold in the past three months for BWBBP?

No. The filing states "Nothing to Report" for securities sold during the past three months.

How were the 6,152 shares paid for according to the Form 144?

Payment was made in cash on 12/27/2023 when the shares were exercised.

Who is the broker listed on the Form 144 for BWBBP?

The broker is listed as Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY 10004.