[Form 3] Bridgewater Bancshares Inc Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Katie Lynn Morrell, Chief Credit Officer and director at Bridgewater Bancshares Inc, reported direct ownership of 10,441 shares of the issuer's common stock and two stock option grants. The first option covers 10,000 shares with an exercise price of $10.65; the second covers 25,000 shares with an exercise price of $13.78. Both options vest in 25% increments over four anniversaries of their respective grant dates. All holdings and derivative securities are reported as direct beneficial ownership.

Positive

• Direct ownership of 10,441 common shares is disclosed
• Two option grants are detailed with exercise prices ($10.65 and $13.78) and standard vesting schedules
• Reporting identifies role as Chief Credit Officer and director, supporting governance transparency

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider disclosure showing modest equity stake and standard multi-year option vesting; not material to valuation.

The filing documents a typical initial Section 16 filing for an officer/director that reports direct ownership of shares and time‑vested options. The option sizes (10,000 and 25,000 shares) and stated exercise prices are disclosed, with both grants vesting in four equal annual tranches. For most investors, these holdings represent routine executive compensation rather than a material change to company ownership or control.

Corporate Governance Expert

TL;DR: Disclosure aligns with governance best practices; grants use standard vesting schedules and are reported as direct holdings.

The report clearly identifies the reporting person, role, and the nature of ownership. The two option awards use conventional 25% annual vesting and specify exercise prices, which supports transparency around potential future dilution. No indirect holdings or unusual provisions are disclosed in the form.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Morrell Katie Lynn

(Last) (First) (Middle)

C/O BRIDGEWATER BANCSHARES, INC.

4450 EXCELSIOR BLVD., SUITE 100

(Street)

ST. LOUIS PARK MN 55416

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/15/2025

3. Issuer Name and Ticker or Trading Symbol
Bridgewater Bancshares Inc [ BWB ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Credit Officer

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	10,441	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option to buy(1)	(2)	08/01/2033	Common Stock	10,000	$10.65	D
Option to buy(3)	(4)	02/03/2035	Common Stock	25,000	$13.78	D

Explanation of Responses:

1. Option to buy granted under the 2017 Combined Incentive and Non-Statutory Stock Plan.

2. Option exercisable in 25% increments on the first four anniversaries of the date of the grant which was 8/1/2023.

3. Option to buy granted under the 2023 Equity Incentive Plan.

4. Option exercisable in 25% increments on the first four anniversaries of the date of the grant which was 02/03/2025.

	/s/ Ben Klocke, Attorney-in-Fact	09/18/2025
	** 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 5 (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.

FAQ

What securities did Katie Lynn Morrell report owning for Bridgewater Bancshares Inc (BWBBP)?

The filing reports 10,441 shares of common stock and two options covering 10,000 and 25,000 common shares.

What are the exercise prices for the options reported on the Form 3?

The reported exercise prices are $10.65 for the 10,000‑share option and $13.78 for the 25,000‑share option.

How do the reported options vest according to the filing?

Both options vest in 25% increments over the first four anniversaries of their respective grant dates.

Are the reported holdings direct or indirect?

All reported common shares and option holdings are indicated as direct beneficial ownership in the Form 3.

What is the reporting person's role at Bridgewater Bancshares Inc?

The reporting person is listed as a Director and the company's Chief Credit Officer.