[Form 4] Bridgewater Bancshares, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing: Bridgewater Bancshares Inc. (BWB) disclosed that Director Todd B. Urness acquired 1,235 shares of common stock on 06/30/2025. The transaction is coded “A” (acquisition) with a reported price of $0.00. Following the purchase, Urness now beneficially owns 1,172,558 shares held directly. No derivative securities were reported and no dispositions occurred.

The filing indicates a marginal increase—approximately 0.1%—to the director’s already large position. Because the acquisition was reported at no cost, it likely reflects a grant, award, or other non-cash transfer, though the form does not specify the mechanism. Regardless, the key takeaway is that insider ownership ticked upward, and there were no insider sales during the period covered.

Positive

• Director Todd B. Urness increased his direct ownership by 1,235 common shares on 06/30/2025, with no insider sales reported.

Negative

• None.

Insights

Securities Analyst

TL;DR: Minor insider share acquisition (1,235 shares) at $0; changes ownership to 1.17 M shares—signal is positive but financially immaterial.

Impact assessment: The purchase represents less than 0.2% of the director’s holdings and an even smaller portion of shares outstanding, so market impact should be negligible. However, the fact that the filing shows an acquisition rather than a sale removes near-term selling pressure and can be interpreted as a modest vote of confidence. Because no monetary consideration is noted, the transaction might stem from a stock grant or dividend reinvestment, but this cannot be confirmed from the filing alone. Overall, I classify the disclosure as not impactful to valuation or liquidity.

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
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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^*

Urness Todd B.

(Last) (First) (Middle)

C/O BRIDGEWATER BANCSHARES, INC.

4450 EXCELSIOR BLVD., SUITE 100

(Street)

ST. LOUIS PARK MN 55416

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. 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 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		A		1,235	A	$0	1,172,558	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Ben Klocke, Attorney-in-Fact	07/01/2025
	** 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 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.

FAQ

How many Bridgewater Bancshares (BWB) shares did Director Todd B. Urness acquire?

He acquired 1,235 common shares on 06/30/2025.

What is Todd B. Urness’s total share ownership after the transaction?

Following the purchase, he beneficially owns 1,172,558 shares held directly.

Was the transaction a purchase or sale?

It was coded "A" for acquisition; no shares were sold.

What price was reported for the acquired shares?

The Form 4 lists the transaction price as $0.00 per share.

Does the filing report any derivative security activity?

No, Table II shows no derivative securities acquired or disposed of.