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

Rhea-AI Filing Summary

Bridgewater Bancshares insider transaction: Jeffrey D. Shellberg, a director and the EVP and Chief Credit Officer, reported a sale of 6,040 shares of Bridgewater Bancshares common stock on 08/22/2025 at a weighted average price of $16.0923 per share. The Form 4 shows Mr. Shellberg beneficially owns 317,390 shares indirectly as trustee of the Jeffrey D. Shellberg Trust, plus additional trust holdings listed as 87,000 and 65,000 shares in two Susan K. Shellberg trusts. The filing was signed by attorney-in-fact Ben Klocke on 08/22/2025.

Positive

• Transparent disclosure of the weighted-average sale price and offer to provide per-price breakdowns upon request
• Significant retained beneficial ownership reported indirectly via trusts (317,390; 87,000; 65,000 shares)
• Proper Form 4 filing executed and signed by attorney-in-fact on the transaction date

Negative

• Insider sale of 6,040 shares on 08/22/2025, which reduces the reporting person’s direct holdings
• No company-wide context provided (total outstanding shares or percentage ownership not disclosed in this filing)

Insights

Financial Analyst

TL;DR: A company insider sold a modest block of shares while retaining significant indirect holdings via trusts.

Mr. Shellberg reported a sale of 6,040 shares at a weighted average price of $16.0923, with total reported indirect beneficial ownership of 317,390 shares and two additional trust holdings of 87,000 and 65,000 shares. The disclosure is routine and complies with Section 16 reporting; without company-level share count or recent trading context, this single sale is not clearly material to valuation.

Corporate Governance Expert

TL;DR: Reporting is complete and indicates retained control via multiple trusts, consistent with standard insider stewardship.

The Form 4 identifies Mr. Shellberg as both a director and an officer and documents voting and investment power over shares held in three trusts. The sale was executed by an attorney-in-fact and the filing includes required explanatory footnotes about trust arrangements and weighted average sale price, supporting transparency around beneficial ownership and related-party control structures.

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^*

Shellberg Jeffrey D.

(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
X	Officer (give title below)		Other (specify below)
	EVP AND CHIEF CREDIT OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		S		6,040	D	$16.0923(1)	317,390	I	By Trust(2)
Common Stock								87,000	I	By Trust(3)
Common Stock								65,000	I	By Trust(4)
Common Stock								289,613	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:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.01 to $16.22, inclusive. The reporting person undertakes to provide to Bridgewater Bancshares, Inc., any security holder of Bridgewater Bancshares, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price set forth in this footnote to this Form 4.

2. Shares of common stock are held by Mr. Shellberg as trustee of the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014.

3. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K Shellberg Family Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Family Trust dated July 16, 2024.

4. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Marital Trust dated July 16, 2024.

	/s/ Ben Klocke, Attorney-in-Fact	08/22/2025
	** 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

What did Jeffrey D. Shellberg report on Form 4 for Bridgewater Bancshares (BWB)?

He reported the sale of 6,040 shares of common stock on 08/22/2025 at a weighted average price of $16.0923 per share.

How many Bridgewater Bancshares shares does Mr. Shellberg beneficially own after the transaction?

The Form 4 shows 317,390 shares beneficially owned indirectly by Mr. Shellberg as trustee, plus trust holdings of 87,000 and 65,000 shares as noted in the filing.

What is Mr. Shellberg’s relationship to Bridgewater Bancshares?

The filing lists him as a Director and an Officer with the title EVP and Chief Credit Officer.

Was the sale price a single price or a weighted average?

The price reported ($16.0923) is a weighted average of multiple sale transactions ranging from $16.01 to $16.22, per the filing footnote.

Who signed the Form 4 filing?

The Form 4 was signed by Ben Klocke, Attorney-in-Fact on 08/22/2025.