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

Rhea-AI Filing Summary

Mary Jayne Crocker, who is listed as EVP & Chief Strategy Officer and a director of Bridgewater Bancshares, filed a Form 4 disclosing an insider purchase on 09/04/2025. The form reports the acquisition of 100 depositary shares at $19.478 per share. Each depositary share represents a 1/100th interest in a share of the issuer's 5.875% Non-Cumulative Perpetual Preferred Stock, Series A. After the transaction the reporting person is shown as beneficially owning 5,495 depositary shares indirectly through a spouse IRA. The filing was signed by an attorney-in-fact on 09/05/2025.

Positive

• Insider purchase disclosed: Reporting person acquired 100 depositary shares on 09/04/2025 at $19.478, which can be seen as a modest positive signal.
• Clear disclosure of indirect ownership: Post-transaction ownership of 5,495 depositary shares is disclosed as held indirectly by spouse IRA, demonstrating compliance.

Negative

• None.

Insights

Securities Analyst

TL;DR Insider purchased a small block of depositary shares, increasing indirect holdings to 5,495 through a spouse IRA.

This Form 4 documents a routine insider purchase of 100 depositary shares at $19.478 each. Because each depositary share equals 1/100th of a preferred share, the economic exposure is to the company's 5.875% perpetual preferred Series A. The transaction appears to be executed on behalf of or held in a spouse IRA, indicating indirect ownership. For most investors this is a small, non-controlling increment and is unlikely to change corporate control or capital structure, though insider purchases can be interpreted as a modest positive signal about the insider's view of the preferred issue.

Corporate Governance Expert

TL;DR Filing shows compliance with Section 16 and a modest indirect acquisition; materiality is limited.

The report is properly executed and signed by an attorney-in-fact. The nature of ownership is indirect via a spouse IRA, which is disclosed clearly. The size of the purchase (100 depositary shares) is small relative to total outstanding equity and does not suggest a change in governance or control. This is a routine insider disclosure without immediate governance implications.

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
Estimated average burden
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^*

Crocker Mary Jayne

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & CHIEF STRATEGY OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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
Depositary Shares(1)	09/04/2025		P		100	A	$19.478	5,495	I	By Spouse IRA

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. Each depositary share represents ownership of a 1/100th interest in a share of the Issuer's 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share.

	/s/ Ben Klocke, Attorney-in-Fact	09/05/2025
	** 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 the Bridgewater Bancshares insider buy (BWBBP)?

The insider acquired 100 depositary shares on 09/04/2025 at a price of $19.478 per share.

Who filed the Form 4 for Bridgewater Bancshares and what is their role?

Mary Jayne Crocker filed the Form 4; she is identified as EVP & Chief Strategy Officer and a director.

How many depositary shares does the reporting person own after the transaction?

5,495 depositary shares are reported as beneficially owned following the transaction, held indirectly by a spouse IRA.

What do the depositary shares represent?

Each depositary share represents a 1/100th interest in a share of the issuer's 5.875% Non-Cumulative Perpetual Preferred Stock, Series A.

When was the Form 4 signed?

The form was signed by an attorney-in-fact on 09/05/2025.