[SCHEDULE 13G/A] Bridgewater Bancshares, Inc. SEC Filing

Rhea-AI Filing Summary

Thrivent Financial for Lutherans reports owning 2,382,186 shares of Bridgewater Bancshares Inc. common stock, representing approximately 8.68% of the outstanding shares based on 27,439,946 shares outstanding as of April 29, 2025. The filing is an Amendment No. 7 to a Schedule 13G dated for the event of 06/30/2025 and signed by Thrivent's CFO on 08/15/2025. Thrivent disclaims beneficial ownership of 9,788 shares held in its Defined Benefit Plan Trust and clarifies that 566,140 shares are held by registered investment companies advised by Thrivent Financial for Lutherans while 1,806,258 shares are held by registered investment companies advised by its wholly owned subsidiary Thrivent Asset Management, LLC. The statement affirms the positions were acquired and are held in the ordinary course of business.

Positive

• Transparent disclosure of ownership composition including sole and shared voting and dispositive powers
• Material stake disclosed at 8.68% of outstanding common stock, enabling market and governance visibility

Negative

• None.

Insights

Securities Analyst

TL;DR: Thrivent holds an 8.68% position in Bridgewater Bancshares through advisory relationships and fund holdings, disclosed via Schedule 13G/A.

This Schedule 13G/A clarifies ownership composition and voting/dispositive powers: Thrivent reports 9,788 shares of sole voting/dispositive power and 2,372,398 shares with shared voting/dispositive power, totaling 2,382,186 shares. The filing cites the company share count used to compute the 8.68% ownership figure. The disclosure is consistent with passive investor reporting under Rule 13d-1 and explicitly disclaims beneficial ownership of certain employee-plan shares. For investors, this confirms a material passive stake below typical 10% activist thresholds.

Corporate Governance Specialist

TL;DR: The amendment documents advisory relationships and allocation of voting/dispositive power across funds managed by Thrivent entities.

The filing details that Thrivent Asset Management, LLC and Thrivent Financial for Lutherans act as investment advisers to registered investment companies holding the majority of the reported shares, which explains the shared voting and dispositive powers. The certification states the securities are held in the ordinary course of business and not to influence control of the issuer. This disclosure provides clarity on stewardship and control attribution relevant to governance assessments.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Bridgewater Bancshares Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

108621103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 108621103

1

Names of Reporting Persons

THRIVENT FINANCIAL FOR LUTHERANS

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 9,788.00
6	Shared Voting Power 2,372,398.00
7	Sole Dispositive Power 9,788.00
8	Shared Dispositive Power 2,372,398.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,382,186.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.7 %

12

Type of Reporting Person (See Instructions)

IA, IC

Comment for Type of Reporting Person: Item 5, Item 7 and Item 9 - Thrivent Financial for Lutherans disclaims beneficial ownership of the 9,788 shares held in the Thrivent Financial Defined Benefit Plan Trust. Item 6, Item 8 and Item 9 - Represents 566,140 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 1,806,258 shares held by registered investment companies for which Thrivent Asset Management, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Thrivent Financial for Lutherans, serves as investment adviser. Item 11 - The percentage calculations used herein are based on the statement in the Company's Quarterly Report on Form 10-Q for the quarter ending March 31, 2025, as filed with the Securities and Exchanged Commission on May 1, 2025, that there were 27,439,946 common stock outstanding of Bridgewater Bancshares, Inc. as of April 29, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bridgewater Bancshares Inc
(b)	Address of issuer's principal executive offices: 4450 EXCELSIOR BLVD., 4450 EXCELSIOR BLVD., ST. LOUIS PARK, MINNESOTA, 55416.
Item 2.
(a)	Name of person filing: Thrivent Financial for Lutherans
(b)	Address or principal business office or, if none, residence: 901 Marquette Avenue, Suite 2500 Minneapolis, MN 55402
(c)	Citizenship: Thrivent Financial for Lutherans is a Wisconsin fraternal benefit society.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 108621103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,382,186 Thrivent Financial for Lutherans disclaims beneficial ownership of the 9,788 shares held in the Thrivent Financial Defined Benefit Plan Trust. Represents 566,140 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 1,806,258 shares held by registered investment companies for which Thrivent Asset Management, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Thrivent Financial for Lutherans, serves as investment adviser.
(b)	Percent of class: 8.68 The percentage calculations used herein are based on the statement in the Company's Quarterly Report on Form 10-Q for the quarter ending March 31, 2025, as filed with the Securities and Exchanged Commission on May 1, 2025, that there were 27,439,946 common stock outstanding of Bridgewater Bancshares, Inc. as of April 29, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 9,788 Thrivent Financial for Lutherans disclaims beneficial ownership of these shares held in the Thrivent Financial Defined Benefit Plan Trust.
	(ii) Shared power to vote or to direct the vote: 2,372,398 Represents 566,140 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 1,806,258 shares held by registered investment companies for which Thrivent Asset Management, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Thrivent Financial for Lutherans, serves as investment adviser.
	(iii) Sole power to dispose or to direct the disposition of: 9,788 Thrivent Financial for Lutherans disclaims beneficial ownership of these shares held in the Thrivent Financial Defined Benefit Plan Trust.
	(iv) Shared power to dispose or to direct the disposition of: 2,372,398 Represents 566,140 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 1,806,258 shares held by registered investment companies for which Thrivent Asset Management, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Thrivent Financial for Lutherans, serves as investment adviser.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

THRIVENT FINANCIAL FOR LUTHERANS

Signature:	David S. Royal
Name/Title:	Chief Financial Officer
Date:	08/15/2025

FAQ

How many Bridgewater Bancshares (BWBBP) shares does Thrivent Financial for Lutherans report owning?

Thrivent reports owning 2,382,186 shares of Bridgewater Bancshares common stock.

What percentage of BWBBP does Thrivent's reported ownership represent?

The filing states the shares represent approximately 8.68% of Bridgewater Bancshares' common stock based on 27,439,946 shares outstanding.

How are Thrivent's reported shares allocated between sole and shared voting power?

Thrivent reports 9,788 shares with sole voting power and 2,372,398 shares with shared voting power.

Are all reported shares directly owned by Thrivent Financial for Lutherans?

No. Thrivent disclaims beneficial ownership of 9,788 shares held in a Defined Benefit Plan Trust and reports that most shares are held by registered investment companies advised by Thrivent entities.

When was the Schedule 13G/A signed and what event date is referenced?

The filing references the event date 06/30/2025 and was signed by the CFO on 08/15/2025.