Bridgewater Bancshares Director Jeffrey Shellberg Sells 20,000 Shares

Jeffrey D. Shellberg, a director of Bridgewater Bancshares Inc (BWB), sold 20,000 shares of common stock on May 21, 2026, at a weighted average price of $18.5542 per share. The shares were sold in multiple transactions ranging from $18.50 to $18.68. Following this transaction, Shellberg's direct holdings decreased to 266,187 shares, while he maintains indirect ownership through various trusts totaling 442,000 shares. The sales were made from the Susan K. Shellberg Marital Trust, where Shellberg serves as trustee and retains voting and investment power. Shellberg's total ownership position across all accounts remains substantial at 708,187 shares. This Form 4 filing provides transparency about insider trading activity as required by SEC regulations.