FORM 4
☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Shellberg Jeffrey D.		 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
(Last)          (First)          (Middle)

C/O BRIDGEWATER BANCSHARES, INC., 4450 EXCELSIOR BLVD., SUITE 100		 3. Date of Earliest Transaction (MM/DD/YYYY)

6/22/2023
(Street)

ST. LOUIS PARK, MN 55416		 4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)        (State)        (Zip)
Rule 10b5-1(c) Transaction Indication
☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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 6/22/2023  M  25000 A$3 330375 D 
 
Common Stock         172000 I By Trust (1)
Common Stock         283890 I By Trust (2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. 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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Option to buy (3)$3 6/22/2023  X     25000   (4)12/31/2023 Common Stock 25000 $0 25000 D 
 
Option to buy (5)$7.47            (6)9/30/2027 Common Stock 150000  150000 D 
 
Option to buy (5)$12.92            (7)12/6/2029 Common Stock 25000  25000 D 
 
Option to buy (5)$17.50            (8)2/1/2032 Common Stock 20000  20000 D 
 
Explanation of Responses:
(1) Shares of common stock are held by Mr. Shellberg as co-trustee of the Susan K. Shellberg Trust under agreement dated October 1, 2014. Mr. Shellberg possesses shared voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Trust under agreement dated October 1, 2014.
(2) Shares of common stock are held by Mr. Shellberg as co-trustee of the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014. Mr. Shellberg possesses shared 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) Options to buy granted under the 2012 Combined Incentive and Non-Statutory Stock Option Plan.
(4) Options exercisable in 20% increments on the first five anniversaries of the date of the grant which was 1/1/2014.
(5) Options to buy granted under the 2017 Combined Incentive and Non-Statutory Stock Option Plan.
(6) Options exercisable in 20% increments on the first five anniversaries of the date of the grant which was 10/1/2017.
(7) Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 12/6/2019.
(8) Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 2/1/2022.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Shellberg Jeffrey D.
C/O BRIDGEWATER BANCSHARES, INC.
4450 EXCELSIOR BLVD., SUITE 100
ST. LOUIS PARK, MN 55416		X
EVP AND CHIEF CREDIT OFFICER
Signatures
/s/ Ben Klocke, Attorney-in-Fact6/26/2023
**Signature of Reporting PersonDate
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.
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