Statement of Changes in Beneficial Ownership (4)

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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	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 * Place Nicholas L.	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) CHIEF LENDING OFFICER
(Last)          (First)          (Middle) C/O BRIDGEWATER BANCSHARES, INC., 4450 EXCELSIOR BLVD., SUITE 100	3. Date of Earliest Transaction (MM/DD/YYYY) 5/1/2023
(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	5/1/2023		M		10000	A	$3.58	103553	D
Common Stock								7500	I	By Spouse IRA

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 Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. 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 Date		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 of Derivative Security: 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
option to buy (1)	$3.58	5/1/2023		X			10000	(2)	12/31/2024	Common Stock	10000	$0	10000	D
option to buy (3)	$7.47							(4)	9/30/2027	Common Stock	150000		150000	D
option to buy (3)	$12.92							(5)	12/6/2029	Common Stock	21000		21000	D
option to buy (3)	$17.50							(6)	2/1/2032	Common Stock	50000		50000	D

Explanation of Responses:
(1)	Options to buy granted under the 2012 Combined Incentive and Non-Statutory Stock Option Plan.
(2)	Options exercisable in 20% increments on the first five anniversaries of the date of the grant which was 1/1/2015.
(3)	Options to buy granted under the 2017 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 10/1/2017.
(5)	Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 12/6/2019.
(6)	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
	Director	10% Owner	Officer	Other
Place Nicholas L. C/O BRIDGEWATER BANCSHARES, INC. 4450 EXCELSIOR BLVD., SUITE 100 ST. LOUIS PARK, MN 55416			CHIEF LENDING OFFICER

Signatures
/s/ Ben Klocke, Attorney-in-Fact		5/2/2023
**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 control number.