Bridgewater Bancshares, Inc. and its wholly-owned subsidiary, Bridgewater Bank, entered into an Equity Distribution Agreement with Piper Sandler & Co. on February 27, 2026. The agreement allows the Company to issue and sell shares of its common stock with an aggregate gross sale price of up to $50,000,000 through an 'at-the-market' offering. Sales of common stock, if any, will be made from time to time through Piper Sandler & Co. as the distribution agent. The Company has agreed to pay the Distribution Agent a commission of 2.5% of the gross sales price of the common stock sold. Net proceeds from the offering are planned for general corporate purposes, which may include investments in or advances to subsidiaries, working capital, capital expenditures, stock repurchases, or the financing of possible acquisitions. The Company has no obligation to sell any common stock under the agreement, and either the Company or the Distribution Agent may suspend or terminate the offering.