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Principal Financial Group, Inc. (PFG) 鈥� Form 4 filing dated 07/01/2025

Director Jonathan Auerbach reported the acquisition of 206 shares of PFG common stock on 06/27/2025. The shares were granted as restricted stock units at a stated price of $0. Following the award, Mr. Auerbach鈥檚 direct beneficial ownership increased to 20,009 shares. No derivative securities were involved, and no dispositions occurred.

The transaction was filed by a single reporting person and does not reference a Rule 10b5-1 trading plan. Because the grant represents less than 1% of PFG鈥檚 outstanding shares and involves no cash outlay, the event is considered routine executive compensation with minimal impact on the company鈥檚 capital structure or public float.

Bridgewater Bancshares, Inc. (BWB) 鈥� Form 4 insider transaction filed 07/01/2025. Director Douglas J. Parish reported the acquisition of 617 shares of common stock on 06/30/2025 at a stated price of $0. Following the transaction, his direct holdings rise to 3,704 shares, while indirect holdings remain 15,607 shares via the Douglas J Parish Revocable Trust. No derivative securities were involved and no sales were disclosed. The filing was signed by attorney-in-fact Ben Klocke.

The transaction appears to be a routine award or transfer (no cost basis shown) and represents a modest increase in insider ownership. There are no accompanying changes to executive roles, strategic announcements, or financial results. As such, the filing is not expected to be materially impactful to BWB鈥檚 valuation but may signal incremental insider confidence.

Form 4 filing: Bridgewater Bancshares Inc. (BWB) disclosed that Director Todd B. Urness acquired 1,235 shares of common stock on 06/30/2025. The transaction is coded 鈥淎鈥� (acquisition) with a reported price of $0.00. Following the purchase, Urness now beneficially owns 1,172,558 shares held directly. No derivative securities were reported and no dispositions occurred.

The filing indicates a marginal increase鈥攁pproximately 0.1%鈥攖o the director鈥檚 already large position. Because the acquisition was reported at no cost, it likely reflects a grant, award, or other non-cash transfer, though the form does not specify the mechanism. Regardless, the key takeaway is that insider ownership ticked upward, and there were no insider sales during the period covered.

Bridgewater Bancshares Inc. (BWB) 鈥� Form 4 insider transaction

Director Thomas P. Trutna reported the acquisition of 617 shares of Bridgewater Bancshares common stock on 30 June 2025. The filing lists the transaction code "A" (acquired) at a stated price of $0.00, implying the shares were received without cash consideration (e.g., a board grant or similar award as permitted under SEC rules). Following the transaction, Trutna鈥檚 total direct beneficial ownership increases to 100,648 shares. No derivative securities were reported, and there were no dispositions.

The form was signed by Attorney-in-Fact Ben Klocke on 1 July 2025. No amendments or additional reporting persons were indicated.

Bridgewater Bancshares, Inc. (BWB) Form 4 filing: Director Lisa Brezonik reported the acquisition of 1,235 common shares on 06/30/2025. The transaction was coded 鈥淎,鈥� indicating an award or gift, and was executed at $0.00 per share, suggesting a restricted-stock or similar equity grant rather than an open-market purchase. Following the grant, Brezonik鈥檚 direct holdings increase to 32,796 shares. No derivative securities were involved, and there were no dispositions. The filing shows continued insider equity accumulation, which may signal ongoing alignment between the board member and shareholder interests, though the absence of an out-of-pocket purchase tempers the signal鈥檚 strength.

Bridgewater Bancshares Inc. (BWB) filed a Form 4 indicating that director Mohammed Lawal acquired 1,235 shares of common stock on 06/30/2025 at a stated price of $0.00 per share. Following the transaction, Lawal now directly owns 32,116 shares of BWB common stock. No derivative securities were reported, and the filing reflects a single, straightforward change in direct ownership.

On 30 June 2025, GCM Grosvenor Inc. (ticker GCMG) director Samuel C. Scott III filed a Form 4 reporting the receipt of 6,380 fully-vested Restricted Stock Units (RSUs) under the company鈥檚 Amended & Restated 2020 Incentive Award Plan. The RSUs were taken in lieu of quarterly cash board compensation, aligning the director鈥檚 remuneration with shareholder interests. Each RSU converts 1-for-1 into Class A common stock and will be delivered upon the earliest of the director鈥檚 separation from service, a change-in-control event, or death/disability. The reference price listed is $11.56, valuing the grant at roughly $74 thousand. After this transaction, Mr. Scott beneficially owns 97,704 derivative securities (RSUs). The filing is coded 鈥淎,鈥� indicating an acquisition with no open-market purchase. While the grant marginally increases insider ownership, its size is immaterial to the company鈥檚 overall capitalization and does not alter the investment thesis.

Bridgewater Bancshares, Inc. (Nasdaq: BWB) disclosed that on 24 June 2025 it completed a private placement of $80 million aggregate principal amount of 7.625% fixed-to-floating rate subordinated notes due 2035. The debt was issued at par to institutional accredited investors and QIBs under a Subordinated Note Purchase Agreement and will be treated as Tier 2 regulatory capital.

The notes carry a 7.625% fixed coupon through 30 June 2030, after which the rate resets quarterly to three-month term SOFR + 388 bps. The company can redeem the notes in whole鈥攂ut not in part鈥攐nly under limited circumstances before 30 June 2030; thereafter it may redeem all or a portion at 100% of principal on any interest-payment date. The notes are unsecured, subordinated obligations, rank junior to senior indebtedness, and are not guaranteed by subsidiaries.

Net proceeds will be used to redeem $50 million of outstanding 5.25% subordinated notes due 2030 and for general corporate purposes, effectively lengthening liability duration but at a higher coupon. A Registration Rights Agreement obliges Bridgewater to exchange the privately placed notes for registered notes with substantially identical terms; failure to do so would trigger additional interest payments. The financing documents鈥攊ncluding the Indenture, Purchase Agreement, and Registration Rights Agreement鈥攁re filed as Exhibits 4.1, 10.1, and 10.2, respectively.

An accompanying press release (Ex. 99.1) and investor presentation (Ex. 99.2) were furnished under Item 7.01, but are expressly not incorporated by reference for Exchange Act liability purposes.

Bridgewater Bancshares, Inc. (BWB) 鈥� Form 4 insider activity

Executive Vice President & Chief Strategy Officer Mary Jayne Crocker exercised employee stock options and acquired additional common shares on 06/17/2025.

• Non-derivative transaction: 20,000 common shares acquired through option exercise (Code M) at an exercise price of $7.47 per share.
• Post-transaction direct ownership rises to 202,985 common shares.

Derivative positions after the transaction

• 130,000 remaining options with a $7.47 strike expiring 09/30/2027 (2017 plan, vesting 20 % annually from 10/01/2017).
• 27,000 options at $12.92, expiring 12/06/2029 (2019 grant, 25 % annual vesting).
• 20,000 options at $17.50, expiring 02/01/2032 (2022 grant, 25 % annual vesting).

No shares were sold and no open-market transactions were disclosed. The filing was signed by attorney-in-fact Ben Klocke on 06/18/2025.

For investors, the key takeaway is that a senior officer chose to convert options into stock without immediately liquidating the shares, modestly increasing her equity stake and potentially signalling confidence in the company鈥檚 prospects.