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  4. [Form 4] Bridger Aerospace Group Holdings, Inc. Insider Trading Activity

Blackstone entities (BAER) disclose 2.78M-share Bridger Aerospace stock sale

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Affiliated investment entities of Blackstone, as 10% owners of Bridger Aerospace Group Holdings, Inc., reported three indirect open-market sales of the company’s Common Stock on August 11, 2026. In total, the entities sold 2,778,124 shares at a weighted average price of $1.0405 per share, with individual trades executed between $1.00 and $1.29. The shares were held by various Blackstone-managed vehicles, and each reporting person disclaims beneficial ownership beyond its pecuniary interest.

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Negative

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Insights

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Insider Blackstone Holdings II L.P., Blackstone Inc., Blackstone Tactical Opportunities Fund - FD L.P., Blackstone Tactical Opportunities Associates III - NQ L.P., BTO DE GP - NQ L.L.C., Blackstone Family Tactical Opportunities Investment Partnership III - NQ - ESC L.P., BTO - NQ Side-by-Side GP L.L.C., Blackstone Group Management L.L.C., SCHWARZMAN STEPHEN A
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Sold 2,778,124 shs ($2.89M)
Type Security Shares Price Value
Sale Common Stock F7, F1, F4, F5, F6 2,710,374 $1.0405 $2.82M
Sale Common Stock F7, F2, F4, F5, F6 46,817 $1.0405 $49K
Sale Common Stock F7, F3, F4, F5, F6 20,933 $1.0405 $22K
Holdings After Transaction: Common Stock — 37,272 shares (Indirect, See Footnotes)
Footnotes (7)
  1. F1. Reflects securities of Bridger Aerospace Group Holdings, Inc. (the "Issuer") directly held by BTO Grannus Holdings IV - NQ LLC ("BTO Grannus IV"). BTO Grannus IV is managed by Grannus Holdings Manager - NQ LLC. Blackstone Tactical Opportunities Advisors L.L.C. is the investment manager to BTO Grannus IV. The managing member of Blackstone Tactical Opportunities Advisors L.L.C. is Blackstone Intermediary Holdco L.L.C. The sole member of Blackstone Intermediary Holdco L.L.C. is Blackstone Securities Partners L.P. The general partner of Blackstone Securities Partners L.P. is Blackstone Advisory Services L.L.C. The sole member of Blackstone Advisory Services L.L.C. is Blackstone Holdings I L.P.
  2. F2. Reflects securities of the Issuer directly held by Blackstone Tactical Opportunities Fund - FD L.P. ("BTOF FD"). The general partner with management authority over BTOF FD with respect to the Common Stock held thereby is Blackstone Tactical Opportunities Associates III - NQ L.P. The general partner of Blackstone Tactical Opportunities Associates III - NQ L.P. is BTO DE GP - NQ L.L.C. The managing member of BTO DE GP - NQ L.L.C. is Blackstone Holdings II L.P.
  3. F3. Reflects securities of the Issuer directly held by Blackstone Family Tactical Opportunities Investment Partnership III - NQ - ESC L.P. ("BFTOIP III"). The general partner of BFTOIP III is BTO - NQ Side-by-Side GP L.L.C. The sole member of BTO-NQ Side-by-Side GP L.L.C. is Blackstone Holdings II L.P.
  4. F4. The general partner of Blackstone Holdings I L.P. and Blackstone Holdings II L.P. is Blackstone Holdings I/II GP L.L.C. The sole member of Blackstone Holdings I/II GP L.L.C. is Blackstone Inc. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.
  5. F5. Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.
  6. F6. Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
  7. F7. The price reported in Column 4 is a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $1.00 to $1.29, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock sold at each separate price in the range set forth in this footnote.
Total shares sold 2,778,124 shares Aggregate Common Stock sales by reporting persons on August 11, 2026
Weighted average sale price $1.0405 per share Weighted average price for reported Common Stock sales
Price range of sales $1.00–$1.29 per share Range of prices for multiple Common Stock sale transactions
Largest single block sold 2,710,374 shares Indirect sale of Common Stock linked to BTO Grannus Holdings IV - NQ LLC
Second block sold 46,817 shares Indirect sale by Blackstone Tactical Opportunities Fund - FD L.P.
Third block sold 20,933 shares Indirect sale by Blackstone Family Tactical Opportunities Investment Partnership III - NQ - ESC L.P.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
indirect financial
"Each sale was reported as indirect ownership with nature of ownership via funds."
pecuniary interest financial
"disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest"
beneficial ownership financial
"disclaims beneficial ownership of the securities held by the other Reporting Persons"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
ten percent owner regulatory
"Several reporting persons are identified as a ten percent owner of the issuer."

FAQ

How many Bridger Aerospace (BAER) shares were sold by the reporting persons?
The reporting persons disclosed selling a total of 2,778,124 Common Stock shares of Bridger Aerospace Group Holdings, Inc. These were executed across multiple transactions on August 11, 2026 by Blackstone-affiliated investment vehicles.

At what prices were the BAER shares sold in this Form 4?
The Form 4 reports a weighted average price of $1.0405 per share, with the underlying trades executed in a price range from $1.00 to $1.29 per share for Bridger Aerospace Common Stock.

Were the BAER insider sales made under a Rule 10b5-1 trading plan?
The filing’s Rule 10b5-1 checkbox is not marked as using a trading plan, indicating the reported Bridger Aerospace share sales were not affirmatively designated as made pursuant to a Rule 10b5-1 plan.

Which Blackstone entities are involved in the BAER share sales?
Entities include BTO Grannus Holdings IV - NQ LLC, Blackstone Tactical Opportunities Fund - FD L.P. and Blackstone Family Tactical Opportunities Investment Partnership III - NQ - ESC L.P., with related general partners and management entities also listed as reporting persons.

Do the Blackstone reporting persons claim full beneficial ownership of the BAER shares?
Each reporting person (unless directly holding shares) disclaims beneficial ownership of securities held by others, except to the extent of its pecuniary interest, and states that inclusion does not admit beneficial ownership.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
X
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Blackstone Holdings II L.P.
(Last)(First)(Middle)
C/O BLACKSTONE INC.
345 PARK AVE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Bridger Aerospace Group Holdings, Inc. [ BAER ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/11/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction 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)
CodeVAmount(A) or (D)Price
Common Stock08/11/2026S2,710,374D$1.0405(7)4,825,856ISee Footnotes(1)(4)(5)(6)
Common Stock08/11/2026S46,817D$1.0405(7)83,358ISee Footnotes(2)(4)(5)(6)
Common Stock08/11/2026S20,933D$1.0405(7)37,272ISee Footnotes(3)(4)(5)(6)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction 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 (Month/Day/Year)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: 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
1. Name and Address of Reporting Person*
Blackstone Holdings II L.P.
(Last)(First)(Middle)
C/O BLACKSTONE INC.
345 PARK AVE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Blackstone Inc.
(Last)(First)(Middle)
345 PARK AVENUE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Blackstone Tactical Opportunities Fund - FD L.P.
(Last)(First)(Middle)
C/O BLACKSTONE INC.,
345 PARK AVENUE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Blackstone Tactical Opportunities Associates III - NQ L.P.
(Last)(First)(Middle)
C/O BLACKSTONE INC.,
345 PARK AVENUE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
BTO DE GP - NQ L.L.C.
(Last)(First)(Middle)
C/O BLACKSTONE INC.,
345 PARK AVENUE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Blackstone Family Tactical Opportunities Investment Partnership III - NQ - ESC L.P.
(Last)(First)(Middle)
C/O BLACKSTONE INC.
345 PARK AVENUE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
BTO - NQ Side-by-Side GP L.L.C.
(Last)(First)(Middle)
C/O BLACKSTONE INC.
345 PARK AVENUE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Blackstone Group Management L.L.C.
(Last)(First)(Middle)
C/O BLACKSTONE INC.
345 PARK AVENUE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
SCHWARZMAN STEPHEN A
(Last)(First)(Middle)
C/O BLACKSTONE INC.
345 PARK AVENUE
(Street)
NEW YORK NEW YORK 10154
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Reflects securities of Bridger Aerospace Group Holdings, Inc. (the "Issuer") directly held by BTO Grannus Holdings IV - NQ LLC ("BTO Grannus IV"). BTO Grannus IV is managed by Grannus Holdings Manager - NQ LLC. Blackstone Tactical Opportunities Advisors L.L.C. is the investment manager to BTO Grannus IV. The managing member of Blackstone Tactical Opportunities Advisors L.L.C. is Blackstone Intermediary Holdco L.L.C. The sole member of Blackstone Intermediary Holdco L.L.C. is Blackstone Securities Partners L.P. The general partner of Blackstone Securities Partners L.P. is Blackstone Advisory Services L.L.C. The sole member of Blackstone Advisory Services L.L.C. is Blackstone Holdings I L.P.
2. Reflects securities of the Issuer directly held by Blackstone Tactical Opportunities Fund - FD L.P. ("BTOF FD"). The general partner with management authority over BTOF FD with respect to the Common Stock held thereby is Blackstone Tactical Opportunities Associates III - NQ L.P. The general partner of Blackstone Tactical Opportunities Associates III - NQ L.P. is BTO DE GP - NQ L.L.C. The managing member of BTO DE GP - NQ L.L.C. is Blackstone Holdings II L.P.
3. Reflects securities of the Issuer directly held by Blackstone Family Tactical Opportunities Investment Partnership III - NQ - ESC L.P. ("BFTOIP III"). The general partner of BFTOIP III is BTO - NQ Side-by-Side GP L.L.C. The sole member of BTO-NQ Side-by-Side GP L.L.C. is Blackstone Holdings II L.P.
4. The general partner of Blackstone Holdings I L.P. and Blackstone Holdings II L.P. is Blackstone Holdings I/II GP L.L.C. The sole member of Blackstone Holdings I/II GP L.L.C. is Blackstone Inc. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.
5. Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.
6. Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
7. The price reported in Column 4 is a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $1.00 to $1.29, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock sold at each separate price in the range set forth in this footnote.
Remarks:
Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4.
/s/ See Exhibit 99.108/13/2026
** 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.
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 Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR