Bridger Aerospace director buys 300K shares

Q: What insider transactions did BAER director Jeffrey E. Kelter report?

He reported six open‑market purchases of Bridger Aerospace (BAER) Common Stock on August 19–20, 2026, totaling 300,000 shares, made both in his own name and indirectly through K5 Equity Capital Holdings, LLC and Windy Point Investments LLC.

Q: How many BAER shares were bought in total in this Form 4?

The filing shows total purchases of 300,000 shares of Bridger Aerospace (BAER) Common Stock, based on six separate open‑market transactions summarized in the filing’s transaction summary.

Q: Were any BAER shares purchased indirectly through entities?

Yes. Some purchases were made indirectly through K5 Equity Capital Holdings, LLC and Windy Point Investments LLC. The filing explains that Jeffrey E. Kelter may be deemed to indirectly beneficially own these shares but disclaims beneficial ownership except for any pecuniary interest.

Q: What are the Earnout Shares mentioned in the BAER Form 4?

The filing states that certain holdings include 42,498 and 212,491 Earnout Shares. These vest in tranches only if the VWAP of BAER stock exceeds $11.50 and $13.00 for at least 20 of 30 consecutive trading days during a five‑year Earnout Period.

Q: Is this BAER Form 4 filed under a Rule 10b5-1 trading plan?

The document-level Rule 10b5‑1 checkbox is not checked (aff_10b5_one is false), and no footnote states that these transactions were made pursuant to a Rule 10b5‑1 trading plan.

Bridger Aerospace Group Holdings, Inc. (BAER) director Jeffrey E. Kelter reported open‑market purchases of a total of 300,000 shares of Common Stock on August 19–20, 2026.

Filing Impact

(Moderate)

Filing Sentiment

(Positive)How Sentiment works

Sentiment and the balance of points

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Form Type

Rhea-AI Filing Summary

Bridger Aerospace Group Holdings, Inc. (BAER) director Jeffrey E. Kelter reported open‑market purchases of a total of 300,000 shares of Common Stock on August 19–20, 2026. Purchases were made directly and indirectly through K5 Equity Capital Holdings, LLC and Windy Point Investments LLC at weighted average prices near $1.16–$1.20 per share, with prices reported as weighted averages over stated ranges. Certain direct and indirect holdings include Earnout Shares that vest only if VWAP hurdles of $11.50 and $13.00 are met during a defined Earnout Period, and the reporting person disclaims beneficial ownership of some indirect shares except for any pecuniary interest.

Insider Trade Summary

Net Buyer: 300,000 shares

Net Buy 6 txns

Insider KELTER JEFFREY E

Role Director

Bought 300,000 shs ($354K)

Type	Security	Shares	Price	Value
Purchase	Common Stock ^{F6, F2}	50,000	$1.1574	$58K
Purchase	Common Stock ^{F7, F3}	50,000	$1.1572	$58K
Purchase	Common Stock ^{F7, F4, F5}	50,000	$1.1568	$58K
Purchase	Common Stock ^{F1, F2}	50,000	$1.2032	$60K
Purchase	Common Stock ^{F1, F3}	50,000	$1.2032	$60K
Purchase	Common Stock ^{F1, F4, F5}	50,000	$1.2032	$60K

Holdings After Transaction: Common Stock — 1,086,273 shares (Direct); Common Stock — 402,020 shares (Indirect, By K5 Equity Capital Holdings, LLC); Common Stock — 727,800 shares (Indirect, By Windy Point Investments LLC)

Footnotes (7)

F1. These shares were acquired by the Reporting Person in open-market transactions at prices ranging from $1.1600 to $1.2200. The price reported above reflects the weighted average price. The Reporting Person undertakes to provide the SEC, the Issuer or any security holder, upon request, full information regarding the number of shares purchased at each separate price.
F2. Includes 42,498 shares which vest generally as follows: (i) 50% of the shares vest on the first date during the Earnout Period (defined below) on which the VWAP of the shares exceeds $11.50 for a period of at least 20 out of 30 consecutive trading days, and (ii) 50% of the shares vest on the first date during the Earnout Period on which the VWAP exceeds $13.00 for a period of at least 20 out of 30 consecutive trading days (shares vesting on such schedule, the "Earnout Shares"). The "Earnout Period" is the time period beginning on the date immediately following the January 24, 2023 closing of the Issuer's initial business combination (the "Closing Date") and ending on and including the five year anniversary of the Closing Date. Any Earnout Shares not vested by the end of the Earnout Period shall be forfeited back to the Issuer for no consideration.
F3. Kelter Family Investments LLC ("KFI") is the manager to K5 Equity Capital Holdings, LLC (the "Fund"). The Reporting Person is the manager of KFI. By virtue of the relationships described herein, the Reporting Person and KFI may be deemed to indirectly beneficially own the shares of the Issuer's Common Stock held by the Fund. The Reporting Person and KFI disclaim beneficial ownership of the shares of the Issuer's Common Stock held by the Fund for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Act"), except to the extent of their pecuniary interest therein, if any, and the filing of this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Act or for any other purpose.
F4. Includes 212,491 Earnout Shares.
F5. Mr. Kelter holds shared authority to direct the voting and disposition of shares held by Windy Point Investments LLC. The Reporting Person disclaims beneficial ownership of the shares of the Issuer's Common Stock held by Windy Point Investments LLC for purposes of Rule 16a-1(a) under the Act, except to the extent of the Reporting Person's pecuniary interest therein, if any, and the filing of this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Act or for any other purpose.
F6. These shares were acquired by the Reporting Person in open-market transactions at prices ranging from $1.1350 to $1.1700. The price reported above reflects the weighted average price. The Reporting Person undertakes to provide the SEC, the Issuer or any security holder, upon request, full information regarding the number of shares purchased at each separate price.
F7. These shares were acquired by the Reporting Person in open-market transactions at prices ranging from $1.1300 to $1.1700. The price reported above reflects the weighted average price. The Reporting Person undertakes to provide the SEC, the Issuer or any security holder, upon request, full information regarding the number of shares purchased at each separate price.

Key Figures

Total shares purchased: 300,000 shares Direct purchase price: $1.2032 per share Direct purchase price: $1.1574 per share +5 more

8 metrics

Total shares purchased 300,000 shares Aggregate open-market purchases reported in the transaction summary

Direct purchase price $1.2032 per share One of the August 19, 2026 open-market purchases

Direct purchase price $1.1574 per share One of the August 20, 2026 open-market purchases

Indirect purchase price (K5 Equity Capital Holdings, LLC) $1.1572 per share August 20, 2026 transaction reported as indirect ownership

Indirect purchase price (Windy Point Investments LLC) $1.1568 per share August 20, 2026 transaction reported as indirect ownership

Earnout Shares (direct holding) 42,498 shares Direct holdings include 42,498 shares subject to Earnout vesting conditions

Earnout Shares (Windy Point Investments LLC) 212,491 shares Indirect holdings through Windy Point include 212,491 Earnout Shares

VWAP vesting hurdles $11.50 and $13.00 Earnout Shares vest upon VWAP exceeding these levels for 20 of 30 days

Key Terms

weighted average price, Earnout Shares, VWAP, Earnout Period, +1 more

5 terms

weighted average price financial

"The price reported above reflects the 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.

Earnout Shares financial

"shares vesting on such schedule, the "Earnout Shares"."

Earnout shares are company stock promised to sellers as part of an acquisition that only becomes payable if the acquired business hits agreed future performance targets, like revenue or profit goals. They matter to investors because they can increase the number of shares outstanding (dilution), tie seller incentives to future success, and create uncertainty about the actual cost of the deal and future ownership unless the performance conditions are clearly understood.

VWAP financial

"on which the VWAP of the shares exceeds $11.50"

VWAP, or Volume-Weighted Average Price, is a way to find the average price of a stock throughout the trading day, giving more importance to times when more shares are traded. It helps traders see the typical price and decide whether a stock is expensive or cheap compared to its average, similar to finding the average speed during a trip by giving more weight to times when you traveled faster or slower.

Earnout Period financial

"The "Earnout Period" is the time period beginning on the date"

beneficial ownership regulatory

"disclaim beneficial ownership of the shares of the Issuer's Common Stock"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did BAER director Jeffrey E. Kelter report?

He reported six open‑market purchases of Bridger Aerospace (BAER) Common Stock on August 19–20, 2026, totaling 300,000 shares, made both in his own name and indirectly through K5 Equity Capital Holdings, LLC and Windy Point Investments LLC.

How many BAER shares were bought in total in this Form 4?

The filing shows total purchases of 300,000 shares of Bridger Aerospace (BAER) Common Stock, based on six separate open‑market transactions summarized in the filing’s transaction summary.

What prices were paid for the BAER shares in these transactions?

Individual transactions were reported at weighted average prices of about $1.2032, $1.1574, $1.1572, and $1.1568 per share, with underlying trade prices occurring within stated ranges between approximately $1.13 and $1.22 per share.

Were any BAER shares purchased indirectly through entities?

Yes. Some purchases were made indirectly through K5 Equity Capital Holdings, LLC and Windy Point Investments LLC. The filing explains that Jeffrey E. Kelter may be deemed to indirectly beneficially own these shares but disclaims beneficial ownership except for any pecuniary interest.

What are the Earnout Shares mentioned in the BAER Form 4?

The filing states that certain holdings include 42,498 and 212,491 Earnout Shares. These vest in tranches only if the VWAP of BAER stock exceeds $11.50 and $13.00 for at least 20 of 30 consecutive trading days during a five‑year Earnout Period.

Is this BAER Form 4 filed under a Rule 10b5-1 trading plan?

The document-level Rule 10b5‑1 checkbox is not checked (aff_10b5_one is false), and no footnote states that these transactions were made pursuant to a Rule 10b5‑1 trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 08/20/2026 - 07:00 PM EDT

SEC Form 4

FORM 4

UNITED 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

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^*

KELTER JEFFREY E

(Last)

(First)

(Middle)

C/O BRIDGER AEROSPACE GROUP HLDGS, INC.

90 AVIATION LANE

(Street)

BELGRADE

MONTANA

59714

(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)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2026

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

X	Form filed by One Reporting Person
	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/19/2026		P		50,000	A	$1.2032⁽¹⁾	1,036,273⁽²⁾	D
Common Stock	08/19/2026		P		50,000	A	$1.2032⁽¹⁾	352,020	I⁽³⁾	By K5 Equity Capital Holdings, LLC⁽³⁾
Common Stock	08/19/2026		P		50,000	A	$1.2032⁽¹⁾	677,800⁽⁴⁾	I⁽⁵⁾	By Windy Point Investments LLC⁽⁵⁾
Common Stock	08/20/2026		P		50,000	A	$1.1574⁽⁶⁾	1,086,273⁽²⁾	D
Common Stock	08/20/2026		P		50,000	A	$1.1572⁽⁷⁾	402,020	I⁽³⁾	By K5 Equity Capital Holdings, LLC⁽³⁾
Common Stock	08/20/2026		P		50,000	A	$1.1568⁽⁷⁾	727,800⁽⁴⁾	I⁽⁵⁾	By Windy Point Investments LLC⁽⁵⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. These shares were acquired by the Reporting Person in open-market transactions at prices ranging from $1.1600 to $1.2200. The price reported above reflects the weighted average price. The Reporting Person undertakes to provide the SEC, the Issuer or any security holder, upon request, full information regarding the number of shares purchased at each separate price.

2. Includes 42,498 shares which vest generally as follows: (i) 50% of the shares vest on the first date during the Earnout Period (defined below) on which the VWAP of the shares exceeds $11.50 for a period of at least 20 out of 30 consecutive trading days, and (ii) 50% of the shares vest on the first date during the Earnout Period on which the VWAP exceeds $13.00 for a period of at least 20 out of 30 consecutive trading days (shares vesting on such schedule, the "Earnout Shares"). The "Earnout Period" is the time period beginning on the date immediately following the January 24, 2023 closing of the Issuer's initial business combination (the "Closing Date") and ending on and including the five year anniversary of the Closing Date. Any Earnout Shares not vested by the end of the Earnout Period shall be forfeited back to the Issuer for no consideration.

3. Kelter Family Investments LLC ("KFI") is the manager to K5 Equity Capital Holdings, LLC (the "Fund"). The Reporting Person is the manager of KFI. By virtue of the relationships described herein, the Reporting Person and KFI may be deemed to indirectly beneficially own the shares of the Issuer's Common Stock held by the Fund. The Reporting Person and KFI disclaim beneficial ownership of the shares of the Issuer's Common Stock held by the Fund for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Act"), except to the extent of their pecuniary interest therein, if any, and the filing of this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Act or for any other purpose.

4. Includes 212,491 Earnout Shares.

5. Mr. Kelter holds shared authority to direct the voting and disposition of shares held by Windy Point Investments LLC. The Reporting Person disclaims beneficial ownership of the shares of the Issuer's Common Stock held by Windy Point Investments LLC for purposes of Rule 16a-1(a) under the Act, except to the extent of the Reporting Person's pecuniary interest therein, if any, and the filing of this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Act or for any other purpose.

6. These shares were acquired by the Reporting Person in open-market transactions at prices ranging from $1.1350 to $1.1700. The price reported above reflects the weighted average price. The Reporting Person undertakes to provide the SEC, the Issuer or any security holder, upon request, full information regarding the number of shares purchased at each separate price.

7. These shares were acquired by the Reporting Person in open-market transactions at prices ranging from $1.1300 to $1.1700. The price reported above reflects the weighted average price. The Reporting Person undertakes to provide the SEC, the Issuer or any security holder, upon request, full information regarding the number of shares purchased at each separate price.

	/s/ Jeffrey E. Kelter	08/20/2026
	** 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 Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR