Bridge (BRDG) Insider Report: Class A Shares Converted at 0.07081 Ratio

Rhea-AI Filing Summary

Deborah C. Hopkins, a director of Bridge Investment Group Holdings Inc. (BRDG), reported a disposition of 58,512 shares of the issuer's Class A common stock on 09/02/2025, leaving her with 0 shares of that class after the transaction. The filing explains the disposition occurred in connection with a merger under an Agreement and Plan of Merger dated February 23, 2025, by which Bridge Investment Group Holdings Inc. and its LLC became wholly owned subsidiaries of Apollo Global Management, Inc. At the effective time, outstanding Bridge Class A shares were cancelled and converted into the right to receive 0.07081 shares of Apollo common stock per Class A share, with similar conversion terms for other equity awards and units.

Positive

• Merger completion documented: The filing confirms Bridge became a wholly owned subsidiary of Apollo, with explicit conversion terms for equity.
• Conversion ratio disclosed: Class A shares convert into 0.07081 shares of Apollo common stock, providing clear mechanics for holders and award conversions.

Negative

• Reporting person no longer holds Class A shares: The disposition left the director with 0 Class A shares following the transaction.
• No cash proceeds or post-conversion Apollo share amounts disclosed: The Form 4 does not state the number of Apollo shares received or any sale proceeds, limiting economic detail.

Insights

Corporate Governance Expert

TL;DR: Insider disposition reflects merger consideration conversion; governance impact is routine and expected.

The Form 4 shows a director-level reporting person disposed of all reported Class A shares following the merger-related transactions. This is a typical post-closing reporting event when issuer securities are cancelled and converted into acquirer consideration. From a governance standpoint, the filing documents compliance with Section 16 reporting obligations and clarifies conversion ratios for equity and award treatment, which helps transparency for shareholders.

Securities Analyst

TL;DR: Transaction is merger-driven conversion and sale reporting, not an independent trading signal.

The 58,512-share disposition is tied to the Merger Agreement and the stated conversion ratio of 0.07081 shares of Apollo common stock per Bridge Class A share. The filing does not provide cash consideration amounts or proceeds, only the conversion mechanics and the resulting zero Class A ownership for the reporting person. This is informational for holders tracking ownership changes after the corporate combination.

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

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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^*

HOPKINS DEBORAH C

(Last) (First) (Middle)

C/O BRIDGE INVESTMENT GROUP HOLDINGS INC

111 EAST SEGO LILY DRIVE, SUITE 400

(Street)

SANDY UT 84070

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bridge Investment Group Holdings Inc. [ BRDG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/02/2025		D		58,512	D	(1)(2)(3)	0	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated February 23, 2025, the Issuer and Bridge Investment Group Holdings LLC became wholly owned subsidiaries (the "Mergers") of Apollo Global Management, Inc. ("Parent"). At the effective time of the Mergers (the "Effective Time"), among other transactions, (i) each share of Class A Common Stock issued and outstanding immediately prior to the Effective Time, excluding certain Class A Common Stock as described in the Merger Agreement, was cancelled and extinguished and automatically converted into the right to receive shares of Parent common stock equal to 0.07081 per share, (cont. in FN 2)

2. (cont. from FN 1) (ii) each share of Class B Common Stock issued and outstanding immediately prior to the Effective Time, excluding certain Class B Common Stock as described in the Merger Agreement, was cancelled and extinguished and automatically converted into the right to receive shares of Parent common stock equal to 0.00006 per share, (iii) each restricted stock award of the Issuer outstanding and unvested as of immediately prior to the Effective Time was converted into an award of restricted shares of Parent common stock equal to 0.07081 per share, subject to the same terms and conditions as were applicable to such restricted stock award of the Issuer immediately prior to the Effective Time, (cont. in FN 3)

3. (cont. from FN 2) (iv) each restricted stock unit of the Issuer outstanding and unvested as of immediately prior to the Effective Time was converted into a number of restricted stock units of Parent with respect to shares of Parent common stock equal to 0.07081 per share, subject to the same terms and conditions as were applicable to such restricted stock unit of the Issuer immediately prior to the Effective Time and (v) each Class A Unit issued and outstanding immediately prior to the Effective Time, excluding certain Class A Units as described in the Merger Agreement, was cancelled and extinguished and automatically converted into the right to receive shares of Parent common stock equal to 0.07081 per share, subject to the same terms and conditions as were applicable to such Class A Unit immediately prior to the Effective Time.

	/s/ Matthew Grant Attorney-in-Fact	09/02/2025
	** Signature of Reporting Person	Date
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FAQ

Why did Deborah C. Hopkins report a disposition of BRDG shares?

The filing states the disposition occurred in connection with the Merger Agreement under which Bridge became a subsidiary of Apollo and Class A shares were cancelled and converted.

What conversion ratio was applied to BRDG Class A shares in the merger?

Each Class A common share was converted into the right to receive 0.07081 shares of Apollo common stock per share.

How many BRDG Class A shares did the reporting person dispose of on 09/02/2025?

The Form 4 reports a disposition of 58,512 Class A common shares on 09/02/2025.

What is the reporting person's ownership of BRDG Class A common stock after the transaction?

The filing indicates the reporting person beneficially owned 0 Class A shares following the reported transaction.

Does the Form 4 state how many Apollo shares were received from the conversion?

No. The Form 4 discloses the conversion ratio but does not state the exact number of Apollo shares received or any cash consideration.