Bridge (BRDG) Insider Filing: RSU Award and Post-Merger Share Conversion
Rhea-AI Filing Summary
Katherine Elsnab, Chief Financial Officer of Bridge Investment Group Holdings Inc. (BRDG), reported insider transactions on 09/02/2025. She was granted 19,474 restricted stock units that vest in four substantially equal annual installments beginning September 2, 2026; each unit converts into one share of Class A common stock. The filing also shows the disposition of 376,050 shares of Class A common stock and 56,604 shares of Class B common stock, leaving her with 0 shares of both classes after the reported transactions. The dispositions and conversions reflect the merger-related treatment under the Merger Agreement with Apollo Global Management, Inc., which converted outstanding issuer equity and awards into Parent common stock at specified conversion ratios.
Positive
- 19,474 restricted stock units granted with four-year vesting, maintaining executive alignment with long-term value
- RSUs convert to Parent-equivalent awards under the Merger Agreement, preserving economic interest post-merger
Negative
- Disposition of 376,050 Class A shares and 56,604 Class B shares, resulting in 0 issuer-class shares held after the transactions
- Significant ownership shift to Parent (conversion ratios apply), which reduces direct transparency of issuer-level holdings
Insights
TL;DR: CFO received a new RSU award while prior issuer shares were cancelled/converted in the Apollo merger, leaving zero issuer-class shares.
The filing shows a grant of 19,474 restricted stock units that will vest over four years, which preserves executive equity upside in the combined company via converted awards. Simultaneously, large numbers of Class A and Class B shares and Class A Units were disposed of as part of the merger mechanics, effectively eliminating her holdings in the issuer-level share classes. For valuation impact, investors should note the merger conversion ratios specified in the filing (e.g., 0.07081 shares of Parent common stock per Class A share), since any future economic exposure flows through the Parent's equity rather than BRDG shares. This is a routine post-merger filing reflecting equity conversion and new incentive awards in the successor structure.
TL;DR: Transaction pattern is consistent with merger-driven equity conversions and a continuing compensation structure via converted RSUs.
The report documents merger-related cancellations and automatic conversions of issuer equity into Parent equity and confirms the CFO remains aligned through a new award of restricted stock units that converted or were re-granted in Parent-equivalent form. The absence of issuer-class holdings after the transaction is expected given the Merger Agreement terms. The grant's multi-year vesting schedule indicates retention-focused compensation, which is standard in integration scenarios to encourage continuity of management through the transition period.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Class A Units | 56,604 | $0.00 | $0.00 |
| Grant/Award | Class A Common Stock | 19,474 | $0.00 | $0.00 |
| Disposition | Class A Common Stock | 376,050 | $0.00 | $0.00 |
| Disposition | Class B Common Stock | 56,604 | $0.00 | $0.00 |
Footnotes (4)
- F1. Represents an award of restricted stock units that vest in four substantially equal annual installments beginning on September 2, 2026. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
- F2. 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 3)
- F3. (cont. from FN 2) (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 4)
- F4. (cont. from FN 3) (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.
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