Bridge (BRDG) CEO RSU Award and Share Conversions After Apollo Merger

Rhea-AI Filing Summary

Jonathan Slager, CEO and Director of Bridge Investment Group Holdings Inc. (BRDG), reported multiple Section 16 transactions on 09/02/2025. The filing shows an award of 73,028 restricted stock units that vest in four equal annual installments beginning 09/02/2026, each unit representing a contingent right to one share of Class A common stock. The filing also reports the cancellation/conversion of previously outstanding Class A and Class B common stock and related units into rights to receive Apollo Global Management, Inc. common stock under the merger agreement executed 02/23/2025, with converted amounts and resulting ownership reduced to 0 shares for the reported Bridge classes. Several holdings remain beneficially owned indirectly through trusts and entities identified in the footnotes.

Positive

• Received 73,028 restricted stock units that vest in four substantially equal annual installments beginning 09/02/2026
• Footnotes clearly disclose indirect beneficial ownership through SF Intentional Irrevocable Trust, J.P. Slager, LLC, and Slager Family Limited Partnership

Negative

• Reported dispositions/conversions reduced direct reported holdings of Bridge Class A and Class B shares to 0 following the merger conversions
• Large numbers of Class A Units and Class B shares were disposed of or converted (millions of units/shares) as reflected in the table

Insights

Financial Analyst

TL;DR: CEO reported RSU award and conversion/disposition of legacy Bridge shares tied to the Apollo merger; transactions are administrative, not operational.

The Form 4 documents an award of 73,028 restricted stock units that vest over four years and several dispositions/conversions of Class A and Class B shares and units resulting from the merger with Apollo Global Management which converted Bridge securities into Parent common stock rights at specified ratios. These entries reflect post-merger corporate restructuring and executive compensation mechanics rather than new operating performance metrics. Investors should note the vesting schedule and continuing indirect beneficial ownership via trust and manager relationships when assessing potential future share delivery.

Corporate Governance Expert

TL;DR: Form 4 shows standard post-merger conversions and an RSU grant to the CEO; disclosure identifies indirect ownership arrangements.

The filing discloses that pre-merger Class A/Class B shares and Class A units were cancelled and converted into rights to Parent shares per the merger agreement. The RSU award and conversion clauses are described with cross-references to the merger terms. Footnotes clarify indirect beneficial ownership through an irrevocable trust, an LLC, and a family limited partnership, which is appropriate disclosure for Section 16 purposes. The filing is procedural and complies with reporting requirements.

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^*

Slager Jonathan

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

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		A		73,028(1)	A	$0	985,095	D
Class A Common Stock	09/02/2025		D		985,095	D	(2)(3)(4)	0	D
Class B Common Stock	09/02/2025		D		2,374,838	D	(2)(3)(4)	0	I	By SF Intentional Irrevocable Trust Dated December 30, 2019(5)
Class B Common Stock	09/02/2025		D		2,256,198	D	(2)(3)(4)	0	I	By J.P. Slager, LLC(6)
Class B Common Stock	09/02/2025		D		320,490	D	(2)(3)(4)	0	I	By Slager Family Limited Partnership(7)

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
Class A Units	(2)(3)(4)	09/02/2025		D			2,374,838	(2)(3)(4)	(2)(3)(4)	Class A Common Stock	2,374,838	(2)(3)(4)	0	I	By SF Intentional Irrevocable Trust Dated December 30, 2019(5)
Class A Units	(2)(3)(4)	09/02/2025		D			3,468,512	(2)(3)(4)	(2)(3)(4)	Class A Common Stock	3,468,512	(2)(3)(4)	0	I	By J.P. Slager, LLC(6)
Class A Units	(2)(3)(4)	09/02/2025		D			320,490	(2)(3)(4)	(2)(3)(4)	Class A Common Stock	320,490	(2)(3)(4)	0	I	By Slager Family Limited Partnership(7)

Explanation of Responses:

1. 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.

2. 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)

3. (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)

4. (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.

5. The Reporting Person is the grantor of the SF Intentional Irrevocable Trust Dated December 30, 2019 and may be deemed to share beneficial ownership.

6. The Reporting Person is the manager of J.P. Slager, LLC and may be deemed to share beneficial ownership.

7. The Reporting Person is a Manager of The Christmas, LLC, which is the general partner of the Slager Family Limited Partnership, and may be deemed to share beneficial ownership.

	/s/ Matthew Grant Attorney-in-Fact	09/02/2025
	** 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).
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FAQ

What did Jonathan Slager report on Form 4 for BRDG on 09/02/2025?

The Form 4 reports an award of 73,028 restricted stock units and multiple dispositions/conversions of Class A and Class B shares and units tied to the merger with Apollo, resulting in 0 reported Bridge Class A/B shares held directly.

How do the restricted stock units reported by the BRDG CEO vest?

The reported 73,028 RSUs vest in four substantially equal annual installments beginning 09/02/2026.

Why were Bridge Class A and Class B shares converted or cancelled in this filing?

Per the merger agreement dated 02/23/2025, Bridge shares and units were cancelled and converted into rights to receive shares of Apollo Global Management, Inc. common stock at specified exchange ratios.

Does Jonathan Slager retain any beneficial ownership after these transactions?

Yes; the filing discloses indirect beneficial ownership via the SF Intentional Irrevocable Trust, J.P. Slager, LLC, and the Slager Family Limited Partnership as described in the footnotes.

Who signed the Form 4 for Jonathan Slager?

The Form 4 was signed by Matthew Grant, Attorney-in-Fact on 09/02/2025.