Bridge (BRDG) Form 4: Insider Reports Zero Post-Merger Bridge Shares

Rhea-AI Filing Summary

Bridge Investment Group Holdings Inc. director Chad A. Leat reported a disposition of 57,867 shares of Class A common stock on 09/02/2025, leaving 0 shares beneficially owned following the transaction. The filing states these changes occurred at the effective time of mergers under a Merger Agreement dated February 23, 2025, whereby Bridge Investment Group Holdings Inc. became a wholly owned subsidiary of Apollo Global Management, Inc. As part of the mergers, outstanding Class A and Class B shares and certain restricted awards or units were cancelled and converted into rights to receive shares of Apollo common stock at specified conversion rates (for Class A and related awards: 0.07081 Apollo shares per Bridge share; for Class B: 0.00006 Apollo shares per Bridge share).

Insights

Financial Analyst

TL;DR: Director disposed of all reported Class A shares due to the merger; conversions into Apollo shares occurred at stated ratios.

The Form 4 documents a complete disposition of 57,867 Class A shares by a Bridge director, with post-transaction beneficial ownership reported as zero. The disclosure attributes this outcome to the merger closing that converted and cancelled Bridge equity into Apollo common stock rights at fixed conversion ratios (0.07081 for Class A and related awards; 0.00006 for Class B). For investors, this is a routine post-merger ownership adjustment rather than an isolated open-market sale, and the filing does not state the number of Apollo shares received by the reporting person.

Corporate Governance Expert

TL;DR: Governance impact: reporting director no longer holds Bridge common stock after the merger; equity position migrated via conversion terms.

The Form 4 indicates that, at the Effective Time of the mergers, Bridge equity positions (including unvested restricted awards and units) were cancelled or converted into Apollo equity rights per the Merger Agreement. The result for the reporting director is zero beneficial ownership of Bridge Class A shares post-transaction. The filing provides conversion ratios but does not disclose the actual number of Apollo shares delivered to the reporting person, limiting full governance transparency on post-merger insider holdings within Apollo.

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^*

Leat Chad A

(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		57,867	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

What did Chad A. Leat report on Form 4 for BRDG?

The Form 4 shows a disposition of 57,867 Class A shares on 09/02/2025, leaving the reporting person with 0 shares beneficially owned.

Why were Bridge (BRDG) shares cancelled or converted?

Per the filing, Bridge became wholly owned subsidiaries of Apollo under a Merger Agreement dated February 23, 2025, and outstanding Bridge shares and certain awards were cancelled and converted into rights to receive Apollo common stock.

What conversion rates were disclosed in the Form 4?

The filing discloses conversion ratios of 0.07081 Apollo shares per Bridge Class A share (and related awards/units) and 0.00006 Apollo shares per Bridge Class B share.

Does the Form 4 state how many Apollo shares the reporting person received?

No. The Form 4 describes the conversion ratios but does not disclose the actual number of Apollo shares delivered to the reporting person.