Form 4: Bridge Investment Group Insider Reports Merger-Related Stock Changes

Dean Allara, Vice Chairman of Bridge Investment Group, reported significant changes in his beneficial ownership following the company's acquisition by Apollo Global Management.

Summary

• Dean Allara, Vice Chairman and Director of Bridge Investment Group Holdings Inc., reported changes in his beneficial ownership on September 2, 2025.
• These changes are primarily due to the acquisition of Bridge Investment Group Holdings Inc. and Bridge Investment Group Holdings LLC by Apollo Global Management, Inc. ("Parent") as wholly owned subsidiaries, effective February 23, 2025.
• All previously held Class A Common Stock, Class B Common Stock, and Class A Units were converted into shares or restricted units of Apollo Global Management common stock.
• Specifically, 691,885 shares of Class A Common Stock were converted at a ratio of 0.07081 shares of Parent common stock per share.
• 4,863,964 shares of Class B Common Stock (direct and indirect holdings) were converted at a ratio of 0.00006 shares of Parent common stock per share.
• 6,303,811 Class A Units (direct and indirect holdings) were converted at a ratio of 0.07081 shares of Parent common stock per unit.
• Additionally, Mr. Allara received an award of 48,685 restricted stock units (RSUs) of Class A Common Stock, which will vest in four equal annual installments starting September 2, 2026.
• Following these transactions, Mr. Allara directly and indirectly holds 0 shares of Bridge Investment Group's Class A Common Stock, Class B Common Stock, and Class A Units, as they have been converted into Apollo Global Management securities.

Sentiment

Score: 7

Explanation: The filing reports a completed merger, which is a significant corporate event. While it marks the end of Bridge Investment Group as an independent entity, the reporting person received new equity incentives from the acquiring company, indicating continued value and alignment. The conversion ratios are a factual outcome of the merger, not inherently positive or negative without further context, but the RSU award is a positive for the individual.

Positives

• The reporting person received an award of 48,685 restricted stock units from the acquiring entity, indicating continued incentive and alignment with the new parent company's performance.
• The merger with Apollo Global Management, Inc. provides a clear exit strategy and integration into a larger, diversified financial services firm for Bridge Investment Group.

Negatives

• The conversion ratio for Class B Common Stock (0.00006 shares of Parent common stock per share) appears significantly lower than for Class A Common Stock (0.07081 shares of Parent common stock per share), which might indicate different economic rights or a lower valuation for Class B holders in the merger.
• Bridge Investment Group Holdings Inc. is no longer an independent publicly traded entity, as it became a wholly-owned subsidiary.

Risks

• Integration risks associated with Bridge Investment Group becoming a wholly-owned subsidiary of Apollo Global Management, Inc.
• Potential for changes in management structure or strategic direction under the new parent company.
• Valuation risk for former shareholders of Bridge Investment Group Holdings Inc. based on the conversion ratios to Apollo Global Management, Inc. stock.

Future Outlook

The reporting person's future compensation includes restricted stock units from the parent company, Apollo Global Management, Inc., vesting annually starting September 2, 2026, indicating continued involvement and incentive alignment.

Industry Context

The acquisition of Bridge Investment Group by Apollo Global Management reflects a broader trend of consolidation in the asset management industry, where larger firms seek to expand their specialized investment capabilities and assets under management through strategic acquisitions. This move strengthens Apollo's real estate and alternative asset offerings.

Comparison to Industry Standards

• The acquisition by a major alternative asset manager like Apollo Global Management is consistent with industry trends where specialized firms are absorbed by larger platforms to achieve scale and diversification.
• Conversion ratios in mergers vary widely based on negotiation, company valuation, and market conditions. Without specific details on the valuation methodology or comparable transactions, it is difficult to assess if the 0.07081 (Class A) and 0.00006 (Class B) ratios are standard, but the significant difference between Class A and Class B suggests distinct share class rights.
• The grant of restricted stock units to key management post-merger is a common practice to retain talent and align interests with the acquiring entity's long-term performance.

Related Party Transactions

• The reporting person is the Trustee of The Dean Allara Family Legacy Trust dtd December 20, 2021, and The Stacey Allara Family Legacy Trust dtd December 20, 2021, and the manager of Rockridge Investments, LLC, through which he may be deemed to share beneficial ownership. These entities disposed of Class B Common Stock and Class A Units as part of the merger.

Stakeholder Impact

• Shareholders of Bridge Investment Group Holdings Inc. had their shares converted into Apollo Global Management, Inc. common stock, effectively ending their direct ownership in Bridge Investment Group and making them shareholders of Apollo.
• Key management, like Dean Allara, received new equity incentives from Apollo Global Management, Inc., suggesting retention and integration into the new parent company's compensation structure.
• Apollo Global Management, Inc. shareholders benefit from the expansion of Apollo's asset management capabilities and portfolio through the acquisition.

Next Steps

• Vesting of 48,685 restricted stock units in four substantially equal annual installments beginning on September 2, 2026.
• Integration of Bridge Investment Group Holdings Inc. into Apollo Global Management, Inc. operations.

Key Dates

Keywords

Bridge Investment Group Holdings Inc., Apollo Global Management Inc., Merger, SEC Form 4, Beneficial Ownership, Dean Allara, Class A Common Stock, Class B Common Stock, Restricted Stock Units, Corporate Governance