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

Bridge Investment Group's Chief Accounting Officer, Garrett Behling, reported changes in beneficial ownership following the company's acquisition by Apollo Global Management.

Summary

• Garrett Behling, Chief Accounting Officer of Bridge Investment Group Holdings Inc. (BRDG), reported changes in his beneficial ownership of Class A Common Stock.
• These changes are a direct consequence of the Agreement and Plan of Merger dated February 23, 2025, which resulted in Bridge Investment Group becoming a wholly-owned subsidiary of Apollo Global Management, Inc.
• Behling acquired 24,342 restricted stock units (RSUs) of Class A Common Stock, which are scheduled to vest in four substantially equal annual installments beginning on September 2, 2026.
• He disposed of 69,379 shares of Class A Common Stock as a result of the merger.
• Following these reported transactions, Behling's direct beneficial ownership of Bridge Investment Group Class A Common Stock is 0 shares.
• In the merger, each share of Bridge Investment Group Class A Common Stock was converted into the right to receive 0.07081 shares of Apollo Global Management common stock.
• Restricted stock awards and restricted stock units of Bridge Investment Group were converted into equivalent awards of Apollo Global Management common stock, retaining their original terms and conditions.

Sentiment

Score: 7

Explanation: The filing reports the expected execution of a merger, which is a neutral event in itself, but the continued equity incentives for management in the acquiring company are a positive for retention and alignment.

Positives

• The reporting person received new restricted stock units in the acquiring company, Apollo Global Management, indicating continued incentive alignment and retention post-merger.
• The merger provides a clear exit strategy for existing shareholders of Bridge Investment Group, converting their shares into those of a larger, publicly traded entity.

Negatives

• The reporting person's direct beneficial ownership of Bridge Investment Group Class A Common Stock is now 0, reflecting the company's acquisition and its cessation as an independent publicly traded entity.

Risks

• The value of the newly acquired restricted stock units and converted shares is subject to the future performance and market valuation of Apollo Global Management, Inc.

Future Outlook

The newly acquired restricted stock units will vest in four substantially equal annual installments beginning on September 2, 2026, aligning the reporting person's future incentives with Apollo Global Management's performance.

Industry Context

This filing reflects the ongoing consolidation trend within the asset management and financial services industry, where larger firms like Apollo Global Management acquire specialized entities such as Bridge Investment Group to expand their asset base and capabilities.

Comparison to Industry Standards

• The conversion ratios for equity securities and awards are specific to the merger terms and are not directly comparable to general industry benchmarks without knowing the specific valuation metrics used in the Apollo-Bridge deal.
• Merger-related equity conversions and RSU grants are standard practice in acquisitions to integrate management and align incentives with the acquiring entity.

Stakeholder Impact

• Shareholders (former BRDG): Their shares were converted into Apollo Global Management common stock, providing liquidity or continued investment in a larger entity.
• Employees (management): Key management, like the reporting person, received new equity incentives in Apollo Global Management, aligning their interests with the new parent company.

Next Steps

• The restricted stock units will begin vesting on September 2, 2026, and continue annually thereafter.
• The reporting person's beneficial ownership will now be tied to Apollo Global Management, Inc.

Key Dates

Recommendation

The filing details the finalization of a previously announced merger, where Bridge Investment Group became a subsidiary of Apollo Global Management. For investors holding Bridge Investment Group shares, the transaction is complete, and their holdings have been converted to Apollo shares. For Apollo Global Management, this filing confirms the integration of a new asset, but does not provide new financial performance data to warrant a change from a 'hold' position, pending further operational updates and synergy realization.

Keywords

Bridge Investment Group, BRDG, Apollo Global Management, Merger, Form 4, Beneficial Ownership, Restricted Stock Units, Executive Compensation, Garrett Behling, Acquisition