Form 4: Bridge Investment Group Officer's Holdings Shift Post-Apollo Merger

Adam O'Farrell's beneficial ownership in Bridge Investment Group Holdings Inc. has been converted into Apollo Global Management, Inc. shares following a merger.

Summary

• Adam O'Farrell, Director and Chief Operating Officer of Bridge Investment Group Holdings Inc., reported changes in his beneficial ownership due to a merger.
• Bridge Investment Group Holdings Inc. and Bridge Investment Group Holdings LLC became wholly owned subsidiaries of Apollo Global Management, Inc. (Parent) as per a Merger Agreement dated February 23, 2025, effective September 2, 2025.
• All outstanding Class A Common Stock, Class B Common Stock, and Class A Units of Bridge Investment Group Holdings Inc. were cancelled and converted into shares of Parent common stock.
• Specifically, each share of Class A Common Stock was converted into 0.07081 shares of Parent common stock.
• Each share of Class B Common Stock was converted into 0.00006 shares of Parent common stock.
• Each Class A Unit was converted into 0.07081 shares of Parent common stock.
• Mr. O'Farrell disposed of 566,077 shares of Class A Common Stock, 827,095 shares of Class B Common Stock (direct), and 1,460,950 shares of Class B Common Stock (indirect via The O'Farrell Irrevocable Trust).
• He also disposed of 1,465,749 Class A Units (indirect via Adam B. O'Farrell and Tracy K. O'Farrell Trust dtd May 9, 2019) and 1,460,950 Class A Units (indirect via The O'Farrell Irrevocable Trust).
• Following these transactions, Mr. O'Farrell's direct and indirect beneficial ownership in Bridge Investment Group Holdings Inc. securities is now zero.
• Additionally, Mr. O'Farrell received an award of 38,948 restricted stock units (RSUs) of Parent common stock, which will vest in four substantially equal annual installments beginning on September 2, 2026.

Sentiment

Score: 5

Explanation: The filing is a factual report of a planned corporate event (merger) and its mechanical impact on an insider's holdings. It does not contain unexpected positive or negative news, but rather the expected execution of a pre-announced transaction.

Positives

• Adam O'Farrell received a new award of 38,948 restricted stock units in Apollo Global Management, Inc., indicating continued equity participation and incentive post-merger.
• The conversion of existing securities into shares of Apollo Global Management, Inc. provides liquidity or continued investment in the acquiring, larger entity.

Negatives

• The complete disposition of all direct and indirect beneficial ownership in Bridge Investment Group Holdings Inc. securities, including 566,077 Class A Common Stock, 827,095 Class B Common Stock (direct), 1,460,950 Class B Common Stock (indirect), 1,465,749 Class A Units (indirect), and 1,460,950 Class A Units (indirect), means the cessation of direct investment in the original entity.

Future Outlook

The new award of 38,948 restricted stock units in Apollo Global Management, Inc. for Adam O'Farrell, vesting over four years starting September 2, 2026, indicates a continued long-term incentive and alignment with the acquiring company's performance.

Management Comments

• The Issuer and Bridge Investment Group Holdings LLC became wholly owned subsidiaries of Apollo Global Management, Inc. pursuant to the Merger Agreement.
• Each share of Class A Common Stock, Class B Common Stock, and Class A Units, as well as restricted stock awards and units, were converted into shares or restricted stock units of Parent common stock at specified ratios.

Industry Context

This filing reflects a significant consolidation event within the investment management industry, where Bridge Investment Group Holdings Inc., an asset manager, has been acquired by Apollo Global Management, Inc., a larger, diversified global alternative asset manager. Such mergers are common as larger firms seek to expand their asset base, capabilities, and market share.

Related Party Transactions

• Indirect beneficial ownership changes involved The O'Farrell Irrevocable Trust and Adam B. O'Farrell and Tracy K. O'Farrell Trust dtd May 9, 2019, which are related parties to the reporting person.

Stakeholder Impact

• Shareholders of Bridge Investment Group Holdings Inc. had their equity converted into shares of Apollo Global Management, Inc., fundamentally changing their investment vehicle.
• Employees, particularly those with equity compensation, had their awards converted into Apollo Global Management, Inc. securities, maintaining their incentive structure within the new parent company.

Next Steps

• The newly awarded restricted stock units will begin vesting in four substantially equal annual installments starting on September 2, 2026.

Key Dates

Keywords

Bridge Investment Group Holdings Inc., BRDG, Apollo Global Management, Merger, Form 4, Insider Transaction, Beneficial Ownership, Adam O'Farrell, Restricted Stock Units, Class A Common Stock, Class B Common Stock, Class A Units