Form 4: CFO's Holdings Shift Post-Apollo Merger Completion

Bridge Investment Group Holdings Inc. CFO Katherine Elsnab reports changes in beneficial ownership following the company's acquisition by Apollo Global Management, Inc.

Summary

• Katherine Elsnab, Chief Financial Officer of Bridge Investment Group Holdings Inc., reported changes in her beneficial ownership of securities on September 2, 2025.
• These changes are a direct consequence of the Agreement and Plan of Merger, dated February 23, 2025, which resulted in Bridge Investment Group Holdings Inc. becoming a wholly-owned subsidiary of Apollo Global Management, Inc.
• Ms. Elsnab acquired 19,474 restricted stock units (RSUs) of Class A Common Stock, which will vest in four substantially equal annual installments beginning on September 2, 2026.
• Concurrently, she disposed of 376,050 shares of Class A Common Stock, 56,604 shares of Class B Common Stock, and 56,604 Class A Units.
• The disposals represent the conversion of her holdings in Bridge Investment Group into shares or restricted stock units of Apollo Global Management, Inc. based on the merger terms.
• Class A Common Stock, restricted stock awards, and restricted stock units converted at a ratio of 0.07081 shares of Apollo common stock per Bridge share/unit.
• Class B Common Stock converted at a ratio of 0.00006 shares of Apollo common stock per Bridge share.

Sentiment

Score: 7

Explanation: The filing reports the expected completion of a merger, providing a clear outcome for shareholders and management. The CFO's continued equity incentive in the acquiring company is a positive sign for alignment, reflecting a standard post-merger transition.

Positives

• The reporting person received new restricted stock units in the acquiring company, Apollo Global Management, Inc., indicating continued incentive alignment and future equity participation.
• The merger provides a clear liquidity event and a defined exit for shareholders of Bridge Investment Group Holdings Inc.

Negatives

• Disposal of all previously held Class A Common Stock (376,050 shares), Class B Common Stock (56,604 shares), and Class A Units (56,604 units) in Bridge Investment Group Holdings Inc. as a result of the merger.
• The Class B Common Stock converted at a significantly lower ratio (0.00006 shares of Parent common stock per share) compared to Class A Common Stock (0.07081 shares of Parent common stock per share).

Future Outlook

The newly acquired restricted stock units for Katherine Elsnab are set to vest in four substantially equal annual installments beginning September 2, 2026, indicating a future incentive structure within Apollo Global Management, Inc.

Industry Context

The acquisition of Bridge Investment Group Holdings Inc. by Apollo Global Management, Inc. signifies continued consolidation within the asset management and alternative investment sectors, where larger firms are expanding their portfolios and capabilities through strategic mergers.

Stakeholder Impact

• Shareholders of Bridge Investment Group Holdings Inc. received shares of Apollo Global Management, Inc. common stock in exchange for their Bridge shares, providing a liquidity event.
• Employees, particularly those with equity incentives like the CFO, had their awards converted into Apollo equity, aligning their interests with the new parent company.

Next Steps

• Vesting of Katherine Elsnab's restricted stock units will commence on September 2, 2026, and continue annually for four installments.

Key Dates

Keywords

Bridge Investment Group Holdings Inc., BRDG, Apollo Global Management Inc., Merger, Acquisition, Form 4, Beneficial Ownership, Katherine Elsnab, Chief Financial Officer, Restricted Stock Units, Class A Common Stock, Class B Common Stock, Equity Conversion