Bridge Investment Group After Apollo: What Changed for Fund Investors and BRDG Holders (2026)

What happened, and when

Bridge Investment Group was founded in 2009 and listed on the NYSE as BRDG. It ran closed-end real estate funds in multifamily, workforce and affordable housing, seniors housing, single-family rental, logistics, net lease, office, real estate debt and opportunity zone development. In 2023 it bought Newbury Partners, a secondaries manager, which added $5.1 billion of AUM. Much of the money came from individuals. Bridge's 2024 10-K says individual investors were about 43% of committed capital, often investing “through a wirehouse relationship or through an RIA family office.” That is the reader this page is for.

What BRDG shareholders actually received

The headline number was $11.50. That number was fixed in February. The parties used Apollo's 17-trading-day average price of $162.4043, and $11.50 divided by $162.4043 gives the 0.07081 ratio. The ratio did not change after that, so the dollar value moved with Apollo's stock. The proxy shows the drift. At Apollo's $150.55 close on February 21, 2025 the consideration was worth $10.66. At $132.46 on May 9, 2025 it was worth $9.38. Apollo's 10-K values the shares it issued at $136.23, its price on the closing date. At that price, 0.07081 Apollo shares were worth about $9.65 per BRDG share (our arithmetic). That is about 16% below the headline and about 22% above BRDG's $7.92 close before the announcement.

The proxy says the merger was “intended to qualify” as a tax-free reorganization under Section 368(a). It also says this was not a closing condition and that no IRS ruling was requested. A holder who got Apollo shares normally carries the old BRDG cost basis into them. That is a question for whoever prepares your return. Holders also had no appraisal rights. The outcome of the vote was never really in doubt: when the deal was signed, management holders with 51.4% of the voting power had already agreed to vote for it. Apollo also took on Bridge's tax receivable agreement, which Bridge had signed with “certain equity holders in its business”, and recorded a $383 million liability under it. Those payments go to the parties to that agreement, not to public shareholders.

What changes for limited partners in Bridge funds, and what does not

What does not change. An LP owns an interest in a fund, for example Bridge Multifamily Fund V LP or Bridge Opportunity Zone Fund IV LP. The LP does not own the manager. Bridge's own 10-Q says it plainly: “An investment in our Class A common stock is not an investment in any of our funds.” Apollo bought the manager and the general partner entities. The funds' properties, loans, leverage, waterfalls and fee terms stayed the same unless investors approved an amendment. Apollo's closing press release says Bridge “will retain its existing brand, management and investment teams and dedicated capital formation team.” Apollo's 10-K says Apollo “provides property management services through Bridge.”

What does change.

1. The owner of your manager is now Apollo. Under the Investment Advisers Act, a change of control is treated as an “assignment” of each fund's advisory contract, and that needs the client's consent. The merger agreement required Bridge to seek consent from each client, “including, as applicable, the consent of any applicable requisite percentage of the board of directors, advisory committee, investment committee, or investors of such Client.” If you invested in a Bridge fund before mid-2025, you or your fund's advisory committee should have received a “Company Transaction Notice” and, for some funds, proposed Fund Documentation Amendments drafted by Apollo. Those amendments are yours to read. They are not public.
2. The consent threshold was a real condition. The deal could only close if consenting clients made up at least 85% of the “Base Revenue Run-Rate.” Apollo's first markup asked for 95%. The deal closed, so the 85% condition was met or waived. Bridge's 2024 10-K had flagged the risk that it might not “obtain the necessary consents from our funds.”
3. The manager's balance sheet is now Apollo's. Apollo repaid $375 million of Bridge's senior notes on September 12, 2025 and terminated Bridge's $150 million credit facility on December 31, 2025. Bridge has also given guarantees on property loans, mostly non-recourse carve-outs and performance guarantees. Apollo puts the notional amount of loans covered by those guarantees at $758 million at December 31, 2025 and $622 million at June 30, 2026.
4. Key-person and removal clauses are still in your documents. Bridge's 10-K says many funds let investors “accelerate or terminate the investment period” if named key persons stop meeting their time commitments. Some funds also let investors remove the general partner. Under the proxy, executives' existing carried interest awards “will remain outstanding and will continue to vest in accordance with the terms of such awards,” as long as they stay employed with Apollo. Retirement-eligible executives keep vesting after a qualified retirement.
5. There are no more quarterly public reports. Before the deal, any LP could read fund-level MOIC and net IRR in Bridge's 10-Q. Bridge's last 10-Q covers June 30, 2025. Apollo's filings report Bridge only as “Bridge Funds” in aggregate. From here on, fund-level information comes only through your fund's investor reports.

The funds, by size, at the last public report

The table shows fee-earning AUM by fund as of June 30, 2025, from Bridge's last 10-Q. This is the base management fees are charged on, not property value.

Bridge's weighted-average management fee was 1.34% at June 30, 2025. Its 10-K says individual investors in equity funds generally paid 1.0% to 2.0% in management fees plus 15% to 20% incentive fees above a preferred return. In debt funds they paid 0.65% to 1.75% plus 15%. Bridge's 10-K also says: “We typically share a portion of the fees we earn on capital raised through wirehouse and RIA distribution channels.”

How the funds were doing when Bridge stopped reporting

These are the last fund-level returns any public filing shows. They come from the “Investment Performance Summary” in Bridge's 10-Q for the quarter ended June 30, 2025. Net IRR is after management fees, fund expenses and carried interest. MOIC is gross, before fees and carry. Unrealized values come from appraisals and internal estimates. The 10-Q warns there is “no assurance” they will be realized.

Three things stand out for LPs.

• Bridge Multifamily V is the largest equity fund, with $2,257 million committed and an investment period that began in July 2021. Six months earlier, at December 31, 2024, it had been marked at 0.79x and −17.1%. At June 30, 2025 its total investment value was $1,269 million. That is 0.81x, against $1,560 million invested. Before the general partner can earn carried interest, the fund has to return $1,940 million of drawn capital plus accrued preferred return.
• Office was the worst strategy. Office I's total value was $235 million against $643 million invested. The 10-Q gives no IRR for it. Its footnote marks the fund as having a negative return that “results in an IRR that is incalculable.” Bridge also wrote off receivables from its office funds: a credit loss of $4.2 million in 2024 and $8.7 million in 2023. Most of that was unpaid management and administration fees owed by the funds themselves.
• Debt funds and earlier vintages did what they were built to do. Debt III and IV earned 8.5% and 9.3% net. Multifamily I to III and Workforce I returned between 1.83x and 2.22x.

The opportunity zone funds

Opportunity zone investing was Bridge's biggest product for individual investors. The 10-K says Bridge raised about $8.1 billion of equity across six development-focused vehicles through the “wirehouse and RIA channels.” It also says more than 89% of that equity went into multifamily development. Investors in these funds are holding for the ten years the tax rules reward, so how the manager changes matters more to them than to anyone else.

At June 30, 2025 the six funds made up $4,067 million of fee-earning AUM (our sum of the six lines in the table above), or about 18.6% of the total (our arithmetic). The 10-Q gives returns only for the two oldest. Opportunity Zone I ($509 million committed) was at 0.90x with a −4.2% net IRR, and Opportunity Zone II ($441 million) was at 0.88x and −4.1%. The table leaves out “certain Opportunity Zone funds with investments which have not been marked-to-market.” Funds III to VI therefore have no public return figure at all.

The Form D filings add the investor side.

The Form Ds for the Fund I-A, II-A, III, IV and V entities were filed at launch and report $0 sold. They were never updated with sales, so they tell you the minimums ($250,000 for I-A to IV, $1,000,000 for V) but nothing about how much was raised. Fund VI is the exception: its amendment shows $204.7 million from 236 investors, or roughly $867,000 per investor (our arithmetic).

Carried interest: what Bridge had booked, and what Apollo books now

Carried interest only helps an LP indirectly, because it is the manager's share of profits above your hurdle. Still, it is the best public signal of whether a fund is above its hurdle. Bridge's 10-K describes the usual terms as 15% to 20% of profits above a 6% to 8% preferred return. At June 30, 2025 Bridge carried $328.6 million of accrued performance allocations. In the second quarter of 2025, Multifamily IV's general partner reversed $2.8 million of unrealized carry.

Since the deal, Apollo reports Bridge's carry as one line, “Bridge Funds,” in its performance-fee table:

The receivable fell 36% in six months (our arithmetic). Most of the fall came from unrealized carry being written down, not paid out. Unrealized carry falls when fund marks fall. Apollo does not break this down by fund. It does not by itself tell you how your fund is doing, but the total is falling.

New Bridge funds raised under Apollo

Since the closing, Bridge has kept raising money under its own name. Form D filings show the new funds and what has been raised so far:

Two details are worth knowing. Logistics Value Fund II estimates $20,000,000 in sales commissions. Its Form D says the general partner “expects to engage various broker dealers as placement agents” and that the management fee is 1.25% to 2.5% a year. The Workforce III REIT's 122 investors with a $1,000 minimum is the usual way a private REIT meets the 100-shareholder requirement. It is not a retail fundraise. Four Seniors Housing entities (JV, JV II, JV III and a feeder) filed Form Ds on March 12, 2026, all with the first sale yet to occur. Seniors Housing I and II had been marked at 0.93x and 1.11x.

Lawsuits and other problems in the record

• Merger disclosure suits. On May 28, 2025, two people who said they were Bridge stockholders sued Bridge and its board in New York County Supreme Court (Index Nos. 653264/2025 and 653290/2025). They claimed the proxy left out or misstated material information. Bridge also received eleven demand letters. It filed supplemental disclosures on June 11, 2025 “to resolve the alleged deficiencies.” Bridge's last 10-Q, filed in August 2025, does not report a settlement payment.
• Rent-pricing class action. Bridge Property Management LC is one of the landlord and manager defendants in a consolidated class action in the U.S. District Court for the Western District of Washington (No. 2:23-cv-01391). The suit alleges that rents were coordinated through Yardi Systems software. Bridge Property Management answered the consolidated complaint on April 21, 2025. The allegations are unproven. In CourtListener's copy of the docket, the case was still open with a summary-judgment motion pending at the latest entry, dated July 31, 2026. We found no entry dismissing or settling the claims against Bridge.
• Bridge's own statement. The 2024 10-K said Bridge was not subject to any pending proceeding “that we expect to have a material impact.”

Is Bridge Investment Group legit, and who owns it?

Yes, Bridge is a real company with a long public record. It filed 10-Ks and 10-Qs with the SEC from 2021 to 2025 and had about 2,250 employees at the end of 2024. Apollo's 10-K counts 600 employees of Bridge within Apollo's asset management segment at December 31, 2025. The two figures are not directly comparable: the 2,250 included about 1,400 on-site property staff. Since September 2, 2025, Bridge Investment Group Holdings Inc. has been a wholly owned subsidiary of Apollo Global Management. Bridge's Form 15 lists one holder of record of the old Class A stock. Bridge is legit. That says nothing about whether a given fund made money, and the table above shows that some did not.

What an LP can do with this

1. Find the consent package. Ask your advisor or Bridge investor relations for the 2025 Company Transaction Notice and any Fund Documentation Amendments for your fund. Check what changed: key persons, removal rights, affiliate transactions and fees.
2. Compare your latest statement with the June 30, 2025 marks above. If your fund is Multifamily V, an opportunity zone fund, Office or Seniors, compare its current NAV with the last public mark and ask why it moved.
3. For opportunity zone funds, check the exit date your tax plan depends on. That date is set by your investment date and the fund's hold plan, not by Apollo. Ask whether any amendment changed how long the fund can hold its properties.
4. Read the fee terms on anything new. Logistics Value II states a 1.25% to 2.5% management fee and an estimated $20 million in placement commissions.

For how the newer Bridge offerings compare with other big sponsors' Form D filings, see our real estate private equity firms Form D dataset and the private REITs Form D list. For opportunity zone funds from other sponsors, see opportunity zone funds in Form D data. If an advisor put you in the fund, what a financial advisor costs on real estate explains how the commissions on placements like these are split.

Sources, read October 8, 2026, all on SEC EDGAR unless noted: Bridge Investment Group Holdings Inc. (CIK 1854401) Form 8-K and Exhibit 99.1 of February 24, 2025 (0001193125-25-032823); definitive proxy statement/prospectus of May 14, 2025 (0001193125-25-119880), including the merger agreement (Sections 6.12 and 7.02), the background of the merger and the interests of executive officers; Form 8-K of June 18, 2025 with the vote results (0001193125-25-142724); Form 10-K for 2024 (0001854401-25-000062); Form 10-Q for the quarter ended June 30, 2025 (0001854401-25-000121) and the Q2 2025 results release (0001854401-25-000117); Form 8-K of September 2, 2025 with the closing press release (0001193125-25-193504); Form 15-12G of September 12, 2025 (0000950142-25-002430). Apollo Global Management, Inc. (CIK 1858681) Form 10-K for 2025 (0001858681-26-000013) and Form 10-Q for the quarter ended June 30, 2026 (0001858681-26-000040). Form D and D/A filings of Bridge Opportunity Zone Fund I-A, VI and VII, Bridge Multifamily Living Fund VI, Bridge Debt Strategies Fund VI, Bridge Workforce & Affordable Housing Fund III, III-R and III REIT, Bridge Investment Group Industrial Real Estate Income Trust, Bridge Logistics Value Fund II and Bridge Seniors Housing JV (accession numbers in the CSV). Docket of U.S. District Court for the Western District of Washington No. 2:23-cv-01391 via the CourtListener RECAP archive. The two New York County cases are cited from Bridge's 10-Q; we did not read those dockets, and we do not name individual plaintiffs. Values in Apollo shares at $136.23, sums and percentages are our arithmetic. Fund returns are Bridge's own figures as of June 30, 2025 and may have changed. This is analysis of public documents, not investment, legal or tax advice.