Apollo to Acquire Bridge Investment Group

Scaled Investment Platform Expands Apollo’s Origination Capabilities in Residential and Industrial Real Estate

Bridge Manages $50 Billion of High-Quality AUM in Complementary Sectors Aligned with Apollo’s Long-Term Growth Strategy

New York and Salt Lake City – February 24, 2025 – Apollo (NYSE: APO) and Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all-stock transaction with an equity value of approximately $1.5 billion.

Founded in 2009, Bridge is an established leader in residential and industrial real estate as well as other specialized real estate asset classes. Led by an experienced senior leadership team and over 300 dedicated investment professionals with significant real estate investment and operating expertise, Bridge’s forward-integrated model, nationwide operating platform and data-driven approach have fostered organic growth and consistently produced desirable outcomes across asset classes.

Bridge will provide Apollo with immediate scale to its real estate equity platform and enhance Apollo’s origination capabilities in both real estate equity and credit, which is expected to benefit Apollo’s growing suite of hybrid and real estate product offerings. Bridge manages approximately $50 billion of high-quality AUM in real estate products targeting both institutional and wealth clients and is expected to be highly synergistic with Apollo’s existing real estate equity strategies and leading real estate credit platform. The transaction is expected to be immediately accretive to Apollo’s fee-related earnings upon closing.

Apollo Partner and Co-Head of Equity David Sambur said, “We are pleased to announce this transaction with Bridge, which is highly aligned with Apollo’s strategic focus on expanding our origination base in areas of our business that are growing but not yet at scale. Led by a respected real estate team including Executive Chairman Bob Morse and CEO Jonathan Slager, Bridge brings a seasoned team with deep expertise and a strong track record in their sectors. Their business will complement and further augment our existing real estate capabilities, and we believe we can help scale Bridge’s products by leveraging the breadth of our integrated platform. We look forward to working with Bob and the talented Bridge team as we seek to achieve the strategic objectives we laid out at our recent Investor Day.”

Bridge Executive Chairman Bob Morse said, “We are proud to be joining Apollo and its industry-leading team, who share our commitment to performance and excellence. This transaction will allow the Bridge and Apollo teams to grow on the strong foundation that Bridge has built since 2009 as we work to pursue meaningful value and impact for our investors and communities. With Apollo’s global integrated platform, resources, innovation and established expertise, we are confident that Bridge will be positioned for the next phase of growth amid growing demand across the alternative investments space.”

Transaction Details
Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive, at closing, 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per share. Upon the closing of the transaction, Bridge will operate as a standalone platform within Apollo’s asset management business, retaining its existing brand, management team and dedicated capital formation team. Bob Morse will become an Apollo Partner and lead Apollo’s real estate equity franchise.

A special committee of independent directors for Bridge (the “Special Committee”), advised by its own independent legal and financial advisors, reviewed, negotiated and unanimously recommended approval of the merger agreement by the Bridge Board of Directors, determining that it was in the best interests of Bridge and its stockholders not affiliated with Bridge management and directors. Acting upon the recommendation of the Special Committee, the Bridge Board of Directors approved the merger agreement. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including approval by a majority of the Class A common stock and Class B common stock of Bridge, voting together, and receipt of regulatory approvals. Certain members of Bridge management and their affiliates, collectively owning approximately 51.4% of the outstanding voting power of Bridge, have entered into voting agreements in connection with the transaction and agreed to vote in favor of the transaction. Subject to completion, shares of Bridge common stock will no longer be listed on the New York Stock Exchange and Bridge will become a privately held company.

Further information regarding terms and conditions contained in the definitive merger agreement will be made available in Bridge’s Current Report on Form 8-K, which will be filed in connection with this transaction.

Bridge Fourth Quarter and Full-Year 2024 Earnings
Bridge will no longer be holding its fourth quarter and full-year 2024 earnings conference call and webcast scheduled for February 25, 2025, due to the pending transaction.

Advisors
BofA Securities, Citi, Goldman, Sachs & Co. LLC, Morgan Stanley & Co. LLC and Newmark Group are acting as financial advisors, Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel, and Sidley Austin LLP is acting as insurance regulatory counsel to Apollo. J.P. Morgan Securities LLC is serving as financial advisor to Bridge and Latham & Watkins LLP is acting as legal counsel. Lazard is serving as financial advisor to the Special Committee of the Bridge Board of Directors and Cravath, Swaine & Moore LLP is acting as legal counsel.

Statement Regarding Forward-Looking Information
This press release contains statements regarding Apollo, Bridge, the proposed transactions and other matters that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, discussions related to the proposed transaction between Apollo and the Company, including statements regarding the benefits of the proposed transaction and the anticipated timing and likelihood of completion, as well as information regarding the businesses of Apollo and the Company, including objectives, plans and strategies for future operations. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “indicator,” “may,” “will,” “should,” “expects,” “plans,” “seek,” “anticipates,” “plan,” “forecasts,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or similar expressions, but not all forward-looking statements include such words. These forward-looking statements are subject to risks, uncertainties and assumptions, many of which are beyond the control of Apollo and the Company, that could cause actual results to differ materially. Factors and risks include, but are not limited to, those described under “Risk Factors” in Apollo’s and the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and such reports subsequently filed with the SEC.

These risks, as well as others, will be included in the Registration Statement (as defined below) and Joint Proxy Statement/Prospectus (as defined below) to be filed with the SEC in connection with the proposed transaction. While the list of factors presented here is considered representative, it is not a complete statement of all potential risks and uncertainties. Other unknown or unpredictable factors could also have a material adverse effect on Apollo’s and the Company’s businesses. Readers should not place undue reliance on these forward-looking statements. Except as required by law, neither Apollo nor the Company undertakes any obligation to publicly update or revise these forward-looking statements.

No Offer or Solicitation
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Additional Information Regarding the Transaction and Where to Find It
This press release is being made in respect of the proposed transaction between Apollo and the Company. In connection with the proposed transaction, Apollo intends to file with the SEC a registration statement on Form S-4, which will constitute a prospectus of Apollo for the issuance of Apollo common stock (the “Registration Statement”) and which will also include a proxy statement of the Company for the Company stockholder meeting (together with any amendments or supplements thereto, the “Joint Proxy Statement/Prospectus”). Each of Apollo and the Company may also file other relevant documents with the SEC. This document is not a substitute for the Registration Statement or Joint Proxy Statement/Prospectus or any other document that Apollo or the Company may file with the SEC. The definitive Joint Proxy Statement/Prospectus (if and when available) will be mailed to stockholders of the Company.

INVESTORS ARE URGED TO READ IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS, CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors will be able to obtain free copies of these filings once available at http://www.sec.gov, as well as through Apollo’s Investor Relations site at https://ir.apollo.com and Bridge’s Investor Relations site at https://www.bridgeig.com.

Participants in the Solicitation
Apollo, the Company, and certain of their respective directors and executive officers may be deemed participants in the solicitation of proxies from the Company’s stockholders in respect of the proposed transaction. Information about the directors and executive officers of Apollo, including a description of their direct or indirect interests, is contained in its Proxy Statement on Schedule 14A, dated April 26, 2024, filed with the SEC. Any changes in holdings of Apollo securities by directors or executive officers have been or will be disclosed in Forms 3, 4 or 5 filed with the SEC. Information about the directors and executive officers of the Company is contained in its Proxy Statement on Schedule 14A, dated March 21, 2024, filed with the SEC, and any changes in holdings will likewise be disclosed in subsequent Forms 3, 4 or 5. Other information regarding participants and their interests will be contained in the Registration Statement and Joint Proxy Statement/Prospectus to be filed with the SEC.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we help clients achieve financial security by providing retirement savings products and solutions for institutions. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. Learn more at www.apollo.com.

About Bridge Investment Group
Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $50 billion of assets under management as of December 31, 2024. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select verticals across real estate, credit, renewable energy and secondaries strategies.

Contacts
For Apollo:
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
[email protected]

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
[email protected]

For Bridge:
Shareholder Relations:
Bonni Rosen Salisbury
Bridge Investment Group Holdings Inc.
[email protected]

Media:
Charlotte Morse
Bridge Investment Group Holdings Inc.
(877) 866-4540
[email protected]

H/Advisors Abernathy
Eric Bonach / Dan Scorpio
(917) 710-7973 / (646) 899-8118
[email protected] / [email protected]