LMR Investment Managers and principals report beneficial ownership of warrants exercisable into 2,252,698 shares of Bridger Aerospace Group Holdings Inc. The filing (Amendment No. 1 to a Schedule 13G/A) states the 2,252,698 LMR Shares represent approximately 3.8% of the outstanding Common Stock, based on 57,528,748 shares outstanding as of March 31, 2026. The warrants are held directly by LMR Multi-Strategy Master Fund Limited (1,126,348 warrants) and LMR CCSA Master Fund Ltd (1,126,350 warrants). Reporting persons exercise shared voting and dispositive power over the 2,252,698 shares; sole voting and dispositive power is reported as 0.
Positive
None.
Negative
None.
Insights
LMR reports shared control of warrants convertible into 3.8% of Bridger Aerospace.
The filing lists 2,252,698 shares issuable upon exercise of warrants held by two LMR master funds, based on March 31, 2026 outstanding share count. The report clarifies voting and dispositive power is shared, not sole.
Cash‑flow treatment and exercise timing are not stated in the excerpt; subsequent filings or transactions would specify whether these warrants convert to issued shares and when.
Filing is a standard beneficial‑ownership disclosure under a foreign manager framework.
The statement identifies the reporting group structure (multiple LMR entities and two named principals) and certifies comparability of foreign regulatory schemes. It records the shared voting and dispositive powers over the 2,252,698 warrants‑issued shares as of March 31, 2026.
Material changes would appear in future 13D/G amendments or Form 4/5 if exercised or sold; monitor subsequent SEC filings for exercise notices or open‑market transactions.
Key Figures
Shares issuable upon exercise:2,252,698 sharesPer-fund warrants:1,126,348; 1,126,350 warrantsPercent of class:3.8%+2 more
5 metrics
Shares issuable upon exercise2,252,698 shareswarrants held by LMR master funds as of March 31, 2026
Per-fund warrants1,126,348; 1,126,350 warrantsLMR Multi-Strategy Master Fund and LMR CCSA Master Fund respectively
Percent of class3.8%percentage of Common Stock based on 57,528,748 outstanding shares as of March 31, 2026
Outstanding shares used57,528,748 sharesoutstanding Common Stock as of March 31, 2026 (cited Form 10-Q)
Securities classCommon Stock, par $0.0001Bridger Aerospace Group Holdings Inc
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
beneficially ownedregulatory
"Amount beneficially owned: The information required by Items 4(a) - (c)"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"shared power to dispose or to direct the disposition of 2,252,698 shares"
Schedule 13G/Aregulatory
"Amendment No. 1 to a Schedule 13G/A"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Bridger Aerospace Group Holdings Inc
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
96812F102
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
96812F102
1
Names of Reporting Persons
LMR Partners LLP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,698.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,252,698.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
96812F102
1
Names of Reporting Persons
LMR PARTNERS Ltd
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
HONG KONG
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,698.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,252,698.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
CO, IA
SCHEDULE 13G
CUSIP Number(s):
96812F102
1
Names of Reporting Persons
LMR Partners LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,698.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,252,698.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP Number(s):
96812F102
1
Names of Reporting Persons
LMR Partners AG
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,698.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,252,698.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
CO, IA
SCHEDULE 13G
CUSIP Number(s):
96812F102
1
Names of Reporting Persons
LMR PARTNERS (DIFC) Ltd
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED ARAB EMIRATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,698.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,252,698.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
CO, IA
SCHEDULE 13G
CUSIP Number(s):
96812F102
1
Names of Reporting Persons
LMR Partners (Ireland) Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
IRELAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,698.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,252,698.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
CO, IA
SCHEDULE 13G
CUSIP Number(s):
96812F102
1
Names of Reporting Persons
Ben Levine
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,698.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,252,698.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
96812F102
1
Names of Reporting Persons
Stefan Renold
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,252,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,252,698.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,252,698.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Bridger Aerospace Group Holdings Inc
(b)
Address of issuer's principal executive offices:
90 Aviation Lane, Belgrade, Montana, 59714
Item 2.
(a)
Name of person filing:
This statement is filed by: (i) LMR Partners LLP, LMR Partners Limited, LMR Partners LLC, LMR Partners AG, LMR Partners (DIFC) Limited and LMR Partners (Ireland) Limited (collectively, the "LMR Investment Managers"), which serve as the investment managers to certain funds with respect to the shares of Common Stock, par value $0.0001 per share ("shares of Common Stock"), held by certain funds; and (ii) Ben Levine and Stefan Renold, who are ultimately in control of the investment and voting decisions of the LMR Investment Managers with respect to the securities held by certain funds. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is c/o LMR Partners LLP, 9th Floor, Devonshire House, 1 Mayfair Place, London, W1J 8AJ, United Kingdom.
(c)
Citizenship:
LMR Partners LLP is a United Kingdom limited liability partnership. LMR Partners Limited is a Hong Kong corporation. LMR Partners LLC is a Delaware limited liability company. LMR Partners AG is a Swiss corporation. LMR Partners (DIFC) Limited is a United Arab Emirates corporation. LMR Partners (Ireland) Limited is a limited company incorporated in Ireland. Ben Levine is a citizen of the United Kingdom. Stefan Renold is a citizen of Switzerland.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
96812F102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Investment Adviser
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
As of March 31, 2026:
The shares of Common Stock beneficially owned by the Reporting Persons are directly held by LMR Multi-Strategy Master Fund Limited ("LMR Master Fund") and LMR CCSA Master Fund Ltd ("LMR CCSA Master Fund"). LMR Master Fund directly holds warrants to purchase 1,126,348 shares of Common Stock and LMR CCSA Master Fund directly holds warrants to purchase 1,126,350 shares of Common Stock, with a total of 2,252,698 shares of Common Stock issuable upon the exercise of the warrants (the "LMR Shares").
(b)
Percent of class:
As of March 31, 2026:
The shares of Common Stock issuable upon the exercise of the warrants held by each of LMR Master Fund and LMR CCSA Master Fund represent approximately 1.9% and the LMR Shares in the aggregate represent approximately 3.8% of the outstanding shares of Common Stock, based on 57,528,748 shares of Common Stock of the Issuer outstanding as of March 31, 2026, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on May 8, 2026, plus shares that may be acquired by such Reporting Persons within 60 days.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
As of March 31, 2026, each of the Reporting Persons had sole power to vote or direct the vote of 0 shares of Common Stock.
(ii) Shared power to vote or to direct the vote:
As of March 31, 2026, each of the Reporting Persons had shared power to vote or direct the vote of 2,252,698 shares of Common Stock.
(iii) Sole power to dispose or to direct the disposition of:
As of March 31, 2026, each of the Reporting Persons had sole power to dispose or to direct the disposition of 0 shares of Common Stock.
(iv) Shared power to dispose or to direct the disposition of:
As of March 31, 2026, each of the Reporting Persons had shared power to dispose or to direct the disposition of 2,252,698 shares of Common Stock.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to LMR Partners LLP, LMR Partners Limited, LMR Partners AG, LMR Partners (DIFC) Limited and LMR Partners (Ireland) Limited is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does LMR report in Bridger Aerospace (BAER)?
LMR reports warrants exercisable into 2,252,698 shares, representing approximately 3.8% of the outstanding common stock as of March 31, 2026. The warrants are held by two LMR master funds and are reported with shared voting and dispositive power.
How many warrants does each LMR fund hold?
The filing states LMR Multi-Strategy Master Fund holds 1,126,348 warrants and LMR CCSA Master Fund Ltd holds 1,126,350 warrants, totaling 2,252,698 shares issuable upon exercise as of March 31, 2026.
What voting and disposition powers are reported by LMR?
As of March 31, 2026, each reporting person reports 0 sole voting power and 2,252,698 shared voting and shared dispositive power over the shares issuable upon exercise of the warrants, per the cover page rows incorporated by reference.
What outstanding share count does the filing use to calculate percent ownership?
The percent is calculated using 57,528,748 shares outstanding as of March 31, 2026, which the filing cites from the issuer's Form 10-Q. The LMR aggregate stake of 2,252,698 equates to about 3.8% on that basis.
Does the filing state when the warrants will be exercised or proceeds treatment?
The amendment lists warrants and their quantities but does not state exercise timing or cash-flow treatment. The filing records ownership details as of March 31, 2026; any exercise or sale would be disclosed in a future filing.
