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Bridger Aerospace Group Holdings

BAER on Nasdaq. Market value $39m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 60 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

  • First Manhattan Co.
    Passive investor
    at least 10.3%+3.4 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • LMR Partners LLC
    Passive investor
    at least 3.8%−1.2 pts
    (filed with 5 related holders)
    Since 31 March 2026
  • Matthew P. Sheehy
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • Timothy P. Sheehy
    Passive investor
    Sold down below 5%
    Since 30 June 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $1m of shares on the open market.

  • KELTER JEFFREY E
    Director
    Bought
    Date
    1 September 2026
    Shares
    200,000
    Price
    $1.10
    Value
    $219,140
  • KELTER JEFFREY E
    Director
    Bought
    Date
    20 August 2026
    Shares
    150,000
    Price
    $1.16
    Value
    $173,570
  • KELTER JEFFREY E
    Director
    Bought
    Date
    19 August 2026
    Shares
    150,000
    Price
    $1.20
    Value
    $180,480
  • KELTER JEFFREY E
    Director
    Bought
    Date
    3 December 2025
    Shares
    300,000
    Price
    $1.80
    Value
    $540,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 66% last year. Losing that customer would hurt.

    “The Company had three customers who individually accounted for 66 %, 11 %, and 10 % of total revenues for the year ended December 31, 2025 and two customers who individually accounted for 61 % and 12 % of total revenues for the year ended December 31, 2024.”

    From the 10-K filed 6 March 2026, Item 8. Financial Statements and Notes. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.