DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
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SEC-registered adviser
B•• N• L••
Latest filing Mar 31, 2026
First filing on the tape Dec 21, 2011 · 72 filings
SEC status approved since Oct 6, 2003
RAUM
$14B
reported, Item 5.F
Discretionary
96%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
18
8 advisory (5.B.1)
Offices
3
beyond the principal office
Private funds
18
reported on Schedule D
History
72 filings and snapshots on the tape
RAUM$14B as of Mar 31, 2026
Mar 28, 2012$3.9B then
HNW client RAUM: $0
State-registered IARs (5.B.3)0 as of Mar 31, 2026
Mar 22, 20130 then
Employees (5.A)18 as of Mar 31, 2026
Mar 22, 201350 then
Private funds18 as of Mar 31, 2026
Mar 28, 201219 then
RAUM +0.3% over the last fiscal year-5.3% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Mar 31, 2026; every figure names its basis
- RAUM per advisor
- unknownderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- unknownderivedHNW RAUM over HNW clients
- Average account
- $331MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 96%derivedof RAUM
- Institutional
- 12%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived4 offices incl. principal (1.F.5)
- RAUM growth, one year
- +0.3%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companiesreportedItem 5.G
- Custody
- $2.1B, 7 clientsreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- an independent public accountant performs a surprise examination (9.C.1)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$11B76%
- Pension and profit-sharing plans$1.7B12%
- Investment companies$936M6.6%
- Corporations and businesses$705M5.0%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- n/areported
- Charitable clients
- 0reported
- Accounts
- 43reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $2.1B for 7 clientsreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=0.83 institutional_share=0.12 related_bd=true related_bank=true bd_reps=3.0derived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
none on the tape
Joined, latest
none on the tape
Private funds
67 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| M•••• M•••••• G••••• I••••••••• T•••• • J•• G••••• C•• F••• 2••• | Other Private Fund | $2.2B | 1 | Mar 30, 2020 |
| M•••• M•••••• G••••• I••••••••• T•••• • J•• G••••• C•• F••• 2••• | Other Private Fund | $2.2B | 0 | Mar 31, 2021 |
| A••••••• G••••• H••• G•••• C•• D••• F••• P•• L•••••• | Other Private Fund | $1.5B | 7 | Mar 30, 2016 |
| M• G••••• I••••••••• U••••••• U••• T•••• • A•• E•• I• C•• F••• | Other Private Fund | $1.2B | 1 | Mar 30, 2020 |
| S••••••••• 2••••••• C••• L••• | Securitized Asset Fund | $553M | 23 | Mar 29, 2019 |
| A•••• I• H••••• L•••••• | Hedge Fund | $484M | 34 | Aug 19, 2020 |
| S••••••••• 2••••••••• C••• L••• | Securitized Asset Fund | $481M | 18 | Mar 29, 2019 |
| S••••••••• 2••••••• C••• L••• | Securitized Asset Fund | $478M | 17 | Mar 29, 2018 |
| S••••••••• 2••••••• C••• L••• | Securitized Asset Fund | $440M | 18 | Mar 30, 2020 |
| S••••••••• 2••••••• C••• L••• | Securitized Asset Fund | $410M | 15 | Mar 31, 2022 |
| S••••••••• 2•••••• C••• L••• | Securitized Asset Fund | $403M | 18 | Mar 30, 2020 |
| S••••••••• 2•••••••• C••• L•• | Securitized Asset Fund | $390M | 22 | Mar 29, 2019 |
| S••••••••• I• C••• L•••no longer reported | Securitized Asset Fund | $390M | 17 | Mar 22, 2013 |
| S••••••••• 2•••••••• C••• L•••no longer reported | Securitized Asset Fund | $389M | 1 | Mar 29, 2019 |
| S••••••••• 2••••••• C••• L••• | Securitized Asset Fund | $362M | 25 | Mar 31, 2014 |
| S••••••••• 2••••• C••• L••• | Securitized Asset Fund | $360M | 23 | Mar 29, 2018 |
| S••••••••• 2•••••• C••• L••• | Securitized Asset Fund | $345M | 22 | Mar 29, 2018 |
| S••••••••• I• C••• L•••no longer reported | Securitized Asset Fund | $333M | 21 | Mar 22, 2013 |
| G••••• H••• G•••• C•• D••• F••• 2••• R•••••• P•••••••• | Other Private Fund | $239M | 0 | Mar 31, 2023 |
| P••••••• C•• V• L•••no longer reported | Securitized Asset Fund | $237M | 39 | Mar 28, 2012 |
| S••••••••• 2••••••• C•• F•••••• L••no longer reported | Securitized Asset Fund | $225M | 5 | Mar 29, 2019 |
| A••••••• V•••••• F••• •••••• F•••• L• | Hedge Fund | $206M | 3 | Feb 26, 2019 |
| S••••••••• 2•••••••• C••• L•••no longer reported | Securitized Asset Fund | $159M | 1 | Mar 31, 2023 |
| C•••• I•• H••••• L•••••• | Hedge Fund | $141M | 51 | Mar 31, 2017 |
| C••••••• E••••••• L••• F••• •••••• I••••••• T••••no longer reported | Other Private Fund | $132M | 5 | Mar 29, 2018 |
| D••• W•••••••• 1•no longer reported | Securitized Asset Fund | $119M | 5 | Mar 29, 2019 |
| A•••••••• S•••••••• C•• I• S••no longer reported | Securitized Asset Fund | $102M | 4 | Mar 28, 2012 |
| W••••••••• O••••••••• C••••• M••••• F••• L•••no longer reported | Hedge Fund | $91.2M | 3 | Feb 24, 2015 |
| H••••••• W•••••••• I•no longer reported | Securitized Asset Fund | $48.2M | 4 | Mar 29, 2019 |
| C••••••• S••••••••• C••••• O••••••••• F••• I• U• F•••••• L•no longer reported | Hedge Fund | $38.8M | 32 | Mar 31, 2017 |
| M••••••••• S••••••• | Other Private Fund | $25.2M | 1 | Mar 29, 2018 |
| C••••••• S••••••••• C••••• O••••••••• F••• U• F•••••• L•no longer reported | Hedge Fund | $23.4M | 16 | Mar 31, 2017 |
| M•••• M•••••• G••••• I••••••••• T•••• • A•• G••••• L••• F••• 2••• | Other Private Fund | $20.5M | 1 | Mar 31, 2017 |
| B•• M••••••••• M•••••••• I••• L•••no longer reported | Private Equity Fund | $15.3M | 161 | Mar 28, 2012 |
| M•••• M•••••• G••••• I••••••••• T•••• • A•• G••••• B••• L••• F••• 2••• | Other Private Fund | $13.6M | 1 | Mar 30, 2016 |
| B•• M•••••••• P•••••••• L•••no longer reported | Private Equity Fund | $11.6M | 37 | Mar 28, 2012 |
| M•••• M•••••• G••••• I••••••••• T•••• • J•• G••••• L••• F••• 2••• | Other Private Fund | $10.7M | 1 | Mar 29, 2018 |
| U••• B••• L••• F••• •• •••••• T•••••no longer reported | Other Private Fund | $9.3M | 1 | Mar 28, 2012 |
| G••••• H••• G•••• C•• D••• F••• 2••• R•••••• P••••••••no longer reported | Other Private Fund | $8.7M | 9 | May 11, 2018 |
| A•••••••• S••••• T•••• • A••••••• E••••••• C••••• O••••••••• F••• | Other Private Fund | $5.4M | 43 | Mar 31, 2014 |
Owners and control persons
Schedule A and B, latest filing
- B••••• R••••••• J•• · Presidentcontrolsince 11/2022 · owns less than 5%
- G••••• T•••••• J•••• · Chief Investment Officer, Chairmancontrolsince 11/2022 · owns less than 5%
- G••••• E•••••• N••••••• · Chief Compliance Officercontrolsince 04/2024 · owns less than 5%
- M••••••• D••••• J••••• · Chief Operations Officer, Chief Executive Officercontrolsince 11/2022 · owns less than 5%
- M•••••••• B••••• R•••• · Chief Financial Officercontrolsince 11/2022 · owns less than 5%
- S•••••• H•••• · Chief Accounting Officercontrolsince 01/2024 · owns less than 5%
Entity owners
- A••••••• U•• I••• · Shareholderdirect · owns 75% or more
- F••••••• R••••••••• I••• · Sole Memberdirect · owns 75% or more · public reporting company
- B•• A••••••• G•••• H•••••••• I••• · Shareholderindirect · owns 75% or more of A••••••• U•• I•••
- F••••••• R•••••••• I••• · Shareholderindirect · owns 75% or more of B•• A••••••• G•••• H•••••••• I••• · public reporting company
Related persons
Schedule D 7.A
- A••••••• H••• Y••••investment adviserpooled vehicle sponsory
- A••••••• J••••• G• L•••••• P•••••••••pooled vehicle sponsory
- B•••••• S••••• Partners L••••••investment adviserbankpooled vehicle sponsornRAUM $23B
- A••••••• S•••••••investment adviserpooled vehicle sponsory
- A••••••• S••••••••• C••••• O••••••••• F••• G•• L••pooled vehicle sponsory
- A••••••• S••••••••• C••••• O••••••••• F••• I• G•• L••pooled vehicle sponsory
- A•••• I• G• L••••••pooled vehicle sponsory
- B•••••• S••••• P••••••• L•••••investment adviserbanknRAUM $28B
- B•• M••••• G••••• C••••• A••••••••• F••• M••••••• L••investment adviserpooled vehicle sponsory
- B•••• B••••••• H••••••• T•••• C•••••• •••••• L•••••••pooled vehicle sponsory
- B•• C•• M••••••••• L••investment advisernRAUM $12B
- C•••• I•• G• L••••••pooled vehicle sponsory
- C•• G• L••••••pooled vehicle sponsory
- F••••••• B•• C•••••• A•••••• L••investment advisernRAUM $4.2B
- M••• F••• S••••••• ••••••• L••••••pooled vehicle sponsory
- T•• B••• O• N•• Y••• M•••••pooled vehicle sponsory
Advisers that list B•• N• L•• as a related person
Offices
Schedule D 1.F, the 25 largest
- London, United Kingdom26 employees
- Boston, MA4 employees
- Edina, MN1 employees
- West Palm Beach, FL1 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- affiliate changedChange between filings · filing Mar 31, 2026broker-dealer affiliate (Item 7.A.1): no on the filing of 2026-02-09, yes on the filing of 2026-03-31peers: ASSET_M••••••, $5B to $20B (684)
What changed
consecutive filings, newest first
- Accounts · 41 to 43Feb 9, 2026 to Mar 31, 2026
- BD registered reps · 0 to 3Feb 9, 2026 to Mar 31, 2026
- Charity clients · unset to 0.0Feb 9, 2026 to Mar 31, 2026
- Corporate clients · 1.0 to unsetFeb 9, 2026 to Mar 31, 2026
- HNW clients · unset to 0.0Feb 9, 2026 to Mar 31, 2026
- Individual clients · unset to 0.0Feb 9, 2026 to Mar 31, 2026
- Pension plan clients · 2.0 to unsetFeb 9, 2026 to Mar 31, 2026
- Assets in custody · $2.2B to $2.1BFeb 9, 2026 to Mar 31, 2026
- Employees · 21 to 18Feb 9, 2026 to Mar 31, 2026
- Private funds · 25 to 18Feb 9, 2026 to Mar 31, 2026
- Discretionary RAUM · $14B to $14BFeb 9, 2026 to Mar 31, 2026
- HNW RAUM · unset to 0.0Feb 9, 2026 to Mar 31, 2026
- Individual RAUM · unset to 0.0Feb 9, 2026 to Mar 31, 2026
- Non-discretionary RAUM · $195M to $527MFeb 9, 2026 to Mar 31, 2026
- Pension RAUM · $750M to $1.7BFeb 9, 2026 to Mar 31, 2026
- Pooled vehicle RAUM · $11B to $11BFeb 9, 2026 to Mar 31, 2026
- RAUM · $14B to $14BFeb 9, 2026 to Mar 31, 2026
- Related broker-dealer · false to trueFeb 9, 2026 to Mar 31, 2026
- Business name · A••••••• N•• L•• to B•• N• L••May 28, 2025 to Feb 9, 2026
- Legal name · A••••••• N•• L•• to B•• N• L••May 28, 2025 to Feb 9, 2026
- Financial planning clients · unset to Mar 31, 2025 to May 28, 2025
- Private funds · 24 to 25Mar 31, 2025 to May 28, 2025
- Accounts · 54 to 41Feb 28, 2025 to Mar 31, 2025
- Advisory employees · 15 to 8Feb 28, 2025 to Mar 31, 2025
- Pension plan clients · 3 to 2Feb 28, 2025 to Mar 31, 2025
- Pooled vehicle clients · 46 to 35Feb 28, 2025 to Mar 31, 2025
- Assets in custody · $3.5B to $2.2BFeb 28, 2025 to Mar 31, 2025
- Employees · 26 to 21Feb 28, 2025 to Mar 31, 2025
- Other offices · 4 to 3Feb 28, 2025 to Mar 31, 2025
- Private funds · 30 to 24Feb 28, 2025 to Mar 31, 2025
- Discretionary RAUM · $16B to $14BFeb 28, 2025 to Mar 31, 2025
- Non-discretionary RAUM · $206M to $195MFeb 28, 2025 to Mar 31, 2025
- Pension RAUM · $970M to $750MFeb 28, 2025 to Mar 31, 2025
- Pooled vehicle RAUM · $13B to $11BFeb 28, 2025 to Mar 31, 2025
- RAUM · $16B to $14BFeb 28, 2025 to Mar 31, 2025
- Private funds · 29 to 30Nov 18, 2024 to Feb 28, 2025
- Private funds · 28 to 29Sep 26, 2024 to Nov 18, 2024
- Accounts · 62 to 54Jun 29, 2023 to Mar 27, 2024
- Advisory employees · 11 to 15Jun 29, 2023 to Mar 27, 2024
- Pooled vehicle clients · 54 to 46Jun 29, 2023 to Mar 27, 2024
Signals
54 dated events
- Rick Gallo (Chief Compliance Officer) appeared on Schedule A of B•• N• L••May 6, 2024 · Control person joined · fact
- Howe Alexander Mcmillan (Chief Compliance Officer) no longer on Schedule A of B•• N• L•• (listed 2024-04-22, absent 2024-05-06)May 6, 2024 · Control person left · inference
- Henry Schoch (Chief Accounting Officer) appeared on Schedule A of B•• N• L••Mar 27, 2024 · Control person joined · fact
- James Thomas Gahan (Chief Executive Officer) appeared on Schedule A of B•• N• L••Dec 5, 2022 · Control person joined · fact
- Vinay Patel (Head Of Finance, Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- (Nmi) Hanneke Smits (Board Member) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- Mark Jonathan Desimone (Board Member, Chief Executive Officer, Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- Haigh Christopher Mulshine (Head Of Us Distribution, Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- Ronald James Algar (Chief Compliance Officer, Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- Ruth Davis (Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- Grant Hunt (Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- Cathy Bevan (Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- Stuart Medlen (Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- Randolph John Miller (Board Member) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- R Joseph Cantwell (Chief Investment Officer - Liquid Credit, Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- M Jane Nelson (Non-Executive Director) no longer on Schedule A of B•• N• L•• (listed 2022-08-10, absent 2022-12-05)Dec 5, 2022 · Control person left · inference
- Howe Alexander Mcmillan (Chief Compliance Officer) appeared on Schedule A of B•• N• L••Dec 5, 2022 · Control person joined · fact
- Jan Richard Byrne (President) appeared on Schedule A of B•• N• L••Dec 5, 2022 · Control person joined · fact
- Joseph David Manlowe (Chief Operations Officer) appeared on Schedule A of B•• N• L••Dec 5, 2022 · Control person joined · fact
- Roger Bryan Martoken (Chief Financial Officer) appeared on Schedule A of B•• N• L••Dec 5, 2022 · Control person joined · fact
- Mitchell Steven Levinson (Chief Compliance Officer) no longer on Schedule A of B•• N• L•• (listed 2022-05-06, absent 2022-08-10)Aug 10, 2022 · Control person left · inference
- Graham Rainbow (Co-Chief Investment Officer - Liquid Credit, Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2021-11-08, absent 2022-03-31)Mar 31, 2022 · Control person left · inference
- Emmanuel Chris Barris (Acting Co-Chief Investment Officer) no longer on Schedule A of B•• N• L•• (listed 2021-08-26, absent 2021-10-13)Oct 13, 2021 · Control person left · inference
- Mark Simon Perry (Head Of Business Development (Emea And Asia), Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2021-08-26, absent 2021-10-13)Oct 13, 2021 · Control person left · inference
- Michael Peter Glaser (Head Of European Direct Lending, Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2021-08-26, absent 2021-10-13)Oct 13, 2021 · Control person left · inference
- Allan Gregory Brisk (Board Member) no longer on Schedule A of B•• N• L•• (listed 2021-08-26, absent 2021-10-13)Oct 13, 2021 · Control person left · inference
- Ahmad Suhail Shaikh (Board Member, Head Of Us Direct Lending, Executive Committee) no longer on Schedule A of B•• N• L•• (listed 2021-08-26, absent 2021-10-13)Oct 13, 2021 · Control person left · inference
- Grant Hunt (Executive Committee) appeared on Schedule A of B•• N• L••Oct 13, 2021 · Control person joined · fact
- Cathy Bevan (Executive Committee) appeared on Schedule A of B•• N• L••Oct 13, 2021 · Control person joined · fact
- Stuart Medlen (Executive Committee) appeared on Schedule A of B•• N• L••Oct 13, 2021 · Control person joined · fact
Across DFX
shared identifiers only, never a name match
- A••••••• N•• L•• · Private Equityshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/bspcreditreportedpublic record, Form ADV, Sep 18, 2026
- Website
- fbccbdc.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 212-588-6770reportedpublic record, Form ADV, Mar 31, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- n/aderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026