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SEC-registered adviser

B••••••• P••••••• L••

Asset manager (funds and pooled vehicles)Mesa, ArizonaCRD 301762SEC 801-127224IAPD
Latest filing Mar 31, 2026
First filing on the tape Apr 22, 2019 · 12 filings
SEC status approved since Jan 20, 2023
RAUM
$75.3M
reported, Item 5.F
Discretionary
100%
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
4
1 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
2
reported on Schedule D
History
12 filings and snapshots on the tape
RAUM$75.3M as of Mar 31, 2026
Mar 28, 2023$125M then
HNW client RAUM$0 as of Mar 31, 2026
Mar 18, 2025$0 then
State-registered IARs (5.B.3)0 as of Mar 31, 2026
Mar 28, 20230 then
Employees (5.A)4 as of Mar 31, 2026
Mar 28, 202312 then
Private funds2 as of Mar 31, 2026
Mar 28, 20232 then
RAUM -32% over the last fiscal year-16% 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
$25.1MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
unknownderivedItem 5.A over advisors
Advisors per office
unknownderived2 offices incl. principal (1.F.5)
RAUM growth, one year
-32%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 pooled vehicles, portfolio management for investment companiesreportedItem 5.G
Custody
$75.2M, 2 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)
  • has custody of client cash or bank accounts (9.A.1.a)
  • has custody of client securities (9.A.1.b)
  • a related person has custody of client cash (9.B.1.a)
  • a related person has custody of client securities (9.B.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Pooled investment vehicles$75.2M100%
  • Investment companies$100,0000.1%
Individual clients
0reported
HNW clients
0reported
Pension plan clients
0reported
Charitable clients
0reported
Accounts
3reported
Financial planning clients
0reported
Wrap fee programs
noreported
Custody of client assets
$75.2M for 2 clientsreported
Compensation
% of AUM, performancereported
Class basis
private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
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
      Every departureEvery arrival
      Private funds
      2 reported on Schedule D 7.B.(1)
      FundTypeGross assetsOwnersFirst reported
      B••••••• C•• I••••• F•••• L••Real Estate Fund$72.1M376Apr 22, 2019
      B••••••• C••••• O••••••••• F••• L••Real Estate Fund$12.3M44Dec 21, 2022
      Owners and control persons
      Schedule A and B, latest filing
      • B•••••• D•••••• L••••• · Chief Compliance Officercontrol
        since 11/2023 · owns less than 5%
      • C•••••• P••••••• R••••• · Managing Partnercontrol
        since 11/2018 · owns less than 5%
      • D••••• J•••••• D•••• · Partnercontrol
        since 08/2022 · owns less than 5%
      • C•••••• P••••••• R••••• · Membercontrol
        since 11/2018 · owns 75% or more of P•••• L••
      • D••••• J•••••• D•••• · Member
        since 08/2022 · owns F of U•• S••••••• L••
      Entity owners
      • P•••• L•• · Member
        direct · owns 75% or more
      • U•• S••••••• L•• · Member
        direct · owns 10% to 25%
      Related persons
      Schedule D 7.A
      • B••••••• M••••••• L••
        pooled vehicle sponsory
      • W••••• R••• M••••••• L••
        pooled vehicle sponsory
      Offices
      Schedule D 1.F, the 25 largest
      • , 1 employees
      What changed
      consecutive filings, newest first
      • RAUM · $111M to $75.3M
        Mar 18, 2025 to Mar 31, 2026
      • Accounts · 2 to 3
        Mar 18, 2025 to Mar 31, 2026
      • Advisory employees · 2 to 1
        Mar 18, 2025 to Mar 31, 2026
      • Advisory activities · 1 to 2
        Mar 18, 2025 to Mar 31, 2026
      • Assets in custody · $111M to $75.2M
        Mar 18, 2025 to Mar 31, 2026
      • Employees · 9 to 4
        Mar 18, 2025 to Mar 31, 2026
      • Financial planning clients · to 0
        Mar 18, 2025 to Mar 31, 2026
      • Discretionary RAUM · $111M to $75.2M
        Mar 18, 2025 to Mar 31, 2026
      • Non-discretionary RAUM · $0 to $100,000
        Mar 18, 2025 to Mar 31, 2026
      • Pooled vehicle RAUM · $111M to $75.2M
        Mar 18, 2025 to Mar 31, 2026
      • BD registered reps · 1 to 0
        Jan 26, 2024 to Mar 18, 2025
      • Charity clients · unset to 0.0
        Jan 26, 2024 to Mar 18, 2025
      • Corporate clients · unset to 0.0
        Jan 26, 2024 to Mar 18, 2025
      • HNW clients · unset to 0.0
        Jan 26, 2024 to Mar 18, 2025
      • Individual clients · unset to 0.0
        Jan 26, 2024 to Mar 18, 2025
      • Pension plan clients · unset to 0.0
        Jan 26, 2024 to Mar 18, 2025
      • Assets in custody · $143M to $111M
        Jan 26, 2024 to Mar 18, 2025
      • Employees · 11 to 9
        Jan 26, 2024 to Mar 18, 2025
      • Financial planning clients · unset to
        Jan 26, 2024 to Mar 18, 2025
      • Discretionary RAUM · $143M to $111M
        Jan 26, 2024 to Mar 18, 2025
      • HNW RAUM · unset to 0.0
        Jan 26, 2024 to Mar 18, 2025
      • Individual RAUM · unset to 0.0
        Jan 26, 2024 to Mar 18, 2025
      • Pension RAUM · unset to 0.0
        Jan 26, 2024 to Mar 18, 2025
      • Pooled vehicle RAUM · $143M to $111M
        Jan 26, 2024 to Mar 18, 2025
      • RAUM · $143M to $111M
        Jan 26, 2024 to Mar 18, 2025
      • Related adviser · false to true
        Jan 26, 2024 to Mar 18, 2025
      • Assets in custody · $125M to $143M
        Nov 8, 2023 to Jan 26, 2024
      • Employees · 12 to 11
        Nov 8, 2023 to Jan 26, 2024
      • Other offices · 0 to 1
        Nov 8, 2023 to Jan 26, 2024
      • Discretionary RAUM · $125M to $143M
        Nov 8, 2023 to Jan 26, 2024
      • Pooled vehicle RAUM · $125M to $143M
        Nov 8, 2023 to Jan 26, 2024
      • RAUM · $125M to $143M
        Nov 8, 2023 to Jan 26, 2024
      • Related adviser · true to false
        Nov 8, 2023 to Jan 26, 2024
      • Assets in custody · $125M to $125M
        Dec 21, 2022 to Mar 28, 2023
      • Discretionary RAUM · $125M to $125M
        Dec 21, 2022 to Mar 28, 2023
      • Pooled vehicle RAUM · $125M to $125M
        Dec 21, 2022 to Mar 28, 2023
      • RAUM · $125M to $125M
        Dec 21, 2022 to Mar 28, 2023
      • Accounts · 0 to 2
        Aug 14, 2019 to Dec 21, 2022
      • Advisory employees · 0 to 2
        Aug 14, 2019 to Dec 21, 2022
      • BD registered reps · 0 to 1
        Aug 14, 2019 to Dec 21, 2022
      Signals
      4 dated events
      • Robyn Bonita Gruenewald (Chief Compliance Officer) no longer on Schedule A of B••••••• P••••••• L•• (listed 2023-03-28, absent 2023-11-08)
        Nov 8, 2023 · Control person left · inference
      • Louise Debbie Burris (Chief Compliance Officer) appeared on Schedule A of B••••••• P••••••• L••
        Nov 8, 2023 · Control person joined · fact
      • B••••••• P••••••• L•• filed its initial SEC registration (Form ADV)
        Dec 21, 2022 · First SEC registration · fact
      • Robyn Bonita Gruenewald (Chief Compliance Officer) appeared on Schedule A of B••••••• P••••••• L••
        Aug 14, 2019 · Control person joined · fact
      Across DFX
      shared identifiers only, never a name match
      No identifier-backed link to the venture, private equity, family office or sponsor graphs.
      How to reach
      public business contact points only, each with its source
      Principal office phone
      480-336-9730reportedpublic record, Form ADV, Jan 26, 2024
      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
      Across the graphs

      B••••••• P••••••• L•• is the same institution as 1 record in Real Estate Funds.

      Real Estate Funds1

      Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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