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APEX-Agents · Investment Banking

World 221_HY_05

0/5Fail

APEX-Agents task World 221_HY_05 in AI Agents for M&A Legal Due Diligence. Compare dual-harness agent runs across models — rubric criteria, scores, and public traces.

AI Agents for M&A Legal Due DiligenceInvestment Banking World 221Dual harnessGrader: rubric
Task IDtask_4f291b8b066e413f8cd0a99c593b89e8
WorldInvestment Banking World 221
Expected outputmessage_in_console
Published runs4 models · dual config

Task prompt

What the agent was asked to do

To evaluate where economic value is created in the BBDC & TPVG merger, use the comps and merger models to build a four step value creation bridge. Write your reply to me here. Set the merger model to the 9M TTM 2025 account. Return the incremental change in value (%) between each scenario, the Pro Forma Implied EV after dilution, and total value creation vs standalone % (all to 2 decimal places). Here are the Scenarios: - 1. BBDC Standalone Implied Equity Value based on LTM NAV, LTM NII, and LTM Sales from the valuation model and median P/NAV, P/E, and P/S multiples on all comps from the comps file; - 2. Standalone + Synergies Implied Equity Value using run-rate synergies from the merger model; - 3. Add TPVG NAV Contribution (Pre-Dilution) using TPVG’s standalone NAV from the merger model; - 4. Pro Forma Implied Equity Value (After Dilution) using PF NAV, PF NII, PF Sales, and PF shares from the merger model.

Published trajectories

Agent runs on this task

Curated dual-harness runs (parsed + original sandbox). Best scored run per model.

ModelHarnessScoreResultLinks
GPT-5.5showcasedual0/5FailShare pagePublic trace
Gemini 3.1 Produal5/5PassShare pagePublic trace
GPT-5.4 minidual2/5FailShare pagePublic trace
GPT-5.4 nanodual2/5FailShare pagePublic trace

Grading rubric

Criteria and grader verdict (showcase run)

  1. States the average Pro Forma implied equity value is $2,108,549 thousand

    Fail

    Evidence: <TEXT_RESPONSE> states “Pro Forma Implied EV after dilution: $1,614.49mm” and “total PF implied equity value before applying ... is $2,049.53mm.” Assessment: Criterion requires stating average Pro Forma implied equity value is $2,108,549 thousand; the response does not state this value and gives different figures. Fail.

  2. States the percentage change from BBDC Standalone to Standalone + Synergies is 4.64%

    Fail

    Evidence: In the table, BBDC Standalone to Standalone + Synergies incremental change is “13.86%.” Assessment: Criterion requires 4.64%; response states a different percentage. Fail.

  3. States the percentage change from Standalone + Synergies to Pre-Dilution is 22.04%

    Fail

    Evidence: In the table, Standalone + Synergies to Add TPVG NAV Contribution — Pre-Dilution incremental change is “16.07%.” Assessment: Criterion requires 22.04%; response states a different percentage. Fail.

  4. States the percentage change from Pre-Dilution to Pro Forma is 7.23%

    Fail

    Evidence: In the table, Pre-Dilution to Pro Forma Implied EV — After Dilution incremental change is “(18.53%).” Assessment: Criterion requires a positive 7.23%; response states a different negative percentage. Fail.

  5. States the Total Value Creation as a percentage of BBDC Standalone is 36.94%

    Fail

    Evidence: <TEXT_RESPONSE> states “Total value creation vs. standalone: 7.67%.” Assessment: Criterion requires Total Value Creation as percentage of BBDC Standalone to be 36.94%; response states a different value. Fail.