No matter how you may want to value the net value of the PDPs...

No matter how you may want to value the net value of the PDPs the current reporting of accounts requires them to be valued according to the regulations. It was PNC's decision to report their PDP's at a greater value than regulations allowed which caused the earlier problems in 2018 which nearly sent them to the wall. Covenants and conditions around loan facilities are usually based on current accounting regulations which means that if you decide to ignore those reporting standards then you also run the risk of breaching loan covenants and conditions. It is these standards and the risk of breaching covenants which cause the SP to largely mirror PNC's NTA. I believe that the total loan facility will now be provided by Nomura who also have a large holding of PNC shares. As I pointed out in an earlier post this relationship favours both Nomura and PNC in that the lender profits not only by taking rate on the facilities but also from growth and any income generated by PNC. This certainly has a strong tendency for the lender to be cautious about the rates so that PNC can grow and give them capital profits as well. So IMO you can value them how you wish but PNC's own history shows that ignoring the accounting regulations can be perilous and that is not good for shareholders such as myself who suffered losses relating to the 2018 debacle.