Black Diamond Financial, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), Black Diamond Financial, LLC reported 145 stock positions worth $665.9 million. Its top holding was Vngrd Mrgstr MG CP VL ETF-Ui (MGV) at 13.2% of the portfolio, followed by Vngrd Mrgstr MG CP GR ETF-Ui (MGK, 7.9%) and iShares Core U.S. Aggregate (AGG, 5.4%). Compared with Q4 2024, it opened 7 new positions, sold out of 7, added to 65 and reduced 34. The biggest buy was iShares National Muni Bond E (MUB, shares +37%) and the biggest sale Custom Truck One Source (CTOS, shares −75%).
- Most Recent 13F
- Q2 2026
- Location
- TOWSON, MD
- CIK
- 0001759236
- Portfolio Value
- $665.9M (Q1 2025)
- SEC Filing
- 0001759236-25-000002 ↗ filed Apr 30, 2025
Holdings Value
Holdings 145 stocks · $665.9M
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 13.24% | 684,409 | $88.2M | Reduce -2.4% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 7.86% | 169,455 | $52.3M | Add +3.1% |
| AGG iShares Core U.S. Aggregate | 5.42% | 365,143 | $36.1M | Add +7.3% |
| SPTI SS SPDR P Int Term TSY ETF | 5.29% | 1,232,759 | $35.2M | Add +6.0% |
| SCHV Schwab US Large-Cap Value | 4.88% | 1,223,119 | $32.5M | Add +6.3% |
| SCHG Schwab US Large-Cap Growth | 3.53% | 939,889 | $23.5M | Add +6.8% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 2.97% | 98,047 | $19.7M | Reduce -0.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.84% | 50,985 | $18.9M | Add +9.8% |
| IGIB iShares 5-10Y Inv Grade Corp. | 2.72% | 344,688 | $18.1M | Add +3.3% |
| SCHX Schwab US Large-Cap ETF | 2.68% | 807,894 | $17.8M | Reduce -1.3% |
| SCHF Schwab Intl Equity ETF | 2.54% | 855,964 | $16.9M | Add +2.4% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 2.45% | 66,589 | $16.3M | Add +1.7% |
| FREL Fidelity MSCI RL Est Indx | 2.34% | 566,193 | $15.6M | Add +7.0% |
| MUB iShares National Muni Bond E | 2.21% | 139,830 | $14.7M | Add +37.0% |
| IGSB iShares 1-5Y Inv Grade Corp. | 1.89% | 240,857 | $12.6M | Add +8.2% |
| SCHO Schwab Short-Term US Treas | 1.83% | 500,455 | $12.2M | Add +8.7% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 1.71% | 44,011 | $11.4M | Reduce -0.1% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.48% | 52,840 | $9.8M | Reduce -3.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.43% | 55,020 | $9.5M | Add +1.4% |
| IMCV iShares Morningstar Mid-Cap | 1.41% | 126,111 | $9.4M | Add +11.2% |
| LIND Lindblad Expeditions Holding | 1.31% | 940,912 | $8.7M | No change |
| VEA Vanguard Ftse Developed ETF | 1.24% | 162,307 | $8.3M | Add +0.5% |
| RSP Invesco S&P 500 Equal Weight | 1.18% | 45,223 | $7.8M | Reduce -6.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 1.12% | 33,599 | $7.5M | Reduce -0.1% |
| SCHM Schwab US Mid Cap ETF | 1.05% | 265,760 | $7.0M | Add +0.9% |
| IEMG iShares Core MSCI Emerging | 1.04% | 128,776 | $7.0M | Add +0.5% |
| AAPL Apple Inc. | 1.02% | 30,527 | $6.8M | Reduce -11.1% |
| ISCG iShares Morningstar Small-Ca | 0.97% | 143,342 | $6.5M | Reduce -4.6% |
| SCHA Schwab US Small-Cap ETF | 0.95% | 270,716 | $6.3M | Reduce -3.5% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.92% | 77,573 | $6.1M | Add +0.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.84% | 20,257 | $5.6M | Add +3.6% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.76% | 19,815 | $5.1M | Add +0.5% |
| SDY SS SPDR S&P Dividend ETF | 0.76% | 37,268 | $5.1M | Reduce -7.5% |
| IVV iShares Core S&P 500 ETF | 0.70% | 8,353 | $4.7M | No change |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.67% | 17,666 | $4.4M | Add +4.8% |
| VEU Vanguard Ftse All-World Ex-U | 0.66% | 72,194 | $4.4M | Reduce -1.5% |
| VOO Vanguard S&P 500 ETF | 0.65% | 8,408 | $4.3M | Add +1.6% |
| VNQ Vanguard Real Estate ETF | 0.62% | 45,821 | $4.1M | Add +1.9% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.59% | 24,267 | $3.9M | Reduce -3.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.42% | 4,947 | $2.8M | Add +4.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.41% | 5,068 | $2.7M | Reduce -42.4% |
| CAPR Capricor Therapeutics Inc. | 0.40% | 277,737 | $2.6M | No change |
| IJR iShares Core S&P Small-Cap E | 0.39% | 25,095 | $2.6M | Reduce -0.6% |
| IMCG iShares Morningstar Mid-Cap | 0.39% | 36,166 | $2.6M | Add +8.4% |
| SCHH Schwab US REIT ETF | 0.39% | 119,550 | $2.6M | Add +1.5% |
| MSFT Microsoft Corp. | 0.37% | 6,628 | $2.5M | Reduce -0.2% |
| LLY Eli Lilly & Co. | 0.37% | 2,996 | $2.5M | Add +35.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.37% | 5,214 | $2.4M | New |
| NVDA Nvidia Corp. | 0.33% | 20,315 | $2.2M | Add +5.8% |
| AMZN Amazon.com Inc. | 0.31% | 10,781 | $2.1M | Add +1.5% |
| JPM JPMorgan Chase & Co. | 0.28% | 7,524 | $1.8M | Add +0.8% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.28% | 36,967 | $1.8M | No change |
| USMV iShares MSCI USA Min Vol Fac | 0.27% | 19,382 | $1.8M | Reduce -4.7% |
| SRLN SS Blackstone Sr Loan ETF | 0.24% | 38,779 | $1.6M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 0.24% | 10,042 | $1.6M | Add +0.0% |
| XLK SS Technology Select Sector | 0.24% | 7,587 | $1.6M | No change |
| IEFA iShares Core MSCI Eafe ETF | 0.23% | 20,212 | $1.5M | No change |
| VIG Vanguard Dividend Apprec ETF | 0.20% | 6,826 | $1.3M | Reduce -14.3% |
| GLD SPDR Gold Shares | 0.16% | 3,766 | $1.1M | Add +2.6% |
| VWO Vanguard Ftse Emerging Marke | 0.16% | 23,573 | $1.1M | Reduce -1.1% |
| CTOS Custom Truck One Source Inc. | 0.16% | 252,610 | $1.1M | Reduce -75.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.16% | 25,051 | $1.0M | Reduce -0.4% |
| CEG Constellation Energy | 0.15% | 5,116 | $1.0M | Reduce -0.3% |
| MCK McKesson Corp. | 0.15% | 1,525 | $1.0M | No change |
| VGT Vanguard Info Tech ETF | 0.15% | 1,849 | $1.0M | Add +7.0% |
| ISCV iShares Morningstar Small-Ca | 0.14% | 15,843 | $939K | Add +38.5% |
| GOOGL Alphabet Inc. Class A | 0.14% | 5,815 | $899K | Reduce -0.3% |
| META Meta Platforms Inc. Class A | 0.13% | 1,481 | $854K | Add +7.4% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.12% | 22,813 | $831K | Add +40.7% |
| VTIP Vanguard Short-Term Tips | 0.12% | 15,476 | $772K | No change |
| CVX Chevron Corp. | 0.11% | 4,399 | $736K | Add +0.5% |
| XOM Exxon Mobil Corp. | 0.11% | 6,107 | $726K | Reduce -1.7% |
| V Visa Inc. Class A | 0.11% | 2,048 | $718K | Add +3.3% |
| HDV iShares Core High Dividend E | 0.11% | 5,865 | $710K | No change |
| SYK Stryker Corp. | 0.10% | 1,862 | $693K | No change |
| PG The Procter & Gamble Co. | 0.10% | 4,064 | $693K | Reduce -34.0% |
| PEP Pepsico Inc. | 0.10% | 4,577 | $686K | Reduce -2.0% |
| SHV iShares 0-1 Year Treasury Bo | 0.10% | 6,130 | $677K | Add +10.8% |
| MA Mastercard Inc. Class A | 0.10% | 1,234 | $676K | Add +14.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.10% | 2,705 | $673K | Add +0.0% |
| UNH Unitedhealth Group Inc. | 0.10% | 1,280 | $670K | Add +0.6% |
| EXC Exelon Corp. | 0.10% | 14,147 | $652K | Add +0.0% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.09% | 8,090 | $630K | No change |
| CORT Corcept Therapeutics Inc. | 0.09% | 5,200 | $594K | No change |
| IAU iShares Gold Trust | 0.09% | 9,644 | $569K | No change |
| VYM Vanguard High DVD Yield ETF | 0.08% | 3,921 | $506K | Add +0.3% |
| WMT Walmart Inc. | 0.08% | 5,744 | $504K | Add +2.3% |
| COST Costco Wholesale Corp. | 0.08% | 529 | $501K | Add +1.3% |
| IWB iShares Russell 1000 ETF | 0.07% | 1,618 | $496K | No change |
| IBIT iShares Bitcoin Trust ETF | 0.07% | 10,292 | $482K | Reduce -7.3% |
| PLD Prologis Inc. | 0.07% | 4,306 | $481K | Add +1.4% |
| ABBV Abbvie Inc. | 0.07% | 2,152 | $451K | Reduce -4.2% |
| CSX CSX Corp. | 0.07% | 15,162 | $446K | No change |
| MRK Merck & Co. Inc. | 0.07% | 4,899 | $440K | Reduce -3.9% |
| SSB Southstate Bank Corp. | 0.07% | 4,704 | $437K | No change |
| JNJ Johnson & Johnson | 0.06% | 2,598 | $431K | Reduce -7.0% |
| SPEM State Street SP PTF Em ETF | 0.06% | 10,780 | $424K | Add +33.7% |
| LOW Lowe's Cos Inc. | 0.06% | 1,815 | $423K | No change |
| VOOG Vanguard S&P 500 Growth ETF | 0.06% | 1,263 | $422K | No change |
| SCHB Schwab US Broad Market ETF | 0.06% | 19,543 | $421K | Add +8.1% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $244 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LVWR.WS Livewire Group Inc.-27 | *W EXP 09/26/202 | 11,500 | $244 | No change |
Total filed on the 13F, all lines: $665.9M.
Portfolio Sells Q4 2024 → Q1 2025
| CTOS Custom Truck One Source Inc. | Reduce -75.0% | 0.16% | −0.57 |
| AAPL Apple Inc. | Reduce -11.1% | 1.02% | −0.27 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -42.4% | 0.41% | −0.19 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Reduce -0.8% | 2.97% | −0.19 |
| SCHX Schwab US Large-Cap ETF | Reduce -1.3% | 2.68% | −0.16 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -3.7% | 1.48% | −0.15 |
| ISCG iShares Morningstar Small-Ca | Reduce -4.6% | 0.97% | −0.14 |
| SCHA Schwab US Small-Cap ETF | Reduce -3.5% | 0.95% | −0.13 |
| TSLA Tesla Inc. | Reduce -54.6% | 0.04% | −0.10 |
| RSP Invesco S&P 500 Equal Weight | Reduce -6.8% | 1.18% | −0.10 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -0.1% | 1.12% | −0.09 |
| PG The Procter & Gamble Co. | Reduce -34.0% | 0.10% | −0.05 |
| WSC Willscot Holdings Corp. | Sold out | 0.00% | −0.05 |
| MSFT Microsoft Corp. | Reduce -0.2% | 0.37% | −0.05 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.04 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.6% | 0.39% | −0.04 |
| SDY SS SPDR S&P Dividend ETF | Reduce -7.5% | 0.76% | −0.04 |
| HYMB SS SPDR N Ice HY Muni ETF | Sold out | 0.00% | −0.04 |
| VIG Vanguard Dividend Apprec ETF | Reduce -14.3% | 0.20% | −0.03 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.1% | 1.71% | −0.03 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.03 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.03 |
| GOOGL Alphabet Inc. Class A | Reduce -0.3% | 0.14% | −0.03 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.03 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -3.1% | 0.59% | −0.02 |
| CEG Constellation Energy | Reduce -0.3% | 0.15% | −0.02 |
| IBIT iShares Bitcoin Trust ETF | Reduce -7.3% | 0.07% | −0.02 |
| MRK Merck & Co. Inc. | Reduce -3.9% | 0.07% | −0.01 |
| BAC Bank of America Corp. | Reduce -0.4% | 0.16% | −0.01 |
| CVM Cel-Sci Corp. | Sold out | 0.00% | −0.01 |
| PEP Pepsico Inc. | Reduce -2.0% | 0.10% | −0.00 |
| VDE Vanguard Energy ETF | Reduce -8.5% | 0.04% | −0.00 |
| TIP iShares Tips Bond ETF | Reduce -1.6% | 0.03% | +0.00 |
| EXPD Expeditors Intl Wash Inc. | Reduce -4.4% | 0.03% | +0.00 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -4.7% | 0.27% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Reduce -1.1% | 0.16% | +0.00 |
| JNJ Johnson & Johnson | Reduce -7.0% | 0.06% | +0.00 |
| ABBV Abbvie Inc. | Reduce -4.2% | 0.07% | +0.01 |
| XOM Exxon Mobil Corp. | Reduce -1.7% | 0.11% | +0.01 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -1.5% | 0.66% | +0.03 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | Reduce -2.4% | 13.24% | +0.12 |
Portfolio Buys Q4 2024 → Q1 2025
| MUB iShares National Muni Bond E | Add +37.0% | 2.21% | +0.58 |
| AGG iShares Core U.S. Aggregate | Add +7.3% | 5.42% | +0.48 |
| SPTI SS SPDR P Int Term TSY ETF | Add +6.0% | 5.29% | +0.43 |
| SCHV Schwab US Large-Cap Value | Add +6.3% | 4.88% | +0.39 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.37% | +0.37 |
| SCHF Schwab Intl Equity ETF | Add +2.4% | 2.54% | +0.23 |
| FREL Fidelity MSCI RL Est Indx | Add +7.0% | 2.34% | +0.19 |
| SCHO Schwab Short-Term US Treas | Add +8.7% | 1.83% | +0.17 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +8.2% | 1.89% | +0.17 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +3.3% | 2.72% | +0.14 |
| IMCV iShares Morningstar Mid-Cap | Add +11.2% | 1.41% | +0.14 |
| LLY Eli Lilly & Co. | Add +35.6% | 0.37% | +0.12 |
| VEA Vanguard Ftse Developed ETF | Add +0.5% | 1.24% | +0.08 |
| RTX RTX Corp. | New | 0.06% | +0.06 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +1.4% | 1.43% | +0.05 |
| FCN Fti Consulting Inc. | New | 0.05% | +0.05 |
| COF Capital One Financial Corp. | New | 0.04% | +0.04 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +40.7% | 0.12% | +0.04 |
| IEMG iShares Core MSCI Emerging | Add +0.5% | 1.04% | +0.04 |
| MCD McDonald's Corp. | New | 0.03% | +0.03 |
| ISCV iShares Morningstar Small-Ca | Add +38.5% | 0.14% | +0.03 |
| AJG Arthur J Gallagher & Co. | New | 0.03% | +0.03 |
| MKC McCormick & Co.-Non VTG SHRS | New | 0.03% | +0.03 |
| GLD SPDR Gold Shares | Add +2.6% | 0.16% | +0.03 |
| VNQ Vanguard Real Estate ETF | Add +1.9% | 0.62% | +0.02 |
| EXC Exelon Corp. | Add +0.0% | 0.10% | +0.02 |
| SPEM State Street SP PTF Em ETF | Add +33.7% | 0.06% | +0.02 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +0.5% | 0.92% | +0.02 |
| MA Mastercard Inc. Class A | Add +14.3% | 0.10% | +0.02 |
| CVX Chevron Corp. | Add +0.5% | 0.11% | +0.02 |
| SCHH Schwab US REIT ETF | Add +1.5% | 0.39% | +0.01 |
| V Visa Inc. Class A | Add +3.3% | 0.11% | +0.01 |
| IBM Intl Business Machines Corp. | Add +0.0% | 0.10% | +0.01 |
| IMCG iShares Morningstar Mid-Cap | Add +8.4% | 0.39% | +0.01 |
| SHV iShares 0-1 Year Treasury Bo | Add +10.8% | 0.10% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +0.8% | 0.28% | +0.01 |
| XLF SS Financial Select Sector | Add +12.4% | 0.05% | +0.01 |
| META Meta Platforms Inc. Class A | Add +7.4% | 0.13% | +0.01 |
| PGR Progressive Corp. | Add +2.9% | 0.04% | +0.01 |
| XLV SS Health Care Select Sector | Add +10.1% | 0.04% | +0.01 |
| PLD Prologis Inc. | Add +1.4% | 0.07% | +0.01 |
| EVRG Evergy Inc. | Add +0.3% | 0.04% | +0.00 |
| UNH Unitedhealth Group Inc. | Add +0.6% | 0.10% | +0.00 |
| COST Costco Wholesale Corp. | Add +1.3% | 0.08% | +0.00 |
| HD Home Depot Inc. | Add +11.9% | 0.05% | +0.00 |
| SCHB Schwab US Broad Market ETF | Add +8.1% | 0.06% | +0.00 |
| WFC Wells Fargo & Co. | Add +0.9% | 0.05% | +0.00 |
| BND Vanguard Total Bond Market | Add +1.7% | 0.03% | +0.00 |
| VYM Vanguard High DVD Yield ETF | Add +0.3% | 0.08% | +0.00 |
| DIA SS SPDR Dow Jones Indus Avg | Add +0.5% | 0.04% | −0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 197 | $1.1B | MGV, MGK, SCHV, SCHG, AGG |
| Q1 2026 | 184 | $916.5M | MGV, MGK, AGG, SCHV, SPTI |
| Q4 2025 | 175 | $948.6M | MGV, MGK, VUG, AGG, SPTI |
| Q3 2025 | 160 | $892.5M | MGV, MGK, VUG, AGG, SPTI |
| Q2 2025 | 143 | $643.9M | MGV, MGK, AGG, SPTI, SCHV |
| Q1 2025 | 145 | $665.9M | MGV, MGK, AGG, SPTI, SCHV |
| Q4 2024 | 145 | $667.3M | MGV, MGK, AGG, SPTI, SCHV |
| Q3 2024 | 144 | $589.1M | MGV, MGK, SCHV, AGG, SPTI |
| Q2 2024 | 138 | $517.9M | MGV, MGK, SCHV, MGC, AGG |
| Q1 2024 | 114 | $370.0M | MGV, MGK, SCHV, MGC, SCHX |