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

0$500.0M$1.0B$1.5B Q1 2024: $370.0M Q1 2024 Q2 2024: $517.9M Q2 2024 Q3 2024: $589.1M Q3 2024 Q4 2024: $667.3M Q4 2024 Q1 2025: $665.9M $665.9M Q1 2025 Q2 2025: $643.9M Q2 2025 Q3 2025: $892.5M Q3 2025 Q4 2025: $948.6M Q4 2025 Q1 2026: $916.5M Q1 2026 Q2 2026: $1.1B Q2 2026

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%
PWR Quanta Services Inc. 0.06% 1,629 $414K Add +0.1%
RTX RTX Corp. 0.06% 3,011 $399K New
YUM Yum! Brands Inc. 0.06% 2,473 $389K No change
IJH iShares Core S&P Midcap ETF 0.06% 6,574 $384K Add +0.1%
VFH Vanguard Financials ETF 0.06% 3,150 $376K No change
MDY State Street SPDR S&P Midcap 0.06% 702 $375K No change
XLF SS Financial Select Sector 0.05% 7,003 $349K Add +12.4%
WFC Wells Fargo & Co. 0.05% 4,856 $349K Add +0.9%
IWF iShares Russell 1000 Growth 0.05% 924 $334K No change
VSS Vanguard Ftse All Wo X-US SC 0.05% 2,883 $333K No change
HON Honeywell International Inc. 0.05% 1,565 $331K Add +1.6%
UNP Union Pacific Corp. 0.05% 1,402 $331K No change
FCN Fti Consulting Inc. 0.05% 2,000 $328K New
HD Home Depot Inc. 0.05% 873 $320K Add +11.9%
COF Capital One Financial Corp. 0.04% 1,651 $296K New
DE Deere & Co. 0.04% 626 $294K No change
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.04% 1,013 $292K No change
ORLY O'reilly Automotive Inc. 0.04% 201 $288K No change
VDE Vanguard Energy ETF 0.04% 2,198 $285K Reduce -8.5%
TSLA Tesla Inc. 0.04% 1,097 $284K Reduce -54.6%
CAT Caterpillar Inc. 0.04% 859 $283K Add +0.1%
EVRG Evergy Inc. 0.04% 4,075 $281K Add +0.3%
XLV SS Health Care Select Sector 0.04% 1,805 $263K Add +10.1%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.04% 625 $262K Add +0.5%
PGR Progressive Corp. 0.04% 901 $255K Add +2.9%
QUAL iShares MSCI USA Quality Fac 0.04% 1,460 $250K No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.04% 3,076 $243K No change
EXPD Expeditors Intl Wash Inc. 0.03% 1,927 $232K Reduce -4.4%
ROST Ross Stores Inc. 0.03% 1,813 $232K No change
IYG iShares U.S. Financial Servi 0.03% 2,931 $230K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.03% 2,862 $226K No change
VTWO Vanguard Russell 2000 ETF 0.03% 2,790 $225K Add +0.3%
SCHC Schwab Intl Small-Cap Equity 0.03% 6,256 $224K No change
KNX Knight-Swift Transportation 0.03% 5,150 $224K No change
BND Vanguard Total Bond Market 0.03% 2,980 $219K Add +1.7%
BX Blackstone Inc. 0.03% 1,563 $219K Add +7.9%
MCD McDonald's Corp. 0.03% 696 $217K New
CMI Cummins Inc. 0.03% 679 $213K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.03% 615 $212K New
MKC McCormick & Co.-Non VTG SHRS 0.03% 2,529 $208K New
TIP iShares Tips Bond ETF 0.03% 1,854 $206K Reduce -1.6%
DFAC Dimensional US Core Equity 2 0.03% 6,175 $204K No change
ESGV Vanguard ESG US Stock ETF 0.03% 2,043 $200K No change
DCGO Docgo Inc. 0.02% 38,592 $102K No change
ILPT Industrial Logistics Propert 0.01% 25,000 $86K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $244 (not counted above)
SecurityClassShares / PrincipalValueChange
LVWR.WS Livewire Group Inc.-27 *W EXP 09/26/202 11,500$244No 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 197$1.1BMGV, MGK, SCHV, SCHG, AGG
Q1 2026 184$916.5MMGV, MGK, AGG, SCHV, SPTI
Q4 2025 175$948.6MMGV, MGK, VUG, AGG, SPTI
Q3 2025 160$892.5MMGV, MGK, VUG, AGG, SPTI
Q2 2025 143$643.9MMGV, MGK, AGG, SPTI, SCHV
Q1 2025 145$665.9MMGV, MGK, AGG, SPTI, SCHV
Q4 2024 145$667.3MMGV, MGK, AGG, SPTI, SCHV
Q3 2024 144$589.1MMGV, MGK, SCHV, AGG, SPTI
Q2 2024 138$517.9MMGV, MGK, SCHV, MGC, AGG
Q1 2024 114$370.0MMGV, MGK, SCHV, MGC, SCHX