Black Diamond Financial, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 30, 2025), Black Diamond Financial, LLC reported 143 stock positions worth $643.9 million. Its top holding was Vngrd Mrgstr MG CP VL ETF-Ui (MGV) at 12.2% of the portfolio, followed by Vngrd Mrgstr MG CP GR ETF-Ui (MGK, 9.1%) and iShares Core U.S. Aggregate (AGG, 5.0%). Compared with Q1 2025, it opened 10 new positions, sold out of 12, added to 35 and reduced 72. The biggest buy was Vanguard Mrngstr Val ETF-Aui (VTV, shares +15%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- TOWSON, MD
- CIK
- 0001759236
- Portfolio Value
- $643.9M (Q2 2025)
- SEC Filing
- 0001759236-25-000006 ↗ filed Jul 30, 2025
Holdings Value
Holdings 143 stocks · $643.9M
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 12.23% | 600,060 | $78.7M | Reduce -12.3% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 9.13% | 160,522 | $58.8M | Reduce -5.3% |
| AGG iShares Core U.S. Aggregate | 4.97% | 322,654 | $32.0M | Reduce -11.6% |
| SPTI SS SPDR P Int Term TSY ETF | 4.91% | 1,099,975 | $31.6M | Reduce -10.8% |
| SCHV Schwab US Large-Cap Value | 4.42% | 1,029,594 | $28.5M | Reduce -15.8% |
| SCHG Schwab US Large-Cap Growth | 3.98% | 876,953 | $25.6M | Reduce -6.7% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 3.42% | 97,864 | $22.0M | Reduce -0.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 3.32% | 48,785 | $21.4M | Reduce -4.3% |
| SCHX Schwab US Large-Cap ETF | 2.91% | 767,910 | $18.8M | Reduce -5.0% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 2.64% | 59,732 | $17.0M | Reduce -10.3% |
| IGIB iShares 5-10Y Inv Grade Corp. | 2.62% | 316,785 | $16.9M | Reduce -8.1% |
| SCHF Schwab Intl Equity ETF | 2.56% | 746,286 | $16.5M | Reduce -12.8% |
| FREL Fidelity MSCI RL Est Indx | 2.38% | 566,976 | $15.3M | Add +0.1% |
| MUB iShares National Muni Bond E | 1.89% | 116,448 | $12.2M | Reduce -16.7% |
| SCHO Schwab Short-Term US Treas | 1.78% | 471,055 | $11.5M | Reduce -5.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.74% | 63,460 | $11.2M | Add +15.3% |
| IGSB iShares 1-5Y Inv Grade Corp. | 1.72% | 209,465 | $11.1M | Reduce -13.0% |
| LIND Lindblad Expeditions Holding | 1.70% | 940,412 | $11.0M | Reduce -0.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 1.47% | 33,834 | $9.5M | Reduce -23.1% |
| VEA Vanguard Ftse Developed ETF | 1.43% | 161,865 | $9.2M | Reduce -0.3% |
| IMCV iShares Morningstar Mid-Cap | 1.31% | 110,769 | $8.4M | Reduce -12.2% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.25% | 41,267 | $8.0M | Reduce -21.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 1.24% | 33,687 | $8.0M | Add +0.3% |
| SCHM Schwab US Mid Cap ETF | 1.17% | 268,540 | $7.5M | Add +1.1% |
| IEMG iShares Core MSCI Emerging | 1.09% | 117,266 | $7.0M | Reduce -8.9% |
| SCHA Schwab US Small-Cap ETF | 1.01% | 257,390 | $6.5M | Reduce -4.9% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.97% | 78,524 | $6.2M | Add +1.2% |
| AAPL Apple Inc. | 0.91% | 28,424 | $5.8M | Reduce -6.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.89% | 18,929 | $5.8M | Reduce -6.6% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.88% | 19,781 | $5.6M | Reduce -0.2% |
| ISCG iShares Morningstar Small-Ca | 0.83% | 106,873 | $5.3M | Reduce -25.4% |
| IVV iShares Core S&P 500 ETF | 0.82% | 8,526 | $5.3M | Add +2.1% |
| VOO Vanguard S&P 500 ETF | 0.76% | 8,668 | $4.9M | Add +3.1% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.73% | 16,953 | $4.7M | Reduce -4.0% |
| VEU Vanguard Ftse All-World Ex-U | 0.70% | 67,111 | $4.5M | Reduce -7.0% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.55% | 21,664 | $3.6M | Reduce -10.7% |
| VNQ Vanguard Real Estate ETF | 0.54% | 39,315 | $3.5M | Reduce -14.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.48% | 4,961 | $3.1M | Add +0.3% |
| NVDA Nvidia Corp. | 0.45% | 18,363 | $2.9M | Reduce -9.6% |
| MSFT Microsoft Corp. | 0.45% | 5,799 | $2.9M | Reduce -12.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.44% | 5,178 | $2.9M | Reduce -0.7% |
| CAPR Capricor Therapeutics Inc. | 0.43% | 277,737 | $2.8M | No change |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.42% | 55,037 | $2.7M | Add +48.9% |
| IMCG iShares Morningstar Mid-Cap | 0.41% | 32,840 | $2.6M | Reduce -9.2% |
| IJR iShares Core S&P Small-Cap E | 0.39% | 22,764 | $2.5M | Reduce -9.3% |
| AMZN Amazon.com Inc. | 0.37% | 10,838 | $2.4M | Add +0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.36% | 4,799 | $2.3M | Reduce -5.3% |
| LLY Eli Lilly & Co. | 0.35% | 2,919 | $2.3M | Reduce -2.6% |
| JPM JPMorgan Chase & Co. | 0.33% | 7,312 | $2.1M | Reduce -2.8% |
| XLK SS Technology Select Sector | 0.30% | 7,587 | $1.9M | No change |
| USMV iShares MSCI USA Min Vol Fac | 0.28% | 19,435 | $1.8M | Add +0.3% |
| SCHH Schwab US REIT ETF | 0.27% | 81,784 | $1.7M | Reduce -31.6% |
| IEFA iShares Core MSCI Eafe ETF | 0.26% | 20,328 | $1.7M | Add +0.6% |
| GOOG Alphabet Inc. Class C | 0.26% | 9,457 | $1.7M | Reduce -5.8% |
| CEG Constellation Energy | 0.26% | 5,117 | $1.7M | Add +0.0% |
| SRLN SS Blackstone Sr Loan ETF | 0.25% | 38,779 | $1.6M | No change |
| VYM Vanguard High DVD Yield ETF | 0.21% | 10,338 | $1.4M | Add +163.7% |
| VIG Vanguard Dividend Apprec ETF | 0.20% | 6,424 | $1.3M | Reduce -5.9% |
| VGT Vanguard Info Tech ETF | 0.20% | 1,971 | $1.3M | Add +6.6% |
| VWO Vanguard Ftse Emerging Marke | 0.18% | 23,631 | $1.2M | Add +0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.18% | 24,558 | $1.2M | Reduce -2.0% |
| MCK McKesson Corp. | 0.17% | 1,525 | $1.1M | No change |
| SDY SS SPDR S&P Dividend ETF | 0.17% | 7,853 | $1.1M | Reduce -78.9% |
| RSP Invesco S&P 500 Equal Weight | 0.16% | 5,505 | $1.0M | Reduce -87.8% |
| META Meta Platforms Inc. Class A | 0.15% | 1,312 | $968K | Reduce -11.4% |
| GOOGL Alphabet Inc. Class A | 0.14% | 5,112 | $901K | Reduce -12.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.13% | 2,739 | $808K | Add +1.3% |
| VTIP Vanguard Short-Term Tips | 0.12% | 14,915 | $750K | Reduce -3.6% |
| SHV iShares 0-1 Year Treasury Bo | 0.12% | 6,778 | $748K | Add +10.6% |
| SYK Stryker Corp. | 0.11% | 1,744 | $690K | Reduce -6.3% |
| HDV iShares Core High Dividend E | 0.11% | 5,865 | $687K | No change |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.11% | 8,090 | $680K | No change |
| XOM Exxon Mobil Corp. | 0.10% | 6,191 | $667K | Add +1.4% |
| V Visa Inc. Class A | 0.10% | 1,879 | $667K | Reduce -8.3% |
| MA Mastercard Inc. Class A | 0.10% | 1,182 | $664K | Reduce -4.2% |
| ISCV iShares Morningstar Small-Ca | 0.10% | 10,574 | $649K | Reduce -33.3% |
| PEP Pepsico Inc. | 0.10% | 4,777 | $631K | Add +4.4% |
| IBIT iShares Bitcoin Trust ETF | 0.10% | 10,292 | $630K | No change |
| CVX Chevron Corp. | 0.10% | 4,302 | $616K | Reduce -2.2% |
| EXC Exelon Corp. | 0.10% | 14,149 | $614K | Add +0.0% |
| IAU iShares Gold Trust | 0.09% | 9,644 | $601K | No change |
| CORT Corcept Therapeutics Inc. | 0.09% | 7,700 | $565K | Add +48.1% |
| PG The Procter & Gamble Co. | 0.08% | 3,203 | $510K | Reduce -21.2% |
| VOOG Vanguard S&P 500 Growth ETF | 0.08% | 1,263 | $501K | No change |
| COST Costco Wholesale Corp. | 0.08% | 502 | $497K | Reduce -5.1% |
| CSX CSX Corp. | 0.08% | 15,147 | $494K | Reduce -0.1% |
| SCHB Schwab US Broad Market ETF | 0.07% | 19,705 | $470K | Add +0.8% |
| WMT Walmart Inc. | 0.07% | 4,705 | $460K | Reduce -18.1% |
| PLD Prologis Inc. | 0.07% | 4,351 | $457K | Add +1.1% |
| KNX Knight-Swift Transportation | 0.07% | 10,283 | $455K | Add +99.7% |
| IJH iShares Core S&P Midcap ETF | 0.07% | 7,229 | $448K | Add +10.0% |
| SSB Southstate Bank Corp. | 0.07% | 4,704 | $433K | No change |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.06% | 1,013 | $409K | No change |
| UNH Unitedhealth Group Inc. | 0.06% | 1,297 | $405K | Add +1.3% |
| LOW Lowe's Cos Inc. | 0.06% | 1,815 | $403K | No change |
| VFH Vanguard Financials ETF | 0.06% | 3,150 | $401K | No change |
| MDY State Street SPDR S&P Midcap | 0.06% | 702 | $398K | No change |
| IWF iShares Russell 1000 Growth | 0.06% | 924 | $392K | No change |
| ABBV Abbvie Inc. | 0.06% | 2,033 | $377K | Reduce -5.5% |
| YUM Yum! Brands Inc. | 0.06% | 2,473 | $366K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $587 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LVWR.WS Livewire Group Inc.-27 | *W EXP 09/26/202 | 11,500 | $587 | No change |
Total filed on the 13F, all lines: $643.9M.
Portfolio Sells Q1 2025 → Q2 2025
| RSP Invesco S&P 500 Equal Weight | Reduce -87.8% | 0.16% | −1.02 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | Reduce -12.3% | 12.23% | −1.02 |
| SDY SS SPDR S&P Dividend ETF | Reduce -78.9% | 0.17% | −0.59 |
| SCHV Schwab US Large-Cap Value | Reduce -15.8% | 4.42% | −0.46 |
| AGG iShares Core U.S. Aggregate | Reduce -11.6% | 4.97% | −0.45 |
| SPTI SS SPDR P Int Term TSY ETF | Reduce -10.8% | 4.91% | −0.38 |
| MUB iShares National Muni Bond E | Reduce -16.7% | 1.89% | −0.32 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -23.1% | 1.47% | −0.24 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -21.9% | 1.25% | −0.23 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -13.0% | 1.72% | −0.18 |
| ISCG iShares Morningstar Small-Ca | Reduce -25.4% | 0.83% | −0.14 |
| CTOS Custom Truck One Source Inc. | Reduce -89.7% | 0.02% | −0.14 |
| GLD SPDR Gold Shares | Reduce -79.7% | 0.04% | −0.13 |
| SPDW Ste STR SPDR PT DW Eu ETF | Sold out | 0.00% | −0.12 |
| SCHH Schwab US REIT ETF | Reduce -31.6% | 0.27% | −0.12 |
| AAPL Apple Inc. | Reduce -6.9% | 0.91% | −0.11 |
| IMCV iShares Morningstar Mid-Cap | Reduce -12.2% | 1.31% | −0.10 |
| IGIB iShares 5-10Y Inv Grade Corp. | Reduce -8.1% | 2.62% | −0.10 |
| VNQ Vanguard Real Estate ETF | Reduce -14.2% | 0.54% | −0.08 |
| IWB iShares Russell 1000 ETF | Sold out | 0.00% | −0.07 |
| SPEM State Street SP PTF Em ETF | Sold out | 0.00% | −0.06 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.06 |
| FCN Fti Consulting Inc. | Sold out | 0.00% | −0.05 |
| SCHO Schwab Short-Term US Treas | Reduce -5.9% | 1.78% | −0.05 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.3% | 0.36% | −0.04 |
| ISCV iShares Morningstar Small-Ca | Reduce -33.3% | 0.10% | −0.04 |
| ROST Ross Stores Inc. | Sold out | 0.00% | −0.03 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.03 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −0.03 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -10.7% | 0.55% | −0.03 |
| MKC McCormick & Co.-Non VTG SHRS | Sold out | 0.00% | −0.03 |
| DFAC Dimensional US Core Equity 2 | Sold out | 0.00% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -21.2% | 0.08% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -44.0% | 0.03% | −0.02 |
| LLY Eli Lilly & Co. | Reduce -2.6% | 0.35% | −0.02 |
| DCGO Docgo Inc. | Sold out | 0.00% | −0.02 |
| CVX Chevron Corp. | Reduce -2.2% | 0.10% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -12.9% | 0.05% | −0.01 |
| JNJ Johnson & Johnson | Reduce -14.9% | 0.05% | −0.01 |
| ABBV Abbvie Inc. | Reduce -5.5% | 0.06% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Reduce -9.3% | 0.39% | −0.01 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -29.6% | 0.04% | −0.01 |
| XLV SS Health Care Select Sector | Reduce -14.9% | 0.03% | −0.01 |
| RTX RTX Corp. | Reduce -20.6% | 0.05% | −0.01 |
| HD Home Depot Inc. | Reduce -14.3% | 0.04% | −0.01 |
| WMT Walmart Inc. | Reduce -18.1% | 0.07% | −0.00 |
| V Visa Inc. Class A | Reduce -8.3% | 0.10% | −0.00 |
| UNP Union Pacific Corp. | Reduce -4.8% | 0.05% | −0.00 |
| TSLA Tesla Inc. | Reduce -24.3% | 0.04% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| VTV Vanguard Mrngstr Val ETF-Aui | Add +15.3% | 1.74% | +0.31 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +48.9% | 0.42% | +0.14 |
| VYM Vanguard High DVD Yield ETF | Add +163.7% | 0.21% | +0.14 |
| SCHM Schwab US Mid Cap ETF | Add +1.1% | 1.17% | +0.12 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +0.3% | 1.24% | +0.12 |
| IVV iShares Core S&P 500 ETF | Add +2.1% | 0.82% | +0.12 |
| VOO Vanguard S&P 500 ETF | Add +3.1% | 0.76% | +0.12 |
| CEG Constellation Energy | Add +0.0% | 0.26% | +0.10 |
| AMZN Amazon.com Inc. | Add +0.5% | 0.37% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.3% | 0.48% | +0.06 |
| VGT Vanguard Info Tech ETF | Add +6.6% | 0.20% | +0.05 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +1.2% | 0.97% | +0.05 |
| GE General Electric | New | 0.05% | +0.05 |
| FREL Fidelity MSCI RL Est Indx | Add +0.1% | 2.38% | +0.04 |
| LCTU iShares U.S. Carbon Transiti | New | 0.04% | +0.04 |
| AVGO Broadcom Inc. | New | 0.04% | +0.04 |
| NFLX Netflix Inc. | New | 0.04% | +0.04 |
| ESGU iShares ESG Aware MSCI USA | New | 0.04% | +0.04 |
| ORCL Oracle Corp. | New | 0.04% | +0.04 |
| KNX Knight-Swift Transportation | Add +99.7% | 0.07% | +0.04 |
| IEFA iShares Core MSCI Eafe ETF | Add +0.6% | 0.26% | +0.03 |
| USXF iShares ESG Advance MSCI USA | New | 0.03% | +0.03 |
| PAVE Global X US Infrastructure | New | 0.03% | +0.03 |
| DSI iShares ESG MSCI KLD 400 ETF | New | 0.03% | +0.03 |
| SCHZ Schwab US Aggregate Bond ETF | New | 0.03% | +0.03 |
| IBM Intl Business Machines Corp. | Add +1.3% | 0.13% | +0.02 |
| VWO Vanguard Ftse Emerging Marke | Add +0.3% | 0.18% | +0.02 |
| SHV iShares 0-1 Year Treasury Bo | Add +10.6% | 0.12% | +0.01 |
| IJH iShares Core S&P Midcap ETF | Add +10.0% | 0.07% | +0.01 |
| USMV iShares MSCI USA Min Vol Fac | Add +0.3% | 0.28% | +0.01 |
| SCHB Schwab US Broad Market ETF | Add +0.8% | 0.07% | +0.01 |
| SCHC Schwab Intl Small-Cap Equity | Add +0.0% | 0.04% | +0.01 |
| QUAL iShares MSCI USA Quality Fac | Add +3.4% | 0.04% | +0.01 |
| BX Blackstone Inc. | Add +1.7% | 0.04% | +0.00 |
| VTWO Vanguard Russell 2000 ETF | Add +0.3% | 0.04% | +0.00 |
| DIA SS SPDR Dow Jones Indus Avg | Add +0.3% | 0.04% | +0.00 |
| CMI Cummins Inc. | Add +1.3% | 0.04% | +0.00 |
| BND Vanguard Total Bond Market | Add +2.2% | 0.03% | +0.00 |
| PGR Progressive Corp. | Add +5.3% | 0.04% | +0.00 |
| PLD Prologis Inc. | Add +1.1% | 0.07% | −0.00 |
| CORT Corcept Therapeutics Inc. | Add +48.1% | 0.09% | −0.00 |
| EXC Exelon Corp. | Add +0.0% | 0.10% | −0.00 |
| PEP Pepsico Inc. | Add +4.4% | 0.10% | −0.01 |
| XOM Exxon Mobil Corp. | Add +1.4% | 0.10% | −0.01 |
| UNH Unitedhealth Group Inc. | Add +1.3% | 0.06% | −0.04 |
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 |