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

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 Q1 2025 Q2 2025: $643.9M $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 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
HON Honeywell International Inc. 0.06% 1,565 $364K No change
XLF SS Financial Select Sector 0.05% 6,733 $353K Reduce -3.9%
RTX RTX Corp. 0.05% 2,392 $349K Reduce -20.6%
JNJ Johnson & Johnson 0.05% 2,212 $338K Reduce -14.9%
MRK Merck & Co. Inc. 0.05% 4,267 $338K Reduce -12.9%
GE General Electric filed as GE AEROSPACE 0.05% 1,239 $319K New
DE Deere & Co. 0.05% 626 $318K No change
UNP Union Pacific Corp. 0.05% 1,335 $307K Reduce -4.8%
EVRG Evergy Inc. 0.04% 4,075 $281K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.04% 627 $276K Add +0.3%
CAT Caterpillar Inc. 0.04% 711 $276K Reduce -17.2%
QUAL iShares MSCI USA Quality Fac 0.04% 1,510 $276K Add +3.4%
HD Home Depot Inc. 0.04% 748 $274K Reduce -14.3%
VSS Vanguard Ftse All Wo X-US SC 0.04% 2,030 $273K Reduce -29.6%
ORLY O'reilly Automotive Inc. 0.04% 3,015 $272K No change
LCTU iShares U.S. Carbon Transiti 0.04% 4,019 $270K New
AVGO Broadcom Inc. 0.04% 977 $269K New
SCHC Schwab Intl Small-Cap Equity 0.04% 6,257 $266K Add +0.0%
TSLA Tesla Inc. 0.04% 830 $264K Reduce -24.3%
VDE Vanguard Energy ETF 0.04% 2,198 $262K No change
NFLX Netflix Inc. 0.04% 192 $257K New
ESGU iShares ESG Aware MSCI USA 0.04% 1,893 $256K New
PGR Progressive Corp. 0.04% 949 $253K Add +5.3%
IYG iShares U.S. Financial Servi 0.04% 2,931 $251K No change
ORCL Oracle Corp. 0.04% 1,136 $248K New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.04% 3,076 $248K No change
VTWO Vanguard Russell 2000 ETF 0.04% 2,799 $244K Add +0.3%
BX Blackstone Inc. 0.04% 1,589 $238K Add +1.7%
GLD SPDR Gold Shares 0.04% 766 $234K Reduce -79.7%
CMI Cummins Inc. 0.04% 688 $225K Add +1.3%
BND Vanguard Total Bond Market 0.03% 3,046 $224K Add +2.2%
ESGV Vanguard ESG US Stock ETF 0.03% 2,043 $224K No change
EXPD Expeditors Intl Wash Inc. 0.03% 1,927 $220K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.03% 2,687 $219K Reduce -6.1%
USXF iShares ESG Advance MSCI USA 0.03% 4,049 $218K New
WFC Wells Fargo & Co. 0.03% 2,722 $218K Reduce -44.0%
PAVE Global X US Infrastructure 0.03% 4,951 $216K New
DSI iShares ESG MSCI KLD 400 ETF 0.03% 1,826 $212K New
XLV SS Health Care Select Sector 0.03% 1,536 $207K Reduce -14.9%
TIP iShares Tips Bond ETF 0.03% 1,854 $204K No change
SCHZ Schwab US Aggregate Bond ETF 0.03% 8,762 $204K New
CTOS Custom Truck One Source Inc. 0.02% 26,100 $129K Reduce -89.7%
ILPT Industrial Logistics Propert 0.01% 20,000 $91K Reduce -20.0%
Other holdings (1): bonds, preferreds, convertibles and warrants · $587 (not counted above)
SecurityClassShares / PrincipalValueChange
LVWR.WS Livewire Group Inc.-27 *W EXP 09/26/202 11,500$587No 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

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