Black Diamond Financial, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), Black Diamond Financial, LLC reported 160 stock positions worth $892.5 million. Its top holding was Vngrd Mrgstr MG CP VL ETF-Ui (MGV) at 11.7% of the portfolio, followed by Vngrd Mrgstr MG CP GR ETF-Ui (MGK, 10.0%) and Vanguard Mrngstar GR ETF-Sui (VUG, 5.0%). Compared with Q2 2025, it opened 25 new positions, sold out of 8, added to 95 and reduced 20. The biggest buy was Vanguard Mrngstar GR ETF-Sui (VUG, shares +92%) and the biggest sale an exit from Invesco QQQ Trust Series 1 (QQQ).

Most Recent 13F
Q2 2026
Location
TOWSON, MD
CIK
0001759236
Portfolio Value
$892.5M (Q3 2025)
SEC Filing
0001759236-25-000007 ↗ filed Nov 5, 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 Q2 2025 Q3 2025: $892.5M $892.5M Q3 2025 Q4 2025: $948.6M Q4 2025 Q1 2026: $916.5M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 160 stocks · $892.5M
MGV Vngrd Mrgstr MG CP VL ETF-Ui 11.73% 760,063 $104.7M Add +26.7%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 9.98% 221,321 $89.1M Add +37.9%
VUG Vanguard Mrngstar GR ETF-Sui 5.04% 93,816 $45.0M Add +92.3%
AGG iShares Core U.S. Aggregate 4.43% 394,546 $39.6M Add +22.3%
SPTI SS SPDR P Int Term TSY ETF 4.31% 1,331,397 $38.5M Add +21.0%
SCHV Schwab US Large-Cap Value 4.16% 1,275,770 $37.1M Add +23.9%
SCHG Schwab US Large-Cap Growth 4.00% 1,119,655 $35.7M Add +27.7%
MGC Vngrd Mrngstr MG Cap ETF-Usd 3.10% 113,237 $27.6M Add +15.7%
VTV Vanguard Mrngstr Val ETF-Aui 2.71% 129,645 $24.2M Add +104.3%
VOT Vngrd Mrngstr MC GRW ETF-Usd 2.58% 78,310 $23.0M Add +31.1%
SCHF Schwab Intl Equity ETF 2.54% 973,830 $22.7M Add +30.5%
SCHX Schwab US Large-Cap ETF 2.37% 804,622 $21.2M Add +4.8%
IGIB iShares 5-10Y Inv Grade Corp. 2.30% 378,902 $20.5M Add +19.6%
FREL Fidelity MSCI RL Est Indx 2.12% 678,768 $18.9M Add +19.7%
MUB iShares National Muni Bond E 1.78% 149,154 $15.9M Add +28.1%
IMCV iShares Morningstar Mid-Cap 1.71% 189,922 $15.3M Add +71.5%
IGSB iShares 1-5Y Inv Grade Corp. 1.64% 276,643 $14.7M Add +32.1%
VBR Vngrd Mrngst SL-CP Val ETF-U 1.61% 68,848 $14.4M Add +66.8%
SCHO Schwab Short-Term US Treas 1.57% 573,030 $14.0M Add +21.6%
LIND Lindblad Expeditions Holding 1.53% 1,068,362 $13.7M Add +13.6%
VO Vngrd Mrngstr MD-Cap ETF-Usd 1.43% 43,535 $12.8M Add +28.7%
VEA Vanguard Ftse Developed ETF 1.18% 175,200 $10.5M Add +8.2%
ISCG iShares Morningstar Small-Ca 1.16% 190,335 $10.3M Add +78.1%
IEMG iShares Core MSCI Emerging 1.08% 146,499 $9.7M Add +24.9%
VB Vanguard Most SM-Cap ETF-Usd 1.04% 36,638 $9.3M Add +8.8%
SCHM Schwab US Mid Cap ETF 0.92% 276,897 $8.2M Add +3.1%
AAPL Apple Inc. 0.90% 31,385 $8.0M Add +10.4%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.88% 26,327 $7.8M Add +55.3%
VTI VG Morningstar TS MKT ETF-US 0.81% 21,986 $7.2M Add +16.1%
RSP Invesco S&P 500 Equal Weight 0.80% 37,836 $7.2M Add +587.3%
SCHA Schwab US Small-Cap ETF 0.77% 246,878 $6.9M Reduce -4.1%
SPTM SS SPDR P S&P 1500 Comp ETF 0.72% 79,564 $6.4M New
VOE Vngrd Mrngstr MD-Cap Val ETF 0.70% 35,890 $6.3M Add +65.7%
VCSH Vanguard S/T Corp. Bond ETF 0.69% 77,166 $6.2M Reduce -1.7%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.68% 19,782 $6.1M Add +0.0%
IVV iShares Core S&P 500 ETF 0.68% 9,048 $6.1M Add +6.1%
VOO Vanguard S&P 500 ETF 0.59% 8,650 $5.3M Reduce -0.2%
VEU Vanguard Ftse All-World Ex-U 0.57% 71,580 $5.1M Add +6.7%
DFUS Dimensional US Eq MKT ETF 0.50% 61,226 $4.4M New
SDY SS SPDR S&P Dividend ETF 0.49% 31,325 $4.4M Add +298.9%
VNQ Vanguard Real Estate ETF 0.49% 47,565 $4.3M Add +21.0%
IJR iShares Core S&P Small-Cap E 0.47% 35,539 $4.2M Add +56.1%
IMCG iShares Morningstar Mid-Cap 0.47% 50,769 $4.2M Add +54.6%
MSFT Microsoft Corp. 0.45% 7,712 $4.0M Add +33.0%
NVDA Nvidia Corp. 0.42% 19,858 $3.7M Add +8.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.38% 5,144 $3.4M Add +3.7%
ISCV iShares Morningstar Small-Ca 0.34% 45,590 $3.0M Add +331.1%
VTEB Vanguard Tax-Exempt Bond ETF 0.31% 55,836 $2.8M Add +1.4%
BRK.B Berkshire Hathaway Inc. Class B 0.31% 5,445 $2.7M Add +13.5%
GOOG Alphabet Inc. Class C 0.29% 10,599 $2.6M Add +12.1%
JPM JPMorgan Chase & Co. 0.29% 8,177 $2.6M Add +11.8%
AMZN Amazon.com Inc. 0.28% 11,252 $2.5M Add +3.8%
LLY Eli Lilly & Co. 0.26% 3,013 $2.3M Add +3.2%
XLK SS Technology Select Sector 0.24% 7,587 $2.1M No change
SCHH Schwab US REIT ETF 0.24% 97,310 $2.1M Add +19.0%
MA Mastercard Inc. Class A 0.23% 3,649 $2.1M Add +208.7%
CAPR Capricor Therapeutics Inc. 0.22% 277,737 $2.0M No change
IEFA iShares Core MSCI Eafe ETF 0.20% 20,423 $1.8M Add +0.5%
USMV iShares MSCI USA Min Vol Fac 0.20% 18,716 $1.8M Reduce -3.7%
CEG Constellation Energy 0.19% 5,172 $1.7M Add +1.1%
GOOGL Alphabet Inc. Class A 0.19% 6,811 $1.7M Add +33.2%
SRLN SS Blackstone Sr Loan ETF 0.18% 38,779 $1.6M No change
V Visa Inc. Class A 0.17% 4,500 $1.5M Add +139.5%
VGT Vanguard Info Tech ETF 0.17% 1,973 $1.5M Add +0.1%
VIG Vanguard Dividend Apprec ETF 0.16% 6,435 $1.4M Add +0.2%
META Meta Platforms Inc. Class A 0.15% 1,884 $1.4M Add +43.6%
VYM Vanguard High DVD Yield ETF 0.15% 9,693 $1.4M Reduce -6.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.15% 26,095 $1.3M Add +6.3%
SPDW Ste STR SPDR PT DW Eu ETF 0.15% 31,341 $1.3M New
VWO Vanguard Ftse Emerging Marke 0.15% 24,005 $1.3M Add +1.6%
GLD SPDR Gold Shares 0.14% 3,478 $1.2M Add +354.1%
MCK McKesson Corp. 0.13% 1,526 $1.2M Add +0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.09% 2,912 $821K Add +6.3%
ESGV Vanguard ESG US Stock ETF 0.09% 6,754 $800K Add +230.6%
VTIP Vanguard Short-Term Tips 0.08% 14,913 $755K Reduce -0.0%
SHV iShares 0-1 Year Treasury Bo 0.08% 6,740 $745K Reduce -0.6%
SYK Stryker Corp. 0.08% 1,968 $728K Add +12.8%
HDV iShares Core High Dividend E 0.08% 5,865 $718K No change
IAU iShares Gold Trust 0.08% 9,644 $702K No change
XOM Exxon Mobil Corp. 0.08% 6,153 $694K Reduce -0.6%
CVX Chevron Corp. 0.08% 4,456 $692K Add +3.6%
EFAV iShares MSCI Eafe Min Vol Fa 0.08% 8,090 $686K No change
PWR Quanta Services Inc. 0.08% 1,629 $675K New
SPEM State Street SP PTF Em ETF 0.08% 14,363 $672K New
PEP Pepsico Inc. 0.08% 4,778 $671K Add +0.0%
CORT Corcept Therapeutics Inc. 0.07% 7,700 $640K No change
EXC Exelon Corp. 0.07% 14,152 $637K Add +0.0%
WMT Walmart Inc. 0.07% 6,074 $626K Add +29.1%
IBIT iShares Bitcoin Trust ETF 0.07% 9,449 $614K Reduce -8.2%
PG The Procter & Gamble Co. 0.07% 3,928 $603K Add +22.6%
COST Costco Wholesale Corp. 0.07% 651 $603K Add +29.7%
IJH iShares Core S&P Midcap ETF 0.07% 9,184 $599K Add +27.0%
IWB iShares Russell 1000 ETF 0.07% 1,618 $591K New
VOOG Vanguard S&P 500 Growth ETF 0.06% 1,263 $550K No change
CSX CSX Corp. 0.06% 15,147 $538K No change
JNJ Johnson & Johnson 0.06% 2,806 $520K Add +26.9%
SCHB Schwab US Broad Market ETF 0.06% 19,752 $508K Add +0.2%
LOW Lowe's Cos Inc. 0.06% 2,015 $506K Add +11.0%
ABBV Abbvie Inc. 0.06% 2,143 $496K Add +5.4%
ORCL Oracle Corp. 0.05% 1,738 $489K Add +53.0%
TSLA Tesla Inc. 0.05% 1,081 $481K Add +30.2%
XVV iShares ESG Select Screened 0.05% 9,265 $477K New
PLD Prologis Inc. 0.05% 4,136 $474K Reduce -4.9%
SSB Southstate Bank Corp. 0.05% 4,704 $465K No change
IWF iShares Russell 1000 Growth 0.05% 939 $440K Add +1.6%
CAT Caterpillar Inc. 0.05% 911 $435K Add +28.1%
MDY State Street SPDR S&P Midcap 0.05% 702 $418K No change
MRK Merck & Co. Inc. 0.05% 4,951 $416K Add +16.0%
VFH Vanguard Financials ETF 0.05% 3,150 $413K No change
KNX Knight-Swift Transportation 0.05% 10,283 $406K No change
WFC Wells Fargo & Co. 0.05% 4,831 $405K Add +77.5%
GE General Electric filed as GE AEROSPACE 0.04% 1,314 $395K Add +6.0%
XLF SS Financial Select Sector 0.04% 7,188 $387K Add +6.8%
YUM Yum! Brands Inc. 0.04% 2,473 $376K No change
HD Home Depot Inc. 0.04% 906 $367K Add +21.1%
AXP American Express Co. 0.04% 1,084 $360K New
PLTR Palantir Technologies Inc. Class A 0.04% 1,928 $352K New
UNH Unitedhealth Group Inc. 0.04% 992 $343K Reduce -23.5%
SPYG SS SPDR P S&P 500 Growth ETF 0.04% 3,272 $342K New
UNP Union Pacific Corp. 0.04% 1,416 $335K Add +6.1%
AVGO Broadcom Inc. 0.04% 1,008 $333K Add +3.2%
MSTR Strategy Inc. 0.04% 1,013 $326K No change
ORLY O'reilly Automotive Inc. 0.04% 3,015 $325K No change
HON Honeywell International Inc. 0.04% 1,540 $324K Reduce -1.6%
EVRG Evergy Inc. 0.03% 4,065 $309K Reduce -0.3%
QUAL iShares MSCI USA Quality Fac 0.03% 1,561 $304K Add +3.4%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.03% 629 $292K Add +0.3%
CMI Cummins Inc. 0.03% 685 $289K Reduce -0.4%
DE Deere & Co. 0.03% 626 $286K No change
VSS Vanguard Ftse All Wo X-US SC 0.03% 1,996 $285K Reduce -1.7%
VDE Vanguard Energy ETF 0.03% 2,198 $277K No change
ROST Ross Stores Inc. 0.03% 1,813 $276K New
VXUS Vanguard Total Intl Stock 0.03% 3,742 $275K New
VTWO Vanguard Russell 2000 ETF 0.03% 2,809 $275K Add +0.4%
VCEB Vanguard ESG US Corp. Bond 0.03% 4,242 $272K New
IYG iShares U.S. Financial Servi 0.03% 2,931 $263K No change
SPYV SS SPDR P S&P 500 Value ETF 0.03% 4,695 $260K New
SCHC Schwab Intl Small-Cap Equity 0.03% 5,659 $258K Reduce -9.6%
BX Blackstone Inc. 0.03% 1,505 $257K Reduce -5.3%
BND Vanguard Total Bond Market 0.03% 3,434 $255K Add +12.7%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.03% 3,103 $252K Add +0.9%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.03% 2,862 $250K Add +6.5%
NFLX Netflix Inc. 0.03% 202 $242K Add +5.2%
DFAC Dimensional US Core Equity 2 0.03% 6,175 $238K New
EXPD Expeditors Intl Wash Inc. 0.03% 1,927 $236K No change
PAVE Global X US Infrastructure 0.03% 4,811 $229K Reduce -2.8%
PGR Progressive Corp. 0.02% 901 $223K Reduce -5.1%
SLV iShares Silver Trust 0.02% 5,226 $221K New
SO The Southern Co. 0.02% 2,326 $220K New
IWM iShares Russell 2000 ETF 0.02% 911 $220K New
SPG Simon Property Group Inc. 0.02% 1,170 $219K New
XLV SS Health Care Select Sector 0.02% 1,560 $217K Add +1.6%
ISRG Intuitive Surgical Inc. 0.02% 481 $215K New
VSGX Vanguard ESG Intl Stock ETF 0.02% 3,085 $214K New
BLK BlackRock Inc. 0.02% 183 $214K New
SCHZ Schwab US Aggregate Bond ETF 0.02% 8,892 $209K Add +1.5%
GEV GE Vernova Inc. 0.02% 337 $207K New
MCD McDonald's Corp. 0.02% 679 $206K New
GS Goldman Sachs Group Inc. 0.02% 254 $202K New
ILPT Industrial Logistics Propert 0.01% 17,000 $99K Reduce -15.0%
Other holdings (1): bonds, preferreds, convertibles and warrants · $835 (not counted above)
SecurityClassShares / PrincipalValueChange
LVWR.WS Livewire Group Inc.-27 *W EXP 09/26/202 11,500$835No change

Total filed on the 13F, all lines: $892.5M.

Portfolio Sells Q2 2025 → Q3 2025
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.44
VCSH Vanguard S/T Corp. Bond ETF Reduce -1.7% 0.69% −0.28
SCHA Schwab US Small-Cap ETF Reduce -4.1% 0.77% −0.24
VOO Vanguard S&P 500 ETF Reduce -0.2% 0.59% −0.17
USMV iShares MSCI USA Min Vol Fac Reduce -3.7% 0.20% −0.08
VYM Vanguard High DVD Yield ETF Reduce -6.2% 0.15% −0.06
RTX RTX Corp. Sold out 0.00% −0.05
LCTU iShares U.S. Carbon Transiti Sold out 0.00% −0.04
ESGU iShares ESG Aware MSCI USA Sold out 0.00% −0.04
USXF iShares ESG Advance MSCI USA Sold out 0.00% −0.03
DSI iShares ESG MSCI KLD 400 ETF Sold out 0.00% −0.03
SHV iShares 0-1 Year Treasury Bo Reduce -0.6% 0.08% −0.03
VTIP Vanguard Short-Term Tips Reduce -0.0% 0.08% −0.03
TIP iShares Tips Bond ETF Sold out 0.00% −0.03
IBIT iShares Bitcoin Trust ETF Reduce -8.2% 0.07% −0.03
XOM Exxon Mobil Corp. Reduce -0.6% 0.08% −0.03
UNH Unitedhealth Group Inc. Reduce -23.5% 0.04% −0.02
HON Honeywell International Inc. Reduce -1.6% 0.04% −0.02
CTOS Custom Truck One Source Inc. Sold out 0.00% −0.02
PLD Prologis Inc. Reduce -4.9% 0.05% −0.02
PGR Progressive Corp. Reduce -5.1% 0.02% −0.01
SCHC Schwab Intl Small-Cap Equity Reduce -9.6% 0.03% −0.01
VSS Vanguard Ftse All Wo X-US SC Reduce -1.7% 0.03% −0.01
EVRG Evergy Inc. Reduce -0.3% 0.03% −0.01
BX Blackstone Inc. Reduce -5.3% 0.03% −0.01
PAVE Global X US Infrastructure Reduce -2.8% 0.03% −0.01
ILPT Industrial Logistics Propert Reduce -15.0% 0.01% −0.00
CMI Cummins Inc. Reduce -0.4% 0.03% −0.00

Portfolio Buys Q2 2025 → Q3 2025
VUG Vanguard Mrngstar GR ETF-Sui Add +92.3% 5.04% +1.72
VTV Vanguard Mrngstr Val ETF-Aui Add +104.3% 2.71% +0.97
MGK Vngrd Mrgstr MG CP GR ETF-Ui Add +37.9% 9.98% +0.85
SPTM SS SPDR P S&P 1500 Comp ETF New 0.72% +0.72
RSP Invesco S&P 500 Equal Weight Add +587.3% 0.80% +0.65
DFUS Dimensional US Eq MKT ETF New 0.50% +0.50
IMCV iShares Morningstar Mid-Cap Add +71.5% 1.71% +0.40
VBR Vngrd Mrngst SL-CP Val ETF-U Add +66.8% 1.61% +0.36
ISCG iShares Morningstar Small-Ca Add +78.1% 1.16% +0.33
SDY SS SPDR S&P Dividend ETF Add +298.9% 0.49% +0.33
ISCV iShares Morningstar Small-Ca Add +331.1% 0.34% +0.24
SPDW Ste STR SPDR PT DW Eu ETF New 0.15% +0.15
VBK Van Morst SML-Cap Gro-Usd Inc. Add +55.3% 0.88% +0.15
VOE Vngrd Mrngstr MD-Cap Val ETF Add +65.7% 0.70% +0.15
MA Mastercard Inc. Class A Add +208.7% 0.23% +0.13
GLD SPDR Gold Shares Add +354.1% 0.14% +0.10
IJR iShares Core S&P Small-Cap E Add +56.1% 0.47% +0.09
PWR Quanta Services Inc. New 0.08% +0.08
SPEM State Street SP PTF Em ETF New 0.08% +0.08
V Visa Inc. Class A Add +139.5% 0.17% +0.07
IWB iShares Russell 1000 ETF New 0.07% +0.07
IMCG iShares Morningstar Mid-Cap Add +54.6% 0.47% +0.06
ESGV Vanguard ESG US Stock ETF Add +230.6% 0.09% +0.05
XVV iShares ESG Select Screened New 0.05% +0.05
GOOGL Alphabet Inc. Class A Add +33.2% 0.19% +0.05
AXP American Express Co. New 0.04% +0.04
PLTR Palantir Technologies Inc. Class A New 0.04% +0.04
SPYG SS SPDR P S&P 500 Growth ETF New 0.04% +0.04
ROST Ross Stores Inc. New 0.03% +0.03
VXUS Vanguard Total Intl Stock New 0.03% +0.03
VCEB Vanguard ESG US Corp. Bond New 0.03% +0.03
SPYV SS SPDR P S&P 500 Value ETF New 0.03% +0.03
GOOG Alphabet Inc. Class C Add +12.1% 0.29% +0.03
DFAC Dimensional US Core Equity 2 New 0.03% +0.03
SCHG Schwab US Large-Cap Growth Add +27.7% 4.00% +0.03
SLV iShares Silver Trust New 0.02% +0.02
IWM iShares Russell 2000 ETF New 0.02% +0.02
SO The Southern Co. New 0.02% +0.02
SPG Simon Property Group Inc. New 0.02% +0.02
ISRG Intuitive Surgical Inc. New 0.02% +0.02
VSGX Vanguard ESG Intl Stock ETF New 0.02% +0.02
BLK BlackRock Inc. New 0.02% +0.02
GEV GE Vernova Inc. New 0.02% +0.02
MCD McDonald's Corp. New 0.02% +0.02
GS Goldman Sachs Group Inc. New 0.02% +0.02
ORCL Oracle Corp. Add +53.0% 0.05% +0.02
TSLA Tesla Inc. Add +30.2% 0.05% +0.01
WFC Wells Fargo & Co. Add +77.5% 0.05% +0.01
CAT Caterpillar Inc. Add +28.1% 0.05% +0.01
JNJ Johnson & Johnson Add +26.9% 0.06% +0.01

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