Black Diamond Financial, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Black Diamond Financial, LLC reported 175 stock positions worth $948.6 million. Its top holding was Vngrd Mrgstr MG CP VL ETF-Ui (MGV) at 11.6% of the portfolio, followed by Vngrd Mrgstr MG CP GR ETF-Ui (MGK, 9.6%) and Vanguard Mrngstar GR ETF-Sui (VUG, 4.7%). Compared with Q3 2025, it opened 20 new positions, sold out of 5, added to 73 and reduced 48. The biggest buy was Schwab Short-Term US Treas (SCHO, shares +22%) and the biggest sale Vngrd Mrgstr MG CP GR ETF-Ui (MGK, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- TOWSON, MD
- CIK
- 0001759236
- Portfolio Value
- $948.6M (Q4 2025)
- SEC Filing
- 0001759236-26-000001 ↗ filed Feb 3, 2026
Holdings Value
Holdings 175 stocks · $948.6M
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 11.56% | 776,946 | $109.7M | Add +2.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 9.59% | 220,286 | $90.9M | Reduce -0.5% |
| VUG Vanguard Mrngstar GR ETF-Sui | 4.73% | 91,970 | $44.9M | Reduce -2.0% |
| AGG iShares Core U.S. Aggregate | 4.49% | 426,781 | $42.6M | Add +8.2% |
| SPTI SS SPDR P Int Term TSY ETF | 4.31% | 1,418,376 | $40.9M | Add +6.5% |
| SCHV Schwab US Large-Cap Value | 4.26% | 1,366,132 | $40.5M | Add +7.1% |
| SCHG Schwab US Large-Cap Growth | 4.03% | 1,171,510 | $38.2M | Add +4.6% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 2.99% | 113,098 | $28.4M | Reduce -0.1% |
| SCHF Schwab Intl Equity ETF | 2.75% | 1,086,615 | $26.1M | Add +11.6% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.71% | 134,771 | $25.7M | Add +4.0% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 2.46% | 83,429 | $23.3M | Add +6.5% |
| IGIB iShares 5-10Y Inv Grade Corp. | 2.27% | 399,301 | $21.5M | Add +5.4% |
| SCHX Schwab US Large-Cap ETF | 2.26% | 797,120 | $21.5M | Reduce -0.9% |
| FREL Fidelity MSCI RL Est Indx | 2.13% | 752,837 | $20.2M | Add +10.9% |
| IMCV iShares Morningstar Mid-Cap | 1.93% | 222,628 | $18.3M | Add +17.2% |
| SCHO Schwab Short-Term US Treas | 1.79% | 697,251 | $17.0M | Add +21.7% |
| IGSB iShares 1-5Y Inv Grade Corp. | 1.70% | 304,420 | $16.1M | Add +10.0% |
| MUB iShares National Muni Bond E | 1.69% | 149,628 | $16.0M | Add +0.3% |
| LIND Lindblad Expeditions Holding | 1.62% | 1,068,362 | $15.4M | No change |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.61% | 72,320 | $15.3M | Add +5.0% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 1.32% | 43,113 | $12.5M | Reduce -1.0% |
| ISCG iShares Morningstar Small-Ca | 1.23% | 209,843 | $11.6M | Add +10.3% |
| VEA Vanguard Ftse Developed ETF | 1.19% | 179,950 | $11.2M | Add +2.7% |
| IEMG iShares Core MSCI Emerging | 1.11% | 157,127 | $10.6M | Add +7.3% |
| AAPL Apple Inc. | 1.01% | 35,298 | $9.6M | Add +12.5% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.99% | 36,399 | $9.4M | Reduce -0.7% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.85% | 26,677 | $8.1M | Add +1.3% |
| SCHM Schwab US Mid Cap ETF | 0.85% | 266,934 | $8.0M | Reduce -3.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.84% | 23,779 | $8.0M | Add +8.2% |
| SCHA Schwab US Small-Cap ETF | 0.72% | 238,297 | $6.8M | Reduce -3.5% |
| VOO Vanguard S&P 500 ETF | 0.70% | 10,584 | $6.6M | Add +22.4% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.69% | 36,851 | $6.5M | Add +2.7% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.68% | 78,155 | $6.4M | Reduce -1.8% |
| RSP Invesco S&P 500 Equal Weight | 0.68% | 33,444 | $6.4M | Reduce -11.6% |
| IVV iShares Core S&P 500 ETF | 0.66% | 9,094 | $6.2M | Add +0.5% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.64% | 19,145 | $6.0M | Reduce -3.2% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.62% | 73,794 | $5.9M | Reduce -4.4% |
| VEU Vanguard Ftse All-World Ex-U | 0.55% | 71,497 | $5.3M | Reduce -0.1% |
| MSFT Microsoft Corp. | 0.53% | 10,313 | $5.0M | Add +33.7% |
| DFUS Dimensional US Eq MKT ETF | 0.47% | 59,644 | $4.4M | Reduce -2.6% |
| VNQ Vanguard Real Estate ETF | 0.46% | 49,052 | $4.3M | Add +3.1% |
| IJR iShares Core S&P Small-Cap E | 0.43% | 34,243 | $4.1M | Reduce -3.6% |
| SDY SS SPDR S&P Dividend ETF | 0.42% | 28,467 | $4.0M | Reduce -9.1% |
| IMCG iShares Morningstar Mid-Cap | 0.40% | 47,435 | $3.8M | Reduce -6.6% |
| GOOG Alphabet Inc. Class C | 0.38% | 11,481 | $3.6M | Add +8.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.37% | 5,148 | $3.5M | Add +0.1% |
| NVDA Nvidia Corp. | 0.36% | 18,098 | $3.4M | Reduce -8.9% |
| ISCV iShares Morningstar Small-Ca | 0.33% | 46,237 | $3.2M | Add +1.4% |
| JPM JPMorgan Chase & Co. | 0.32% | 9,297 | $3.0M | Add +13.7% |
| AMZN Amazon.com Inc. | 0.32% | 12,957 | $3.0M | Add +15.2% |
| GOOGL Alphabet Inc. Class A | 0.30% | 9,006 | $2.8M | Add +32.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.27% | 5,164 | $2.6M | Reduce -5.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.25% | 46,272 | $2.3M | Reduce -17.1% |
| VGT Vanguard Info Tech ETF | 0.24% | 3,074 | $2.3M | Add +55.8% |
| VIG Vanguard Dividend Apprec ETF | 0.24% | 10,445 | $2.3M | Add +62.3% |
| CAPR Capricor Therapeutics Inc. | 0.24% | 79,077 | $2.3M | Reduce -71.5% |
| MA Mastercard Inc. Class A | 0.24% | 3,960 | $2.3M | Add +8.5% |
| XLK SS Technology Select Sector | 0.23% | 15,174 | $2.2M | No change |
| CEG Constellation Energy | 0.22% | 5,819 | $2.1M | Add +12.5% |
| SCHH Schwab US REIT ETF | 0.21% | 97,542 | $2.0M | Add +0.2% |
| V Visa Inc. Class A | 0.20% | 5,492 | $1.9M | Add +22.0% |
| IEFA iShares Core MSCI Eafe ETF | 0.19% | 20,507 | $1.8M | Add +0.4% |
| LLY Eli Lilly & Co. | 0.19% | 1,704 | $1.8M | Reduce -43.5% |
| USMV iShares MSCI USA Min Vol Fac | 0.18% | 18,029 | $1.7M | Reduce -3.7% |
| SRLN SS Blackstone Sr Loan ETF | 0.17% | 38,380 | $1.6M | Reduce -1.0% |
| VYM Vanguard High DVD Yield ETF | 0.16% | 10,685 | $1.5M | Add +10.2% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.16% | 33,872 | $1.5M | Add +8.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.16% | 26,875 | $1.5M | Add +3.0% |
| GLD SPDR Gold Shares | 0.15% | 3,567 | $1.4M | Add +2.6% |
| META Meta Platforms Inc. Class A | 0.15% | 2,113 | $1.4M | Add +12.2% |
| IWF iShares Russell 1000 Growth | 0.14% | 2,840 | $1.3M | Add +202.4% |
| VWO Vanguard Ftse Emerging Marke | 0.14% | 24,102 | $1.3M | Add +0.4% |
| MCK McKesson Corp. | 0.13% | 1,526 | $1.3M | No change |
| VFH Vanguard Financials ETF | 0.13% | 9,150 | $1.2M | Add +190.5% |
| BBHL BBH Select Large Cap ETF | 0.11% | 67,548 | $1.1M | New |
| ESGV Vanguard ESG US Stock ETF | 0.09% | 6,774 | $819K | Add +0.3% |
| SMH Vaneck Semiconductor ETF | 0.08% | 2,200 | $792K | New |
| IAU iShares Gold Trust | 0.08% | 9,502 | $771K | Reduce -1.5% |
| XOM Exxon Mobil Corp. | 0.08% | 6,364 | $766K | Add +3.4% |
| HDV iShares Core High Dividend E | 0.08% | 5,865 | $713K | No change |
| COST Costco Wholesale Corp. | 0.07% | 823 | $710K | Add +26.4% |
| SYK Stryker Corp. | 0.07% | 1,968 | $692K | No change |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.07% | 8,010 | $691K | Reduce -1.0% |
| PWR Quanta Services Inc. | 0.07% | 1,629 | $688K | No change |
| WMT Walmart Inc. | 0.07% | 6,074 | $677K | No change |
| SPEM State Street SP PTF Em ETF | 0.07% | 14,363 | $672K | No change |
| EXC Exelon Corp. | 0.07% | 15,155 | $661K | Add +7.1% |
| PEP Pepsico Inc. | 0.07% | 4,582 | $658K | Reduce -4.1% |
| SHV iShares 0-1 Year Treasury Bo | 0.07% | 5,947 | $655K | Reduce -11.8% |
| VONG Vanguard Russell 1000 Growth | 0.06% | 5,000 | $609K | New |
| IWB iShares Russell 1000 ETF | 0.06% | 1,618 | $604K | No change |
| JNJ Johnson & Johnson | 0.06% | 2,826 | $585K | Add +0.7% |
| VTIP Vanguard Short-Term Tips | 0.06% | 11,649 | $576K | Reduce -21.9% |
| HD Home Depot Inc. | 0.06% | 1,639 | $564K | Add +80.9% |
| VOOG Vanguard S&P 500 Growth ETF | 0.06% | 1,263 | $562K | No change |
| TSLA Tesla Inc. | 0.06% | 1,232 | $554K | Add +14.0% |
| CVX Chevron Corp. | 0.06% | 3,635 | $554K | Reduce -18.4% |
| CSX CSX Corp. | 0.06% | 15,147 | $549K | No change |
| KNX Knight-Swift Transportation | 0.06% | 10,283 | $538K | No change |
| SCHB Schwab US Broad Market ETF | 0.06% | 20,048 | $526K | Add +1.5% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $721 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LVWR.WS Livewire Group Inc.-27 | *W EXP 09/26/202 | 11,500 | $721 | No change |
Total filed on the 13F, all lines: $948.6M.
Portfolio Sells Q3 2025 → Q4 2025
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Reduce -0.5% | 9.59% | −0.39 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -2.0% | 4.73% | −0.31 |
| RSP Invesco S&P 500 Equal Weight | Reduce -11.6% | 0.68% | −0.13 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -1.0% | 1.32% | −0.11 |
| SCHX Schwab US Large-Cap ETF | Reduce -0.9% | 2.26% | −0.11 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Reduce -0.1% | 2.99% | −0.10 |
| SDY SS SPDR S&P Dividend ETF | Reduce -9.1% | 0.42% | −0.07 |
| SCHM Schwab US Mid Cap ETF | Reduce -3.6% | 0.85% | −0.07 |
| IMCG iShares Morningstar Mid-Cap | Reduce -6.6% | 0.40% | −0.07 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -4.4% | 0.62% | −0.07 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -17.1% | 0.25% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -43.5% | 0.19% | −0.06 |
| IBM Intl Business Machines Corp. | Reduce -67.8% | 0.03% | −0.06 |
| NVDA Nvidia Corp. | Reduce -8.9% | 0.36% | −0.06 |
| SCHA Schwab US Small-Cap ETF | Reduce -3.5% | 0.72% | −0.06 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -0.7% | 0.99% | −0.05 |
| CORT Corcept Therapeutics Inc. | Reduce -19.5% | 0.02% | −0.05 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -3.2% | 0.64% | −0.05 |
| IJR iShares Core S&P Small-Cap E | Reduce -3.6% | 0.43% | −0.04 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -1.8% | 0.68% | −0.04 |
| MSTR Strategy Inc. | Sold out | 0.00% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.2% | 0.27% | −0.03 |
| DFUS Dimensional US Eq MKT ETF | Reduce -2.6% | 0.47% | −0.03 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.03 |
| IJH iShares Core S&P Midcap ETF | Reduce -37.9% | 0.04% | −0.03 |
| PAVE Global X US Infrastructure | Sold out | 0.00% | −0.03 |
| SO The Southern Co. | Sold out | 0.00% | −0.02 |
| VTIP Vanguard Short-Term Tips | Reduce -21.9% | 0.06% | −0.02 |
| SCHZ Schwab US Aggregate Bond ETF | Sold out | 0.00% | −0.02 |
| IBIT iShares Bitcoin Trust ETF | Reduce -6.0% | 0.05% | −0.02 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -3.7% | 0.18% | −0.02 |
| ORCL Oracle Corp. | Reduce -2.1% | 0.04% | −0.02 |
| CVX Chevron Corp. | Reduce -18.4% | 0.06% | −0.02 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -0.1% | 0.55% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -11.9% | 0.05% | −0.02 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -11.8% | 0.07% | −0.01 |
| SRLN SS Blackstone Sr Loan ETF | Reduce -1.0% | 0.17% | −0.01 |
| ABBV Abbvie Inc. | Reduce -12.0% | 0.05% | −0.01 |
| PEP Pepsico Inc. | Reduce -4.1% | 0.07% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -4.3% | 0.03% | −0.01 |
| ILPT Industrial Logistics Propert | Reduce -35.3% | 0.01% | −0.00 |
| EFAV iShares MSCI Eafe Min Vol Fa | Reduce -1.0% | 0.07% | −0.00 |
| MRK Merck & Co. Inc. | Reduce -22.5% | 0.04% | −0.00 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -7.4% | 0.03% | −0.00 |
| AVGO Broadcom Inc. | Reduce -6.9% | 0.03% | −0.00 |
| VCEB Vanguard ESG US Corp. Bond | Reduce -0.5% | 0.03% | −0.00 |
| VXUS Vanguard Total Intl Stock | Reduce -2.1% | 0.03% | −0.00 |
| QUAL iShares MSCI USA Quality Fac | Reduce -0.1% | 0.03% | −0.00 |
| PLD Prologis Inc. | Reduce -6.8% | 0.05% | −0.00 |
| WFC Wells Fargo & Co. | Reduce -0.6% | 0.05% | +0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| SCHO Schwab Short-Term US Treas | Add +21.7% | 1.79% | +0.22 |
| IMCV iShares Morningstar Mid-Cap | Add +17.2% | 1.93% | +0.22 |
| SCHF Schwab Intl Equity ETF | Add +11.6% | 2.75% | +0.21 |
| AAPL Apple Inc. | Add +12.5% | 1.01% | +0.12 |
| BBHL BBH Select Large Cap ETF | New | 0.11% | +0.11 |
| GOOGL Alphabet Inc. Class A | Add +32.2% | 0.30% | +0.11 |
| VOO Vanguard S&P 500 ETF | Add +22.4% | 0.70% | +0.11 |
| SCHV Schwab US Large-Cap Value | Add +7.1% | 4.26% | +0.10 |
| IWF iShares Russell 1000 Growth | Add +202.4% | 0.14% | +0.09 |
| GOOG Alphabet Inc. Class C | Add +8.3% | 0.38% | +0.09 |
| VIG Vanguard Dividend Apprec ETF | Add +62.3% | 0.24% | +0.09 |
| SMH Vaneck Semiconductor ETF | New | 0.08% | +0.08 |
| VFH Vanguard Financials ETF | Add +190.5% | 0.13% | +0.08 |
| VGT Vanguard Info Tech ETF | Add +55.8% | 0.24% | +0.08 |
| MSFT Microsoft Corp. | Add +33.7% | 0.53% | +0.08 |
| ISCG iShares Morningstar Small-Ca | Add +10.3% | 1.23% | +0.07 |
| VONG Vanguard Russell 1000 Growth | New | 0.06% | +0.06 |
| AGG iShares Core U.S. Aggregate | Add +8.2% | 4.49% | +0.06 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +10.0% | 1.70% | +0.05 |
| XAR SS SPDR S&P Aerospace Def | New | 0.05% | +0.05 |
| SMRI Bushido Cap US Equity ETF | New | 0.04% | +0.04 |
| AMZN Amazon.com Inc. | Add +15.2% | 0.32% | +0.04 |
| TPLC Timothy PLN US LRG/Mid Cap | New | 0.04% | +0.04 |
| MLPA Global X MLP ETF | New | 0.04% | +0.04 |
| MU Micron Technology Inc. | New | 0.04% | +0.04 |
| VHT Vanguard Health Care ETF | New | 0.03% | +0.03 |
| VPU Vanguard Utilities ETF | New | 0.03% | +0.03 |
| CSCO Cisco Systems Inc. | New | 0.03% | +0.03 |
| VTI VG Morningstar TS MKT ETF-US | Add +8.2% | 0.84% | +0.03 |
| IEMG iShares Core MSCI Emerging | Add +7.3% | 1.11% | +0.03 |
| VCR Vanguard Consumer Discre ETF | New | 0.03% | +0.03 |
| KO The Coca-Cola Co. | New | 0.03% | +0.03 |
| V Visa Inc. Class A | Add +22.0% | 0.20% | +0.03 |
| AMGN Amgen Inc. | New | 0.03% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +13.7% | 0.32% | +0.03 |
| PANW Palo Alto Networks Inc. | New | 0.03% | +0.03 |
| CEG Constellation Energy | Add +12.5% | 0.22% | +0.03 |
| SCHG Schwab US Large-Cap Growth | Add +4.6% | 4.03% | +0.03 |
| INTU Intuit Inc. | New | 0.02% | +0.02 |
| FCNCA First Citizens Bcshs Class A | New | 0.02% | +0.02 |
| DUK Duke Energy Corp. | New | 0.02% | +0.02 |
| UBER Uber Technologies Inc. | New | 0.02% | +0.02 |
| BLK BlackRock Inc. | Add +118.0% | 0.05% | +0.02 |
| FREL Fidelity MSCI RL Est Indx | Add +10.9% | 2.13% | +0.02 |
| HD Home Depot Inc. | Add +80.9% | 0.06% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +47.4% | 0.04% | +0.02 |
| XEXGX Eaton Vance Tax-Managed Glob | New | 0.02% | +0.02 |
| GLD SPDR Gold Shares | Add +2.6% | 0.15% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +2.7% | 1.19% | +0.01 |
| VYM Vanguard High DVD Yield ETF | Add +10.2% | 0.16% | +0.01 |
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 |