BLACK DIAMOND FINANCIAL, LLC

Filed: 11/5/2025ACC: 0001759236-25-000007

📋 What this filing means

BLACK DIAMOND FINANCIAL, LLC filed this quarterly 13F‑HR report disclosing 161 equity positions with a total reported market value of $892.53M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

161

Positions

$892.53M

Total AUM (reported)

13.58M

Total Shares

Allocation by class

MEGA CAP VAL ETF$104.69M11.7%

MEGA GRWTH IND$89.06M10.0%

COM$59.71M6.7%

GROWTH ETF$45.00M5.0%

CORE US AGGBD ET$39.55M4.4%

PORTFLI INTRMDIT$38.48M4.3%

US LCAP VA ETF$37.14M4.2%

Portfolio Concentration

Top 3$238.75M26.7%

4–10$225.72M25.3%

11–25$223.67M25.1%

Rest$204.38M22.9%

Top 3 weight

26.7%

Top 10 weight

52.0%

Voting Authority Distribution

Total shares with voting rights: 13.58M

Sole

Full voting authority

0.00

% of voting shares0.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

13.58M

% of voting shares100.0%

Investment Discretion (by position count)

Sole161

Shared0

Other0

Dominant voting typeNone · 100.0% of voting shares

Institutional Holdings161

Rows:

VANGUARD WORLD FD

SOLE

MEGA CAP VAL ETF

Shares760.06K

TypeSH

Market value$104.69M

11.73%

Sole

0.00

Shared

0.00

None

760.06K

VANGUARD WORLD FD

SOLE

MEGA GRWTH IND

Shares221.32K

TypeSH

Market value$89.06M

9.98%

Sole

0.00

Shared

0.00

None

221.32K

VANGUARD INDEX FDS

SOLE

GROWTH ETF

Shares93.82K

TypeSH

Market value$45.00M

5.04%

Sole

0.00

Shared

0.00

None

93.82K

ISHARES TR

SOLE

CORE US AGGBD ET

Shares394.55K

TypeSH

Market value$39.55M

4.43%

Sole

0.00

Shared

0.00

None

394.55K

SPDR SERIES TRUST

SOLE

PORTFLI INTRMDIT

Shares1.33M

TypeSH

Market value$38.48M

4.31%

Sole

0.00

Shared

0.00

None

1.33M

SCHWAB STRATEGIC TR

SOLE

US LCAP VA ETF

Shares1.28M

TypeSH

Market value$37.14M

4.16%

Sole

0.00

Shared

0.00

None

1.28M

SCHWAB STRATEGIC TR

SOLE

US LCAP GR ETF

Shares1.12M

TypeSH

Market value$35.73M

4.00%

Sole

0.00

Shared

0.00

None

1.12M

VANGUARD WORLD FD

SOLE

MEGA CAP INDEX

Shares113.24K

TypeSH

Market value$27.64M

3.10%

Sole

0.00

Shared

0.00

None

113.24K

VANGUARD INDEX FDS

SOLE

VALUE ETF

Shares129.65K

TypeSH

Market value$24.18M

2.71%

Sole

0.00

Shared

0.00

None

129.65K

VANGUARD INDEX FDS

SOLE

MCAP GR IDXVIP

Shares78.31K

TypeSH

Market value$23.01M

2.58%

Sole

0.00

Shared

0.00

None

78.31K

SCHWAB STRATEGIC TR

SOLE

INTL EQTY ETF

Shares973.83K

TypeSH

Market value$22.67M

2.54%

Sole

0.00

Shared

0.00

None

973.83K

SCHWAB STRATEGIC TR

SOLE

US LRG CAP ETF

Shares804.62K

TypeSH

Market value$21.19M

2.37%

Sole

0.00

Shared

0.00

None

804.62K

ISHARES TR

SOLE

ISHS 5-10YR INVT

Shares378.90K

TypeSH

Market value$20.49M

2.30%

Sole

0.00

Shared

0.00

None

378.90K

FIDELITY COVINGTON TRUST

SOLE

MSCI RL EST ETF

Shares678.77K

TypeSH

Market value$18.88M

2.11%

Sole

0.00

Shared

0.00

None

678.77K

ISHARES TR

SOLE

NATIONAL MUN ETF

Shares149.15K

TypeSH

Market value$15.88M

1.78%

Sole

0.00

Shared

0.00

None

149.15K

ISHARES TR

SOLE

MRGSTR MD CP VAL

Shares189.92K

TypeSH

Market value$15.26M

1.71%

Sole

0.00

Shared

0.00

None

189.92K

ISHARES TR

SOLE

ISHS 1-5YR INVS

Shares276.64K

TypeSH

Market value$14.67M

1.64%

Sole

0.00

Shared

0.00

None

276.64K

VANGUARD INDEX FDS

SOLE

SM CP VAL ETF

Shares68.85K

TypeSH

Market value$14.37M

1.61%

Sole

0.00

Shared

0.00

None

68.85K

SCHWAB STRATEGIC TR

SOLE

SHT TM US TRES

Shares573.03K

TypeSH

Market value$13.98M

1.57%

Sole

0.00

Shared

0.00

None

573.03K

LINDBLAD EXPEDITIONS HLDGS I

SOLE

COM

Shares1.07M

TypeSH

Market value$13.68M

1.53%

Sole

0.00

Shared

0.00

None

1.07M

VANGUARD INDEX FDS

SOLE

MID CAP ETF

Shares43.53K

TypeSH

Market value$12.79M

1.43%

Sole

0.00

Shared

0.00

None

43.53K

VANGUARD TAX-MANAGED FDS

SOLE

VAN FTSE DEV MKT

Shares175.20K

TypeSH

Market value$10.50M

1.18%

Sole

0.00

Shared

0.00

None

175.20K

ISHARES TR

SOLE

MRGSTR SM CP GR

Shares190.34K

TypeSH

Market value$10.34M

1.16%

Sole

0.00

Shared

0.00

None

190.34K

ISHARES INC

SOLE

CORE MSCI EMKT

Shares146.50K

TypeSH

Market value$9.66M

1.08%

Sole

0.00

Shared

0.00

None

146.50K

VANGUARD INDEX FDS

SOLE

SMALL CP ETF

Shares36.64K

TypeSH

Market value$9.32M

1.04%

Sole

0.00

Shared

0.00

None

36.64K

Issuer	Class	Shares	Type	Value / Portfolio %	None
VANGUARD WORLD FDSOLE	MEGA CAP VAL ETF	760.06K	SH	$104.69M 11.73%	760.06K
VANGUARD WORLD FDSOLE	MEGA GRWTH IND	221.32K	SH	$89.06M 9.98%	221.32K
VANGUARD INDEX FDSSOLE	GROWTH ETF	93.82K	SH	$45.00M 5.04%	93.82K
ISHARES TRSOLE	CORE US AGGBD ET	394.55K	SH	$39.55M 4.43%	394.55K
SPDR SERIES TRUSTSOLE	PORTFLI INTRMDIT	1.33M	SH	$38.48M 4.31%	1.33M
SCHWAB STRATEGIC TRSOLE	US LCAP VA ETF	1.28M	SH	$37.14M 4.16%	1.28M
SCHWAB STRATEGIC TRSOLE	US LCAP GR ETF	1.12M	SH	$35.73M 4.00%	1.12M
VANGUARD WORLD FDSOLE	MEGA CAP INDEX	113.24K	SH	$27.64M 3.10%	113.24K
VANGUARD INDEX FDSSOLE	VALUE ETF	129.65K	SH	$24.18M 2.71%	129.65K
VANGUARD INDEX FDSSOLE	MCAP GR IDXVIP	78.31K	SH	$23.01M 2.58%	78.31K
SCHWAB STRATEGIC TRSOLE	INTL EQTY ETF	973.83K	SH	$22.67M 2.54%	973.83K
SCHWAB STRATEGIC TRSOLE	US LRG CAP ETF	804.62K	SH	$21.19M 2.37%	804.62K
ISHARES TRSOLE	ISHS 5-10YR INVT	378.90K	SH	$20.49M 2.30%	378.90K
FIDELITY COVINGTON TRUSTSOLE	MSCI RL EST ETF	678.77K	SH	$18.88M 2.11%	678.77K
ISHARES TRSOLE	NATIONAL MUN ETF	149.15K	SH	$15.88M 1.78%	149.15K
ISHARES TRSOLE	MRGSTR MD CP VAL	189.92K	SH	$15.26M 1.71%	189.92K
ISHARES TRSOLE	ISHS 1-5YR INVS	276.64K	SH	$14.67M 1.64%	276.64K
VANGUARD INDEX FDSSOLE	SM CP VAL ETF	68.85K	SH	$14.37M 1.61%	68.85K
SCHWAB STRATEGIC TRSOLE	SHT TM US TRES	573.03K	SH	$13.98M 1.57%	573.03K
LINDBLAD EXPEDITIONS HLDGS ISOLE	COM	1.07M	SH	$13.68M 1.53%	1.07M
VANGUARD INDEX FDSSOLE	MID CAP ETF	43.53K	SH	$12.79M 1.43%	43.53K
VANGUARD TAX-MANAGED FDSSOLE	VAN FTSE DEV MKT	175.20K	SH	$10.50M 1.18%	175.20K
ISHARES TRSOLE	MRGSTR SM CP GR	190.34K	SH	$10.34M 1.16%	190.34K
ISHARES INCSOLE	CORE MSCI EMKT	146.50K	SH	$9.66M 1.08%	146.50K
VANGUARD INDEX FDSSOLE	SMALL CP ETF	36.64K	SH	$9.32M 1.04%	36.64K

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