13F HOLDINGS REPORT

Black Diamond Financial, LLC

Quarter ended Q4 2025 · Filed February 3, 2026 · Accession 0001759236-26-000001

Total Value

$948.6M

Positions

176

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (176)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	VANGUARD WORLD FD	921910840	776,946	$109.7M	11.56%
2	VANGUARD WORLD FD	921910816	220,286	$90.9M	9.59%
3	VANGUARD INDEX FDS	922908736	91,970	$44.9M	4.73%
4	ISHARES TR	464287226	426,781	$42.6M	4.49%
5	SPDR SERIES TRUST	78464A672	1,418,376	$40.9M	4.31%
6	SCHWAB STRATEGIC TR	808524409	1,366,132	$40.5M	4.26%
7	SCHWAB STRATEGIC TR	808524300	1,171,510	$38.2M	4.03%
8	VANGUARD WORLD FD	921910873	113,098	$28.4M	2.99%
9	SCHWAB STRATEGIC TR	808524805	1,086,615	$26.1M	2.75%
10	VANGUARD INDEX FDS	922908744	134,771	$25.7M	2.71%
11	VANGUARD INDEX FDS	922908538	83,429	$23.3M	2.46%
12	ISHARES TR	464288638	399,301	$21.5M	2.27%
13	SCHWAB STRATEGIC TR	808524201	797,120	$21.5M	2.26%
14	FIDELITY COVINGTON TRUST	316092857	752,837	$20.2M	2.13%
15	ISHARES TR	464288406	222,628	$18.3M	1.93%
16	SCHWAB STRATEGIC TR	808524862	697,251	$17.0M	1.79%
17	ISHARES TR	464288646	304,420	$16.1M	1.70%
18	ISHARES TR	464288414	149,628	$16.0M	1.69%
19	LINDBLAD EXPEDITIONS HLDGS I	LIND	1,068,362	$15.4M	1.62%
20	VANGUARD INDEX FDS	922908611	72,320	$15.3M	1.61%
21	VANGUARD INDEX FDS	922908629	43,113	$12.5M	1.32%
22	ISHARES TR	464288604	209,843	$11.6M	1.23%
23	VANGUARD TAX-MANAGED FDS	921943858	179,950	$11.2M	1.19%
24	ISHARES INC	46434G103	157,127	$10.6M	1.11%
25	APPLE INC	AAPL	35,298	$9.6M	1.01%
26	VANGUARD INDEX FDS	922908751	36,399	$9.4M	0.99%
27	VANGUARD INDEX FDS	922908595	26,677	$8.1M	0.85%
28	SCHWAB STRATEGIC TR	808524508	266,934	$8.0M	0.85%
29	VANGUARD INDEX FDS	922908769	23,779	$8.0M	0.84%
30	SCHWAB STRATEGIC TR	808524607	238,297	$6.8M	0.72%
31	VANGUARD INDEX FDS	922908363	10,584	$6.6M	0.70%
32	VANGUARD INDEX FDS	922908512	36,851	$6.5M	0.69%
33	SPDR SERIES TRUST	78464A805	78,155	$6.4M	0.68%
34	INVESCO EXCHANGE TRADED FD T	IVZ	33,444	$6.4M	0.68%
35	ISHARES TR	464287200	9,094	$6.2M	0.66%
36	VANGUARD INDEX FDS	922908637	19,145	$6.0M	0.64%
37	VANGUARD SCOTTSDALE FDS	92206C409	73,794	$5.9M	0.62%
38	VANGUARD INTL EQUITY INDEX F	922042775	71,497	$5.3M	0.55%
39	MICROSOFT CORP	MSFT	10,313	$5.0M	0.53%
40	DIMENSIONAL ETF TRUST	25434V401	59,644	$4.4M	0.47%
41	VANGUARD INDEX FDS	922908553	49,052	$4.3M	0.46%
42	ISHARES TR	464287804	34,243	$4.1M	0.43%
43	SPDR SERIES TRUST	78464A763	28,467	$4.0M	0.42%
44	ISHARES TR	464288307	47,435	$3.8M	0.40%
45	ALPHABET INC	GOOG	11,481	$3.6M	0.38%
46	SPDR S&P 500 ETF TR	SPY	5,148	$3.5M	0.37%
47	NVIDIA CORPORATION	NVDA	18,098	$3.4M	0.36%
48	ISHARES TR	464288703	46,237	$3.2M	0.33%
49	JPMORGAN CHASE & CO.	VYLD	9,297	$3.0M	0.32%
50	AMAZON COM INC	AMZN	12,957	$3.0M	0.32%
51	ALPHABET INC	GOOG	9,006	$2.8M	0.30%
52	BERKSHIRE HATHAWAY INC DEL	BRK-A	5,164	$2.6M	0.27%
53	VANGUARD MUN BD FDS	922907746	46,272	$2.3M	0.25%
54	VANGUARD WORLD FD	92204A702	3,074	$2.3M	0.24%
55	VANGUARD SPECIALIZED FUNDS	921908844	10,445	$2.3M	0.24%
56	CAPRICOR THERAPEUTICS INC	CAPR	79,077	$2.3M	0.24%
57	MASTERCARD INCORPORATED	MA	3,960	$2.3M	0.24%
58	SELECT SECTOR SPDR TR	81369Y803	15,174	$2.2M	0.23%
59	CONSTELLATION ENERGY CORP	CEG	5,819	$2.1M	0.22%
60	SCHWAB STRATEGIC TR	808524847	97,542	$2.0M	0.21%
61	VISA INC	V	5,492	$1.9M	0.20%
62	ISHARES TR	46432F842	20,507	$1.8M	0.19%
63	ELI LILLY & CO	LLY	1,704	$1.8M	0.19%
64	ISHARES TR	46429B697	18,029	$1.7M	0.18%
65	SSGA ACTIVE ETF TR	78467V608	38,380	$1.6M	0.17%
66	VANGUARD WHITEHALL FDS	921946406	10,685	$1.5M	0.16%
67	SPDR INDEX SHS FDS	78463X889	33,872	$1.5M	0.16%
68	BANK AMERICA CORP	060505104	26,875	$1.5M	0.16%
69	SPDR GOLD TR	GLD	3,567	$1.4M	0.15%
70	META PLATFORMS INC	META	2,113	$1.4M	0.15%
71	ISHARES TR	464287614	2,840	$1.3M	0.14%
72	VANGUARD INTL EQUITY INDEX F	922042858	24,102	$1.3M	0.14%
73	MCKESSON CORP	MCK	1,526	$1.3M	0.13%
74	VANGUARD WORLD FD	92204A405	9,150	$1.2M	0.13%
75	BBH TR	05528C675	67,548	$1.1M	0.11%
76	VANGUARD WORLD FD	921910733	6,774	$819,384	0.09%
77	VANECK ETF TRUST	92189F676	2,200	$792,286	0.08%
78	ISHARES GOLD TR	IAU	9,502	$771,278	0.08%
79	EXXON MOBIL CORP	XOM	6,364	$765,800	0.08%
80	ISHARES TR	46429B663	5,865	$713,243	0.08%
81	COSTCO WHSL CORP NEW	22160K105	823	$709,754	0.07%
82	STRYKER CORPORATION	SYK	1,968	$691,693	0.07%
83	ISHARES TR	46429B689	8,010	$690,864	0.07%
84	QUANTA SVCS INC	74762E102	1,629	$687,536	0.07%
85	WALMART INC	WMT	6,074	$676,717	0.07%
86	SPDR INDEX SHS FDS	78463X509	14,363	$672,331	0.07%
87	EXELON CORP	EXC	15,155	$660,591	0.07%
88	PEPSICO INC	PEP	4,582	$657,579	0.07%
89	ISHARES TR	464288679	5,947	$655,063	0.07%
90	VANGUARD SCOTTSDALE FDS	92206C680	5,000	$608,750	0.06%
91	ISHARES TR	464287622	1,618	$604,227	0.06%
92	JOHNSON & JOHNSON	JNJ	2,826	$584,845	0.06%
93	VANGUARD MALVERN FDS	922020805	11,649	$576,158	0.06%
94	HOME DEPOT INC	HD	1,639	$564,056	0.06%
95	VANGUARD ADMIRAL FDS INC	921932505	1,263	$561,517	0.06%
96	TESLA INC	TSLA	1,232	$554,056	0.06%
97	CHEVRON CORP NEW	CVX	3,635	$553,960	0.06%
98	CSX CORP	CSX	15,147	$549,079	0.06%
99	KNIGHT-SWIFT TRANSN HLDGS IN	499049104	10,283	$537,595	0.06%
100	SCHWAB STRATEGIC TR	808524102	20,048	$525,836	0.06%
101	CATERPILLAR INC	CAT	911	$522,242	0.06%
102	LOWES COS INC	548661107	2,155	$519,701	0.05%
103	PROCTER AND GAMBLE CO	742718109	3,460	$495,893	0.05%
104	PROLOGIS INC.	PLDGP	3,857	$492,434	0.05%
105	ISHARES TR	46436E569	9,265	$488,267	0.05%
106	SPDR SERIES TRUST	78464A631	1,940	$468,016	0.05%
107	WELLS FARGO CO NEW	949746101	4,804	$447,723	0.05%
108	SOUTHSTATE BK CORP	84472E102	4,704	$442,659	0.05%
109	ISHARES BITCOIN TRUST ETF	IBIT	8,879	$440,844	0.05%
110	ABBVIE INC	ABBV	1,886	$430,931	0.05%
111	BLACKROCK INC	BLK	399	$427,352	0.05%
112	SPDR S&P MIDCAP 400 ETF TR	MDY	702	$423,503	0.04%
113	SELECT SECTOR SPDR TR	81369Y605	7,507	$411,194	0.04%
114	GE AEROSPACE	369604301	1,314	$404,678	0.04%
115	MERCK & CO INC	MRK	3,836	$403,739	0.04%
116	INTUITIVE SURGICAL INC	ISRG	709	$401,549	0.04%
117	AMERICAN EXPRESS CO	AXP	1,084	$401,026	0.04%
118	EA SERIES TRUST	02072L425	11,093	$400,899	0.04%
119	ISHARES TR	464287507	5,700	$376,200	0.04%
120	YUM BRANDS INC	YUM	2,473	$374,070	0.04%
121	ROSS STORES INC	ROST	1,969	$354,696	0.04%
122	TIMOTHY PLAN	887432359	7,800	$354,510	0.04%
123	PALANTIR TECHNOLOGIES INC	PLTR	1,978	$351,590	0.04%
124	CUMMINS INC	CMI	685	$349,659	0.04%
125	SPDR SERIES TRUST	78464A409	3,272	$349,122	0.04%
126	GLOBAL X FDS	37954Y343	7,000	$338,870	0.04%
127	MICRON TECHNOLOGY INC	MU	1,185	$338,212	0.04%
128	ORACLE CORP	ORCL-PD	1,702	$331,671	0.03%
129	UNION PAC CORP	UNP	1,416	$327,550	0.03%
130	BROADCOM INC	AVGO	938	$324,373	0.03%
131	ISHARES SILVER TR	SLV	5,026	$323,774	0.03%
132	VANGUARD WORLD FD	92204A504	1,091	$314,044	0.03%
133	UNITEDHEALTH GROUP INC	UNH	949	$313,178	0.03%
134	VANGUARD WORLD FD	92204A876	1,679	$310,682	0.03%
135	ISHARES TR	46432F339	1,560	$309,808	0.03%
136	CISCO SYS INC	CSCO	4,017	$309,445	0.03%
137	SPDR DOW JONES INDL AVERAGE	78467X109	632	$303,748	0.03%
138	HONEYWELL INTL INC	438516106	1,540	$300,439	0.03%
139	VANGUARD WORLD FD	92204A108	754	$297,016	0.03%
140	DEERE & CO	DE	635	$295,636	0.03%
141	EVERGY INC	EVRG	4,065	$294,672	0.03%
142	COCA COLA CO	KO	4,213	$294,547	0.03%
143	AMGEN INC	AMGN	880	$288,034	0.03%
144	EXPEDITORS INTL WASH INC	302130109	1,927	$287,143	0.03%
145	VANGUARD SCOTTSDALE FDS	92206C664	2,819	$280,612	0.03%
146	INTERNATIONAL BUSINESS MACHS	INTR	937	$277,414	0.03%
147	VANGUARD WORLD FD	92204A306	2,198	$276,772	0.03%
148	SELECT SECTOR SPDR TR	81369Y209	1,786	$276,501	0.03%
149	VANGUARD STAR FDS	921909768	3,665	$276,488	0.03%
150	OREILLY AUTOMOTIVE INC	67103H107	3,015	$274,999	0.03%
151	ISHARES TR	464287770	2,931	$270,385	0.03%
152	VANGUARD WORLD FD	921910691	4,219	$268,455	0.03%
153	SPDR SERIES TRUST	78464A508	4,695	$266,723	0.03%
154	GOLDMAN SACHS GROUP INC	GSCE	302	$265,353	0.03%
155	VANGUARD INTL EQUITY INDEX F	922042718	1,849	$265,017	0.03%
156	VANGUARD BD INDEX FDS	921937835	3,511	$260,067	0.03%
157	SCHWAB STRATEGIC TR	808524888	5,680	$258,615	0.03%
158	PALO ALTO NETWORKS INC	PANW	1,371	$252,538	0.03%
159	DIMENSIONAL ETF TRUST	25434V708	6,175	$244,468	0.03%
160	SELECT SECTOR SPDR TR	81369Y886	5,724	$244,358	0.03%
161	BLACKSTONE INC	BX	1,508	$232,435	0.02%
162	GE VERNOVA INC	GEV	347	$226,827	0.02%
163	NETFLIX INC	NFLX	2,412	$226,150	0.02%
164	INTUIT	INTU	339	$224,559	0.02%
165	ISHARES TR	464287655	911	$224,252	0.02%
166	FIRST CTZNS BANCSHARES INC D	31946M103	103	$221,057	0.02%
167	VANGUARD WORLD FD	921910725	3,085	$220,947	0.02%
168	SIMON PPTY GROUP INC NEW	828806109	1,171	$216,755	0.02%
169	CORCEPT THERAPEUTICS INC	CORT	6,200	$215,760	0.02%
170	MCDONALDS CORP	MCD	680	$207,889	0.02%
171	DUKE ENERGY CORP NEW	DUKB	1,762	$206,581	0.02%
172	PROGRESSIVE CORP	743315103	901	$205,175	0.02%
173	UBER TECHNOLOGIES INC	UBER	2,457	$200,763	0.02%
174	EATON VANCE TAX-MANAGED GLOB	ETN	16,427	$156,550	0.02%
175	INDUSTRIAL LOGISTICS PPTYS T	456237106	11,000	$60,940	0.01%
176	LIVEWIRE GROUP INC	LVWR-WT	11,500	$721	0.00%