Institutional Manager · CIK 0001759236

Black Diamond Financial, LLC

TOWSON, MD · File #028-19171

Latest AUM

$948.6M

Positions

176

Top-10 Concentration

56.5%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	CAPRICOR THERAPEUTICS INC	CAPR	-198,660	-$5.7M	+$6.0M
ADD	ISHARES TR	464287226	+32,235	+$3.2M	-$146,055
ADD	SCHWAB STRATEGIC TR	808524862	+124,221	+$3.0M	-$17,185
ADD	SCHWAB STRATEGIC TR	808524805	+112,785	+$2.7M	+$740,117
ADD	ISHARES TR	464288406	+32,706	+$2.7M	+$377,521
ADD	SCHWAB STRATEGIC TR	808524409	+90,362	+$2.7M	+$637,885
ADD	SPDR SERIES TRUST	78464A672	+86,979	+$2.5M	-$79,905
ADD	VANGUARD WORLD FD	921910840	+16,883	+$2.4M	+$2.6M
ADD	FIDELITY COVINGTON TRUST	316092857	+74,069	+$2.0M	-$624,457
ADD	SCHWAB STRATEGIC TR	808524300	+51,855	+$1.7M	+$794,962

Sector Allocation

Consumer Discretionary

2.1%$20.5M

2.1%$20.0M

1.3%$11.9M

0.9%$8.7M

0.3%$3.0M

0.3%$2.4M

0.2%$1.6M

Communication Services

0.2%$1.6M

Energy

0.1%$1.3M

Filing History

Feb 3, 202613F HOLDINGS REPORTQ/E Dec 2025176 pos · $948.6M
Nov 5, 202513F HOLDINGS REPORTQ/E Sep 2025161 pos · $892.5M
Jul 30, 202513F HOLDINGS REPORTQ/E Jun 2025144 pos · $643.9M
Apr 30, 202513F HOLDINGS REPORTQ/E Mar 2025146 pos · $665.9M
Feb 4, 202513F HOLDINGS REPORTQ/E Dec 2024146 pos · $667.3M
Nov 6, 202413F HOLDINGS REPORTQ/E Sep 2024145 pos · $589.1M
Aug 9, 202413F HOLDINGS REPORTQ/E Jun 2024139 pos · $517.9M
May 6, 202413F HOLDINGS REPORTQ/E Mar 2024115 pos · $370.0M
Nov 3, 202313F HOLDINGS REPORTQ/E Dec 2023111 pos · $324.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD WORLD FD	921910840	776,946	$109.7M	12.71%
2	VANGUARD WORLD FD	921910816	220,286	$90.9M	10.54%
3	VANGUARD INDEX FDS	922908736	91,970	$44.9M	5.20%
4	ISHARES TR	464287226	426,781	$42.6M	4.94%
5	SPDR SERIES TRUST	78464A672	1,418,376	$40.9M	4.74%
6	SCHWAB STRATEGIC TR	808524409	1,366,132	$40.5M	4.69%
7	SCHWAB STRATEGIC TR	808524300	1,171,510	$38.2M	4.43%
8	VANGUARD WORLD FD	921910873	113,098	$28.4M	3.29%
9	SCHWAB STRATEGIC TR	808524805	1,086,615	$26.1M	3.03%
10	VANGUARD INDEX FDS	922908744	134,771	$25.7M	2.98%
11	VANGUARD INDEX FDS	922908538	83,429	$23.3M	2.70%
12	ISHARES TR	464288638	399,301	$21.5M	2.49%
13	SCHWAB STRATEGIC TR	808524201	797,120	$21.5M	2.49%
14	FIDELITY COVINGTON TRUST	316092857	752,837	$20.2M	2.35%
15	ISHARES TR	464288406	222,628	$18.3M	2.12%
16	SCHWAB STRATEGIC TR	808524862	697,251	$17.0M	1.97%
17	ISHARES TR	464288646	304,420	$16.1M	1.87%
18	ISHARES TR	464288414	149,628	$16.0M	1.86%
19	LINDBLAD EXPEDITIONS HLDGS I	LIND	1,068,362	$15.4M	1.78%
20	VANGUARD INDEX FDS	922908611	72,320	$15.3M	1.77%