Black Diamond Capital Management

Hedge fund manager

Black Diamond Capital Management is an SEC-registered investment adviser based in St. Thomas, VI that reports managing 5 hedge funds on Form ADV. It reports $10.7 billion in regulatory assets under management. Its private funds, of all types, hold $12.5 billion in gross assets. Its disclosed U.S. stock holdings returned an estimated +7.6% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +7.9% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.

Regulatory assets under management: $10.7 billionForm ADV Item 5.F
Gross assets of private funds: $12.5 billionAll private fund types, Form ADV
Hedge funds managed: 533 private funds in total
Employees: 100Form ADV Item 5.A
Registration: SEC-registered adviserCRD 154495
Latest Form ADV: 07/13/2026Disciplinary disclosures: none reported

Estimated 13F portfolio performance

Est. 2026 YTD+7.6%Through Q2 2026 · S&P 500 +9.5%

Est. 2-year return+7.9%Q3 2024 – Q2 2026

S&P 500+37.2%Same quarters, price only

13F holdings$151.0 million8 positions, 2026-06-30

Quarter	Est. 13F return	S&P 500
Q2 2026	+6.1%	+14.8%
Q1 2026	+1.4%	-4.6%
Q4 2025	+7.1%	+2.4%
Q3 2025	-4.0%	+7.8%
Q2 2025	+1.8%	+10.4%
Q1 2025	-8.9%	-4.5%
Q4 2024	+6.8%	+2.1%
Q3 2024	-1.5%	+5.4%

Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures

Largest disclosed holdings

Consumer Portfolio Svcs Inc$49.2 million
KVH Inds Inc$34.8 million
Verizon Communications Inc$26.4 million
Canterbury PK Hldg Corp$13.5 million
Wynn Resorts LTD$10.0 million
Boyd Gaming Corp$7.2 million
Microsoft Corp Com$6.9 million
Berkshire Hathaway Inc Del$3.0 million

As of 2026-06-30, from 13F filing by Black Diamond Capital Management I, LLLP.

Hedge funds filing Form D (1)

Fund

First sale

Raised

Investors

Minimum

YTD performance

Black Diamond Credit Strategies Offshore, Ltd.

Grand Cayman, Cayman IslandsOffshore

YTD performanceNot reported

Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.

Private funds reported on Form ADV (28)

Fund

Gross assets

Minimum

Owners

Adviser

BDCM Opportunity Fund IV, L.P.

Delaware, United StatesPrivate equity fund

Gross assets$3.0B

Minimum$5.0M

Owners93

AdviserBlack Diamond Capital Management, L.L.C.

BDCM Opportunity Fund III, L.P.

Delaware, United StatesPrivate equity fund

Gross assets$1.5B

Minimum$5.0M

Owners51

AdviserBlack Diamond Capital Management, L.L.C.

BDCM Opportunity Fund V, L.P.

Delaware, United StatesPrivate equity fund

Gross assets$722M

Minimum$5.0M

Owners65

AdviserBlack Diamond Capital Management, L.L.C.

Black Diamond Capital Management

Estimated 13F portfolio performance

Largest disclosed holdings

Hedge funds filing Form D (1)

Private funds reported on Form ADV (28)

Fund vehicles: feeder funds and single-deal vehicles (6)