{
  "crd_number": 287680,
  "slug": "bdfs-capital-llc-rehoboth-beach-de-287680",
  "primary_business_name": "BDFS CAPITAL LLC",
  "legal_name": "BDFS CAPITAL LLC",
  "dbas": [],
  "city": "Rehoboth Beach",
  "state": "DE",
  "country": "United States",
  "cbsa_code": "42580",
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2021-04-05",
  "years_registered": 5,
  "period": "2026-10-01",
  "filing_date": "2026-07-10",
  "carried_forward": false,
  "raum_total": 411329570.0,
  "raum_discretionary": 408297049.0,
  "raum_non_discretionary": 3032521.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 7,
  "advisory_employees": 7,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 950906.0,
      "count": 2,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 193339657.0,
      "count": 681
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 212213432.0,
      "count": 75
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 4825575.0,
      "count": 4,
      "fewer_than_5": true
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "other",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "DE",
    "FL",
    "LA",
    "MD",
    "NJ",
    "NY",
    "PA",
    "TX",
    "VA"
  ],
  "websites": [
    "https://blackdiamondfs.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/287680",
  "city_as_filed": "REHOBOTH BEACH",
  "url": "https://advisorcensus.com/firm/bdfs-capital-llc-rehoboth-beach-de-287680",
  "display_name": "BDFS Capital LLC",
  "summary": "BDFS Capital LLC is an SEC-registered investment advisory firm in Rehoboth Beach, DE, registered since 2021, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated July 10, 2026.",
  "citation": "AdvisorCensus. BDFS Capital LLC (CRD 287680): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)",
    "Other"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Selection of other advisers (including private fund managers)"
  ],
  "quick_answers": [
    {
      "q": "How is BDFS Capital LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), BDFS Capital LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); other."
    },
    {
      "q": "Where is BDFS Capital LLC located?",
      "a": "BDFS Capital LLC's principal office is in Rehoboth Beach, DE, according to its Form ADV."
    },
    {
      "q": "Is BDFS Capital LLC registered with the SEC or a state?",
      "a": "BDFS Capital LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 287680."
    },
    {
      "q": "How much does BDFS Capital LLC manage?",
      "a": "BDFS Capital LLC reports $411,329,570 in regulatory assets under management in its Form ADV filing dated July 10, 2026 (99% discretionary)."
    },
    {
      "q": "How have BDFS Capital LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for BDFS Capital LLC: Regulatory assets under management: $117,205,552 in the October 2021 data and $411,329,570 in the October 2026 data, up 251%. Total employees: 6 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does BDFS Capital LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (681); high net worth individuals (75); corporations or other businesses not listed above (4)."
    },
    {
      "q": "Which custodians does BDFS Capital LLC use?",
      "a": "BDFS Capital LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does BDFS Capital LLC report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/287680"
    },
    {
      "q": "What changed in BDFS Capital LLC's recent Form ADV filings?",
      "a": "In the August 2026 filing data: Employees performing advisory functions went from 9 to 7."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 117205552.0,
      "total_employees": 6,
      "filing_date": "2021-06-01"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 237410405.0,
      "total_employees": 6,
      "filing_date": "2022-02-21"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 230644342.0,
      "total_employees": 6,
      "filing_date": "2023-09-05"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 287773935.0,
      "total_employees": 6,
      "filing_date": "2024-02-08"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 325153356.0,
      "total_employees": 9,
      "filing_date": "2025-04-04"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 411329570.0,
      "total_employees": 7,
      "filing_date": "2026-07-10"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Employees performing advisory functions went from 9 to 7."
      ]
    },
    {
      "period": "2026-02-01",
      "period_label": "February 2026",
      "notes": [
        "Regulatory assets under management went from $325,153,356 to $411,329,570 (+27%)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Charles Schwab & Co., Inc.",
      "name_as_filed": "CHARLES SCHWAB & CO., INC.",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/bdfs-capital-llc-rehoboth-beach-de-287680.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 681,
      "fewer_than_5": false,
      "raum": 193339657.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 75,
      "fewer_than_5": false,
      "raum": 212213432.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 2,
      "fewer_than_5": true,
      "raum": 950906.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 4,
      "fewer_than_5": true,
      "raum": 4825575.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/287680",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}