# BDFS Capital LLC

> 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.

- CRD: 287680
- Filed as: BDFS CAPITAL LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Rehoboth Beach, DE
- Filing period: October 2026
- Form ADV filing dated: July 10, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/287680
- AdvisorCensus page: https://advisorcensus.com/firm/bdfs-capital-llc-rehoboth-beach-de-287680

## Quick answers

**How is BDFS Capital LLC compensated?**
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.

**Where is BDFS Capital LLC located?**
BDFS Capital LLC's principal office is in Rehoboth Beach, DE, according to its Form ADV.

**Is BDFS Capital LLC registered with the SEC or a state?**
BDFS Capital LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 287680.

**How much does BDFS Capital LLC manage?**
BDFS Capital LLC reports $411,329,570 in regulatory assets under management in its Form ADV filing dated July 10, 2026 (99% discretionary).

**How have BDFS Capital LLC's assets and staff changed since 2021?**
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.

**What types of clients does BDFS Capital LLC serve?**
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).

**Which custodians does BDFS Capital LLC use?**
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.

**Does BDFS Capital LLC report any disciplinary disclosures?**
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

**What changed in BDFS Capital LLC's recent Form ADV filings?**
In the August 2026 filing data: Employees performing advisory functions went from 9 to 7.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Other

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

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.

### Regulatory assets under management (Item 5.F)
- Total: $411,329,570
- Discretionary: $408,297,049
- Non-discretionary: $3,032,521

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 681 | $193,339,657 |
| High net worth individuals | 75 | $212,213,432 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 2 | $950,906 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 4 | $4,825,575 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2021 (5 years)
- Employees: 7 total, 7 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: DE, FL, LA, MD, NJ, NY, PA, TX, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- blackdiamondfs.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $117,205,552 | 6 | June 1, 2021 |
| October 2022 | $237,410,405 | 6 | February 21, 2022 |
| October 2023 | $230,644,342 | 6 | September 5, 2023 |
| October 2024 | $287,773,935 | 6 | February 8, 2024 |
| October 2025 | $325,153,356 | 9 | April 4, 2025 |
| October 2026 | $411,329,570 | 7 | July 10, 2026 |

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.

## Changes in the filing (last 12 months)

### August 2026
- Employees performing advisory functions went from 9 to 7.

### February 2026
- Regulatory assets under management went from $325,153,356 to $411,329,570 (+27%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. BDFS Capital LLC (CRD 287680): Form ADV filing data as of October 2026.