# EDGAR Filing Document

**Accession Number:** 0001966087
**File Stem:** 0001951757-25-001323
**Filing Date:** 2025-11
**Character Count:** 15439
**Document Hash:** 6a9e90753a3ac47622f9b665f487dc93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001951757-25-001323.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001951757-25-001323

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kapstone Financial Advisors LLC
- **CENTRAL INDEX KEY:** 0001966087

**ORGANIZATION NAME:**
- **EIN:** 823392456
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23110
- **FILM NUMBER:** 251460609

**BUSINESS ADDRESS:**
- **STREET 1:** 212 N. BROADWAY ST.
- **CITY:** LEBANON
- **STATE:** OH
- **ZIP:** 45036
- **BUSINESS PHONE:** (937) 751-1000

**MAIL ADDRESS:**
- **STREET 1:** 212 N. BROADWAY ST.
- **CITY:** LEBANON
- **STATE:** OH
- **ZIP:** 45036

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Kapstone Financial Advisors LLC<br>**Address:** 212 N. BROADWAY ST.<br>LEBANON, OH 45036

**Form 13F File Number:** 028-23110

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** David Kronour<br>**Title:** Chief Compliance Officer<br>**Phone:** (937) 751-1000

**Signature, Place, and Date of Signing:**

David Kronour  Lebanon, OH  11-07-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 122

**Form 13F Information Table Value Total:** $212289194

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 3181876 | 13742 | SH |  | SOLE |  | 0 | 0 | 13742 |
| ABRDN GLOBAL DYNAMIC DIVIDEN | COM | 00302M106 |  | 263070 | 19750 | SH |  | SOLE |  | 0 | 0 | 19750 |
| ABRDN LIFE SCIENCES INVESTOR | SH BEN INT | 87911K100 |  | 216969 | 13989 | SH |  | SOLE |  | 0 | 0 | 13989 |
| ABRDN WORLD HEALTHCARE FUND | BEN INT SHS | 87911L108 |  | 193662 | 15370 | SH |  | SOLE |  | 0 | 0 | 15370 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 3871854 | 15927 | SH |  | SOLE |  | 0 | 0 | 15927 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2321762 | 9533 | SH |  | SOLE |  | 0 | 0 | 9533 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1009063 | 15275 | SH |  | SOLE |  | 0 | 0 | 15275 |
| AMAZON COM INC | COM | 023135106 |  | 1884130 | 8581 | SH |  | SOLE |  | 0 | 0 | 8581 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 433137 | 1304 | SH |  | SOLE |  | 0 | 0 | 1304 |
| ANALOG DEVICES INC | COM | 032654105 |  | 671744 | 2734 | SH |  | SOLE |  | 0 | 0 | 2734 |
| APPLE INC | COM | 037833100 |  | 21521880 | 84522 | SH |  | SOLE |  | 0 | 0 | 84522 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 246617 | 1743 | SH |  | SOLE |  | 0 | 0 | 1743 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 695393 | 969 | SH |  | SOLE |  | 0 | 0 | 969 |
| BANK AMERICA CORP | COM | 060505104 |  | 595710 | 11547 | SH |  | SOLE |  | 0 | 0 | 11547 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754200 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2880197 | 5729 | SH |  | SOLE |  | 0 | 0 | 5729 |
| BLACKROCK ENHANCED EQUITY DI | COM | 09251A104 |  | 247437 | 27161 | SH |  | SOLE |  | 0 | 0 | 27161 |
| BLACKSTONE INC | COM | 09260D107 |  | 275923 | 1615 | SH |  | SOLE |  | 0 | 0 | 1615 |
| BOEING CO | COM | 097023105 |  | 295040 | 1367 | SH |  | SOLE |  | 0 | 0 | 1367 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 287529 | 6375 | SH |  | SOLE |  | 0 | 0 | 6375 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 847746 | 5401 | SH |  | SOLE |  | 0 | 0 | 5401 |
| CHEVRON CORP NEW | COM | 166764100 |  | 568672 | 3662 | SH |  | SOLE |  | 0 | 0 | 3662 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 401376 | 2539 | SH |  | SOLE |  | 0 | 0 | 2539 |
| CISCO SYS INC | COM | 17275R102 |  | 1063315 | 15541 | SH |  | SOLE |  | 0 | 0 | 15541 |
| COCA COLA CO | COM | 191216100 |  | 504840 | 7612 | SH |  | SOLE |  | 0 | 0 | 7612 |
| COHEN  STEERS CLOSED-END OP | COM | 19248P106 |  | 268885 | 20620 | SH |  | SOLE |  | 0 | 0 | 20620 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 186469 | 10184 | SH |  | SOLE |  | 0 | 0 | 10184 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 212198 | 2111 | SH |  | SOLE |  | 0 | 0 | 2111 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 392349 | 2867 | SH |  | SOLE |  | 0 | 0 | 2867 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1005234 | 1086 | SH |  | SOLE |  | 0 | 0 | 1086 |
| CSX CORP | COM | 126408103 |  | 666807 | 18778 | SH |  | SOLE |  | 0 | 0 | 18778 |
| CUMMINS INC | COM | 231021106 |  | 515937 | 1222 | SH |  | SOLE |  | 0 | 0 | 1222 |
| D R HORTON INC | COM | 23331A109 |  | 469601 | 2771 | SH |  | SOLE |  | 0 | 0 | 2771 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 248281 | 4375 | SH |  | SOLE |  | 0 | 0 | 4375 |
| DISNEY WALT CO | COM | 254687106 |  | 258541 | 2258 | SH |  | SOLE |  | 0 | 0 | 2258 |
| DOCUSIGN INC | COM | 256163106 |  | 238978 | 3315 | SH |  | SOLE |  | 0 | 0 | 3315 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 852885 | 6892 | SH |  | SOLE |  | 0 | 0 | 6892 |
| EATON VANCE TAX-MANAGED BUY- | COM | 27828Y108 |  | 159386 | 11185 | SH |  | SOLE |  | 0 | 0 | 11185 |
| EATON VANCE TAX-MANAGED DIVE | COM | 27828N102 |  | 179129 | 11266 | SH |  | SOLE |  | 0 | 0 | 11266 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 366095 | 1133 | SH |  | SOLE |  | 0 | 0 | 1133 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1207092 | 10706 | SH |  | SOLE |  | 0 | 0 | 10706 |
| FEDEX CORP | COM | 31428X106 |  | 270946 | 1149 | SH |  | SOLE |  | 0 | 0 | 1149 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 270329 | 6068 | SH |  | SOLE |  | 0 | 0 | 6068 |
| FIRST TR EXCHANGE TRADED FD | RISNG DIVD ACHIV | 33738R506 |  | 981391 | 14591 | SH |  | SOLE |  | 0 | 0 | 14591 |
| FIRST TR EXCHANGE-TRADED FD | GROWTH STRENGTH | 33733E823 |  | 1497088 | 41690 | SH |  | SOLE |  | 0 | 0 | 41690 |
| FIRST TR EXCHANGE-TRADED FD | CAP STRENGTH ETF | 33733E104 |  | 1990131 | 21253 | SH |  | SOLE |  | 0 | 0 | 21253 |
| FIRST TR EXCHANGE-TRADED FD | SHS | 337345102 |  | 335919 | 1463 | SH |  | SOLE |  | 0 | 0 | 1463 |
| FIRST TR EXCHANGE-TRADED FD | US EQTY OPPT ETF | 336920103 |  | 307064 | 1848 | SH |  | SOLE |  | 0 | 0 | 1848 |
| FORD MTR CO | COM | 345370860 |  | 604769 | 50566 | SH |  | SOLE |  | 0 | 0 | 50566 |
| GABELLI EQUITY TR INC | COM | 362397101 |  | 148474 | 24380 | SH |  | SOLE |  | 0 | 0 | 24380 |
| GLOBAL X FDS | NASDAQ 100 COVER | 37954Y483 |  | 267431 | 15722 | SH |  | SOLE |  | 0 | 0 | 15722 |
| GUGGENHEIM STRATEGIC OPPORTU | COM SBI | 40167F101 |  | 165829 | 11070 | SH |  | SOLE |  | 0 | 0 | 11070 |
| HOME DEPOT INC | COM | 437076102 |  | 702599 | 1734 | SH |  | SOLE |  | 0 | 0 | 1734 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 692907 | 40122 | SH |  | SOLE |  | 0 | 0 | 40122 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 558143 | 1248 | SH |  | SOLE |  | 0 | 0 | 1248 |
| INVESCO EXCHANGE TRADED FD T | S EQL TEC | 46137V282 |  | 770342 | 17280 | SH |  | SOLE |  | 0 | 0 | 17280 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 4176774 | 6957 | SH |  | SOLE |  | 0 | 0 | 6957 |
| IRON MTN INC DEL | COM | 46284V101 |  | 529578 | 5195 | SH |  | SOLE |  | 0 | 0 | 5195 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 1607505 | 23612 | SH |  | SOLE |  | 0 | 0 | 23612 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 12334391 | 100730 | SH |  | SOLE |  | 0 | 0 | 100730 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 237571 | 2721 | SH |  | SOLE |  | 0 | 0 | 2721 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 216865 | 1825 | SH |  | SOLE |  | 0 | 0 | 1825 |
| ISHARES TR | CORE S ETF | 464287200 |  | 38009626 | 56790 | SH |  | SOLE |  | 0 | 0 | 56790 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 201313 | 785 | SH |  | SOLE |  | 0 | 0 | 785 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 296039 | 810 | SH |  | SOLE |  | 0 | 0 | 810 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 3451713 | 7369 | SH |  | SOLE |  | 0 | 0 | 7369 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 5348258 | 44303 | SH |  | SOLE |  | 0 | 0 | 44303 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 284483 | 1378 | SH |  | SOLE |  | 0 | 0 | 1378 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 3128189 | 22014 | SH |  | SOLE |  | 0 | 0 | 22014 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654Q203 |  | 269596 | 4687 | SH |  | SOLE |  | 0 | 0 | 4687 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1343739 | 7247 | SH |  | SOLE |  | 0 | 0 | 7247 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 2816790 | 8930 | SH |  | SOLE |  | 0 | 0 | 8930 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 257508 | 2071 | SH |  | SOLE |  | 0 | 0 | 2071 |
| KROGER CO | COM | 501044101 |  | 335904 | 4983 | SH |  | SOLE |  | 0 | 0 | 4983 |
| LCNB CORP | COM | 50181P100 |  | 1333151 | 88936 | SH |  | SOLE |  | 0 | 0 | 88936 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 117290 | 18500 | SH |  | SOLE |  | 0 | 0 | 18500 |
| LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 |  | 104135 | 18763 | SH |  | SOLE |  | 0 | 0 | 18763 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 562110 | 1126 | SH |  | SOLE |  | 0 | 0 | 1126 |
| LOWES COS INC | COM | 548661107 |  | 291520 | 1160 | SH |  | SOLE |  | 0 | 0 | 1160 |
| MARATHON PETE CORP | COM | 56585A102 |  | 1009958 | 5240 | SH |  | SOLE |  | 0 | 0 | 5240 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 814322 | 1292 | SH |  | SOLE |  | 0 | 0 | 1292 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 388497 | 683 | SH |  | SOLE |  | 0 | 0 | 683 |
| MCDONALDS CORP | COM | 580135101 |  | 309360 | 1018 | SH |  | SOLE |  | 0 | 0 | 1018 |
| MCKESSON CORP | COM | 58155Q103 |  | 272707 | 353 | SH |  | SOLE |  | 0 | 0 | 353 |
| MERCK  CO INC | COM | 58933Y105 |  | 709628 | 8455 | SH |  | SOLE |  | 0 | 0 | 8455 |
| META PLATFORMS INC | CL A | 30303M102 |  | 6182011 | 8418 | SH |  | SOLE |  | 0 | 0 | 8418 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 439717 | 2628 | SH |  | SOLE |  | 0 | 0 | 2628 |
| MICROSOFT CORP | COM | 594918104 |  | 5427704 | 10479 | SH |  | SOLE |  | 0 | 0 | 10479 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 311774 | 2777 | SH |  | SOLE |  | 0 | 0 | 2777 |
| NET POWER INC | COM CL A | 64107A105 |  | 52359 | 17395 | SH |  | SOLE |  | 0 | 0 | 17395 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 345607 | 2695 | SH |  | SOLE |  | 0 | 0 | 2695 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 |  | 209428 | 14065 | SH |  | SOLE |  | 0 | 0 | 14065 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3756798 | 20135 | SH |  | SOLE |  | 0 | 0 | 20135 |
| ORACLE CORP | COM | 68389X105 |  | 286302 | 1018 | SH |  | SOLE |  | 0 | 0 | 1018 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 7348972 | 40286 | SH |  | SOLE |  | 0 | 0 | 40286 |
| PAYCHEX INC | COM | 704326107 |  | 951334 | 7505 | SH |  | SOLE |  | 0 | 0 | 7505 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 2270830 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 4790500 | 31178 | SH |  | SOLE |  | 0 | 0 | 31178 |
| PROGRESSIVE CORP | COM | 743315103 |  | 403022 | 1632 | SH |  | SOLE |  | 0 | 0 | 1632 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 326629 | 3169 | SH |  | SOLE |  | 0 | 0 | 3169 |
| S GLOBAL INC | COM | 78409V104 |  | 202471 | 416 | SH |  | SOLE |  | 0 | 0 | 416 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 398010 | 4455 | SH |  | SOLE |  | 0 | 0 | 4455 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 272313 | 5055 | SH |  | SOLE |  | 0 | 0 | 5055 |
| SOUTHERN CO | COM | 842587107 |  | 536683 | 5663 | SH |  | SOLE |  | 0 | 0 | 5663 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 402990 | 869 | SH |  | SOLE |  | 0 | 0 | 869 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1384322 | 2078 | SH |  | SOLE |  | 0 | 0 | 2078 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 209803 | 352 | SH |  | SOLE |  | 0 | 0 | 352 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 |  | 204467 | 2610 | SH |  | SOLE |  | 0 | 0 | 2610 |
| SPDR SERIES TRUST | S DIVID ETF | 78464A763 |  | 513003 | 3663 | SH |  | SOLE |  | 0 | 0 | 3663 |
| STRATEGY INC | CL A NEW | 594972408 |  | 23201053 | 72006 | SH |  | SOLE |  | 0 | 0 | 72006 |
| T-MOBILE US INC | COM | 872590104 |  | 219511 | 917 | SH |  | SOLE |  | 0 | 0 | 917 |
| TIDAL TRUST II | YIELDMAX MSTR OP | 88634T493 |  | 433416 | 31047 | SH |  | SOLE |  | 0 | 0 | 31047 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 797770 | 8143 | SH |  | SOLE |  | 0 | 0 | 8143 |
| UNION PAC CORP | COM | 907818108 |  | 219824 | 930 | SH |  | SOLE |  | 0 | 0 | 930 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 277304 | 845 | SH |  | SOLE |  | 0 | 0 | 845 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 4287840 | 30421 | SH |  | SOLE |  | 0 | 0 | 30421 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 293454 | 6677 | SH |  | SOLE |  | 0 | 0 | 6677 |
| VISA INC | COM CL A | 92826C839 |  | 1030686 | 3019 | SH |  | SOLE |  | 0 | 0 | 3019 |
| VULCAN MATLS CO | COM | 929160109 |  | 776740 | 2525 | SH |  | SOLE |  | 0 | 0 | 2525 |
| WALMART INC | COM | 931142103 |  | 233328 | 2264 | SH |  | SOLE |  | 0 | 0 | 2264 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 214328 | 2557 | SH |  | SOLE |  | 0 | 0 | 2557 |
| WISDOMTREE TR | US TOTAL DIVIDND | 97717W109 |  | 294000 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |

---