# EDGAR Filing Document

**Accession Number:** 0001843853
**File Stem:** 0001085146-25-004194
**Filing Date:** 2025-7
**Character Count:** 9972
**Document Hash:** efc10f53dca602fe6d8a8094a2ab1b22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-004194.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001085146-25-004194

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**EFFECTIVENESS DATE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Financial Advisory
- **CENTRAL INDEX KEY:** 0001843853

**ORGANIZATION NAME:**
- **EIN:** 273779966
- **STATE OF INCORPORATION:** AL

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20673
- **FILM NUMBER:** 251154848

**BUSINESS ADDRESS:**
- **STREET 1:** 54 S. GREENO ROAD.
- **CITY:** FAIRHOPE
- **STATE:** AL
- **ZIP:** 36532
- **BUSINESS PHONE:** 2519289498

**MAIL ADDRESS:**
- **STREET 1:** 54 S. GREENO ROAD.
- **CITY:** FAIRHOPE
- **STATE:** AL
- **ZIP:** 36532

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Brown Financial Advisory<br>**Address:** 54 S. GREENO ROAD.<br>FAIRHOPE, AL 36532

**Form 13F File Number:** 028-20673

**CRD Number (if applicable):** 000155548

**SEC File Number (if applicable):** 801-79151

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:** Joshua Wyatt Lancaster<br>**Title:** Vice-President<br>**Phone:** 251-928-9498

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

/s/Joshua Wyatt Lancaster  Fairhope, AL  07-28-2025<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:** 55

**Form 13F Information Table Value Total:** $181212806

      (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 |
| ABBOTT LABS | COM | 002824100 | BBG001S5N9M6 | 245363 | 1804 | SH |  | SOLE |  | 0 | 0 | 1804 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 689166 | 3713 | SH |  | SOLE |  | 0 | 0 | 3713 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 557470 | 2541 | SH |  | SOLE |  | 0 | 0 | 2541 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 | BBG00Q6ZDXT0 | 381014 | 5559 | SH |  | SOLE |  | 0 | 0 | 5559 |
| AMERICAN CENTY ETF TR | INTL EQT ETF | 025072703 | BBG00Q9MQ6T1 | 1894879 | 25603 | SH |  | SOLE |  | 0 | 0 | 25603 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 1166604 | 5686 | SH |  | SOLE |  | 0 | 0 | 5686 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 2111157 | 4346 | SH |  | SOLE |  | 0 | 0 | 4346 |
| DIMENSIONAL ETF TRUST | EMERGING MRKTETS | 25434V534 | BBG01PK0LBB0 | 19032725 | 348784 | SH |  | SOLE |  | 0 | 0 | 348784 |
| DIMENSIONAL ETF TRUST | US REAL ESTATE E | 25434V823 | BBG015GTL6R0 | 3902994 | 166368 | SH |  | SOLE |  | 0 | 0 | 166368 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 | BBG0078X1341 | 745130 | 16287 | SH |  | SOLE |  | 0 | 0 | 16287 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 386249 | 1053 | SH |  | SOLE |  | 0 | 0 | 1053 |
| INVESCO EXCH TRD SLF IDX FD | BULETSHS 2029 | 46138J577 | BBG00Q5D6ZV0 | 425051 | 22730 | SH |  | SOLE |  | 0 | 0 | 22730 |
| INVESCO EXCH TRD SLF IDX FD | BULSHS 2027 CB | 46138J783 | BBG00KJR2L24 | 423438 | 21549 | SH |  | SOLE |  | 0 | 0 | 21549 |
| INVESCO EXCH TRD SLF IDX FD | INVSCO BLSH 28 | 46138J643 | BBG00LNJW5P2 | 424840 | 20734 | SH |  | SOLE |  | 0 | 0 | 20734 |
| INVESCO EXCHANGE TRADED FD T | RAFI US 1000 ETF | 46137V613 | BBG001S6H5N8 | 211037 | 4993 | SH |  | SOLE |  | 0 | 0 | 4993 |
| INVESCO EXCHANGE TRADED FD T | S MDCP QUALITY | 46137V472 | BBG001SS30K9 | 415491 | 4229 | SH |  | SOLE |  | 0 | 0 | 4229 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 1484572 | 2391 | SH |  | SOLE |  | 0 | 0 | 2391 |
| ISHARES TR | CRE U S REIT ETF | 464288521 | BBG001ST7G55 | 387436 | 6850 | SH |  | SOLE |  | 0 | 0 | 6850 |
| ISHARES TR | MSCI INTL QUALTY | 46434V456 | BBG007WGM3H4 | 369031 | 8538 | SH |  | SOLE |  | 0 | 0 | 8538 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 | BBG0025X2G81 | 789673 | 8412 | SH |  | SOLE |  | 0 | 0 | 8412 |
| ISHARES TR | RUS 1000 ETF | 464287622 | BBG001S562W9 | 9985566 | 29407 | SH |  | SOLE |  | 0 | 0 | 29407 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 | BBG001S56320 | 2067181 | 4869 | SH |  | SOLE |  | 0 | 0 | 4869 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 | BBG001S562P7 | 993849 | 5117 | SH |  | SOLE |  | 0 | 0 | 5117 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 390796 | 1811 | SH |  | SOLE |  | 0 | 0 | 1811 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 342904 | 1183 | SH |  | SOLE |  | 0 | 0 | 1183 |
| LOEWS CORP | COM | 540424108 | BBG001S6KQC0 | 309536 | 3377 | SH |  | SOLE |  | 0 | 0 | 3377 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 1598407 | 3213 | SH |  | SOLE |  | 0 | 0 | 3213 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 607954 | 3848 | SH |  | SOLE |  | 0 | 0 | 3848 |
| PIMCO ETF TR | 0-5 HIGH YIELD | 72201R783 | BBG001V1XW67 | 205009 | 2158 | SH |  | SOLE |  | 0 | 0 | 2158 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 | BBG0051J0PJ9 | 621197 | 25314 | SH |  | SOLE |  | 0 | 0 | 25314 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 | BBG001T66WN0 | 240692 | 8240 | SH |  | SOLE |  | 0 | 0 | 8240 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 | BBG001SF0100 | 648164 | 6579 | SH |  | SOLE |  | 0 | 0 | 6579 |
| SOUTHERN CO | COM | 842587107 | BBG001S5W777 | 371301 | 4043 | SH |  | SOLE |  | 0 | 0 | 4043 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG001SRXRJ1 | 9043078 | 223341 | SH |  | SOLE |  | 0 | 0 | 223341 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 | BBG001SRXRD7 | 1809527 | 42338 | SH |  | SOLE |  | 0 | 0 | 42338 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 474409 | 768 | SH |  | SOLE |  | 0 | 0 | 768 |
| SPDR SERIES TRUST | MSCI USA STRTGIC | 78468R812 | BBG008HB6477 | 280537 | 1720 | SH |  | SOLE |  | 0 | 0 | 1720 |
| SPDR SERIES TRUST | PORTFLI HIGH YLD | 78468R606 | BBG0034VNBZ2 | 1003123 | 42148 | SH |  | SOLE |  | 0 | 0 | 42148 |
| SPDR SERIES TRUST | PORTFOLIO AGRGTE | 78464A649 | BBG001STKD11 | 2231015 | 87149 | SH |  | SOLE |  | 0 | 0 | 87149 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 | BBG001SPTB87 | 74865523 | 1029929 | SH |  | SOLE |  | 0 | 0 | 1029929 |
| SPDR SERIES TRUST | PORTFOLIO S | 78468R853 | BBG004T58LZ5 | 574887 | 13495 | SH |  | SOLE |  | 0 | 0 | 13495 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 | BBG001SK3J43 | 286638 | 1487 | SH |  | SOLE |  | 0 | 0 | 1487 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 | BBG001SRN7W1 | 240565 | 1463 | SH |  | SOLE |  | 0 | 0 | 1463 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 453049 | 5087 | SH |  | SOLE |  | 0 | 0 | 5087 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG001SHTTV0 | 27787487 | 117257 | SH |  | SOLE |  | 0 | 0 | 117257 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 710893 | 2339 | SH |  | SOLE |  | 0 | 0 | 2339 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 | BBG001T62M74 | 353541 | 6015 | SH |  | SOLE |  | 0 | 0 | 6015 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 | BBG001TCHM11 | 3366108 | 11985 | SH |  | SOLE |  | 0 | 0 | 11985 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 | BBG001TCH7W0 | 257038 | 2947 | SH |  | SOLE |  | 0 | 0 | 2947 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 450543 | 7903 | SH |  | SOLE |  | 0 | 0 | 7903 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 | BBG001SS0V24 | 1099813 | 8250 | SH |  | SOLE |  | 0 | 0 | 8250 |
| VANGUARD WORLD FD | MEGA CAP INDEX | 921910873 | BBG001T0Y6Y7 | 525040 | 2334 | SH |  | SOLE |  | 0 | 0 | 2334 |
| VANGUARD WORLD FD | MEGA CAP VAL ETF | 921910840 | BBG001T0Y6L1 | 274342 | 2091 | SH |  | SOLE |  | 0 | 0 | 2091 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 464980 | 4755 | SH |  | SOLE |  | 0 | 0 | 4755 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 | BBG005YHYNG8 | 234794 | 4667 | SH |  | SOLE |  | 0 | 0 | 4667 |

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