A method of preparing a bone graft. An osteoconductive matrix is placed in a receptacle. Bone marrow aspirate is provided that includes plasma, progenitor cells, hematopoietic cells, endothelial cells, red blood cells, white blood cells, platelets, bone, cartilage, thrombus or combinations thereof. The bone marrow aspirate is passed through the receptacle. At least a portion of bone marrow aspirate is retained in the receptacle. The portion of the bone marrow aspirate retained in the receptacle becomes associated with the osteoconductive matrix to form the bone graft.