Black Maple Capital Management LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Black Maple Capital Management LP reported 99 stock positions worth $150.0 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 13.7% of the portfolio, followed by Eqt (EQT, 5.5%) and Banc of California (BANC, 4.7%). Compared with Q4 2023, it opened 30 new positions, sold out of 16, added to 29 and reduced 17. The biggest buy was a new position in Eqt (EQT) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −18%).

Most Recent 13F
Q2 2026
Location
MILWAUKEE, WI
CIK
0001588959
Portfolio Value
$150.0M (Q1 2024)
SEC Filing
0001214659-24-009292 ↗ filed May 15, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $150.0M $150.0M Q1 2024 Q2 2024: $136.1M Q2 2024 Q3 2024: $132.8M Q3 2024 Q4 2024: $131.3M Q4 2024 Q1 2025: $127.3M Q1 2025 Q2 2025: $144.5M Q2 2025 Q3 2025: $138.0M Q3 2025 Q4 2025: $133.8M Q4 2025 Q1 2026: $130.2M Q1 2026 Q2 2026: $149.1M Q2 2026

Holdings 99 stocks · $150.0M
SPY SS SPDR S&P 500 ETF Trust-US 13.70% 39,295 $20.6M Reduce -17.8%
EQT Eqt Corp. 5.52% 223,500 $8.3M New
BANC Banc of California Inc. 4.69% 462,409 $7.0M Add +195.5%
FITB Fifth Third Bancorp 4.62% 186,200 $6.9M Add +276.7%
USB US Bancorp 4.13% 138,527 $6.2M New
CMA Comerica Inc. 4.03% 109,854 $6.0M Add +94.9%
EOG EOG Resources Inc. 3.96% 46,500 $5.9M Reduce -5.5%
KOS Kosmos Energy Ltd. 3.36% 845,440 $5.0M Add +2718.1%
RSP Invesco S&P 500 Equal Weight 3.17% 28,100 $4.8M New
CPE Callon Petroleum Co. 2.87% 120,340 $4.3M New
WAL Western Alliance Bancorp 2.68% 62,600 $4.0M New
APA Apa Corp. 2.40% 104,877 $3.6M Add +134.3%
IEF iShares 7-10 Year Treasury B 2.18% 34,500 $3.3M No change
BFIN Bankfinancial Corp. 1.98% 282,571 $3.0M Add +5.3%
FFNW First Financial Northwest 1.94% 141,677 $2.9M Add +45.8%
EWJ iShares MSCI Japan ETF 1.78% 37,334 $2.7M No change
CIVI Civitas Resources Inc. 1.42% 28,144 $2.1M Reduce -8.3%
HOLI Hollysys Automation Technolo 1.37% 80,373 $2.1M Reduce -21.9%
CAR Avis Budget Group Inc. 1.35% 16,600 $2.0M New
PNC PNC Financial Services Group 1.25% 11,600 $1.9M New
KEY Keycorp 1.22% 115,703 $1.8M Reduce -44.0%
FEZ State Street SPDR Euro Stoxx 1.11% 31,800 $1.7M No change
GLD SPDR Gold Shares 1.10% 8,000 $1.6M New
TLT iShares 20+ Year Treasury BD 0.98% 15,500 $1.5M No change
CMBT CMB Tech NV filed as EURONAV NV 0.93% 78,195 $1.4M Reduce -84.2%
MRO Marathon Oil Corp. 0.90% 47,502 $1.3M Add +126.2%
BUR Burford Capital Ltd. 0.88% 82,953 $1.3M Reduce -47.1%
XME SS SPDR S&P Metals Mining 0.84% 21,000 $1.3M No change
EWY iShares MSCI South Korea ETF 0.83% 18,500 $1.2M Add +15.6%
GTH Genetron Holdings Ltd.-ADR 0.79% 295,166 $1.2M Add +86.7%
FXI iShares China Large-Cap ETF 0.74% 46,200 $1.1M Add +10.4%
EWG iShares MSCI Germany ETF 0.74% 35,000 $1.1M No change
EVBN Evans Bancorp Inc. 0.71% 35,563 $1.1M No change
BABA Alibaba Group Holding-SP ADR 0.70% 14,600 $1.1M Reduce -35.1%
FCX Freeport-McMoran Inc. 0.68% 21,600 $1.0M No change
INDA iShares MSCI India ETF 0.65% 19,000 $980K Add +18.8%
ALK Alaska Air Group Inc. 0.65% 22,686 $975K No change
PEBO Peoples Bancorp Inc. 0.64% 32,624 $966K New
HTBK Heritage Commerce Corp. 0.64% 112,181 $963K Add +239.2%
XLC SS Comm Select Sector SPDR 0.60% 11,070 $904K No change
BMY Bristol-Myers Squibb Co. 0.58% 16,000 $868K Add +6.7%
CPRI Capri Holdings Ltd. 0.54% 18,000 $815K Add +260.0%
WFC Wells Fargo & Co. 0.54% 14,000 $811K Add +174.5%
NGMS Neogames SA 0.50% 25,984 $752K Reduce -55.6%
EDR Endeavor Group Hold Class A 0.50% 29,000 $746K New
EWU iShares MSCI United Kingdom 0.49% 21,710 $743K Add +29.9%
OSBC Old Second Bancorp Inc. 0.47% 50,436 $698K Add +24.7%
HTLF Heartland Financial USA Inc. 0.46% 19,799 $696K New
EIDO iShares MSCI Indonesia ETF 0.45% 30,000 $676K Add +50.0%
CERE Cerevel Therapeutics Holding 0.44% 15,702 $664K New
BANR Banner Corporation 0.44% 13,750 $660K Add +89.7%
EWP iShares MSCI Spain ETF 0.43% 20,000 $643K New
FNWD Finward Bancorp 0.41% 24,875 $612K New
MBIN Merchants Bancorp 0.41% 14,102 $609K New
PPTA Perpetua Resources Corp. 0.39% 142,346 $592K Reduce -3.8%
BCOW 1895 Bancorp of Wisconsin Inc. 0.39% 86,691 $591K Add +57.8%
INHIBRX INC 0.37% 15,863 $555K New
HBNC Horizon Bancorp Inc. 0.35% 41,372 $531K Add +10.7%
FHN First Horizon Corp. 0.33% 32,500 $501K New
CWBC Community West Bancshares 0.33% 31,781 $492K Add +81.9%
XLK SS Technology Select Sector 0.31% 2,260 $471K No change
PGY Pagaya Technologies Ltd. Class A 0.29% 43,333 $438K New
XLE SS Energy Select Sector 0.27% 4,260 $402K Add +30.7%
BHB Bar Harbor Bankshares filed as BAR HBR BANKSHARES 0.27% 15,180 $402K New
TECK Teck Resources Ltd.-CLS B 0.26% 8,500 $389K No change
KRE SS SPDR S&P Regional Bank 0.25% 7,500 $377K Add +47.1%
LBAI Lakeland Bancorp Inc. 0.25% 30,477 $369K New
UTI Universal Technical Institut 0.24% 22,500 $359K Reduce -49.4%
SHBI Shore Bancshares Inc. 0.23% 30,028 $345K Add +20.0%
SSYS Stratasys Ltd. 0.22% 29,000 $337K No change
THFF First Financial Corp. 0.22% 8,600 $330K New
TGAN Transphorm Inc. 0.21% 63,923 $314K No change
LSEA Landsea Homes Corp. 0.21% 21,464 $312K Reduce -16.0%
CARE Carter Bankshares Inc. 0.20% 23,154 $293K New
THD iShares MSCI Thailand ETF 0.19% 5,000 $292K New
NXE Nexgen Energy Ltd. 0.18% 34,000 $264K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.17% 5,000 $256K No change
KWEB Kranesh Csi China Internet 0.17% 9,700 $255K No change
COP Conocophillips 0.17% 2,000 $255K Reduce -33.3%
DHC Diversified Healthcare Trust 0.16% 100,000 $246K New
HONE Harborone Bancorp Inc. 0.16% 22,489 $240K No change
PVBC Provident Bancorp Inc. 0.16% 25,798 $235K Reduce -13.5%
URGENTLY INC 0.15% 123,165 $232K Reduce -12.7%
ASC Ardmore Shipping Corp. 0.15% 13,809 $227K No change
LABP Landos Biopharma Inc. 0.15% 10,405 $223K New
IM CANNABIS CORP 0.14% 400,000 $212K No change
PROV Provident Financial Hldgs 0.13% 14,519 $194K No change
EOSE Eos Energy Enterprises Inc. 0.12% 181,248 $187K Add +19.8%
AIOT Powerfleet Inc. 0.12% 34,729 $185K New
RDNW Ridenow Group Inc. filed as RUMBLEON INC 0.12% 26,809 $173K No change
SDPI Superior Drilling Products I 0.10% 169,453 $155K New
FLG New York Community Bancorp 0.09% 42,500 $137K New
SGML Sigma Lithium Corp. 0.09% 10,000 $130K No change
LAR Lithium Americas Argentina C 0.07% 20,000 $108K Reduce -20.0%
ASTS Ast Spacemobile Inc. 0.06% 30,000 $87K New
ALTISOURCE PORTFOLIO SOLNS S 0.05% 40,350 $78K Add +2.3%
LAC Lithium Americas Corp. 0.04% 10,000 $67K Reduce -50.0%
AMBR Amber International Holding filed as ICLICK INTERACTIVE ASIA GROU 0.04% 13,334 $53K New
SEQUANS COMMUNICATIONS S A 0.01% 32,895 $13K Add +115.8%

Options reported separately and not counted above: SPY puts ($11.0M), GLD puts ($1.4M), EWU calls ($257K), FXI calls ($241K), FXI puts ($39K), KRE calls ($30K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $310K (not counted above)
SecurityClassShares / PrincipalValueChange
XOP SS SPDR S&P Og Exp & Prod SP O&G EXPL PRO · principal 2,000$310KNew

Total filed on the 13F, all lines: $150.3M.

Portfolio Sells Q4 2023 → Q1 2024
SPY SS SPDR S&P 500 ETF Trust-US Reduce -17.8% 13.70% −7.24
CMBT CMB Tech NV Reduce -84.2% 0.93% −7.10
TFC Truist Financial Corp. Sold out 0.00% −5.10
RF Regions Financial Corp. Sold out 0.00% −2.42
KEY Keycorp Reduce -44.0% 1.22% −1.52
EOG EOG Resources Inc. Reduce -5.5% 3.96% −1.52
BUR Burford Capital Ltd. Reduce -47.1% 0.88% −1.37
HOLI Hollysys Automation Technolo Reduce -21.9% 1.37% −1.13
NGMS Neogames SA Reduce -55.6% 0.50% −1.04
BABA Alibaba Group Holding-SP ADR Reduce -35.1% 0.70% −0.90
BAC Bank of America Corp. Sold out 0.00% −0.75
DAL Delta Air Lines Inc. Sold out 0.00% −0.57
PFE Pfizer Inc. Sold out 0.00% −0.56
CIVI Civitas Resources Inc. Reduce -8.3% 1.42% −0.51
OVV Ovintiv Inc. Sold out 0.00% −0.49
CFG Citizens Financial Group Sold out 0.00% −0.46
OCFC Oceanfirst Financial Corp. Sold out 0.00% −0.41
MIXT Mix Telematics Ltd.-SP ADR Sold out 0.00% −0.34
SM SM Energy Co. Sold out 0.00% −0.34
HTZ Hertz Global Hldgs Inc. Sold out 0.00% −0.34
UTI Universal Technical Institut Reduce -49.4% 0.24% −0.27
ASTL Algoma Steel Group Inc. Sold out 0.00% −0.27
URGENTLY INC Reduce -12.7% 0.15% −0.26
XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.25
CONSOLIDATED COMM HLDGS INC Sold out 0.00% −0.21
COP Conocophillips Reduce -33.3% 0.17% −0.15
PVBC Provident Bancorp Inc. Reduce -13.5% 0.16% −0.12
LSEA Landsea Homes Corp. Reduce -16.0% 0.21% −0.10
LAR Lithium Americas Argentina C Reduce -20.0% 0.07% −0.07
LAC Lithium Americas Corp. Reduce -50.0% 0.04% −0.07
PPTA Perpetua Resources Corp. Reduce -3.8% 0.39% −0.04
CBDBY Cia Brasileira DE Dis- ADR Sold out 0.00% −0.02
FLAME ACQUISITION CORP Sold out 0.00% −0.02

Portfolio Buys Q4 2023 → Q1 2024
EQT Eqt Corp. New 5.52% +5.52
USB US Bancorp New 4.13% +4.13
KOS Kosmos Energy Ltd. Add +2718.1% 3.36% +3.17
RSP Invesco S&P 500 Equal Weight New 3.17% +3.17
FITB Fifth Third Bancorp Add +276.7% 4.62% +3.05
CPE Callon Petroleum Co. New 2.87% +2.87
BANC Banc of California Inc. Add +195.5% 4.69% +2.75
WAL Western Alliance Bancorp New 2.68% +2.68
CAR Avis Budget Group Inc. New 1.35% +1.35
PNC PNC Financial Services Group New 1.25% +1.25
CMA Comerica Inc. Add +94.9% 4.03% +1.13
GLD SPDR Gold Shares New 1.10% +1.10
APA Apa Corp. Add +134.3% 2.40% +0.92
FFNW First Financial Northwest Add +45.8% 1.94% +0.73
PEBO Peoples Bancorp Inc. New 0.64% +0.64
EDR Endeavor Group Hold Class A New 0.50% +0.50
HTLF Heartland Financial USA Inc. New 0.46% +0.46
CERE Cerevel Therapeutics Holding New 0.44% +0.44
MRO Marathon Oil Corp. Add +126.2% 0.90% +0.43
EWP iShares MSCI Spain ETF New 0.43% +0.43
FNWD Finward Bancorp New 0.41% +0.41
MBIN Merchants Bancorp New 0.41% +0.41
INHIBRX INC New 0.37% +0.37
HTBK Heritage Commerce Corp. Add +239.2% 0.64% +0.34
FHN First Horizon Corp. New 0.33% +0.33
CPRI Capri Holdings Ltd. Add +260.0% 0.54% +0.31
WFC Wells Fargo & Co. Add +174.5% 0.54% +0.31
PGY Pagaya Technologies Ltd. Class A New 0.29% +0.29
BHB Bar Harbor Bankshares New 0.27% +0.27
GTH Genetron Holdings Ltd.-ADR Add +86.7% 0.79% +0.26
LBAI Lakeland Bancorp Inc. New 0.25% +0.25
THFF First Financial Corp. New 0.22% +0.22
CARE Carter Bankshares Inc. New 0.20% +0.20
THD iShares MSCI Thailand ETF New 0.19% +0.19
DHC Diversified Healthcare Trust New 0.16% +0.16
LABP Landos Biopharma Inc. New 0.15% +0.15
AIOT Powerfleet Inc. New 0.12% +0.12
SDPI Superior Drilling Products I New 0.10% +0.10
FLG New York Community Bancorp New 0.09% +0.09
BANR Banner Corporation Add +89.7% 0.44% +0.08
ASTS Ast Spacemobile Inc. New 0.06% +0.06
CWBC Community West Bancshares Add +81.9% 0.33% +0.05
BCOW 1895 Bancorp of Wisconsin Inc. Add +57.8% 0.39% +0.04
EIDO iShares MSCI Indonesia ETF Add +50.0% 0.45% +0.04
AMBR Amber International Holding New 0.04% +0.04
XLE SS Energy Select Sector Add +30.7% 0.27% +0.02
KRE SS SPDR S&P Regional Bank Add +47.1% 0.25% +0.01
EWU iShares MSCI United Kingdom Add +29.9% 0.49% −0.01
EOSE Eos Energy Enterprises Inc. Add +19.8% 0.12% −0.03
SEQUANS COMMUNICATIONS S A Add +115.8% 0.01% −0.03

Options Activity Q4 2023 → Q1 2024
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -8.7% 21,000 $11.0M
GLD SPDR Gold Shares put New 7,000 $1.4M
CMA Comerica Inc. call Sold out 5,000 $279Kbefore exit
EWU iShares MSCI United Kingdom call Reduce -25.0% 7,500 $257K
NVDA Nvidia Corp. call Sold out 500 $248Kbefore exit
FXI iShares China Large-Cap ETF call Add +100.0% 10,000 $241K
FXI iShares China Large-Cap ETF put New 1,600 $39K
KRE SS SPDR S&P Regional Bank call New 600 $30K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2023 → Q1 2024
XOP SS SPDR S&P Og Exp & Prod SP O&G EXPL PRO · principal New 2,000 $310K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 82$149.1MSPY, EXE, PNFP, HBAN, ALK
Q1 2026 80$130.2MSPY, EXE, PNFP, RSP, ALK
Q4 2025 81$133.8MSPY, WAL, PNFP, HBAN, RSP
Q3 2025 76$138.0MSPY, AR, PNFP, RSP, USB
Q2 2025 85$144.5MSPY, IEI, AR, BANC, IEF
Q1 2025 81$127.3MSPY, WAL, DAL, BANC, IEF
Q4 2024 80$131.3MSPY, WAL, BANC, KEY, OZK
Q3 2024 82$132.8MSPY, WFC, BANC, FHN, RSP
Q2 2024 86$136.1MSPY, CMA, BANC, APA, CIVI
Q1 2024 99$150.0MSPY, EQT, BANC, FITB, USB