Black Maple Capital Management LP
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Black Maple Capital Management LP reported 82 stock positions worth $132.8 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 16.1% of the portfolio, followed by Wells Fargo (WFC, 6.7%) and Banc of California (BANC, 5.9%). Compared with Q2 2024, it opened 23 new positions, sold out of 27, added to 20 and reduced 23. The biggest buy was Wells Fargo (WFC, shares +1214%) and the biggest sale an exit from Comerica (CMA).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001588959
- Portfolio Value
- $132.8M (Q3 2024)
- SEC Filing
- 0001214659-24-019121 ↗ filed Nov 14, 2024
Holdings Value
Holdings 82 stocks · $132.8M
| SPY SS SPDR S&P 500 ETF Trust-US | 16.12% | 37,295 | $21.4M | Reduce -2.6% |
| WFC Wells Fargo & Co. | 6.71% | 157,677 | $8.9M | Add +1214.0% |
| BANC Banc of California Inc. | 5.92% | 533,190 | $7.9M | Reduce -8.1% |
| FHN First Horizon Corp. | 5.90% | 504,416 | $7.8M | New |
| RSP Invesco S&P 500 Equal Weight | 4.99% | 37,000 | $6.6M | Add +7.3% |
| EQT Eqt Corp. | 4.32% | 156,515 | $5.7M | Add +72.1% |
| APA Apa Corp. | 2.89% | 156,830 | $3.8M | Reduce -31.3% |
| CIVI Civitas Resources Inc. | 2.75% | 72,144 | $3.7M | Reduce -23.7% |
| BFIN Bankfinancial Corp. | 2.67% | 291,557 | $3.6M | Add +1.7% |
| KOS Kosmos Energy Ltd. | 2.66% | 874,895 | $3.5M | Add +2.2% |
| KEY Keycorp | 2.35% | 186,475 | $3.1M | Reduce -55.5% |
| EWJ iShares MSCI Japan ETF | 2.18% | 40,509 | $2.9M | Add +5.2% |
| EWY iShares MSCI South Korea ETF | 2.18% | 45,300 | $2.9M | Add +44.7% |
| TLT iShares 20+ Year Treasury BD | 2.14% | 29,000 | $2.8M | No change |
| BUR Burford Capital Ltd. | 1.99% | 199,124 | $2.6M | Add +11.2% |
| FFNW First Financial Northwest | 1.89% | 111,493 | $2.5M | Reduce -21.3% |
| HBAN Huntington Bancshares Inc. | 1.57% | 141,639 | $2.1M | New |
| C Citigroup Inc. | 1.56% | 33,046 | $2.1M | New |
| PEBO Peoples Bancorp Inc. | 1.33% | 58,809 | $1.8M | New |
| FEZ State Street SPDR Euro Stoxx | 1.28% | 31,800 | $1.7M | No change |
| COLB Columbia Banking System Inc. | 1.24% | 63,060 | $1.6M | New |
| OZK Bank Ozk | 1.13% | 34,755 | $1.5M | New |
| EWU iShares MSCI United Kingdom | 1.08% | 38,210 | $1.4M | Add +30.8% |
| FNWD Finward Bancorp | 1.07% | 44,580 | $1.4M | Add +65.9% |
| XME SS SPDR S&P Metals Mining | 1.01% | 21,000 | $1.3M | No change |
| INDA iShares MSCI India ETF | 0.97% | 22,000 | $1.3M | No change |
| CAR Avis Budget Group Inc. | 0.92% | 14,000 | $1.2M | Reduce -12.5% |
| ZION Zions Bancorp NA | 0.89% | 25,000 | $1.2M | New |
| BCOW 1895 Bancorp of Wisconsin Inc. | 0.79% | 103,423 | $1.0M | Add +0.7% |
| ALK Alaska Air Group Inc. | 0.77% | 22,686 | $1.0M | No change |
| EWW iShares MSCI Mexico ETF | 0.77% | 19,000 | $1.0M | Add +35.7% |
| FCX Freeport-McMoran Inc. | 0.75% | 20,000 | $998K | Reduce -7.4% |
| XLC SS Comm Select Sector SPDR | 0.75% | 10,970 | $992K | No change |
| META Meta Platforms Inc. Class A | 0.73% | 1,700 | $973K | Reduce -32.0% |
| OVV Ovintiv Inc. | 0.68% | 23,491 | $900K | Add +9.3% |
| EIDO iShares MSCI Indonesia ETF | 0.67% | 39,604 | $891K | Reduce -38.7% |
| EWG iShares MSCI Germany ETF | 0.64% | 25,000 | $846K | Reduce -28.6% |
| CUBI Customers Bancorp Inc. | 0.56% | 16,000 | $743K | New |
| OSBC Old Second Bancorp Inc. | 0.55% | 46,436 | $724K | Reduce -7.9% |
| EWP iShares MSCI Spain ETF | 0.53% | 20,000 | $706K | No change |
| KRE SS SPDR S&P Regional Bank | 0.47% | 11,000 | $623K | Reduce -4.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.43% | 14,400 | $571K | New |
| CIVB Civista Bancshares Inc. | 0.41% | 30,818 | $549K | New |
| CARE Carter Bankshares Inc. | 0.40% | 30,576 | $532K | Add +9.9% |
| XLK SS Technology Select Sector | 0.38% | 2,260 | $510K | No change |
| BRBS Blue Ridge Bankshares Inc. | 0.34% | 161,489 | $452K | New |
| DHC Diversified Healthcare Trust | 0.33% | 104,603 | $438K | No change |
| SHBI Shore Bancshares Inc. | 0.32% | 30,000 | $420K | Reduce -27.9% |
| S Sentinelone Inc. Class A | 0.32% | 17,500 | $419K | Add +16.7% |
| INTC Intel Corp. | 0.31% | 17,500 | $411K | Add +16.7% |
| PROV Provident Financial Hldgs | 0.31% | 28,571 | $410K | Add +96.8% |
| DAL Delta Air Lines Inc. | 0.31% | 8,000 | $406K | New |
| CZWI Citizens Community Bancorp I | 0.31% | 28,628 | $406K | New |
| TECK Teck Resources Ltd.-CLS B | 0.30% | 7,500 | $392K | Reduce -11.8% |
| EOSE Eos Energy Enterprises Inc. | 0.29% | 130,000 | $386K | Reduce -39.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.28% | 450 | $375K | New |
| HTBK Heritage Commerce Corp. | 0.28% | 37,864 | $374K | Reduce -73.8% |
| XLE SS Energy Select Sector | 0.28% | 4,260 | $374K | No change |
| HBNC Horizon Bancorp Inc. | 0.27% | 23,254 | $362K | Reduce -57.9% |
| M Macy's Inc. | 0.27% | 23,000 | $361K | No change |
| CWBC Community West Bancshares | 0.24% | 16,594 | $320K | Reduce -31.4% |
| CTRA Coterra Energy Inc. | 0.23% | 13,000 | $311K | Reduce -48.0% |
| MU Micron Technology Inc. | 0.23% | 3,000 | $311K | New |
| ALRS Alerus Financial Corp. | 0.23% | 13,541 | $310K | New |
| WAL Western Alliance Bancorp | 0.23% | 3,500 | $303K | Reduce -96.0% |
| SYF Synchrony Financial | 0.23% | 6,000 | $299K | New |
| BITF Bitfarms Ltd./Canada | 0.20% | 125,000 | $264K | New |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.20% | 5,000 | $263K | No change |
| NXE Nexgen Energy Ltd. | 0.17% | 35,000 | $229K | Add +40.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.17% | 800 | $224K | New |
| SDHY Pgim SHRT Durat Hi YLD | 0.16% | 13,000 | $217K | No change |
| COP Conocophillips | 0.16% | 2,000 | $211K | No change |
| MNSB Mainstreet Bancshares Inc. | 0.15% | 11,084 | $205K | New |
| ADBE Adobe Inc. | 0.14% | 350 | $181K | Reduce -65.0% |
| MSOS Advisorshares Pure US Cann | 0.14% | 25,000 | $179K | New |
| SGML Sigma Lithium Corp. | 0.13% | 14,286 | $177K | Add +42.9% |
| GBNY Generations Bancorp NY Inc. | 0.12% | 10,000 | $158K | New |
| HONE Harborone Bancorp Inc. | 0.12% | 12,000 | $156K | Reduce -46.6% |
| RDNW Ridenow Group Inc. filed as RUMBLEON INC | 0.10% | 26,809 | $128K | No change |
| LAR Lithium Americas Argentina C | 0.07% | 30,191 | $98K | Add +51.0% |
| ESTC Elastic NV | 0.06% | 1,000 | $77K | New |
| ALTISOURCE PORTFOLIO SOLNS S | 0.02% | 17,931 | $22K | No change |
Options reported separately and not counted above: SPY puts ($12.7M), RSP puts ($1.3M), XHB calls ($623K), GLD puts ($486K), XLE calls ($439K), CRWD calls ($421K), ASML calls ($417K), ESTC calls ($384K), MU calls ($259K), ADBE calls ($259K), FCX calls ($250K), NXE calls ($171K), and 5 more.
Portfolio Sells Q2 2024 → Q3 2024
| CMA Comerica Inc. | Sold out | 0.00% | −6.29 |
| WAL Western Alliance Bancorp | Reduce -96.0% | 0.23% | −3.78 |
| IEF iShares 7-10 Year Treasury B | Sold out | 0.00% | −2.89 |
| IEI iShares 3-7 Year Treasury Bo | Sold out | 0.00% | −2.05 |
| APA Apa Corp. | Reduce -31.3% | 2.89% | −2.05 |
| CIVI Civitas Resources Inc. | Reduce -23.7% | 2.75% | −2.04 |
| KEY Keycorp | Reduce -55.5% | 2.35% | −2.02 |
| ETRN Equitrans Midstream Corp. | Sold out | 0.00% | −1.17 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −0.78 |
| EVBN Evans Bancorp Inc. | Sold out | 0.00% | −0.73 |
| RF Regions Financial Corp. | Sold out | 0.00% | −0.66 |
| HTBK Heritage Commerce Corp. | Reduce -73.8% | 0.28% | −0.64 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.49 |
| BANR Banner Corporation | Sold out | 0.00% | −0.40 |
| TALO Talos Energy Inc. | Sold out | 0.00% | −0.37 |
| OLK Olink Holding AB - ADR | Sold out | 0.00% | −0.33 |
| UMBF Umb Financial Corp. | Sold out | 0.00% | −0.31 |
| FFNW First Financial Northwest | Reduce -21.3% | 1.89% | −0.31 |
| CAR Avis Budget Group Inc. | Reduce -12.5% | 0.92% | −0.30 |
| ADBE Adobe Inc. | Reduce -65.0% | 0.14% | −0.27 |
| CTRA Coterra Energy Inc. | Reduce -48.0% | 0.23% | −0.26 |
| EIDO iShares MSCI Indonesia ETF | Reduce -38.7% | 0.67% | −0.24 |
| HBNC Horizon Bancorp Inc. | Reduce -57.9% | 0.27% | −0.23 |
| UTI Universal Technical Institut | Sold out | 0.00% | −0.22 |
| XOP SS SPDR S&P Og Exp & Prod | Sold out | 0.00% | −0.21 |
| RRC Range Resources Corp. | Sold out | 0.00% | −0.20 |
| META Meta Platforms Inc. Class A | Reduce -32.0% | 0.73% | −0.19 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −0.19 |
| THFF First Financial Corp. | Sold out | 0.00% | −0.19 |
| SSYS Stratasys Ltd. | Sold out | 0.00% | −0.18 |
| SDPI Superior Drilling Products I | Sold out | 0.00% | −0.17 |
| PPTA Perpetua Resources Corp. | Sold out | 0.00% | −0.17 |
| URGENTLY INC | Sold out | 0.00% | −0.16 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.15 |
| EWG iShares MSCI Germany ETF | Reduce -28.6% | 0.64% | −0.15 |
| CNOB Connectone Bancorp Inc. | Sold out | 0.00% | −0.15 |
| PVBC Provident Bancorp Inc. | Sold out | 0.00% | −0.10 |
| CWBC Community West Bancshares | Reduce -31.4% | 0.24% | −0.09 |
| HONE Harborone Bancorp Inc. | Reduce -46.6% | 0.12% | −0.07 |
| ALTG Alta Equipment Group Inc. | Sold out | 0.00% | −0.06 |
| SHBI Shore Bancshares Inc. | Reduce -27.9% | 0.32% | −0.03 |
| LAC Lithium Americas Corp. | Sold out | 0.00% | −0.02 |
| FCX Freeport-McMoran Inc. | Reduce -7.4% | 0.75% | −0.02 |
| SEQUANS COMMUNICATIONS S A | Sold out | 0.00% | −0.01 |
| TECK Teck Resources Ltd.-CLS B | Reduce -11.8% | 0.30% | −0.00 |
| OSBC Old Second Bancorp Inc. | Reduce -7.9% | 0.55% | −0.00 |
| KRE SS SPDR S&P Regional Bank | Reduce -4.3% | 0.47% | +0.05 |
| EOSE Eos Energy Enterprises Inc. | Reduce -39.5% | 0.29% | +0.09 |
| BANC Banc of California Inc. | Reduce -8.1% | 5.92% | +0.47 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.6% | 16.12% | +0.81 |
Portfolio Buys Q2 2024 → Q3 2024
| WFC Wells Fargo & Co. | Add +1214.0% | 6.71% | +6.19 |
| FHN First Horizon Corp. | New | 5.90% | +5.90 |
| EQT Eqt Corp. | Add +72.1% | 4.32% | +1.85 |
| HBAN Huntington Bancshares Inc. | New | 1.57% | +1.57 |
| C Citigroup Inc. | New | 1.56% | +1.56 |
| PEBO Peoples Bancorp Inc. | New | 1.33% | +1.33 |
| COLB Columbia Banking System Inc. | New | 1.24% | +1.24 |
| OZK Bank Ozk | New | 1.13% | +1.13 |
| ZION Zions Bancorp NA | New | 0.89% | +0.89 |
| RSP Invesco S&P 500 Equal Weight | Add +7.3% | 4.99% | +0.83 |
| EWY iShares MSCI South Korea ETF | Add +44.7% | 2.18% | +0.66 |
| FNWD Finward Bancorp | Add +65.9% | 1.07% | +0.59 |
| CUBI Customers Bancorp Inc. | New | 0.56% | +0.56 |
| BFIN Bankfinancial Corp. | Add +1.7% | 2.67% | +0.51 |
| BAC Bank of America Corp. | New | 0.43% | +0.43 |
| CIVB Civista Bancshares Inc. | New | 0.41% | +0.41 |
| BRBS Blue Ridge Bankshares Inc. | New | 0.34% | +0.34 |
| EWU iShares MSCI United Kingdom | Add +30.8% | 1.08% | +0.33 |
| DAL Delta Air Lines Inc. | New | 0.31% | +0.31 |
| CZWI Citizens Community Bancorp I | New | 0.31% | +0.31 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.28% | +0.28 |
| BUR Burford Capital Ltd. | Add +11.2% | 1.99% | +0.27 |
| EWJ iShares MSCI Japan ETF | Add +5.2% | 2.18% | +0.25 |
| MU Micron Technology Inc. | New | 0.23% | +0.23 |
| ALRS Alerus Financial Corp. | New | 0.23% | +0.23 |
| SYF Synchrony Financial | New | 0.23% | +0.23 |
| BITF Bitfarms Ltd./Canada | New | 0.20% | +0.20 |
| EWW iShares MSCI Mexico ETF | Add +35.7% | 0.77% | +0.19 |
| PROV Provident Financial Hldgs | Add +96.8% | 0.31% | +0.18 |
| BCOW 1895 Bancorp of Wisconsin Inc. | Add +0.7% | 0.79% | +0.17 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.17% | +0.17 |
| MNSB Mainstreet Bancshares Inc. | New | 0.15% | +0.15 |
| MSOS Advisorshares Pure US Cann | New | 0.14% | +0.14 |
| GBNY Generations Bancorp NY Inc. | New | 0.12% | +0.12 |
| CARE Carter Bankshares Inc. | Add +9.9% | 0.40% | +0.09 |
| S Sentinelone Inc. Class A | Add +16.7% | 0.32% | +0.08 |
| ESTC Elastic NV | New | 0.06% | +0.06 |
| SGML Sigma Lithium Corp. | Add +42.9% | 0.13% | +0.04 |
| NXE Nexgen Energy Ltd. | Add +40.0% | 0.17% | +0.04 |
| LAR Lithium Americas Argentina C | Add +51.0% | 0.07% | +0.03 |
| INTC Intel Corp. | Add +16.7% | 0.31% | −0.03 |
| OVV Ovintiv Inc. | Add +9.3% | 0.68% | −0.06 |
| KOS Kosmos Energy Ltd. | Add +2.2% | 2.66% | −0.83 |
Options Activity Q2 2024 → Q3 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -7.5% | 22,200 | $12.7M |
| USO United States Oil Fund LP | put | Sold out | 12,500 | $995Kbefore exit |
| XHB SS SPDR S&P Homebldrs ETF | call | New | 5,000 | $623K |
| CMA Comerica Inc. | call | Sold out | 10,000 | $510Kbefore exit |
| GLD SPDR Gold Shares | put | New | 2,000 | $486K |
| XLE SS Energy Select Sector | call | New | 5,000 | $439K |
| CRWD CrowdStrike Holdings Inc. Class A | call | New | 1,500 | $421K |
| ASML ASML Holding NV-NY Reg SHS | call | New | 500 | $417K |
| ESTC Elastic NV | call | New | 5,000 | $384K |
| S Sentinelone Inc. Class A | put | Sold out | 15,000 | $316Kbefore exit |
| INDA iShares MSCI India ETF | put | Sold out | 5,000 | $279Kbefore exit |
| MU Micron Technology Inc. | call | New | 2,500 | $259K |
| FCX Freeport-McMoran Inc. | call | New | 5,000 | $250K |
| NXE Nexgen Energy Ltd. | call | New | 26,200 | $171K |
| EWW iShares MSCI Mexico ETF | call | New | 2,700 | $145K |
| KRE SS SPDR S&P Regional Bank | put | Sold out | 2,500 | $123Kbefore exit |
| MSOS Advisorshares Pure US Cann | call | New | 10,000 | $72K |
| OSISKO DEVELOPMENT CORP | put | New | 17,300 | $37K |
| EOSE Eos Energy Enterprises Inc. | call | New | 10,000 | $30K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 82 | $149.1M | SPY, EXE, PNFP, HBAN, ALK |
| Q1 2026 | 80 | $130.2M | SPY, EXE, PNFP, RSP, ALK |
| Q4 2025 | 81 | $133.8M | SPY, WAL, PNFP, HBAN, RSP |
| Q3 2025 | 76 | $138.0M | SPY, AR, PNFP, RSP, USB |
| Q2 2025 | 85 | $144.5M | SPY, IEI, AR, BANC, IEF |
| Q1 2025 | 81 | $127.3M | SPY, WAL, DAL, BANC, IEF |
| Q4 2024 | 80 | $131.3M | SPY, WAL, BANC, KEY, OZK |
| Q3 2024 | 82 | $132.8M | SPY, WFC, BANC, FHN, RSP |
| Q2 2024 | 86 | $136.1M | SPY, CMA, BANC, APA, CIVI |
| Q1 2024 | 99 | $150.0M | SPY, EQT, BANC, FITB, USB |