Black Maple Capital Management LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Black Maple Capital Management LP reported 80 stock positions worth $131.3 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 14.9% of the portfolio, followed by Western Alliance Bancorp (WAL, 7.0%) and Banc of California (BANC, 5.9%). Compared with Q3 2024, it opened 22 new positions, sold out of 24, added to 21 and reduced 19. The biggest buy was Western Alliance Bancorp (WAL, shares +3043%) and the biggest sale an exit from Wells Fargo (WFC).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001588959
- Portfolio Value
- $131.3M (Q4 2024)
- SEC Filing
- 0001214659-25-002824 ↗ filed Feb 14, 2025
Holdings Value
Holdings 80 stocks · $131.3M
| SPY SS SPDR S&P 500 ETF Trust-US | 14.86% | 33,295 | $19.5M | Reduce -10.7% |
| WAL Western Alliance Bancorp | 7.00% | 110,000 | $9.2M | Add +3042.9% |
| BANC Banc of California Inc. | 5.90% | 501,074 | $7.7M | Reduce -6.0% |
| KEY Keycorp | 5.11% | 391,601 | $6.7M | Add +110.0% |
| OZK Bank Ozk | 4.90% | 144,396 | $6.4M | Add +315.5% |
| RSP Invesco S&P 500 Equal Weight | 4.40% | 33,000 | $5.8M | Reduce -10.8% |
| KOS Kosmos Energy Ltd. | 2.57% | 988,251 | $3.4M | Add +13.0% |
| CMA Comerica Inc. | 2.43% | 51,654 | $3.2M | New |
| BFIN Bankfinancial Corp. | 2.34% | 242,279 | $3.1M | Reduce -16.9% |
| COP Conocophillips | 2.08% | 27,500 | $2.7M | Add +1275.0% |
| EWJ iShares MSCI Japan ETF | 2.07% | 40,509 | $2.7M | No change |
| SNV Synovus Financial Corp. | 2.05% | 52,526 | $2.7M | New |
| BUR Burford Capital Ltd. | 2.04% | 210,180 | $2.7M | Add +5.5% |
| TLT iShares 20+ Year Treasury BD | 1.93% | 29,000 | $2.5M | No change |
| PEBO Peoples Bancorp Inc. | 1.87% | 77,502 | $2.5M | Add +31.8% |
| EQT Eqt Corp. | 1.82% | 51,716 | $2.4M | Reduce -67.0% |
| IEF iShares 7-10 Year Treasury B | 1.58% | 22,500 | $2.1M | New |
| RF Regions Financial Corp. | 1.58% | 88,000 | $2.1M | New |
| DVN Devon Energy Corp. | 1.49% | 59,802 | $2.0M | New |
| FFNW First Financial Northwest | 1.47% | 88,709 | $1.9M | Reduce -20.4% |
| EWY iShares MSCI South Korea ETF | 1.33% | 34,300 | $1.7M | Reduce -24.3% |
| MDY State Street SPDR S&P Midcap | 1.30% | 3,000 | $1.7M | New |
| EWU iShares MSCI United Kingdom | 1.17% | 45,210 | $1.5M | Add +18.3% |
| FEZ State Street SPDR Euro Stoxx | 1.17% | 31,800 | $1.5M | No change |
| ALK Alaska Air Group Inc. | 1.12% | 22,686 | $1.5M | No change |
| CTRA Coterra Energy Inc. | 1.03% | 53,000 | $1.4M | Add +307.7% |
| FNWD Finward Bancorp | 0.95% | 44,554 | $1.3M | Reduce -0.1% |
| EIDO iShares MSCI Indonesia ETF | 0.91% | 64,604 | $1.2M | Add +63.1% |
| XME SS SPDR S&P Metals Mining | 0.91% | 21,000 | $1.2M | No change |
| INDA iShares MSCI India ETF | 0.88% | 22,000 | $1.2M | No change |
| BCOW 1895 Bancorp of Wisconsin Inc. | 0.87% | 113,877 | $1.1M | Add +10.1% |
| COLB Columbia Banking System Inc. | 0.83% | 40,560 | $1.1M | Reduce -35.7% |
| FXI iShares China Large-Cap ETF | 0.82% | 35,500 | $1.1M | New |
| XLC SS Comm Select Sector SPDR | 0.81% | 10,970 | $1.1M | No change |
| GAN Gan Ltd. | 0.79% | 568,245 | $1.0M | New |
| OVV Ovintiv Inc. | 0.79% | 25,491 | $1.0M | Add +8.5% |
| ALTM Arcadium Lithium PLC | 0.68% | 175,000 | $898K | New |
| EWW iShares MSCI Mexico ETF | 0.68% | 19,000 | $890K | No change |
| FLG Flagstar Bank NA | 0.65% | 91,953 | $858K | New |
| MU Micron Technology Inc. | 0.61% | 9,500 | $800K | Add +216.7% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.60% | 4,200 | $790K | New |
| MUR Murphy Oil Corp. | 0.60% | 26,000 | $787K | New |
| FCX Freeport-McMoran Inc. | 0.58% | 20,000 | $762K | No change |
| KRE SS SPDR S&P Regional Bank | 0.57% | 12,500 | $754K | Add +13.6% |
| OSBC Old Second Bancorp Inc. | 0.54% | 40,000 | $711K | Reduce -13.9% |
| APA Apa Corp. | 0.50% | 28,530 | $659K | Reduce -81.8% |
| ASML ASML Holding NV-NY Reg SHS | 0.50% | 950 | $658K | Add +111.1% |
| MBIN Merchants Bancorp | 0.49% | 17,557 | $640K | New |
| EWP iShares MSCI Spain ETF | 0.47% | 20,000 | $621K | No change |
| IVV iShares Core S&P 500 ETF | 0.45% | 1,000 | $589K | New |
| CVS CVS Health Corp. | 0.44% | 13,000 | $584K | New |
| XLK SS Technology Select Sector | 0.40% | 2,260 | $525K | No change |
| XLE SS Energy Select Sector | 0.39% | 6,000 | $514K | Add +40.9% |
| GDX Vaneck Gold Miners ETF | 0.39% | 15,000 | $509K | New |
| PROV Provident Financial Hldgs | 0.38% | 31,128 | $495K | Add +8.9% |
| DAL Delta Air Lines Inc. | 0.37% | 8,000 | $484K | No change |
| NXE Nexgen Energy Ltd. | 0.36% | 71,200 | $470K | Add +103.4% |
| CZWI Citizens Community Bancorp I | 0.36% | 28,628 | $466K | No change |
| LSEA Landsea Homes Corp. | 0.30% | 46,464 | $394K | New |
| NECB Northeast Community Bancorp | 0.29% | 15,812 | $387K | New |
| DHC Diversified Healthcare Trust | 0.27% | 155,403 | $357K | Add +48.6% |
| ADBE Adobe Inc. | 0.27% | 800 | $356K | Add +128.6% |
| BRBS Blue Ridge Bankshares Inc. | 0.27% | 110,341 | $355K | Reduce -31.7% |
| INTC Intel Corp. | 0.27% | 17,500 | $351K | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.25% | 7,500 | $330K | Reduce -47.9% |
| EOSE Eos Energy Enterprises Inc. | 0.25% | 67,500 | $328K | Reduce -48.1% |
| TECK Teck Resources Ltd.-CLS B | 0.23% | 7,500 | $304K | No change |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.20% | 5,000 | $259K | No change |
| SHBI Shore Bancshares Inc. | 0.19% | 16,100 | $255K | Reduce -46.3% |
| ALRS Alerus Financial Corp. | 0.17% | 11,628 | $224K | Reduce -14.1% |
| SDHY Pgim SHRT Durat Hi YLD | 0.14% | 11,225 | $181K | Reduce -13.7% |
| S Sentinelone Inc. Class A | 0.14% | 8,000 | $178K | Reduce -54.3% |
| CVE Cenovus Energy Inc. | 0.13% | 11,000 | $167K | New |
| SGML Sigma Lithium Corp. | 0.12% | 14,286 | $160K | No change |
| MSOS Advisorshares Pure US Cann | 0.12% | 40,000 | $152K | Add +60.0% |
| ASC Ardmore Shipping Corp. | 0.09% | 10,000 | $122K | New |
| LAR Lithium Americas Argentina C | 0.06% | 30,191 | $79K | No change |
| BITF Bitfarms Ltd./Canada | 0.05% | 40,000 | $60K | Reduce -68.0% |
| OSISKO DEVELOPMENT CORP | 0.02% | 15,600 | $25K | New |
| SGRP Spar Group Inc. | 0.02% | 11,915 | $23K | New |
Options reported separately and not counted above: SPY puts ($57.4M), FXI calls ($609K), NXE calls ($246K), OSISKO DEVELOPMENT CORP puts ($231K), S calls ($222K), HITI puts ($46K), MSOS calls ($38K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $10K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EOS ENERGY ENTER -CW26 | *W EXP 11/17/202 | 10,000 | $10K | New |
Total filed on the 13F, all lines: $131.3M.
Portfolio Sells Q3 2024 → Q4 2024
| WFC Wells Fargo & Co. | Sold out | 0.00% | −6.71 |
| FHN First Horizon Corp. | Sold out | 0.00% | −5.90 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −2.75 |
| EQT Eqt Corp. | Reduce -67.0% | 1.82% | −2.50 |
| APA Apa Corp. | Reduce -81.8% | 0.50% | −2.39 |
| HBAN Huntington Bancshares Inc. | Sold out | 0.00% | −1.57 |
| C Citigroup Inc. | Sold out | 0.00% | −1.56 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -10.7% | 14.86% | −1.26 |
| CAR Avis Budget Group Inc. | Sold out | 0.00% | −0.92 |
| ZION Zions Bancorp NA | Sold out | 0.00% | −0.89 |
| EWY iShares MSCI South Korea ETF | Reduce -24.3% | 1.33% | −0.85 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.73 |
| EWG iShares MSCI Germany ETF | Sold out | 0.00% | −0.64 |
| RSP Invesco S&P 500 Equal Weight | Reduce -10.8% | 4.40% | −0.59 |
| CUBI Customers Bancorp Inc. | Sold out | 0.00% | −0.56 |
| FFNW First Financial Northwest | Reduce -20.4% | 1.47% | −0.43 |
| CIVB Civista Bancshares Inc. | Sold out | 0.00% | −0.41 |
| COLB Columbia Banking System Inc. | Reduce -35.7% | 0.83% | −0.41 |
| CARE Carter Bankshares Inc. | Sold out | 0.00% | −0.40 |
| BFIN Bankfinancial Corp. | Reduce -16.9% | 2.34% | −0.33 |
| HTBK Heritage Commerce Corp. | Sold out | 0.00% | −0.28 |
| HBNC Horizon Bancorp Inc. | Sold out | 0.00% | −0.27 |
| M Macy's Inc. | Sold out | 0.00% | −0.27 |
| CWBC Community West Bancshares | Sold out | 0.00% | −0.24 |
| SYF Synchrony Financial | Sold out | 0.00% | −0.23 |
| S Sentinelone Inc. Class A | Reduce -54.3% | 0.14% | −0.18 |
| BAC Bank of America Corp. | Reduce -47.9% | 0.25% | −0.18 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.17 |
| MNSB Mainstreet Bancshares Inc. | Sold out | 0.00% | −0.15 |
| BITF Bitfarms Ltd./Canada | Reduce -68.0% | 0.05% | −0.15 |
| SHBI Shore Bancshares Inc. | Reduce -46.3% | 0.19% | −0.12 |
| FNWD Finward Bancorp | Reduce -0.1% | 0.95% | −0.12 |
| GBNY Generations Bancorp NY Inc. | Sold out | 0.00% | −0.12 |
| HONE Harborone Bancorp Inc. | Sold out | 0.00% | −0.12 |
| RDNW Ridenow Group Inc. | Sold out | 0.00% | −0.10 |
| BRBS Blue Ridge Bankshares Inc. | Reduce -31.7% | 0.27% | −0.07 |
| ALRS Alerus Financial Corp. | Reduce -14.1% | 0.17% | −0.06 |
| ESTC Elastic NV | Sold out | 0.00% | −0.06 |
| EOSE Eos Energy Enterprises Inc. | Reduce -48.1% | 0.25% | −0.04 |
| SDHY Pgim SHRT Durat Hi YLD | Reduce -13.7% | 0.14% | −0.03 |
| BANC Banc of California Inc. | Reduce -6.0% | 5.90% | −0.02 |
| ALTISOURCE PORTFOLIO SOLNS S | Sold out | 0.00% | −0.02 |
| OSBC Old Second Bancorp Inc. | Reduce -13.9% | 0.54% | −0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| WAL Western Alliance Bancorp | Add +3042.9% | 7.00% | +6.77 |
| OZK Bank Ozk | Add +315.5% | 4.90% | +3.77 |
| KEY Keycorp | Add +110.0% | 5.11% | +2.76 |
| CMA Comerica Inc. | New | 2.43% | +2.43 |
| SNV Synovus Financial Corp. | New | 2.05% | +2.05 |
| COP Conocophillips | Add +1275.0% | 2.08% | +1.92 |
| IEF iShares 7-10 Year Treasury B | New | 1.58% | +1.58 |
| RF Regions Financial Corp. | New | 1.58% | +1.58 |
| DVN Devon Energy Corp. | New | 1.49% | +1.49 |
| MDY State Street SPDR S&P Midcap | New | 1.30% | +1.30 |
| FXI iShares China Large-Cap ETF | New | 0.82% | +0.82 |
| CTRA Coterra Energy Inc. | Add +307.7% | 1.03% | +0.80 |
| GAN Gan Ltd. | New | 0.79% | +0.79 |
| ALTM Arcadium Lithium PLC | New | 0.68% | +0.68 |
| FLG Flagstar Bank NA | New | 0.65% | +0.65 |
| MTB M & T Bank Corp. | New | 0.60% | +0.60 |
| MUR Murphy Oil Corp. | New | 0.60% | +0.60 |
| PEBO Peoples Bancorp Inc. | Add +31.8% | 1.87% | +0.54 |
| MBIN Merchants Bancorp | New | 0.49% | +0.49 |
| IVV iShares Core S&P 500 ETF | New | 0.45% | +0.45 |
| CVS CVS Health Corp. | New | 0.44% | +0.44 |
| GDX Vaneck Gold Miners ETF | New | 0.39% | +0.39 |
| MU Micron Technology Inc. | Add +216.7% | 0.61% | +0.37 |
| LSEA Landsea Homes Corp. | New | 0.30% | +0.30 |
| NECB Northeast Community Bancorp | New | 0.29% | +0.29 |
| EIDO iShares MSCI Indonesia ETF | Add +63.1% | 0.91% | +0.24 |
| ASML ASML Holding NV-NY Reg SHS | Add +111.1% | 0.50% | +0.22 |
| NXE Nexgen Energy Ltd. | Add +103.4% | 0.36% | +0.19 |
| ADBE Adobe Inc. | Add +128.6% | 0.27% | +0.13 |
| CVE Cenovus Energy Inc. | New | 0.13% | +0.13 |
| XLE SS Energy Select Sector | Add +40.9% | 0.39% | +0.11 |
| OVV Ovintiv Inc. | Add +8.5% | 0.79% | +0.11 |
| KRE SS SPDR S&P Regional Bank | Add +13.6% | 0.57% | +0.11 |
| ASC Ardmore Shipping Corp. | New | 0.09% | +0.09 |
| EWU iShares MSCI United Kingdom | Add +18.3% | 1.17% | +0.09 |
| BCOW 1895 Bancorp of Wisconsin Inc. | Add +10.1% | 0.87% | +0.08 |
| PROV Provident Financial Hldgs | Add +8.9% | 0.38% | +0.07 |
| BUR Burford Capital Ltd. | Add +5.5% | 2.04% | +0.05 |
| OSISKO DEVELOPMENT CORP | New | 0.02% | +0.02 |
| SGRP Spar Group Inc. | New | 0.02% | +0.02 |
| MSOS Advisorshares Pure US Cann | Add +60.0% | 0.12% | −0.02 |
| DHC Diversified Healthcare Trust | Add +48.6% | 0.27% | −0.06 |
| KOS Kosmos Energy Ltd. | Add +13.0% | 2.57% | −0.08 |
Options Activity Q3 2024 → Q4 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +341.4% | 98,000 | $57.4M |
| RSP Invesco S&P 500 Equal Weight | put | Sold out | 7,500 | $1.3Mbefore exit |
| XHB SS SPDR S&P Homebldrs ETF | call | Sold out | 5,000 | $623Kbefore exit |
| FXI iShares China Large-Cap ETF | call | New | 20,000 | $609K |
| GLD SPDR Gold Shares | put | Sold out | 2,000 | $486Kbefore exit |
| XLE SS Energy Select Sector | call | Sold out | 5,000 | $439Kbefore exit |
| CRWD CrowdStrike Holdings Inc. Class A | call | Sold out | 1,500 | $421Kbefore exit |
| ASML ASML Holding NV-NY Reg SHS | call | Sold out | 500 | $417Kbefore exit |
| ESTC Elastic NV | call | Sold out | 5,000 | $384Kbefore exit |
| MU Micron Technology Inc. | call | Sold out | 2,500 | $259Kbefore exit |
| ADBE Adobe Inc. | call | Sold out | 500 | $259Kbefore exit |
| FCX Freeport-McMoran Inc. | call | Sold out | 5,000 | $250Kbefore exit |
| NXE Nexgen Energy Ltd. | call | Add +42.4% | 37,300 | $246K |
| OSISKO DEVELOPMENT CORP | put | Add +719.1% | 141,700 | $231K |
| S Sentinelone Inc. Class A | call | New | 10,000 | $222K |
| EWW iShares MSCI Mexico ETF | call | Sold out | 2,700 | $145Kbefore exit |
| EIDO iShares MSCI Indonesia ETF | call | Sold out | 5,000 | $113Kbefore exit |
| HITI High Tide Inc. | put | New | 15,000 | $46K |
| EOSE Eos Energy Enterprises Inc. | call | Sold out | 10,000 | $30Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| EOS ENERGY ENTER -CW26 | *W EXP 11/17/202 | New | 10,000 | $10K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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 |