Black Maple Capital Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Black Maple Capital Management LP reported 81 stock positions worth $127.3 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 17.9% of the portfolio, followed by Western Alliance Bancorp (WAL, 4.8%) and Delta Air Lines (DAL, 4.6%). Compared with Q4 2024, it opened 22 new positions, sold out of 21, added to 16 and reduced 19. The biggest buy was Delta Air Lines (DAL, shares +1589%) and the biggest sale an exit from Bank Ozk (OZK).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001588959
- Portfolio Value
- $127.3M (Q1 2025)
- SEC Filing
- 0001214659-25-007813 ↗ filed May 15, 2025
Holdings Value
Holdings 81 stocks · $127.3M
| SPY SS SPDR S&P 500 ETF Trust-US | 17.90% | 40,752 | $22.8M | Add +22.4% |
| WAL Western Alliance Bancorp | 4.77% | 79,100 | $6.1M | Reduce -28.1% |
| DAL Delta Air Lines Inc. | 4.63% | 135,153 | $5.9M | Add +1589.4% |
| BANC Banc of California Inc. | 4.59% | 412,353 | $5.9M | Reduce -17.7% |
| IEF iShares 7-10 Year Treasury B | 4.56% | 60,850 | $5.8M | Add +170.4% |
| RSP Invesco S&P 500 Equal Weight | 4.09% | 30,100 | $5.2M | Reduce -8.8% |
| KEY Keycorp | 2.89% | 230,478 | $3.7M | Reduce -41.1% |
| RF Regions Financial Corp. | 2.75% | 161,199 | $3.5M | Add +83.2% |
| USB US Bancorp | 2.57% | 77,500 | $3.3M | New |
| SYF Synchrony Financial | 2.48% | 59,600 | $3.2M | New |
| BFIN Bankfinancial Corp. | 2.39% | 240,757 | $3.0M | Reduce -0.6% |
| MBIN Merchants Bancorp | 2.31% | 79,481 | $2.9M | Add +352.7% |
| EWJ iShares MSCI Japan ETF | 2.18% | 40,509 | $2.8M | No change |
| KOS Kosmos Energy Ltd. | 2.03% | 1,135,552 | $2.6M | Add +14.9% |
| BUR Burford Capital Ltd. | 1.94% | 186,958 | $2.5M | Reduce -11.1% |
| SM SM Energy Co. | 1.92% | 81,600 | $2.4M | New |
| IEI iShares 3-7 Year Treasury Bo | 1.86% | 20,000 | $2.4M | New |
| CMA Comerica Inc. | 1.64% | 35,354 | $2.1M | Reduce -31.6% |
| FFNW First Financial Northwest | 1.40% | 78,800 | $1.8M | Reduce -11.2% |
| FEZ State Street SPDR Euro Stoxx | 1.36% | 31,800 | $1.7M | No change |
| ZION Zions Bancorp NA | 1.33% | 34,001 | $1.7M | New |
| EWU iShares MSCI United Kingdom | 1.33% | 45,210 | $1.7M | No change |
| MDY State Street SPDR S&P Midcap | 1.26% | 3,000 | $1.6M | No change |
| MU Micron Technology Inc. | 1.21% | 17,750 | $1.5M | Add +86.8% |
| NECB Northeast Community Bancorp | 1.09% | 59,182 | $1.4M | Add +274.3% |
| TLT iShares 20+ Year Treasury BD | 1.04% | 14,500 | $1.3M | Reduce -50.0% |
| EIDO iShares MSCI Indonesia ETF | 1.02% | 79,604 | $1.3M | Add +23.2% |
| OSISKO DEVELOPMENT CORP | 1.00% | 853,933 | $1.3M | Add +5373.9% |
| MCB Metropolitan Bank Holding Co. | 0.94% | 21,481 | $1.2M | New |
| XME SS SPDR S&P Metals Mining | 0.92% | 21,000 | $1.2M | No change |
| INDA iShares MSCI India ETF | 0.89% | 22,000 | $1.1M | No change |
| FXI iShares China Large-Cap ETF | 0.86% | 30,500 | $1.1M | Reduce -14.1% |
| XLC SS Comm Select Sector SPDR | 0.83% | 10,970 | $1.1M | No change |
| META Meta Platforms Inc. Class A | 0.80% | 1,770 | $1.0M | New |
| LNSR Lensar Inc. | 0.69% | 62,135 | $877K | New |
| CVE Cenovus Energy Inc. | 0.69% | 63,000 | $876K | Add +472.7% |
| FNWD Finward Bancorp | 0.69% | 30,000 | $873K | Reduce -32.7% |
| ISTR Investar Holding Corp. | 0.67% | 48,547 | $855K | New |
| GAN Gan Ltd. | 0.64% | 459,680 | $814K | Reduce -19.1% |
| EWP iShares MSCI Spain ETF | 0.60% | 20,000 | $761K | No change |
| FCX Freeport-McMoran Inc. | 0.59% | 20,000 | $757K | No change |
| KRE SS SPDR S&P Regional Bank | 0.56% | 12,500 | $711K | No change |
| OSBC Old Second Bancorp Inc. | 0.56% | 42,500 | $707K | Add +6.3% |
| GDX Vaneck Gold Miners ETF | 0.54% | 15,000 | $690K | No change |
| CIVI Civitas Resources Inc. | 0.54% | 19,706 | $688K | New |
| ASML ASML Holding NV-NY Reg SHS | 0.49% | 950 | $629K | No change |
| GOOG Alphabet Inc. Class C | 0.49% | 4,000 | $625K | New |
| GOOGL Alphabet Inc. Class A | 0.49% | 4,000 | $619K | New |
| CKPT Checkpoint Therapeutics Inc. | 0.48% | 150,000 | $606K | New |
| OPTINOSE INC | 0.44% | 61,485 | $564K | New |
| XLE SS Energy Select Sector | 0.40% | 5,500 | $514K | Reduce -8.3% |
| XLK SS Technology Select Sector | 0.37% | 2,260 | $467K | No change |
| PROV Provident Financial Hldgs | 0.36% | 31,128 | $454K | No change |
| DHC Diversified Healthcare Trust | 0.34% | 180,403 | $433K | Add +16.1% |
| CZWI Citizens Community Bancorp I | 0.32% | 28,628 | $412K | No change |
| NXE Nexgen Energy Ltd. | 0.32% | 91,200 | $409K | Add +28.1% |
| EWY iShares MSCI South Korea ETF | 0.25% | 6,000 | $324K | Reduce -82.5% |
| HBNC Horizon Bancorp Inc. | 0.24% | 20,542 | $310K | New |
| LSEA Landsea Homes Corp. | 0.23% | 46,464 | $298K | No change |
| BLUEBIRD BIO INC | 0.23% | 60,197 | $294K | New |
| BRBS Blue Ridge Bankshares Inc. | 0.22% | 85,671 | $279K | Reduce -22.4% |
| CARE Carter Bankshares Inc. | 0.22% | 17,126 | $277K | New |
| TECK Teck Resources Ltd.-CLS B | 0.21% | 7,500 | $273K | No change |
| INTC Intel Corp. | 0.21% | 12,000 | $273K | Reduce -31.4% |
| CAR Avis Budget Group Inc. | 0.21% | 3,500 | $266K | New |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.21% | 5,000 | $262K | No change |
| SIMO Silicon Motion Technol-ADR | 0.20% | 5,045 | $255K | New |
| ALRS Alerus Financial Corp. | 0.19% | 12,835 | $237K | Add +10.4% |
| ADBE Adobe Inc. | 0.18% | 600 | $230K | Reduce -25.0% |
| SHBI Shore Bancshares Inc. | 0.17% | 16,100 | $218K | No change |
| APA Apa Corp. | 0.17% | 10,000 | $210K | Reduce -65.0% |
| FFWM First Foundation Inc. | 0.14% | 33,431 | $174K | New |
| EOSE Eos Energy Enterprises Inc. | 0.13% | 45,000 | $170K | Reduce -33.3% |
| SGML Sigma Lithium Corp. | 0.12% | 14,286 | $149K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.10% | 750 | $125K | New |
| MSOS Advisorshares Pure US Cann | 0.08% | 40,000 | $104K | No change |
| ASC Ardmore Shipping Corp. | 0.08% | 10,000 | $98K | No change |
| MRVL Marvell Technology Inc. | 0.06% | 1,250 | $77K | New |
| LAR Lithium Argentina AG | 0.05% | 30,191 | $65K | No change |
| SGRP Spar Group Inc. | 0.03% | 27,466 | $36K | Add +130.5% |
| BITF Bitfarms Ltd./Canada | 0.02% | 40,000 | $32K | No change |
Options reported separately and not counted above: SPY puts ($44.8M), MU calls ($4.6M), WFC puts ($718K), MRVL calls ($382K), CMA calls ($295K), KRE puts ($284K), INDA puts ($257K), OSISKO DEVELOPMENT CORP puts ($175K), TSM calls ($83K), NXE calls ($55K), DHC calls ($720).
Other holdings (1): bonds, preferreds, convertibles and warrants · $5K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EOS ENERGY ENTER -CW26 | *W EXP 11/17/202 | 15,327 | $5K | Add +53.3% |
Total filed on the 13F, all lines: $127.4M.
Portfolio Sells Q4 2024 → Q1 2025
| OZK Bank Ozk | Sold out | 0.00% | −4.90 |
| WAL Western Alliance Bancorp | Reduce -28.1% | 4.77% | −2.22 |
| KEY Keycorp | Reduce -41.1% | 2.89% | −2.22 |
| COP Conocophillips | Sold out | 0.00% | −2.08 |
| SNV Synovus Financial Corp. | Sold out | 0.00% | −2.05 |
| PEBO Peoples Bancorp Inc. | Sold out | 0.00% | −1.87 |
| EQT Eqt Corp. | Sold out | 0.00% | −1.82 |
| DVN Devon Energy Corp. | Sold out | 0.00% | −1.49 |
| BANC Banc of California Inc. | Reduce -17.7% | 4.59% | −1.30 |
| ALK Alaska Air Group Inc. | Sold out | 0.00% | −1.12 |
| EWY iShares MSCI South Korea ETF | Reduce -82.5% | 0.25% | −1.07 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −1.03 |
| TLT iShares 20+ Year Treasury BD | Reduce -50.0% | 1.04% | −0.89 |
| BCOW 1895 Bancorp of Wisconsin Inc. | Sold out | 0.00% | −0.87 |
| COLB Columbia Banking System Inc. | Sold out | 0.00% | −0.83 |
| CMA Comerica Inc. | Reduce -31.6% | 1.64% | −0.79 |
| OVV Ovintiv Inc. | Sold out | 0.00% | −0.79 |
| ALTM Arcadium Lithium PLC | Sold out | 0.00% | −0.68 |
| EWW iShares MSCI Mexico ETF | Sold out | 0.00% | −0.68 |
| FLG Flagstar Bank NA | Sold out | 0.00% | −0.65 |
| MTB M & T Bank Corp. | Sold out | 0.00% | −0.60 |
| MUR Murphy Oil Corp. | Sold out | 0.00% | −0.60 |
| IVV iShares Core S&P 500 ETF | Sold out | 0.00% | −0.45 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.44 |
| APA Apa Corp. | Reduce -65.0% | 0.17% | −0.34 |
| RSP Invesco S&P 500 Equal Weight | Reduce -8.8% | 4.09% | −0.31 |
| FNWD Finward Bancorp | Reduce -32.7% | 0.69% | −0.27 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.25 |
| GAN Gan Ltd. | Reduce -19.1% | 0.64% | −0.15 |
| SDHY Pgim SHRT Durat Hi YLD | Sold out | 0.00% | −0.14 |
| S Sentinelone Inc. Class A | Sold out | 0.00% | −0.14 |
| EOSE Eos Energy Enterprises Inc. | Reduce -33.3% | 0.13% | −0.12 |
| BUR Burford Capital Ltd. | Reduce -11.1% | 1.94% | −0.10 |
| ADBE Adobe Inc. | Reduce -25.0% | 0.18% | −0.09 |
| FFNW First Financial Northwest | Reduce -11.2% | 1.40% | −0.06 |
| INTC Intel Corp. | Reduce -31.4% | 0.21% | −0.05 |
| BRBS Blue Ridge Bankshares Inc. | Reduce -22.4% | 0.22% | −0.05 |
| XLE SS Energy Select Sector | Reduce -8.3% | 0.40% | +0.01 |
| FXI iShares China Large-Cap ETF | Reduce -14.1% | 0.86% | +0.04 |
| BFIN Bankfinancial Corp. | Reduce -0.6% | 2.39% | +0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| DAL Delta Air Lines Inc. | Add +1589.4% | 4.63% | +4.26 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +22.4% | 17.90% | +3.04 |
| IEF iShares 7-10 Year Treasury B | Add +170.4% | 4.56% | +2.97 |
| USB US Bancorp | New | 2.57% | +2.57 |
| SYF Synchrony Financial | New | 2.48% | +2.48 |
| SM SM Energy Co. | New | 1.92% | +1.92 |
| IEI iShares 3-7 Year Treasury Bo | New | 1.86% | +1.86 |
| MBIN Merchants Bancorp | Add +352.7% | 2.31% | +1.82 |
| ZION Zions Bancorp NA | New | 1.33% | +1.33 |
| RF Regions Financial Corp. | Add +83.2% | 2.75% | +1.17 |
| OSISKO DEVELOPMENT CORP | Add +5373.9% | 1.00% | +0.98 |
| MCB Metropolitan Bank Holding Co. | New | 0.94% | +0.94 |
| META Meta Platforms Inc. Class A | New | 0.80% | +0.80 |
| NECB Northeast Community Bancorp | Add +274.3% | 1.09% | +0.79 |
| LNSR Lensar Inc. | New | 0.69% | +0.69 |
| ISTR Investar Holding Corp. | New | 0.67% | +0.67 |
| MU Micron Technology Inc. | Add +86.8% | 1.21% | +0.60 |
| CVE Cenovus Energy Inc. | Add +472.7% | 0.69% | +0.56 |
| CIVI Civitas Resources Inc. | New | 0.54% | +0.54 |
| GOOG Alphabet Inc. Class C | New | 0.49% | +0.49 |
| GOOGL Alphabet Inc. Class A | New | 0.49% | +0.49 |
| CKPT Checkpoint Therapeutics Inc. | New | 0.48% | +0.48 |
| OPTINOSE INC | New | 0.44% | +0.44 |
| HBNC Horizon Bancorp Inc. | New | 0.24% | +0.24 |
| BLUEBIRD BIO INC | New | 0.23% | +0.23 |
| CARE Carter Bankshares Inc. | New | 0.22% | +0.22 |
| CAR Avis Budget Group Inc. | New | 0.21% | +0.21 |
| SIMO Silicon Motion Technol-ADR | New | 0.20% | +0.20 |
| FFWM First Foundation Inc. | New | 0.14% | +0.14 |
| EIDO iShares MSCI Indonesia ETF | Add +23.2% | 1.02% | +0.11 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.10% | +0.10 |
| DHC Diversified Healthcare Trust | Add +16.1% | 0.34% | +0.07 |
| MRVL Marvell Technology Inc. | New | 0.06% | +0.06 |
| ALRS Alerus Financial Corp. | Add +10.4% | 0.19% | +0.02 |
| OSBC Old Second Bancorp Inc. | Add +6.3% | 0.56% | +0.01 |
| SGRP Spar Group Inc. | Add +130.5% | 0.03% | +0.01 |
| NXE Nexgen Energy Ltd. | Add +28.1% | 0.32% | −0.04 |
| KOS Kosmos Energy Ltd. | Add +14.9% | 2.03% | −0.54 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -18.4% | 80,000 | $44.8M |
| MU Micron Technology Inc. | call | New | 53,500 | $4.6M |
| WFC Wells Fargo & Co. | put | New | 10,000 | $718K |
| FXI iShares China Large-Cap ETF | call | Sold out | 20,000 | $609Kbefore exit |
| MRVL Marvell Technology Inc. | call | New | 6,200 | $382K |
| CMA Comerica Inc. | call | New | 5,000 | $295K |
| KRE SS SPDR S&P Regional Bank | put | New | 5,000 | $284K |
| INDA iShares MSCI India ETF | put | New | 5,000 | $257K |
| S Sentinelone Inc. Class A | call | Sold out | 10,000 | $222Kbefore exit |
| OSISKO DEVELOPMENT CORP | put | Reduce -17.2% | 117,300 | $175K |
| TSM Taiwan Semiconductor-SP ADR | call | New | 500 | $83K |
| NXE Nexgen Energy Ltd. | call | Reduce -67.0% | 12,300 | $55K |
| HITI High Tide Inc. | put | Sold out | 15,000 | $46Kbefore exit |
| MSOS Advisorshares Pure US Cann | call | Sold out | 10,000 | $38Kbefore exit |
| DHC Diversified Healthcare Trust | call | New | 300 | $720 |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| EOS ENERGY ENTER -CW26 | *W EXP 11/17/202 | Add +53.3% | 15,327 | $5K |
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 |