Black Maple Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Black Maple Capital Management LP reported 85 stock positions worth $144.5 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 18.7% of the portfolio, followed by iShares 3-7 Year Treasury Bo (IEI, 7.2%) and Antero Resources (AR, 5.1%). Compared with Q1 2025, it opened 20 new positions, sold out of 16, added to 20 and reduced 23. The biggest buy was iShares 3-7 Year Treasury Bo (IEI, shares +335%) and the biggest sale an exit from Synchrony Financial (SYF).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001588959
- Portfolio Value
- $144.5M (Q2 2025)
- SEC Filing
- 0001214659-25-012208 ↗ filed Aug 14, 2025
Holdings Value
Holdings 85 stocks · $144.5M
| SPY SS SPDR S&P 500 ETF Trust-US | 18.70% | 43,752 | $27.0M | Add +7.4% |
| IEI iShares 3-7 Year Treasury Bo | 7.17% | 87,000 | $10.4M | Add +335.0% |
| AR Antero Resources Corp. | 5.15% | 184,638 | $7.4M | New |
| BANC Banc of California Inc. | 4.42% | 454,896 | $6.4M | Add +10.3% |
| IEF iShares 7-10 Year Treasury B | 4.03% | 60,850 | $5.8M | No change |
| DAL Delta Air Lines Inc. | 3.90% | 114,580 | $5.6M | Reduce -15.2% |
| WAL Western Alliance Bancorp | 3.73% | 69,192 | $5.4M | Reduce -12.5% |
| RSP Invesco S&P 500 Equal Weight | 2.97% | 23,600 | $4.3M | Reduce -21.6% |
| BUR Burford Capital Ltd. | 2.55% | 258,057 | $3.7M | Add +38.0% |
| CMA Comerica Inc. | 2.34% | 56,675 | $3.4M | Add +60.3% |
| MBIN Merchants Bancorp | 2.31% | 101,100 | $3.3M | Add +27.2% |
| COLB Columbia Banking System Inc. | 2.26% | 139,873 | $3.3M | New |
| META Meta Platforms Inc. Class A | 2.23% | 4,370 | $3.2M | Add +146.9% |
| ZION Zions Bancorp NA | 2.21% | 61,532 | $3.2M | Add +81.0% |
| EWJ iShares MSCI Japan ETF | 2.03% | 39,159 | $2.9M | Reduce -3.3% |
| BFIN Bankfinancial Corp. | 1.76% | 219,339 | $2.5M | Reduce -8.9% |
| EWU iShares MSCI United Kingdom | 1.68% | 61,210 | $2.4M | Add +35.4% |
| RRC Range Resources Corp. | 1.40% | 49,910 | $2.0M | New |
| LIEN Chicago Atlantic BDC Inc. | 1.32% | 183,668 | $1.9M | New |
| FEZ State Street SPDR Euro Stoxx | 1.31% | 31,800 | $1.9M | No change |
| VIGL Vigil Neuroscience Inc. | 1.19% | 215,992 | $1.7M | New |
| MDY State Street SPDR S&P Midcap | 1.18% | 3,000 | $1.7M | No change |
| RF Regions Financial Corp. | 1.15% | 70,605 | $1.7M | Reduce -56.2% |
| NECB Northeast Community Bancorp | 1.06% | 65,747 | $1.5M | Add +11.1% |
| KEY Keycorp | 1.03% | 85,378 | $1.5M | Reduce -63.0% |
| MU Micron Technology Inc. | 1.00% | 11,700 | $1.4M | Reduce -34.1% |
| LNSR Lensar Inc. | 0.99% | 108,540 | $1.4M | Add +74.7% |
| FITB Fifth Third Bancorp | 0.92% | 32,403 | $1.3M | New |
| KCCA Kraneshares California Carbo | 0.84% | 78,313 | $1.2M | New |
| XLC SS Comm Select Sector SPDR | 0.82% | 10,970 | $1.2M | No change |
| MRVL Marvell Technology Inc. | 0.71% | 13,350 | $1.0M | Add +968.0% |
| PPTA Perpetua Resources Corp. | 0.71% | 85,000 | $1.0M | New |
| EIDO iShares MSCI Indonesia ETF | 0.64% | 52,104 | $919K | Reduce -34.5% |
| CVE Cenovus Energy Inc. | 0.59% | 63,000 | $857K | No change |
| OSBC Old Second Bancorp Inc. | 0.58% | 47,500 | $843K | Add +11.8% |
| INDA iShares MSCI India ETF | 0.58% | 15,000 | $835K | Reduce -31.8% |
| FNWD Finward Bancorp | 0.57% | 30,000 | $829K | No change |
| FCX Freeport-McMoran Inc. | 0.57% | 19,000 | $824K | Reduce -5.0% |
| GDX Vaneck Gold Miners ETF | 0.54% | 15,000 | $781K | No change |
| GOOG Alphabet Inc. Class C | 0.49% | 4,000 | $710K | No change |
| XME SS SPDR S&P Metals Mining | 0.49% | 10,500 | $706K | Reduce -50.0% |
| GOOGL Alphabet Inc. Class A | 0.49% | 4,000 | $705K | No change |
| DHC Diversified Healthcare Trust | 0.47% | 188,823 | $676K | Add +4.7% |
| NXE Nexgen Energy Ltd. | 0.44% | 91,200 | $633K | No change |
| KRE SS SPDR S&P Regional Bank | 0.43% | 10,500 | $624K | Reduce -16.0% |
| EWP iShares MSCI Spain ETF | 0.43% | 14,000 | $616K | Reduce -30.0% |
| XLK SS Technology Select Sector | 0.40% | 2,260 | $572K | No change |
| LYFT LYFT Inc. Class A | 0.39% | 36,000 | $567K | New |
| ASML ASML Holding NV-NY Reg SHS | 0.39% | 700 | $561K | Reduce -26.3% |
| FL Foot Locker Inc. | 0.34% | 20,000 | $490K | New |
| DDI Doubledown Interactive -ADR | 0.33% | 50,000 | $479K | New |
| HBNC Horizon Bancorp Inc. | 0.33% | 30,598 | $471K | Add +49.0% |
| ADBE Adobe Inc. | 0.28% | 1,050 | $406K | Add +75.0% |
| CZWI Citizens Community Bancorp I | 0.27% | 28,628 | $395K | No change |
| BHB Bar Harbor Bankshares filed as BAR HBR BANKSHARES | 0.26% | 12,755 | $382K | New |
| SIMO Silicon Motion Technol-ADR | 0.26% | 5,045 | $379K | No change |
| BTBT Bit Digital Inc. | 0.26% | 170,000 | $372K | New |
| BUSE First Busey Corp. | 0.25% | 15,859 | $363K | New |
| UBER Uber Technologies Inc. | 0.23% | 3,500 | $327K | New |
| ALRS Alerus Financial Corp. | 0.22% | 14,972 | $324K | Add +16.6% |
| USB US Bancorp | 0.22% | 7,000 | $317K | Reduce -91.0% |
| TECK Teck Resources Ltd.-CLS B | 0.22% | 7,700 | $311K | Add +2.7% |
| ISTR Investar Holding Corp. | 0.21% | 15,965 | $308K | Reduce -67.1% |
| BRBS Blue Ridge Bankshares Inc. | 0.21% | 85,671 | $308K | No change |
| CARE Carter Bankshares Inc. | 0.21% | 17,126 | $297K | No change |
| FVCB Fvcbankcorp Inc. | 0.20% | 23,971 | $283K | New |
| IBTH iShares Ibonds Dec 2027 Term | 0.19% | 12,500 | $281K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.19% | 1,210 | $274K | Add +61.3% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.18% | 5,000 | $264K | No change |
| CWBC Community West Bancshares | 0.18% | 13,415 | $262K | New |
| XLE SS Energy Select Sector | 0.18% | 3,000 | $254K | Reduce -45.5% |
| SHBI Shore Bancshares Inc. | 0.16% | 15,100 | $237K | Reduce -6.2% |
| INTC Intel Corp. | 0.15% | 10,000 | $224K | Reduce -16.7% |
| IBTI iShares Ibonds Dec 2028 Term | 0.15% | 10,000 | $224K | New |
| CCJ Cameco Corp. | 0.15% | 3,000 | $223K | New |
| PROV Provident Financial Hldgs | 0.13% | 12,182 | $189K | Reduce -60.9% |
| FFWM First Foundation Inc. | 0.12% | 33,431 | $170K | No change |
| MSOS Advisorshares Pure US Cann | 0.07% | 45,000 | $108K | Add +12.5% |
| ASC Ardmore Shipping Corp. | 0.07% | 10,000 | $96K | No change |
| SGML Sigma Lithium Corp. | 0.04% | 14,286 | $64K | No change |
| OSISKO DEVELOPMENT CORP | 0.04% | 29,600 | $63K | Reduce -96.5% |
| LAR Lithium Argentina AG | 0.04% | 30,191 | $63K | No change |
| EOSE Eos Energy Enterprises Inc. | 0.04% | 10,000 | $51K | Reduce -77.8% |
| BITF Bitfarms Ltd./Canada | 0.02% | 40,000 | $34K | No change |
| SGRP Spar Group Inc. | 0.02% | 27,466 | $26K | No change |
Options reported separately and not counted above: SPY puts ($75.1M), EWU calls ($794K), KRE puts ($594K), SIMO puts ($376K), CMA calls ($358K), LEU calls ($275K), TECK calls ($202K), MRVL puts ($194K), EOSE calls ($154K), DHC calls ($91K), DAL puts ($49K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $12K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EOS ENERGY ENTER -CW26 | *W EXP 11/17/202 | 25,327 | $12K | Add +65.2% |
Total filed on the 13F, all lines: $144.6M.
Portfolio Sells Q1 2025 → Q2 2025
| SYF Synchrony Financial | Sold out | 0.00% | −2.48 |
| USB US Bancorp | Reduce -91.0% | 0.22% | −2.35 |
| KOS Kosmos Energy Ltd. | Sold out | 0.00% | −2.03 |
| SM SM Energy Co. | Sold out | 0.00% | −1.92 |
| KEY Keycorp | Reduce -63.0% | 1.03% | −1.86 |
| RF Regions Financial Corp. | Reduce -56.2% | 1.15% | −1.60 |
| FFNW First Financial Northwest | Sold out | 0.00% | −1.40 |
| RSP Invesco S&P 500 Equal Weight | Reduce -21.6% | 2.97% | −1.13 |
| WAL Western Alliance Bancorp | Reduce -12.5% | 3.73% | −1.04 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −1.04 |
| OSISKO DEVELOPMENT CORP | Reduce -96.5% | 0.04% | −0.96 |
| MCB Metropolitan Bank Holding Co. | Sold out | 0.00% | −0.94 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −0.86 |
| DAL Delta Air Lines Inc. | Reduce -15.2% | 3.90% | −0.73 |
| GAN Gan Ltd. | Sold out | 0.00% | −0.64 |
| BFIN Bankfinancial Corp. | Reduce -8.9% | 1.76% | −0.63 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −0.54 |
| CKPT Checkpoint Therapeutics Inc. | Sold out | 0.00% | −0.48 |
| ISTR Investar Holding Corp. | Reduce -67.1% | 0.21% | −0.46 |
| OPTINOSE INC | Sold out | 0.00% | −0.44 |
| XME SS SPDR S&P Metals Mining | Reduce -50.0% | 0.49% | −0.43 |
| EIDO iShares MSCI Indonesia ETF | Reduce -34.5% | 0.64% | −0.38 |
| INDA iShares MSCI India ETF | Reduce -31.8% | 0.58% | −0.31 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.25 |
| LSEA Landsea Homes Corp. | Sold out | 0.00% | −0.23 |
| BLUEBIRD BIO INC | Sold out | 0.00% | −0.23 |
| XLE SS Energy Select Sector | Reduce -45.5% | 0.18% | −0.23 |
| PROV Provident Financial Hldgs | Reduce -60.9% | 0.13% | −0.23 |
| MU Micron Technology Inc. | Reduce -34.1% | 1.00% | −0.21 |
| CAR Avis Budget Group Inc. | Sold out | 0.00% | −0.21 |
| EWP iShares MSCI Spain ETF | Reduce -30.0% | 0.43% | −0.17 |
| APA Apa Corp. | Sold out | 0.00% | −0.17 |
| EWJ iShares MSCI Japan ETF | Reduce -3.3% | 2.03% | −0.15 |
| KRE SS SPDR S&P Regional Bank | Reduce -16.0% | 0.43% | −0.13 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -26.3% | 0.39% | −0.11 |
| EOSE Eos Energy Enterprises Inc. | Reduce -77.8% | 0.04% | −0.10 |
| INTC Intel Corp. | Reduce -16.7% | 0.15% | −0.06 |
| FCX Freeport-McMoran Inc. | Reduce -5.0% | 0.57% | −0.02 |
| SHBI Shore Bancshares Inc. | Reduce -6.2% | 0.16% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| IEI iShares 3-7 Year Treasury Bo | Add +335.0% | 7.17% | +5.31 |
| AR Antero Resources Corp. | New | 5.15% | +5.15 |
| COLB Columbia Banking System Inc. | New | 2.26% | +2.26 |
| META Meta Platforms Inc. Class A | Add +146.9% | 2.23% | +1.43 |
| RRC Range Resources Corp. | New | 1.40% | +1.40 |
| LIEN Chicago Atlantic BDC Inc. | New | 1.32% | +1.32 |
| VIGL Vigil Neuroscience Inc. | New | 1.19% | +1.19 |
| FITB Fifth Third Bancorp | New | 0.92% | +0.92 |
| ZION Zions Bancorp NA | Add +81.0% | 2.21% | +0.88 |
| KCCA Kraneshares California Carbo | New | 0.84% | +0.84 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +7.4% | 18.70% | +0.80 |
| PPTA Perpetua Resources Corp. | New | 0.71% | +0.71 |
| CMA Comerica Inc. | Add +60.3% | 2.34% | +0.70 |
| MRVL Marvell Technology Inc. | Add +968.0% | 0.71% | +0.65 |
| BUR Burford Capital Ltd. | Add +38.0% | 2.55% | +0.61 |
| LYFT LYFT Inc. Class A | New | 0.39% | +0.39 |
| EWU iShares MSCI United Kingdom | Add +35.4% | 1.68% | +0.35 |
| FL Foot Locker Inc. | New | 0.34% | +0.34 |
| DDI Doubledown Interactive -ADR | New | 0.33% | +0.33 |
| LNSR Lensar Inc. | Add +74.7% | 0.99% | +0.30 |
| BHB Bar Harbor Bankshares | New | 0.26% | +0.26 |
| BTBT Bit Digital Inc. | New | 0.26% | +0.26 |
| BUSE First Busey Corp. | New | 0.25% | +0.25 |
| UBER Uber Technologies Inc. | New | 0.23% | +0.23 |
| FVCB Fvcbankcorp Inc. | New | 0.20% | +0.20 |
| IBTH iShares Ibonds Dec 2027 Term | New | 0.19% | +0.19 |
| CWBC Community West Bancshares | New | 0.18% | +0.18 |
| IBTI iShares Ibonds Dec 2028 Term | New | 0.15% | +0.15 |
| CCJ Cameco Corp. | New | 0.15% | +0.15 |
| DHC Diversified Healthcare Trust | Add +4.7% | 0.47% | +0.13 |
| ADBE Adobe Inc. | Add +75.0% | 0.28% | +0.10 |
| TSM Taiwan Semiconductor-SP ADR | Add +61.3% | 0.19% | +0.09 |
| HBNC Horizon Bancorp Inc. | Add +49.0% | 0.33% | +0.08 |
| ALRS Alerus Financial Corp. | Add +16.6% | 0.22% | +0.04 |
| OSBC Old Second Bancorp Inc. | Add +11.8% | 0.58% | +0.03 |
| MBIN Merchants Bancorp | Add +27.2% | 2.31% | +0.00 |
| TECK Teck Resources Ltd.-CLS B | Add +2.7% | 0.22% | +0.00 |
| MSOS Advisorshares Pure US Cann | Add +12.5% | 0.07% | −0.01 |
| NECB Northeast Community Bancorp | Add +11.1% | 1.06% | −0.03 |
| BANC Banc of California Inc. | Add +10.3% | 4.42% | −0.17 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +51.9% | 121,500 | $75.1M |
| MU Micron Technology Inc. | call | Sold out | 53,500 | $4.6Mbefore exit |
| EWU iShares MSCI United Kingdom | call | New | 20,000 | $794K |
| WFC Wells Fargo & Co. | put | Sold out | 10,000 | $718Kbefore exit |
| KRE SS SPDR S&P Regional Bank | put | Add +100.0% | 10,000 | $594K |
| MRVL Marvell Technology Inc. | call | Sold out | 6,200 | $382Kbefore exit |
| SIMO Silicon Motion Technol-ADR | put | New | 5,000 | $376K |
| CMA Comerica Inc. | call | Add +20.0% | 6,000 | $358K |
| LEU Centrus Energy Corp. Class A | call | New | 1,500 | $275K |
| INDA iShares MSCI India ETF | put | Sold out | 5,000 | $257Kbefore exit |
| TECK Teck Resources Ltd.-CLS B | call | New | 5,000 | $202K |
| MRVL Marvell Technology Inc. | put | New | 2,500 | $194K |
| OSISKO DEVELOPMENT CORP | put | Sold out | 117,300 | $175Kbefore exit |
| EOSE Eos Energy Enterprises Inc. | call | New | 30,000 | $154K |
| DHC Diversified Healthcare Trust | call | Add +8333.3% | 25,300 | $91K |
| TSM Taiwan Semiconductor-SP ADR | call | Sold out | 500 | $83Kbefore exit |
| NXE Nexgen Energy Ltd. | call | Sold out | 12,300 | $55Kbefore exit |
| DAL Delta Air Lines Inc. | put | New | 1,000 | $49K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| EOS ENERGY ENTER -CW26 | *W EXP 11/17/202 | Add +65.2% | 25,327 | $12K |
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 |