Black Maple Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Black Maple Capital Management LP reported 76 stock positions worth $138.0 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 20.4% of the portfolio, followed by Antero Resources (AR, 8.4%) and Pinnacle Financial Partners (PNFP, 5.4%). Compared with Q2 2025, it opened 16 new positions, sold out of 25, added to 17 and reduced 27. The biggest buy was a new position in Pinnacle Financial Partners (PNFP) and the biggest sale an exit from iShares 3-7 Year Treasury Bo (IEI).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001588959
- Portfolio Value
- $138.0M (Q3 2025)
- SEC Filing
- 0001214659-25-016615 ↗ filed Nov 14, 2025
Holdings Value
Holdings 76 stocks · $138.0M
| SPY SS SPDR S&P 500 ETF Trust-US | 20.41% | 42,283 | $28.2M | Reduce -3.4% |
| AR Antero Resources Corp. | 8.43% | 346,666 | $11.6M | Add +87.8% |
| PNFP Pinnacle Financial Partners | 5.41% | 79,637 | $7.5M | New |
| RSP Invesco S&P 500 Equal Weight | 4.96% | 36,050 | $6.8M | Add +52.8% |
| USB US Bancorp | 4.60% | 131,450 | $6.4M | Add +1777.9% |
| EQT Eqt Corp. | 3.52% | 89,343 | $4.9M | New |
| ETNB 89BIO Inc. | 3.43% | 321,616 | $4.7M | New |
| WAL Western Alliance Bancorp | 3.42% | 54,492 | $4.7M | Reduce -21.3% |
| MBIN Merchants Bancorp | 2.97% | 129,097 | $4.1M | Add +27.7% |
| EXE Expand Energy Corp. | 2.69% | 34,941 | $3.7M | New |
| UBER Uber Technologies Inc. | 2.48% | 35,000 | $3.4M | Add +900.0% |
| META Meta Platforms Inc. Class A | 2.33% | 4,370 | $3.2M | No change |
| EWJ iShares MSCI Japan ETF | 2.28% | 39,159 | $3.1M | No change |
| COLB Columbia Banking System Inc. | 2.07% | 110,760 | $2.9M | Reduce -20.8% |
| EWU iShares MSCI United Kingdom | 1.56% | 51,210 | $2.1M | Reduce -16.3% |
| MU Micron Technology Inc. | 1.54% | 12,700 | $2.1M | Add +8.6% |
| FEZ State Street SPDR Euro Stoxx | 1.43% | 31,800 | $2.0M | No change |
| KCCA Kraneshares California Carbo | 1.31% | 105,517 | $1.8M | Add +34.7% |
| LIEN Chicago Atlantic BDC Inc. | 1.19% | 156,596 | $1.6M | Reduce -14.7% |
| BANC Banc of California Inc. | 1.15% | 96,269 | $1.6M | Reduce -78.8% |
| LNSR Lensar Inc. | 1.05% | 117,340 | $1.4M | Add +8.1% |
| BUR Burford Capital Ltd. | 1.04% | 120,462 | $1.4M | Reduce -53.3% |
| XLC SS Comm Select Sector SPDR | 0.94% | 10,970 | $1.3M | No change |
| INDA iShares MSCI India ETF | 0.87% | 23,000 | $1.2M | Add +53.3% |
| NECB Northeast Community Bancorp | 0.82% | 55,147 | $1.1M | Reduce -16.1% |
| SNV Synovus Financial Corp. | 0.81% | 22,800 | $1.1M | New |
| INTC Intel Corp. | 0.78% | 32,000 | $1.1M | Add +220.0% |
| CMA Comerica Inc. | 0.73% | 14,800 | $1.0M | Reduce -73.9% |
| EIDO iShares MSCI Indonesia ETF | 0.73% | 57,104 | $1.0M | Add +9.6% |
| XME SS SPDR S&P Metals Mining | 0.71% | 10,500 | $978K | No change |
| GOOG Alphabet Inc. Class C | 0.71% | 4,000 | $974K | No change |
| GOOGL Alphabet Inc. Class A | 0.70% | 4,000 | $972K | No change |
| IEF iShares 7-10 Year Treasury B | 0.70% | 10,000 | $965K | Reduce -83.6% |
| FNWD Finward Bancorp | 0.70% | 30,000 | $963K | No change |
| HBAN Huntington Bancshares Inc. | 0.67% | 53,300 | $920K | New |
| DDI Doubledown Interactive -ADR | 0.67% | 98,444 | $919K | Add +96.9% |
| OSBC Old Second Bancorp Inc. | 0.66% | 52,500 | $907K | Add +10.5% |
| MRVL Marvell Technology Inc. | 0.65% | 10,600 | $891K | Reduce -20.6% |
| NXE Nexgen Energy Ltd. | 0.56% | 86,200 | $771K | Reduce -5.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.48% | 11,999 | $666K | New |
| XLK SS Technology Select Sector | 0.46% | 2,260 | $637K | No change |
| MDY State Street SPDR S&P Midcap | 0.43% | 1,000 | $596K | Reduce -66.7% |
| LYFT LYFT Inc. Class A | 0.42% | 26,039 | $573K | Reduce -27.7% |
| KRE SS SPDR S&P Regional Bank | 0.39% | 8,500 | $538K | Reduce -19.1% |
| SYF Synchrony Financial | 0.39% | 7,500 | $533K | New |
| FCX Freeport-McMoran Inc. | 0.34% | 12,000 | $471K | Reduce -36.8% |
| ADBE Adobe Inc. | 0.33% | 1,300 | $459K | Add +23.8% |
| IBTH iShares Ibonds Dec 2027 Term | 0.33% | 20,000 | $450K | Add +60.0% |
| IBTI iShares Ibonds Dec 2028 Term | 0.32% | 20,000 | $448K | Add +100.0% |
| DHC Diversified Healthcare Trust | 0.31% | 98,300 | $434K | Reduce -47.9% |
| DELL Dell Technologies -C | 0.31% | 3,000 | $425K | New |
| EWP iShares MSCI Spain ETF | 0.29% | 8,000 | $396K | Reduce -42.9% |
| PEBO Peoples Bancorp Inc. | 0.28% | 12,793 | $384K | New |
| TECK Teck Resources Ltd.-CLS B | 0.24% | 7,700 | $338K | No change |
| CZWI Citizens Community Bancorp I | 0.24% | 20,377 | $327K | Reduce -28.8% |
| FVCB Fvcbankcorp Inc. | 0.23% | 23,971 | $311K | No change |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.19% | 5,000 | $265K | No change |
| MSOS Advisorshares Pure US Cann | 0.19% | 55,000 | $263K | Add +22.2% |
| BUSE First Busey Corp. | 0.18% | 10,859 | $251K | Reduce -31.5% |
| ALRS Alerus Financial Corp. | 0.18% | 10,952 | $242K | Reduce -26.9% |
| CRM Salesforce Inc. | 0.17% | 1,000 | $237K | New |
| CWBC Community West Bancshares | 0.16% | 10,805 | $225K | Reduce -19.5% |
| IBTJ iShares Ibonds Dec 2029 Term | 0.16% | 10,000 | $220K | New |
| SITC Site Centers Corp. filed as SITE CTRS CORP | 0.16% | 24,000 | $216K | New |
| OZK Bank Ozk | 0.15% | 4,000 | $204K | New |
| CARE Carter Bankshares Inc. | 0.14% | 10,000 | $194K | Reduce -41.6% |
| XLE SS Energy Select Sector | 0.13% | 2,000 | $179K | Reduce -33.3% |
| FFWM First Foundation Inc. | 0.12% | 30,431 | $170K | Reduce -9.0% |
| STHO Star Holdings filed as STAR HLDGS | 0.12% | 19,766 | $163K | New |
| BTBT Bit Digital Inc. | 0.11% | 50,000 | $150K | Reduce -70.6% |
| ASC Ardmore Shipping Corp. | 0.09% | 10,000 | $119K | No change |
| SNFCA Security Natl Finl Corp. Class A | 0.08% | 12,837 | $111K | New |
| LAR Lithium Argentina AG | 0.07% | 30,191 | $101K | No change |
| SGML Sigma Lithium Corp. | 0.07% | 14,286 | $92K | No change |
| BITF Bitfarms Ltd./Canada | 0.06% | 30,000 | $85K | Reduce -25.0% |
| SGRP Spar Group Inc. | 0.02% | 27,466 | $28K | No change |
Options reported separately and not counted above: SPY puts ($56.3M), GLD puts ($3.6M), LYFT puts ($2.8M), GDX puts ($932K), INTC puts ($906K), EWU calls ($856K), NVO puts ($555K), INDA calls ($521K), MU puts ($519K), OSISKO DEVELOPMENT CORP puts ($382K), GDXJ puts ($248K), XLE puts ($179K), and 5 more.
Portfolio Sells Q2 2025 → Q3 2025
| IEI iShares 3-7 Year Treasury Bo | Sold out | 0.00% | −7.17 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −3.90 |
| IEF iShares 7-10 Year Treasury B | Reduce -83.6% | 0.70% | −3.33 |
| BANC Banc of California Inc. | Reduce -78.8% | 1.15% | −3.27 |
| ZION Zions Bancorp NA | Sold out | 0.00% | −2.21 |
| BFIN Bankfinancial Corp. | Sold out | 0.00% | −1.76 |
| CMA Comerica Inc. | Reduce -73.9% | 0.73% | −1.60 |
| BUR Burford Capital Ltd. | Reduce -53.3% | 1.04% | −1.50 |
| RRC Range Resources Corp. | Sold out | 0.00% | −1.40 |
| VIGL Vigil Neuroscience Inc. | Sold out | 0.00% | −1.19 |
| RF Regions Financial Corp. | Sold out | 0.00% | −1.15 |
| KEY Keycorp | Sold out | 0.00% | −1.03 |
| FITB Fifth Third Bancorp | Sold out | 0.00% | −0.92 |
| MDY State Street SPDR S&P Midcap | Reduce -66.7% | 0.43% | −0.74 |
| PPTA Perpetua Resources Corp. | Sold out | 0.00% | −0.71 |
| CVE Cenovus Energy Inc. | Sold out | 0.00% | −0.59 |
| GDX Vaneck Gold Miners ETF | Sold out | 0.00% | −0.54 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.39 |
| FL Foot Locker Inc. | Sold out | 0.00% | −0.34 |
| HBNC Horizon Bancorp Inc. | Sold out | 0.00% | −0.33 |
| WAL Western Alliance Bancorp | Reduce -21.3% | 3.42% | −0.31 |
| BHB Bar Harbor Bankshares | Sold out | 0.00% | −0.26 |
| SIMO Silicon Motion Technol-ADR | Sold out | 0.00% | −0.26 |
| NECB Northeast Community Bancorp | Reduce -16.1% | 0.82% | −0.24 |
| FCX Freeport-McMoran Inc. | Reduce -36.8% | 0.34% | −0.23 |
| ISTR Investar Holding Corp. | Sold out | 0.00% | −0.21 |
| BRBS Blue Ridge Bankshares Inc. | Sold out | 0.00% | −0.21 |
| COLB Columbia Banking System Inc. | Reduce -20.8% | 2.07% | −0.20 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.19 |
| SHBI Shore Bancshares Inc. | Sold out | 0.00% | −0.16 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.15 |
| DHC Diversified Healthcare Trust | Reduce -47.9% | 0.31% | −0.15 |
| BTBT Bit Digital Inc. | Reduce -70.6% | 0.11% | −0.15 |
| EWP iShares MSCI Spain ETF | Reduce -42.9% | 0.29% | −0.14 |
| PROV Provident Financial Hldgs | Sold out | 0.00% | −0.13 |
| EWU iShares MSCI United Kingdom | Reduce -16.3% | 1.56% | −0.12 |
| LIEN Chicago Atlantic BDC Inc. | Reduce -14.7% | 1.19% | −0.12 |
| MRVL Marvell Technology Inc. | Reduce -20.6% | 0.65% | −0.07 |
| BUSE First Busey Corp. | Reduce -31.5% | 0.18% | −0.07 |
| CARE Carter Bankshares Inc. | Reduce -41.6% | 0.14% | −0.06 |
| ALRS Alerus Financial Corp. | Reduce -26.9% | 0.18% | −0.05 |
| XLE SS Energy Select Sector | Reduce -33.3% | 0.13% | −0.05 |
| OSISKO DEVELOPMENT CORP | Sold out | 0.00% | −0.04 |
| KRE SS SPDR S&P Regional Bank | Reduce -19.1% | 0.39% | −0.04 |
| CZWI Citizens Community Bancorp I | Reduce -28.8% | 0.24% | −0.04 |
| EOSE Eos Energy Enterprises Inc. | Sold out | 0.00% | −0.04 |
| CWBC Community West Bancshares | Reduce -19.5% | 0.16% | −0.02 |
| FFWM First Foundation Inc. | Reduce -9.0% | 0.12% | +0.00 |
| LYFT LYFT Inc. Class A | Reduce -27.7% | 0.42% | +0.02 |
| BITF Bitfarms Ltd./Canada | Reduce -25.0% | 0.06% | +0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| PNFP Pinnacle Financial Partners | New | 5.41% | +5.41 |
| USB US Bancorp | Add +1777.9% | 4.60% | +4.38 |
| EQT Eqt Corp. | New | 3.52% | +3.52 |
| ETNB 89BIO Inc. | New | 3.43% | +3.43 |
| AR Antero Resources Corp. | Add +87.8% | 8.43% | +3.28 |
| EXE Expand Energy Corp. | New | 2.69% | +2.69 |
| UBER Uber Technologies Inc. | Add +900.0% | 2.48% | +2.26 |
| RSP Invesco S&P 500 Equal Weight | Add +52.8% | 4.96% | +1.99 |
| SNV Synovus Financial Corp. | New | 0.81% | +0.81 |
| HBAN Huntington Bancshares Inc. | New | 0.67% | +0.67 |
| MBIN Merchants Bancorp | Add +27.7% | 2.97% | +0.66 |
| INTC Intel Corp. | Add +220.0% | 0.78% | +0.62 |
| MU Micron Technology Inc. | Add +8.6% | 1.54% | +0.54 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.48% | +0.48 |
| KCCA Kraneshares California Carbo | Add +34.7% | 1.31% | +0.46 |
| SYF Synchrony Financial | New | 0.39% | +0.39 |
| DDI Doubledown Interactive -ADR | Add +96.9% | 0.67% | +0.34 |
| DELL Dell Technologies -C | New | 0.31% | +0.31 |
| INDA iShares MSCI India ETF | Add +53.3% | 0.87% | +0.29 |
| PEBO Peoples Bancorp Inc. | New | 0.28% | +0.28 |
| CRM Salesforce Inc. | New | 0.17% | +0.17 |
| IBTI iShares Ibonds Dec 2028 Term | Add +100.0% | 0.32% | +0.17 |
| IBTJ iShares Ibonds Dec 2029 Term | New | 0.16% | +0.16 |
| SITC Site Centers Corp. | New | 0.16% | +0.16 |
| OZK Bank Ozk | New | 0.15% | +0.15 |
| IBTH iShares Ibonds Dec 2027 Term | Add +60.0% | 0.33% | +0.13 |
| STHO Star Holdings | New | 0.12% | +0.12 |
| MSOS Advisorshares Pure US Cann | Add +22.2% | 0.19% | +0.12 |
| EIDO iShares MSCI Indonesia ETF | Add +9.6% | 0.73% | +0.09 |
| SNFCA Security Natl Finl Corp. Class A | New | 0.08% | +0.08 |
| OSBC Old Second Bancorp Inc. | Add +10.5% | 0.66% | +0.07 |
| LNSR Lensar Inc. | Add +8.1% | 1.05% | +0.06 |
| ADBE Adobe Inc. | Add +23.8% | 0.33% | +0.05 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -30.4% | 84,500 | $56.3M |
| GLD SPDR Gold Shares | put | New | 10,000 | $3.6M |
| LYFT LYFT Inc. Class A | put | New | 128,500 | $2.8M |
| GDX Vaneck Gold Miners ETF | put | New | 12,200 | $932K |
| INTC Intel Corp. | put | New | 27,000 | $906K |
| EWU iShares MSCI United Kingdom | call | Add +2.0% | 20,400 | $856K |
| KRE SS SPDR S&P Regional Bank | put | Sold out | 10,000 | $594Kbefore exit |
| NVO Novo-Nordisk A/S-Spons ADR | put | New | 10,000 | $555K |
| INDA iShares MSCI India ETF | call | New | 10,000 | $521K |
| MU Micron Technology Inc. | put | New | 3,100 | $519K |
| OSISKO DEVELOPMENT CORP | put | New | 112,700 | $382K |
| SIMO Silicon Motion Technol-ADR | put | Sold out | 5,000 | $376Kbefore exit |
| CMA Comerica Inc. | call | Sold out | 6,000 | $358Kbefore exit |
| LEU Centrus Energy Corp. Class A | call | Sold out | 1,500 | $275Kbefore exit |
| GDXJ Vaneck Junior Gold Miners | put | New | 2,500 | $248K |
| TECK Teck Resources Ltd.-CLS B | call | Sold out | 5,000 | $202Kbefore exit |
| XLE SS Energy Select Sector | put | New | 2,000 | $179K |
| BANC Banc of California Inc. | call | New | 10,000 | $166K |
| EOSE Eos Energy Enterprises Inc. | call | Sold out | 30,000 | $154Kbefore exit |
| BTBT Bit Digital Inc. | put | New | 40,000 | $120K |
| MRVL Marvell Technology Inc. | call | New | 1,300 | $109K |
| MRVL Marvell Technology Inc. | put | Reduce -60.0% | 1,000 | $84K |
| DAL Delta Air Lines Inc. | put | Sold out | 1,000 | $49Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| EOS ENERGY ENTER -CW26 | *W EXP 11/17/202 | Sold out | 25,327 | $12Kbefore exit |
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 |