Black Maple Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Black Maple Capital Management LP reported 81 stock positions worth $133.8 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 14.6% of the portfolio, followed by Western Alliance Bancorp (WAL, 7.0%) and Pinnacle Financial Partners (PNFP, 5.6%). Compared with Q3 2025, it opened 21 new positions, sold out of 16, added to 21 and reduced 19. The biggest buy was Huntington Bancshares (HBAN, shares +707%) and the biggest sale Antero Resources (AR, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001588959
- Portfolio Value
- $133.8M (Q4 2025)
- SEC Filing
- 0001214659-26-001958 ↗ filed Feb 17, 2026
Holdings Value
Holdings 81 stocks · $133.8M
| SPY SS SPDR S&P 500 ETF Trust-US | 14.56% | 28,583 | $19.5M | Reduce -32.4% |
| WAL Western Alliance Bancorp | 6.96% | 110,776 | $9.3M | Add +103.3% |
| PNFP Pinnacle Financial Partners | 5.60% | 78,559 | $7.5M | Reduce -1.4% |
| HBAN Huntington Bancshares Inc. | 5.58% | 430,300 | $7.5M | Add +707.3% |
| RSP Invesco S&P 500 Equal Weight | 5.02% | 35,050 | $6.7M | Reduce -2.8% |
| OSISKO DEVELOPMENT CORP | 4.22% | 1,618,010 | $5.6M | New |
| EQT Eqt Corp. | 3.93% | 98,039 | $5.3M | Add +9.7% |
| UBER Uber Technologies Inc. | 3.51% | 57,500 | $4.7M | Add +64.3% |
| OZK Bank Ozk | 3.19% | 92,672 | $4.3M | Add +2216.8% |
| META Meta Platforms Inc. Class A | 2.92% | 5,920 | $3.9M | Add +35.5% |
| BANC Banc of California Inc. | 2.49% | 172,612 | $3.3M | Add +79.3% |
| EWJ iShares MSCI Japan ETF | 2.36% | 39,159 | $3.2M | No change |
| EOG EOG Resources Inc. | 2.28% | 29,000 | $3.0M | New |
| EWU iShares MSCI United Kingdom | 2.22% | 67,610 | $3.0M | Add +32.0% |
| ALK Alaska Air Group Inc. | 2.12% | 56,500 | $2.8M | New |
| MBIN Merchants Bancorp | 2.09% | 82,092 | $2.8M | Reduce -36.4% |
| FEZ State Street SPDR Euro Stoxx | 1.53% | 31,800 | $2.0M | No change |
| SNV Synovus Financial Corp. | 1.48% | 39,700 | $2.0M | Add +74.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.41% | 34,300 | $1.9M | New |
| KCCA Kraneshares California Carbo | 1.33% | 105,517 | $1.8M | No change |
| INDA iShares MSCI India ETF | 1.21% | 30,000 | $1.6M | Add +30.4% |
| LIEN Chicago Atlantic BDC Inc. | 1.05% | 135,920 | $1.4M | Reduce -13.2% |
| DDI Doubledown Interactive -ADR | 1.04% | 161,768 | $1.4M | Add +64.3% |
| LNSR Lensar Inc. | 1.02% | 117,340 | $1.4M | No change |
| XLC SS Comm Select Sector SPDR | 0.96% | 10,970 | $1.3M | No change |
| GOOG Alphabet Inc. Class C | 0.94% | 4,000 | $1.3M | No change |
| GOOGL Alphabet Inc. Class A | 0.94% | 4,000 | $1.3M | No change |
| MDY State Street SPDR S&P Midcap | 0.90% | 2,000 | $1.2M | Add +100.0% |
| XME SS SPDR S&P Metals Mining | 0.81% | 10,500 | $1.1M | No change |
| EIDO iShares MSCI Indonesia ETF | 0.80% | 57,104 | $1.1M | No change |
| OSBC Old Second Bancorp Inc. | 0.71% | 49,000 | $956K | Reduce -6.7% |
| MRVL Marvell Technology Inc. | 0.60% | 9,416 | $800K | Reduce -11.2% |
| FNWD Finward Bancorp | 0.56% | 21,242 | $748K | Reduce -29.2% |
| AMZN Amazon.com Inc. | 0.56% | 3,220 | $743K | New |
| NOG Northern Oil and Gas Inc. | 0.54% | 33,600 | $721K | New |
| INR Infinity Natural Resour Class A | 0.54% | 48,928 | $721K | New |
| GDXJ Vaneck Junior Gold Miners | 0.51% | 6,050 | $688K | New |
| NECB Northeast Community Bancorp | 0.51% | 30,371 | $687K | Reduce -44.9% |
| KRE SS SPDR S&P Regional Bank | 0.51% | 10,500 | $681K | Add +23.5% |
| SIMO Silicon Motion Technol-ADR | 0.51% | 7,300 | $677K | New |
| XLK SS Technology Select Sector | 0.49% | 4,520 | $651K | No change |
| ADBE Adobe Inc. | 0.47% | 1,800 | $630K | Add +38.5% |
| FCX Freeport-McMoran Inc. | 0.46% | 12,000 | $609K | No change |
| NXE Nexgen Energy Ltd. | 0.46% | 66,200 | $609K | Reduce -23.2% |
| AR Antero Resources Corp. | 0.41% | 16,100 | $555K | Reduce -95.4% |
| ALRS Alerus Financial Corp. | 0.41% | 24,576 | $553K | Add +124.4% |
| IBTH iShares Ibonds Dec 2027 Term | 0.34% | 20,000 | $449K | No change |
| IBTI iShares Ibonds Dec 2028 Term | 0.33% | 20,000 | $447K | No change |
| GLD SPDR Gold Shares | 0.33% | 1,100 | $436K | New |
| BUR Burford Capital Ltd. | 0.32% | 48,662 | $434K | Reduce -59.6% |
| SM SM Energy Co. | 0.32% | 23,000 | $430K | New |
| USB US Bancorp | 0.32% | 8,000 | $427K | Reduce -93.9% |
| DOC Healthpeak Properties Inc. | 0.30% | 25,000 | $402K | New |
| CRM Salesforce Inc. | 0.30% | 1,500 | $397K | Add +50.0% |
| DELL Dell Technologies -C | 0.28% | 3,000 | $378K | No change |
| TSLA Tesla Inc. | 0.26% | 785 | $353K | New |
| IBCP Independent Bank Corp. - Mich | 0.26% | 10,769 | $350K | New |
| FVCB Fvcbankcorp Inc. | 0.25% | 23,971 | $333K | No change |
| EWP iShares MSCI Spain ETF | 0.24% | 6,000 | $323K | Reduce -25.0% |
| FFBC First Financial Bancorp | 0.23% | 12,500 | $313K | New |
| MSOS Advisorshares Pure US Cann | 0.23% | 65,000 | $307K | Add +18.2% |
| KWEB Kranesh Csi China Internet | 0.23% | 9,000 | $306K | New |
| KMB Kimberly-Clark Corp. | 0.23% | 3,000 | $303K | New |
| BUSE First Busey Corp. | 0.22% | 12,359 | $294K | Add +13.8% |
| MU Micron Technology Inc. | 0.21% | 1,000 | $285K | Reduce -92.1% |
| TECK Teck Resources Ltd.-CLS B | 0.20% | 5,700 | $273K | Reduce -26.0% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.20% | 5,000 | $264K | No change |
| FSUN Firstsun Capital Bancorp | 0.18% | 6,340 | $239K | New |
| IBTJ iShares Ibonds Dec 2029 Term | 0.16% | 10,000 | $219K | No change |
| SNFCA Security Natl Finl Corp. Class A | 0.16% | 24,078 | $217K | Add +87.6% |
| STHO Star Holdings filed as STAR HLDGS | 0.16% | 25,841 | $213K | Add +30.7% |
| CZWI Citizens Community Bancorp I | 0.16% | 11,718 | $209K | Reduce -42.5% |
| SGML Sigma Lithium Corp. | 0.14% | 14,286 | $188K | No change |
| CHCT Community Healthcare Trust I | 0.14% | 11,340 | $186K | New |
| SMR Nuscale Power Corp. | 0.14% | 13,000 | $184K | New |
| SITC Site Centers Corp. filed as SITE CTRS CORP | 0.12% | 24,000 | $154K | No change |
| LAR Lithium Argentina AG | 0.08% | 20,191 | $113K | Reduce -33.1% |
| ASC Ardmore Shipping Corp. | 0.08% | 10,000 | $106K | No change |
| GSBD Goldman Sachs BDC Inc. | 0.07% | 10,000 | $93K | New |
| BITF Bitfarms Ltd./Canada | 0.06% | 33,000 | $78K | Add +10.0% |
| DHC Diversified Healthcare Trust | 0.05% | 13,684 | $66K | Reduce -86.1% |
Options reported separately and not counted above: SPY puts ($7.5M), OSISKO DEVELOPMENT CORP puts ($871K), BANC calls ($365K), GLD puts ($198K), DHC calls ($123K).
Portfolio Sells Q3 2025 → Q4 2025
| AR Antero Resources Corp. | Reduce -95.4% | 0.41% | −8.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -32.4% | 14.56% | −5.85 |
| USB US Bancorp | Reduce -93.9% | 0.32% | −4.28 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −3.43 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −2.69 |
| COLB Columbia Banking System Inc. | Sold out | 0.00% | −2.07 |
| MU Micron Technology Inc. | Reduce -92.1% | 0.21% | −1.33 |
| MBIN Merchants Bancorp | Reduce -36.4% | 2.09% | −0.89 |
| INTC Intel Corp. | Sold out | 0.00% | −0.78 |
| CMA Comerica Inc. | Sold out | 0.00% | −0.73 |
| BUR Burford Capital Ltd. | Reduce -59.6% | 0.32% | −0.72 |
| IEF iShares 7-10 Year Treasury B | Sold out | 0.00% | −0.70 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.48 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.42 |
| SYF Synchrony Financial | Sold out | 0.00% | −0.39 |
| NECB Northeast Community Bancorp | Reduce -44.9% | 0.51% | −0.31 |
| PEBO Peoples Bancorp Inc. | Sold out | 0.00% | −0.28 |
| DHC Diversified Healthcare Trust | Reduce -86.1% | 0.05% | −0.26 |
| CWBC Community West Bancshares | Sold out | 0.00% | −0.16 |
| LIEN Chicago Atlantic BDC Inc. | Reduce -13.2% | 1.05% | −0.14 |
| CARE Carter Bankshares Inc. | Sold out | 0.00% | −0.14 |
| FNWD Finward Bancorp | Reduce -29.2% | 0.56% | −0.14 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.13 |
| FFWM First Foundation Inc. | Sold out | 0.00% | −0.12 |
| BTBT Bit Digital Inc. | Sold out | 0.00% | −0.11 |
| NXE Nexgen Energy Ltd. | Reduce -23.2% | 0.46% | −0.10 |
| CZWI Citizens Community Bancorp I | Reduce -42.5% | 0.16% | −0.08 |
| MRVL Marvell Technology Inc. | Reduce -11.2% | 0.60% | −0.05 |
| EWP iShares MSCI Spain ETF | Reduce -25.0% | 0.24% | −0.05 |
| TECK Teck Resources Ltd.-CLS B | Reduce -26.0% | 0.20% | −0.04 |
| SGRP Spar Group Inc. | Sold out | 0.00% | −0.02 |
| LAR Lithium Argentina AG | Reduce -33.1% | 0.08% | +0.01 |
| OSBC Old Second Bancorp Inc. | Reduce -6.7% | 0.71% | +0.06 |
| RSP Invesco S&P 500 Equal Weight | Reduce -2.8% | 5.02% | +0.06 |
| PNFP Pinnacle Financial Partners | Reduce -1.4% | 5.60% | +0.19 |
Portfolio Buys Q3 2025 → Q4 2025
| HBAN Huntington Bancshares Inc. | Add +707.3% | 5.58% | +4.91 |
| OSISKO DEVELOPMENT CORP | New | 4.22% | +4.22 |
| WAL Western Alliance Bancorp | Add +103.3% | 6.96% | +3.53 |
| OZK Bank Ozk | Add +2216.8% | 3.19% | +3.04 |
| EOG EOG Resources Inc. | New | 2.28% | +2.28 |
| ALK Alaska Air Group Inc. | New | 2.12% | +2.12 |
| BAC Bank of America Corp. | New | 1.41% | +1.41 |
| BANC Banc of California Inc. | Add +79.3% | 2.49% | +1.33 |
| UBER Uber Technologies Inc. | Add +64.3% | 3.51% | +1.03 |
| SNV Synovus Financial Corp. | Add +74.1% | 1.48% | +0.67 |
| EWU iShares MSCI United Kingdom | Add +32.0% | 2.22% | +0.66 |
| META Meta Platforms Inc. Class A | Add +35.5% | 2.92% | +0.59 |
| AMZN Amazon.com Inc. | New | 0.56% | +0.56 |
| NOG Northern Oil and Gas Inc. | New | 0.54% | +0.54 |
| INR Infinity Natural Resour Class A | New | 0.54% | +0.54 |
| GDXJ Vaneck Junior Gold Miners | New | 0.51% | +0.51 |
| SIMO Silicon Motion Technol-ADR | New | 0.51% | +0.51 |
| MDY State Street SPDR S&P Midcap | Add +100.0% | 0.90% | +0.47 |
| EQT Eqt Corp. | Add +9.7% | 3.93% | +0.40 |
| DDI Doubledown Interactive -ADR | Add +64.3% | 1.04% | +0.38 |
| INDA iShares MSCI India ETF | Add +30.4% | 1.21% | +0.34 |
| GLD SPDR Gold Shares | New | 0.33% | +0.33 |
| SM SM Energy Co. | New | 0.32% | +0.32 |
| DOC Healthpeak Properties Inc. | New | 0.30% | +0.30 |
| TSLA Tesla Inc. | New | 0.26% | +0.26 |
| IBCP Independent Bank Corp. - Mich | New | 0.26% | +0.26 |
| ALRS Alerus Financial Corp. | Add +124.4% | 0.41% | +0.24 |
| FFBC First Financial Bancorp | New | 0.23% | +0.23 |
| KWEB Kranesh Csi China Internet | New | 0.23% | +0.23 |
| KMB Kimberly-Clark Corp. | New | 0.23% | +0.23 |
| FSUN Firstsun Capital Bancorp | New | 0.18% | +0.18 |
| CHCT Community Healthcare Trust I | New | 0.14% | +0.14 |
| ADBE Adobe Inc. | Add +38.5% | 0.47% | +0.14 |
| SMR Nuscale Power Corp. | New | 0.14% | +0.14 |
| CRM Salesforce Inc. | Add +50.0% | 0.30% | +0.13 |
| KRE SS SPDR S&P Regional Bank | Add +23.5% | 0.51% | +0.12 |
| SNFCA Security Natl Finl Corp. Class A | Add +87.6% | 0.16% | +0.08 |
| GSBD Goldman Sachs BDC Inc. | New | 0.07% | +0.07 |
| STHO Star Holdings | Add +30.7% | 0.16% | +0.04 |
| MSOS Advisorshares Pure US Cann | Add +18.2% | 0.23% | +0.04 |
| BUSE First Busey Corp. | Add +13.8% | 0.22% | +0.04 |
| BITF Bitfarms Ltd./Canada | Add +10.0% | 0.06% | −0.00 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -87.0% | 11,000 | $7.5M |
| LYFT LYFT Inc. Class A | put | Sold out | 128,500 | $2.8Mbefore exit |
| GDX Vaneck Gold Miners ETF | put | Sold out | 12,200 | $932Kbefore exit |
| INTC Intel Corp. | put | Sold out | 27,000 | $906Kbefore exit |
| OSISKO DEVELOPMENT CORP | put | Add +121.6% | 249,700 | $871K |
| EWU iShares MSCI United Kingdom | call | Sold out | 20,400 | $856Kbefore exit |
| NVO Novo-Nordisk A/S-Spons ADR | put | Sold out | 10,000 | $555Kbefore exit |
| INDA iShares MSCI India ETF | call | Sold out | 10,000 | $521Kbefore exit |
| MU Micron Technology Inc. | put | Sold out | 3,100 | $519Kbefore exit |
| BANC Banc of California Inc. | call | Add +89.0% | 18,900 | $365K |
| GDXJ Vaneck Junior Gold Miners | put | Sold out | 2,500 | $248Kbefore exit |
| GLD SPDR Gold Shares | put | Reduce -95.0% | 500 | $198K |
| XLE SS Energy Select Sector | put | Sold out | 4,000 | $179Kbefore exit |
| BTBT Bit Digital Inc. | put | Sold out | 40,000 | $120Kbefore exit |
| MRVL Marvell Technology Inc. | call | Sold out | 1,300 | $109Kbefore exit |
| MRVL Marvell Technology Inc. | put | Sold out | 1,000 | $84Kbefore exit |
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 |