Black Maple Capital Management LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Black Maple Capital Management LP reported 80 stock positions worth $130.2 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 20.7% of the portfolio, followed by Expand Energy (EXE, 5.8%) and Pinnacle Financial Partners (PNFP, 5.7%). Compared with Q4 2025, it opened 25 new positions, sold out of 26, added to 13 and reduced 27. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +45%) and the biggest sale an exit from Pinnacle Financial Partners (PNFP).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001588959
- Portfolio Value
- $130.2M (Q1 2026)
- SEC Filing
- 0001214659-26-006446 ↗ filed May 15, 2026
Holdings Value
Holdings 80 stocks · $130.2M
| SPY SS SPDR S&P 500 ETF Trust-US | 20.72% | 41,484 | $27.0M | Add +45.1% |
| EXE Expand Energy Corp. | 5.77% | 68,398 | $7.5M | New |
| PNFP Pinnacle Financial Partners | 5.66% | 85,549 | $7.4M | New |
| RSP Invesco S&P 500 Equal Weight | 5.02% | 34,050 | $6.5M | Reduce -2.9% |
| ALK Alaska Air Group Inc. | 4.88% | 172,600 | $6.3M | Add +205.5% |
| HBAN Huntington Bancshares Inc. | 4.78% | 397,656 | $6.2M | Reduce -7.6% |
| WAL Western Alliance Bancorp | 4.60% | 84,599 | $6.0M | Reduce -23.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 3.63% | 96,871 | $4.7M | Add +182.4% |
| BANC Banc of California Inc. | 3.37% | 249,621 | $4.4M | Add +44.6% |
| UBER Uber Technologies Inc. | 2.88% | 52,100 | $3.7M | Reduce -9.4% |
| MSFT Microsoft Corp. | 2.02% | 7,106 | $2.6M | New |
| EWU iShares MSCI United Kingdom | 1.96% | 55,910 | $2.5M | Reduce -17.3% |
| COF Capital One Financial Corp. | 1.81% | 12,900 | $2.4M | New |
| EWY iShares MSCI South Korea ETF | 1.70% | 18,000 | $2.2M | New |
| SYF Synchrony Financial | 1.65% | 31,500 | $2.1M | New |
| KCCA Kraneshares California Carbo | 1.60% | 140,517 | $2.1M | Add +33.2% |
| FEZ State Street SPDR Euro Stoxx | 1.52% | 31,800 | $2.0M | No change |
| EWJ iShares MSCI Japan ETF | 1.34% | 20,659 | $1.7M | Reduce -47.2% |
| XLF SS Financial Select Sector | 1.33% | 35,000 | $1.7M | New |
| ORCL Oracle Corp. | 1.17% | 10,350 | $1.5M | New |
| DDI Doubledown Interactive -ADR | 1.05% | 161,768 | $1.4M | No change |
| META Meta Platforms Inc. Class A | 0.98% | 2,220 | $1.3M | Reduce -62.5% |
| LIEN Chicago Atlantic BDC Inc. | 0.94% | 130,920 | $1.2M | Reduce -3.7% |
| XLC SS Comm Select Sector SPDR | 0.93% | 10,970 | $1.2M | No change |
| GOOGL Alphabet Inc. Class A | 0.77% | 3,500 | $1.0M | Reduce -12.5% |
| LODE Comstock Inc. | 0.76% | 325,134 | $992K | New |
| INDA iShares MSCI India ETF | 0.73% | 20,300 | $951K | Reduce -32.3% |
| MDY State Street SPDR S&P Midcap | 0.71% | 1,500 | $925K | Reduce -25.0% |
| OSBC Old Second Bancorp Inc. | 0.61% | 39,224 | $791K | Reduce -19.9% |
| FXI iShares China Large-Cap ETF | 0.61% | 22,000 | $790K | New |
| LYFT LYFT Inc. Class A | 0.59% | 58,000 | $771K | New |
| SMH Vaneck Semiconductor ETF | 0.59% | 2,000 | $767K | New |
| AVGO Broadcom Inc. | 0.55% | 2,295 | $710K | New |
| GDX Vaneck Gold Miners ETF | 0.53% | 7,500 | $688K | New |
| WFC Wells Fargo & Co. | 0.52% | 8,500 | $677K | New |
| AMZN Amazon.com Inc. | 0.52% | 3,220 | $671K | No change |
| XME SS SPDR S&P Metals Mining | 0.50% | 6,000 | $648K | Reduce -42.9% |
| MRVL Marvell Technology Inc. | 0.48% | 6,350 | $629K | Reduce -32.6% |
| XLK SS Technology Select Sector | 0.46% | 4,520 | $601K | No change |
| NXE Nexgen Energy Ltd. | 0.45% | 50,000 | $580K | Reduce -24.5% |
| ELME Elme Communities | 0.42% | 269,317 | $541K | New |
| INR Infinity Natural Resour Class A | 0.42% | 30,709 | $541K | Reduce -37.2% |
| FNWD Finward Bancorp | 0.41% | 14,678 | $533K | Reduce -30.9% |
| KRE SS SPDR S&P Regional Bank | 0.40% | 8,000 | $521K | Reduce -23.8% |
| IBTI iShares Ibonds Dec 2028 Term | 0.40% | 23,250 | $518K | Add +16.3% |
| ALRS Alerus Financial Corp. | 0.36% | 19,757 | $468K | Reduce -19.6% |
| IBTH iShares Ibonds Dec 2027 Term | 0.34% | 20,000 | $449K | No change |
| DUOT Duos Technologies Group Inc. | 0.34% | 63,707 | $437K | New |
| GLD SPDR Gold Shares | 0.33% | 1,000 | $430K | Reduce -9.1% |
| USB US Bancorp | 0.32% | 8,000 | $416K | No change |
| RYN Rayonier Inc. | 0.32% | 20,000 | $412K | New |
| DOC Healthpeak Properties Inc. | 0.32% | 25,000 | $411K | No change |
| BUSE First Busey Corp. | 0.30% | 15,359 | $388K | Add +24.3% |
| IBTJ iShares Ibonds Dec 2029 Term | 0.29% | 17,500 | $382K | Add +75.0% |
| CHCT Community Healthcare Trust I | 0.27% | 22,258 | $354K | Add +96.3% |
| LNSR Lensar Inc. | 0.25% | 55,371 | $330K | Reduce -52.8% |
| EWP iShares MSCI Spain ETF | 0.25% | 6,000 | $326K | No change |
| AFCG Advanced Flower Capital Inc. | 0.24% | 110,912 | $313K | New |
| KWEB Kranesh Csi China Internet | 0.24% | 11,000 | $313K | Add +22.2% |
| STHO Star Holdings filed as STAR HLDGS | 0.24% | 40,970 | $310K | Add +58.5% |
| FSUN Firstsun Capital Bancorp | 0.23% | 8,340 | $304K | Add +31.6% |
| TSLA Tesla Inc. | 0.22% | 785 | $292K | No change |
| FVCB Fvcbankcorp Inc. | 0.22% | 19,150 | $291K | Reduce -20.1% |
| POET Poet Technologies Inc. | 0.21% | 45,500 | $270K | New |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.20% | 5,000 | $263K | No change |
| BPRN Princeton Bancorp Inc. | 0.18% | 7,118 | $240K | New |
| FFBC First Financial Bancorp filed as 1ST FINL BANCORP | 0.18% | 8,556 | $239K | Reduce -31.6% |
| MSOS Advisorshares Pure US Cann | 0.18% | 65,000 | $231K | No change |
| GSBD Goldman Sachs BDC Inc. | 0.17% | 25,000 | $222K | Add +150.0% |
| ETHA iShares Ethereum Trust ETF | 0.16% | 13,000 | $206K | New |
| SGML Sigma Lithium Corp. | 0.14% | 14,286 | $176K | No change |
| BUR Burford Capital Ltd. | 0.13% | 38,662 | $175K | Reduce -20.6% |
| KD Kyndryl Holdings Inc. | 0.12% | 12,000 | $157K | New |
| MSDL Morgan Stanley Direct Lendin | 0.11% | 10,000 | $140K | New |
| LAR Lithium Argentina AG | 0.10% | 20,191 | $135K | No change |
| OCSL Oaktree Specialty Lending Co. | 0.09% | 10,000 | $113K | New |
| SNFCA Security Natl Finl Corp. Class A | 0.08% | 11,311 | $107K | Reduce -53.0% |
| SITC Site Centers Corp. filed as SITE CTRS CORP | 0.06% | 15,000 | $81K | Reduce -37.5% |
| MU Micron Technology Inc. | 0.05% | 210 | $71K | Reduce -79.0% |
| BITF Bitfarms Ltd./Canada | 0.05% | 33,000 | $64K | No change |
Options reported separately and not counted above: SPY puts ($31.0M), HYG puts ($4.0M), MSFT puts ($2.4M), EWY puts ($1.8M), XLF puts ($1.7M), ORCL puts ($1.5M), AEM calls ($1.0M), XHB calls ($987K), MU calls ($845K), SMH puts ($767K), SPY calls ($650K), XME puts ($648K), and 6 more.
Portfolio Sells Q4 2025 → Q1 2026
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −5.60 |
| OSISKO DEVELOPMENT CORP | Sold out | 0.00% | −4.22 |
| EQT Eqt Corp. | Sold out | 0.00% | −3.93 |
| OZK Bank Ozk | Sold out | 0.00% | −3.19 |
| WAL Western Alliance Bancorp | Reduce -23.6% | 4.60% | −2.35 |
| EOG EOG Resources Inc. | Sold out | 0.00% | −2.28 |
| MBIN Merchants Bancorp | Sold out | 0.00% | −2.09 |
| META Meta Platforms Inc. Class A | Reduce -62.5% | 0.98% | −1.94 |
| SNV Synovus Financial Corp. | Sold out | 0.00% | −1.48 |
| EWJ iShares MSCI Japan ETF | Reduce -47.2% | 1.34% | −1.02 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.94 |
| HBAN Huntington Bancshares Inc. | Reduce -7.6% | 4.78% | −0.80 |
| EIDO iShares MSCI Indonesia ETF | Sold out | 0.00% | −0.80 |
| LNSR Lensar Inc. | Reduce -52.8% | 0.25% | −0.77 |
| UBER Uber Technologies Inc. | Reduce -9.4% | 2.88% | −0.63 |
| NOG Northern Oil and Gas Inc. | Sold out | 0.00% | −0.54 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −0.51 |
| NECB Northeast Community Bancorp | Sold out | 0.00% | −0.51 |
| SIMO Silicon Motion Technol-ADR | Sold out | 0.00% | −0.51 |
| INDA iShares MSCI India ETF | Reduce -32.3% | 0.73% | −0.48 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.47 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.46 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.41 |
| SM SM Energy Co. | Sold out | 0.00% | −0.32 |
| XME SS SPDR S&P Metals Mining | Reduce -42.9% | 0.50% | −0.32 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.30 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.28 |
| EWU iShares MSCI United Kingdom | Reduce -17.3% | 1.96% | −0.27 |
| IBCP Independent Bank Corp. - Mich | Sold out | 0.00% | −0.26 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.23 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.20 |
| MDY State Street SPDR S&P Midcap | Reduce -25.0% | 0.71% | −0.19 |
| BUR Burford Capital Ltd. | Reduce -20.6% | 0.13% | −0.19 |
| GOOGL Alphabet Inc. Class A | Reduce -12.5% | 0.77% | −0.16 |
| MU Micron Technology Inc. | Reduce -79.0% | 0.05% | −0.16 |
| CZWI Citizens Community Bancorp I | Sold out | 0.00% | −0.16 |
| FNWD Finward Bancorp | Reduce -30.9% | 0.41% | −0.15 |
| SMR Nuscale Power Corp. | Sold out | 0.00% | −0.14 |
| INR Infinity Natural Resour Class A | Reduce -37.2% | 0.42% | −0.12 |
| MRVL Marvell Technology Inc. | Reduce -32.6% | 0.48% | −0.11 |
| LIEN Chicago Atlantic BDC Inc. | Reduce -3.7% | 0.94% | −0.11 |
| KRE SS SPDR S&P Regional Bank | Reduce -23.8% | 0.40% | −0.11 |
| OSBC Old Second Bancorp Inc. | Reduce -19.9% | 0.61% | −0.11 |
| SNFCA Security Natl Finl Corp. Class A | Reduce -53.0% | 0.08% | −0.08 |
| ASC Ardmore Shipping Corp. | Sold out | 0.00% | −0.08 |
| ALRS Alerus Financial Corp. | Reduce -19.6% | 0.36% | −0.05 |
| SITC Site Centers Corp. | Reduce -37.5% | 0.06% | −0.05 |
| FFBC First Financial Bancorp | Reduce -31.6% | 0.18% | −0.05 |
| DHC Diversified Healthcare Trust | Sold out | 0.00% | −0.05 |
| FVCB Fvcbankcorp Inc. | Reduce -20.1% | 0.22% | −0.03 |
Portfolio Buys Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | Add +45.1% | 20.72% | +6.16 |
| EXE Expand Energy Corp. | New | 5.77% | +5.77 |
| PNFP Pinnacle Financial Partners | New | 5.66% | +5.66 |
| ALK Alaska Air Group Inc. | Add +205.5% | 4.88% | +2.75 |
| BAC Bank of America Corp. | Add +182.4% | 3.63% | +2.22 |
| MSFT Microsoft Corp. | New | 2.02% | +2.02 |
| COF Capital One Financial Corp. | New | 1.81% | +1.81 |
| EWY iShares MSCI South Korea ETF | New | 1.70% | +1.70 |
| SYF Synchrony Financial | New | 1.65% | +1.65 |
| XLF SS Financial Select Sector | New | 1.33% | +1.33 |
| ORCL Oracle Corp. | New | 1.17% | +1.17 |
| BANC Banc of California Inc. | Add +44.6% | 3.37% | +0.88 |
| LODE Comstock Inc. | New | 0.76% | +0.76 |
| FXI iShares China Large-Cap ETF | New | 0.61% | +0.61 |
| LYFT LYFT Inc. Class A | New | 0.59% | +0.59 |
| SMH Vaneck Semiconductor ETF | New | 0.59% | +0.59 |
| AVGO Broadcom Inc. | New | 0.55% | +0.55 |
| GDX Vaneck Gold Miners ETF | New | 0.53% | +0.53 |
| WFC Wells Fargo & Co. | New | 0.52% | +0.52 |
| ELME Elme Communities | New | 0.42% | +0.42 |
| DUOT Duos Technologies Group Inc. | New | 0.34% | +0.34 |
| RYN Rayonier Inc. | New | 0.32% | +0.32 |
| KCCA Kraneshares California Carbo | Add +33.2% | 1.60% | +0.27 |
| AFCG Advanced Flower Capital Inc. | New | 0.24% | +0.24 |
| POET Poet Technologies Inc. | New | 0.21% | +0.21 |
| BPRN Princeton Bancorp Inc. | New | 0.18% | +0.18 |
| ETHA iShares Ethereum Trust ETF | New | 0.16% | +0.16 |
| CHCT Community Healthcare Trust I | Add +96.3% | 0.27% | +0.13 |
| IBTJ iShares Ibonds Dec 2029 Term | Add +75.0% | 0.29% | +0.13 |
| KD Kyndryl Holdings Inc. | New | 0.12% | +0.12 |
| MSDL Morgan Stanley Direct Lendin | New | 0.11% | +0.11 |
| GSBD Goldman Sachs BDC Inc. | Add +150.0% | 0.17% | +0.10 |
| OCSL Oaktree Specialty Lending Co. | New | 0.09% | +0.09 |
| STHO Star Holdings | Add +58.5% | 0.24% | +0.08 |
| BUSE First Busey Corp. | Add +24.3% | 0.30% | +0.08 |
| IBTI iShares Ibonds Dec 2028 Term | Add +16.3% | 0.40% | +0.06 |
| FSUN Firstsun Capital Bancorp | Add +31.6% | 0.23% | +0.06 |
| KWEB Kranesh Csi China Internet | Add +22.2% | 0.24% | +0.01 |
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +333.6% | 47,700 | $31.0M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 50,000 | $4.0M |
| MSFT Microsoft Corp. | put | New | 6,500 | $2.4M |
| EWY iShares MSCI South Korea ETF | put | New | 15,000 | $1.8M |
| XLF SS Financial Select Sector | put | New | 35,000 | $1.7M |
| ORCL Oracle Corp. | put | New | 10,000 | $1.5M |
| AEM Agnico Eagle Mines Ltd. | call | New | 5,000 | $1.0M |
| XHB SS SPDR S&P Homebldrs ETF | call | New | 10,000 | $987K |
| OSISKO DEVELOPMENT CORP | put | Sold out | 249,700 | $871Kbefore exit |
| MU Micron Technology Inc. | call | New | 2,500 | $845K |
| SMH Vaneck Semiconductor ETF | put | New | 2,000 | $767K |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 1,000 | $650K |
| XME SS SPDR S&P Metals Mining | put | New | 6,000 | $648K |
| MDY State Street SPDR S&P Midcap | put | New | 1,000 | $617K |
| GDX Vaneck Gold Miners ETF | put | New | 6,500 | $597K |
| UBER Uber Technologies Inc. | call | New | 5,000 | $360K |
| GLD SPDR Gold Shares | put | Sold out | 500 | $198Kbefore exit |
| BANC Banc of California Inc. | call | Reduce -52.9% | 8,900 | $156K |
| DHC Diversified Healthcare Trust | call | Sold out | 25,300 | $123Kbefore exit |
| META Meta Platforms Inc. Class A | put | New | 200 | $114K |
| ETHA iShares Ethereum Trust ETF | put | New | 5,500 | $87K |
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 |