Black Maple Capital Management LP

MILWAUKEE, WI · CIK 1588959 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2013 · limited partnership

Assets managed$352.9m
Staff9 · 8 in investment roles
Main clients (by assets)Private funds 56%, High net worth individuals 44%
Private funds3 (3 hedge) · $197.7m gross assets
Websiteblackmaplecapital.com
Form ADV · 2026-03-30SEC adviser record

Legal entityBLACK MAPLE CAPITAL MANAGEMENT LP (US)

Kindhedge funds, futures
Others nearbyMilwaukee, WI

As an employer

Offices in1 country
Private fundshedge 3

$149.1m reported value +14.5% vs Q1 2026

82positions

62.2%in top 10

16 new 17 added 19 reduced 14 sold out vs Q1 2026

Options: 1 call positions ($88.2k notional), 11 put positions ($26.9m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	42,006	$31.4m21.04%	21.04%	Added +522	+522 1.3%
2	EXPAND ENERGY CORPORATION COM EXE	EXE	127,578	$11.6m7.80%	7.80%	Added +59.2k	+59,180 86.5%
3	PINNACLE FINL PARTNERS INC COM PNFP	PNFP	75,834	$7.7m5.13%	5.13%	Reduced -9.7k	-9,715 -11.4%
4	HUNTINGTON BANCSHARES INC COM HBAN	HBAN	395,356	$7.0m4.70%	4.70%	Reduced -2.3k	-2,300 -0.6%
5	ALASKA AIR GROUP INC COM ALK	ALK	133,000	$6.9m4.66%	4.66%	Reduced -39.6k	-39,600 -22.9%
6	TRUIST FINL CORP COM TFC	TFC	133,000	$6.6m4.44%	4.44%	New
7	BROADCOM INC COM AVGO	AVGO	17,172	$6.5m4.35%	4.35%	Added +14.9k	+14,877 648.2%
8	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	28,900	$6.1m4.12%	4.12%	Reduced -5.2k	-5,150 -15.1%
9	UBER TECHNOLOGIES INC COM UBER	UBER	71,642	$5.2m3.47%	3.47%	Added +19.5k	+19,542 37.5%
10	CAPITAL ONE FINL CORP COM COF	COF	18,100	$3.6m2.44%	2.44%	Added +5.2k	+5,200 40.3%
11	MICROSOFT CORP COM MSFT	MSFT	9,656	$3.6m2.42%	2.42%	Added +2.5k	+2,550 35.9%
12	ISHARES INC MSCI STH KOR ETF EWY	EWY	16,500	$3.3m2.23%	2.23%	Reduced -1.5k	-1,500 -8.3%
13	WESTERN ALLIANCE BANCORP COM WAL	WAL	36,079	$3.0m1.99%	1.99%	Reduced -48.5k	-48,520 -57.4%
14	FIRSTSUN CAP BANCORP COM FSUN	FSUN	69,544	$2.7m1.81%	1.81%	Added +61.2k	+61,204 733.9%
15	WELLS FARGO CO NEW COM WFC	WFC	32,000	$2.6m1.77%	1.77%	Added +23.5k	+23,500 276.5%
16	KRANESHARES TRUST CALIFORNIA CARB KCCA	KCCA	140,517	$2.4m1.60%	1.60%	Unchanged
17	SPDR INDEX SHS FDS EURO STOXX 50 FEZ	FEZ	31,800	$2.2m1.46%	1.46%	Unchanged
18	ISHARES TR MSCI UK ETF NEW EWU	EWU	42,230	$1.9m1.31%	1.31%	Reduced -13.7k	-13,680 -24.5%
19	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	20,659	$1.9m1.29%	1.29%	Unchanged
20	SELECT SECTOR SPDR TR FINANCIAL XLF	XLF	35,000	$1.9m1.26%	1.26%	Unchanged
21	DOUBLEDOWN INTERACTIVE CO LT ADS DDI	DDI	155,556	$1.8m1.20%	1.20%	Reduced -6.2k	-6,212 -3.8%
22	ORACLE CORP COM ORCL	ORCL	10,350	$1.5m1.02%	1.02%	Unchanged
23	ALPHABET INC CAP STK CL A GOOGL	GOOGL	3,800	$1.4m0.91%	0.91%	Added +300	+300 8.6%
24	VANECK ETF TRUST SEMICONDUCTR ETF SMH	SMH	2,000	$1.3m0.88%	0.88%	Unchanged
25	CHICAGO ATLANTIC BDC INC COM LIEN	LIEN	130,920	$1.3m0.86%	0.86%	Unchanged
26	AMAZON COM INC COM AMZN	AMZN	5,163	$1.2m0.83%	0.83%	Added +1.9k	+1,943 60.3%
27	SELECT SECTOR SPDR TR COMMUNICATION XLC	XLC	10,970	$1.2m0.79%	0.79%	Unchanged
28	ISHARES TR CHINA LG-CAP ETF FXI	FXI	34,000	$1.1m0.72%	0.72%	Added +12.0k	+12,000 54.5%
29	SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP MDY	MDY	1,500	$1.1m0.71%	0.71%	Unchanged
30	ISHARES TR MSCI INDIA ETF INDA	INDA	20,300	$1.0m0.67%	0.67%	Unchanged
31	SABLE OFFSHORE CORP COM SHS SOC	SOC	296,112	$912.0k0.61%	0.61%	New
32	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	4,520	$861.1k0.58%	0.58%	Unchanged
33	BANC OF CALIFORNIA INC COM BANC	BANC	36,584	$747.4k0.50%	0.50%	Reduced -213.0k	-213,037 -85.3%
34	ALPHABET INC CAP STK CL C GOOG	GOOG	2,000	$706.7k0.47%	0.47%	New
35	COMSTOCK INC COM SHS LODE	LODE	163,338	$679.5k0.46%	0.46%	Reduced -161.8k	-161,796 -49.8%
36	SPDR SERIES TRUST S&P METALS MNG XME	XME	6,000	$641.6k0.43%	0.43%	Unchanged
37	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	8,500	$641.3k0.43%	0.43%	Added +1.0k	+1,000 13.3%
38	ISHARES TR IBONDS 28 TRM TS IBTI	IBTI	27,250	$603.3k0.40%	0.40%	Added +4.0k	+4,000 17.2%
39	SPDR SER TR S&P REGL BKG KRE	KRE	8,000	$598.8k0.40%	0.40%	Unchanged
40	DUOS TECHNOLOGIES GROUP INC COM DUOT	DUOT	39,168	$470.0k0.32%	0.32%	Reduced -24.5k	-24,539 -38.5%
41	NEXGEN ENERGY LTD COM NXE	NXE	50,000	$469.5k0.31%	0.31%	Unchanged
42	ELME COMMUNITIES SH BEN INT ELME	ELME	314,632	$465.7k0.31%	0.31%	Added +45.3k	+45,315 16.8%
43	FINWARD BANCORP COM FNWD	FNWD	12,197	$448.6k0.30%	0.30%	Reduced -2.5k	-2,481 -16.9%
44	ISHARES TR IBONDS 27 TRM TS IBTH	IBTH	20,000	$447.4k0.30%	0.30%	Unchanged
45	RAYONIER INC COM RYN	RYN	20,000	$425.6k0.29%	0.29%	Unchanged
46	US BANCORP DEL COM NEW USB	USB	7,000	$422.8k0.28%	0.28%	Reduced -1.0k	-1,000 -12.5%
47	COMMUNITY HEALTHCARE TR INC COM CHCT	CHCT	22,258	$406.9k0.27%	0.27%	Unchanged
48	ISHARES TR IBONDS 29 TRM TS IBTJ	IBTJ	17,500	$378.9k0.25%	0.25%	Unchanged
49	STAR HLDGS SHS BEN INT STHO	STHO	40,970	$374.1k0.25%	0.25%	Unchanged
50	SPDR GOLD TR GOLD SHS GLD	GLD	1,000	$368.4k0.25%	0.25%	Unchanged
51	ISHARES INC MSCI SPAIN ETF EWP	EWP	6,000	$356.3k0.24%	0.24%	Unchanged
52	GOLDMAN SACHS BDC INC SHS GSBD	GSBD	37,500	$355.5k0.24%	0.24%	Added +12.5k	+12,500 50.0%
53	NXP SEMICONDUCTORS N V COM NXPI	NXPI	1,200	$337.2k0.23%	0.23%	New
54	ADVISORSHARES TR PURE US CANNABIS MSOS	MSOS	65,000	$330.2k0.22%	0.22%	Unchanged
55	TESLA INC COM TSLA	TSLA	785	$330.2k0.22%	0.22%	Unchanged
56	INFINITY NAT RES INC COM CL A INR	INR	24,194	$307.3k0.21%	0.21%	Reduced -6.5k	-6,515 -21.2%
57	AFC GAMMA INC COM AFCG	AFCG	92,131	$285.6k0.19%	0.19%	Reduced -18.8k	-18,781 -16.9%
58	CITIGROUP INC COM NEW C	C	2,000	$279.9k0.19%	0.19%	New
59	OLD SECOND BANCORP INC ILL COM OSBC	OSBC	12,000	$279.8k0.19%	0.19%	Reduced -27.2k	-27,224 -69.4%
60	TELESAT CORP CL A & CL B SHS TSAT	TSAT	5,516	$279.2k0.19%	0.19%	New
61	PRINCETON BANCORP INC COM BPRN	BPRN	7,119	$270.2k0.18%	0.18%	Added +1	+1 0.0%
62	KRANESHARES TRUST CSI CHI INTERNET KWEB	KWEB	11,000	$269.2k0.18%	0.18%	Unchanged
63	SERVICE PPTYS TR COM SH BEN INT COM SH BEN INT		155,755	$263.2k0.18%	0.18%	New
64	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	5,000	$262.1k0.18%	0.18%	Unchanged
65	BLUE OWL TECHNOLOGY FIN CORP COMMON STOCK OTF	OTF	25,000	$258.8k0.17%	0.17%	New
66	CARLYLE SECURED LENDING INC COM CGBD	CGBD	20,000	$210.6k0.14%	0.14%	New
67	OAKTREE SPECIALTY LENDING CO COM OCSL	OCSL	17,500	$208.9k0.14%	0.14%	Added +7.5k	+7,500 75.0%
68	INVESTCORP CR MGMT BDC INC COM ICMB	ICMB	172,630	$202.0k0.14%	0.14%	New
69	EASTERN BANKSHARES INC COM EBC	EBC	9,000	$200.2k0.13%	0.13%	New
70	PENNANTPARK FLOATING RATE CA COM PFLT	PFLT	25,000	$187.0k0.13%	0.13%	New
71	ISHARES TR MSCI INDONIA ETF EIDO	EIDO	15,000	$169.7k0.11%	0.11%	New
72	LITHIUM ARGENTINA AG COM SHS LAR	LAR	20,191	$167.0k0.11%	0.11%	Unchanged
73	POET TECHNOLOGIES INC COM NEW POET	POET	16,000	$164.5k0.11%	0.11%	Reduced -29.5k	-29,500 -64.8%
74	APOLLO COML REAL EST FIN INC COM ARI	ARI	15,000	$160.2k0.11%	0.11%	New
75	ISHARES ETHEREUM TR SHS ETHA	ETHA	13,000	$154.6k0.10%	0.10%	Unchanged
76	MORGAN STANLEY DIRECT LENDIN COM SHS MSDL	MSDL	10,000	$151.2k0.10%	0.10%	Unchanged
77	SIGMA LITHIUM CORPORATION COM SGML	SGML	11,786	$149.1k0.10%	0.10%	Reduced -2.5k	-2,500 -17.5%
78	KYNDRYL HLDGS INC COMMON STOCK KD	KD	12,000	$135.7k0.09%	0.09%	Unchanged
79	SLR INVESTMENT CORP COM SLRC	SLRC	10,000	$123.7k0.08%	0.08%	New
80	BURFORD CAP LTD ORD SHS BUR	BUR	20,000	$82.0k0.05%	0.05%	Reduced -18.7k	-18,662 -48.3%
81	SITE CTRS CORP COM SITC	SITC	15,000	$59.5k0.04%	0.04%	Unchanged
82	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	3,000	$17.6k0.01%	0.01%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
BANK AMERICA CORP BAC	BAC	96,871	$4.7m96.9k shares
SYNCHRONY FINANCIAL SYF	SYF	31,500	$2.1m31.5k shares
META PLATFORMS INC META	META	2,220	$1.3m2.2k shares
LYFT INC LYFT	LYFT	58,000	$771.4k58.0k shares
MARVELL TECHNOLOGY INC MRVL	MRVL	6,350	$629.0k6.3k shares
ALERUS FINL CORP ALRS	ALRS	19,757	$468.4k19.8k shares
HEALTHPEAK PROPERTIES INC DOC	DOC	25,000	$410.8k25.0k shares
FIRST BUSEY CORP BUSE	BUSE	15,359	$388.1k15.4k shares
LENSAR INC LNSR	LNSR	55,371	$330.0k55.4k shares
FVCBANKCORP INC FVCB	FVCB	19,150	$290.9k19.1k shares
FIRST FINL BANCORP OH FFBC	FFBC	8,556	$238.5k8.6k shares
SECURITY NATL FINL CORP SNFCA	SNFCA	11,311	$107.2k11.3k shares
MICRON TECHNOLOGY INC MU	MU	210	$70.9k210 shares
BITFARMS LTD BITF	BITF	33,000	$64.3k33.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	16,700	$12.5m16.7k shares	Reduced
ISHARES INC EWY · Put	EWY	Put	15,000	$3.0m15.0k shares	Unchanged
BROADCOM INC AVGO · Put	AVGO	Put	6,500	$2.5m6.5k shares	New
MICROSOFT CORP MSFT · Put	MSFT	Put	6,500	$2.4m6.5k shares	Unchanged
SELECT SECTOR SPDR TR XLF · Put	XLF	Put	35,000	$1.9m35.0k shares	Unchanged
ORACLE CORP ORCL · Put	ORCL	Put	10,000	$1.5m10.0k shares	Unchanged
VANECK ETF TRUST SMH · Put	SMH	Put	2,000	$1.3m2.0k shares	Unchanged
SPDR S&P MIDCAP 400 ETF TR MDY · Put	MDY	Put	1,000	$703.3k1.0k shares	Unchanged
SPDR SERIES TRUST XME · Put	XME	Put	6,000	$641.6k6.0k shares	Unchanged
VANECK ETF TRUST GDX · Put	GDX	Put	6,500	$490.4k6.5k shares	Unchanged
EOS ENERGY ENTERPRISES INC EOSE · Call	EOSE	Call	15,000	$88.2k15.0k shares	New
ISHARES ETHEREUM TR ETHA · Put	ETHA	Put	5,500	$65.4k5.5k shares	Unchanged