Black Maple Capital Management LP
Reported holdings as of Q2 2026, from 19 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T PUT | SPY | $43.8M | 42,006 | -7.78pp | 19q | +1.3%+$544.8K | |
| EXPAND ENERGY CORPORATION | EXE | $11.6M | 127,578 | +2.42pp | 2q | +86.5%+$5.4M | |
| BROADCOM INC PUT | AVGO | $8.9M | 17,172 | +4.68pp | 2q | +648.2%+$7.7M | |
| PINNACLE FINL PARTNERS INC | PNFP | $7.7M | 75,834 | +0.24pp | 2q | -11.4%-$980.0K | |
| HUNTINGTON BANCSHARES INC | HBAN | $7.0M | 395,356 | +0.51pp | 4q | -0.6%-$40.8K | |
| ALASKA AIR GROUP INC | ALK | $6.9M | 133,000 | +0.41pp | 3q | -22.9%-$2.1M | |
| TRUIST FINL CORP | TFC | $6.6M | 133,000 | - | new | NEW | |
| ISHARES INC PUT | EWY | $6.4M | 16,500 | +1.35pp | 2q | -8.3%-$578.2K | |
| INVESCO EXCHANGE TRADED FD T | RSP | $6.1M | 28,900 | -0.15pp | 10q | -15.1%-$1.1M | |
| MICROSOFT CORP PUT | MSFT | $6.0M | 9,656 | +0.62pp | 2q | +35.9%+$1.6M | |
| UBER TECHNOLOGIES INC | UBER | $5.2M | 71,642 | +0.65pp | 5q | +37.5%+$1.4M | |
| SELECT SECTOR SPDR TR PUT | XLF | $3.8M | 35,000 | +0.21pp | 2q | HELD | |
| CAPITAL ONE FINL CORP | COF | $3.6M | 18,100 | +0.75pp | 2q | +40.3%+$1.0M | |
| ORACLE CORP PUT | ORCL | $3.0M | 10,350 | +0.03pp | 2q | HELD | |
| WESTERN ALLIANCE BANCORP | WAL | $3.0M | 36,079 | -1.66pp | 10q | -57.4%-$4.0M | |
| FIRSTSUN CAP BANCORP | FSUN | $2.7M | 69,544 | +1.36pp | 3q | +733.9%+$2.4M | |
| WELLS FARGO & CO | WFC | $2.6M | 32,000 | +1.12pp | 2q | +276.5%+$1.9M | |
| VANECK ETF TRUST PUT | SMH | $2.6M | 2,000 | +0.64pp | 2q | HELD | |
| KRANESHARES TRUST | KCCA | $2.4M | 140,517 | +0.20pp | 5q | HELD | |
| SPDR INDEX SHS FDS | FEZ | $2.2M | 31,800 | +0.14pp | 11q | HELD | |
| ISHARES TR | EWU | $1.9M | 42,230 | -0.31pp | 14q | -24.5%-$631.2K | |
| ISHARES INC | EWJ | $1.9M | 20,659 | +0.12pp | 16q | HELD | |
| DOUBLEDOWN INTERACTIVE CO LT | DDI | $1.8M | 155,556 | +0.25pp | 5q | -3.8%-$71.3K | |
| STATE STR SPDR S&P MIDCAP 40 PUT | MDY | $1.8M | 1,500 | +0.14pp | 7q | HELD | |
| ALPHABET INC | GOOGL | $1.4M | 3,800 | +0.21pp | 6q | +8.6%+$107.2K | |
| SPDR SERIES TRUST PUT | XME | $1.3M | 6,000 | +0.01pp | 18q | HELD | |
| CHICAGO ATLANTIC BDC INC | LIEN | $1.3M | 130,920 | +0.04pp | 5q | HELD | |
| AMAZON COM INC | AMZN | $1.2M | 5,163 | +0.33pp | 3q | +60.3%+$463.1K | |
| SELECT SECTOR SPDR TR | XLC | $1.2M | 10,970 | -0.01pp | 15q | HELD | |
| VANECK ETF TRUST PUT | GDX | $1.1M | 8,500 | -0.07pp | 2q | +13.3%+$133.1K | |
| ISHARES TR | FXI | $1.1M | 34,000 | +0.17pp | 2q | +54.5%+$379.1K | |
| ISHARES TR | INDA | $1.0M | 20,300 | +0.04pp | 11q | HELD | |
| SABLE OFFSHORE CORP | SOC | $912.0K | 296,112 | - | new | NEW | |
| SELECT SECTOR SPDR TR | XLK | $861.1K | 4,520 | +0.15pp | 15q | HELD | |
| BANC OF CALIFORNIA INC | BANC | $747.4K | 36,584 | -2.11pp | 13q | -85.3%-$4.4M | |
| ALPHABET INC | GOOG | $706.7K | 2,000 | - | new | NEW | |
| COMSTOCK INC | LODE | $679.5K | 163,338 | -0.17pp | 2q | -49.8%-$673.1K | |
| ISHARES TR | IBTI | $603.3K | 27,250 | +0.05pp | 5q | +17.2%+$88.6K | |
| SPDR SERIES TRUST | KRE | $598.8K | 8,000 | +0.05pp | 14q | HELD | |
| DUOS TECHNOLOGIES GROUP INC | DUOT | $470.0K | 39,168 | +0.02pp | 2q | -38.5%-$294.5K | |
| NEXGEN ENERGY LTD | NXE | $469.5K | 50,000 | -0.06pp | 14q | HELD | |
| ELME COMMUNITIES | ELME | $465.7K | 314,632 | -0.04pp | 2q | +16.8%+$67.1K | |
| FINWARD BANCORP | FNWD | $448.6K | 12,197 | -0.04pp | 10q | -16.9%-$91.3K | |
| ISHARES TR | IBTH | $447.4K | 20,000 | flat | 5q | HELD | |
| RAYONIER INC | RYN | $425.6K | 20,000 | +0.01pp | 2q | HELD | |
| US BANCORP | USB | $422.8K | 7,000 | +0.01pp | 6q | -12.5%-$60.4K | |
| COMMUNITY HEALTHCARE TR INC | CHCT | $406.9K | 22,258 | +0.03pp | 3q | HELD | |
| ISHARES TR | IBTJ | $378.9K | 17,500 | flat | 4q | HELD | |
| STAR HLDGS | STHO | $374.1K | 40,970 | +0.04pp | 4q | HELD | |
| SPDR GOLD TR | GLD | $368.4K | 1,000 | -0.03pp | 4q | HELD | |
| ISHARES INC | EWP | $356.3K | 6,000 | +0.02pp | 10q | HELD | |
| GOLDMAN SACHS BDC INC | GSBD | $355.5K | 37,500 | +0.08pp | 3q | +50.0%+$118.5K | |
| NXP SEMICONDUCTORS N V | NXPI | $337.2K | 1,200 | - | new | NEW | |
| ADVISORSHARES TR | MSOS | $330.2K | 65,000 | +0.06pp | 8q | HELD | |
| TESLA INC | TSLA | $330.2K | 785 | +0.02pp | 3q | HELD | |
| INFINITY NAT RES INC | INR | $307.3K | 24,194 | -0.13pp | 3q | -21.2%-$82.7K | |
| ADVANCED FLOWER CAP INC | AFCG | $285.6K | 92,131 | -0.01pp | 2q | -16.9%-$58.2K | |
| CITIGROUP INC | C | $279.9K | 2,000 | - | new | NEW | |
| OLD SECOND BANCORP INC DEL | OSBC | $279.8K | 12,000 | -0.28pp | 14q | -69.4%-$634.9K | |
| TELESAT CORP | TSAT | $279.2K | 5,516 | - | new | NEW | |
| PRINCETON BANCORP INC | BPRN | $270.2K | 7,119 | +0.02pp | 2q | HELD | |
| KRANESHARES TRUST | KWEB | $269.2K | 11,000 | -0.02pp | 3q | HELD | |
| SERVICE PPTYS TR | SVC | $263.2K | 155,755 | - | new | NEW | |
| ISHARES TR | IGSB | $262.1K | 5,000 | flat | 15q | HELD | |
| BLUE OWL TECHNOLOGY FIN CORP | OTF | $258.8K | 25,000 | - | new | NEW | |
| ISHARES ETHEREUM TR PUT | ETHA | $220.0K | 13,000 | -0.04pp | 2q | HELD | |
| CARLYLE SECURED LENDING INC | CGBD | $210.6K | 20,000 | - | new | NEW | |
| OAKTREE SPECIALTY LENDING | OCSL | $208.9K | 17,500 | +0.06pp | 2q | +75.0%+$89.5K | |
| INVESTCORP CR MGMT BDC INC | ICMB | $202.0K | 172,630 | - | new | NEW | |
| EASTERN BANKSHARES INC | EBC | $200.2K | 9,000 | - | new | NEW | |
| PENNANTPARK FLOATING RATE CA | PFLT | $187.0K | 25,000 | - | new | NEW | |
| ISHARES TR | EIDO | $169.7K | 15,000 | - | new | NEW | |
| LITHIUM ARGENTINA AG | LAR | $167.0K | 20,191 | +0.02pp | 6q | HELD | |
| POET TECHNOLOGIES INC | POET | $164.5K | 16,000 | -0.06pp | 2q | -64.8%-$303.3K | |
| APOLLO COML REAL ESTATE FIN | ARI | $160.2K | 15,000 | - | new | NEW | |
| MORGAN STANLEY DIRECT LENDIN | MSDL | $151.2K | 10,000 | +0.01pp | 2q | HELD | |
| SIGMA LITHIUM CORPORATION | SGML | $149.1K | 11,786 | -0.01pp | 12q | -17.5%-$31.6K | |
| KYNDRYL HLDGS INC | KD | $135.7K | 12,000 | -0.01pp | 2q | HELD | |
| SLR INVESTMENT CORP | SLRC | $123.7K | 10,000 | - | new | NEW | |
| EOS ENERGY ENTERPRISES INC CALL | EOSE | $105.8K | 3,000 | - | new | NEW | |
| BURFORD CAPITAL LIMITED | BUR | $82.0K | 20,000 | -0.05pp | 13q | -48.3%-$76.5K | |
| SITE CTRS CORP | SITC | $59.5K | 15,000 | -0.01pp | 4q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Funds & ETFs | $48.9M | 27.7% |
| Banks & Lending | $36.0M | 20.4% |
| Software & IT Services | $13.5M | 7.6% |
| Energy | $12.9M | 7.3% |
| Semiconductors & Electronics | $9.5M | 5.4% |
| Transport & Logistics | $6.9M | 3.9% |
| Business Services | $5.2M | 2.9% |
| Other sectors | $6.0M | 3.4% |
| Not classified | $37.3M | 21.2% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +14.0% | +14.8% | -0.9% | 75% |
| Q1 2026 | -3.2% | -4.6% | +1.5% | 92% |
| Q4 2025 | +3.5% | +2.4% | +1.1% | 66% |
| Q3 2025 | +6.8% | +7.8% | -1.0% | 64% |
| Q2 2025 | +5.5% | +10.5% | -5.0% | 70% |
| Q1 2025 | -2.7% | -4.6% | +1.9% | 69% |
| Q4 2024 | +3.6% | +2.1% | +1.4% | 89% |
| Q3 2024 | +5.7% | +5.4% | +0.3% | 89% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $176.1M | 82 | 16 | 16 | 19 | 17 | 63.1% | 45 |
| Q1 2026 | $179.5M | 83 | 28 | 13 | 27 | 26 | 62.9% | 45 |
| Q4 2025 | $142.9M | 81 | 18 | 22 | 19 | 17 | 57.8% | 48 |
| Q3 2025 | $206.4M | 80 | 18 | 17 | 29 | 25 | 67.3% | 45 |
| Q2 2025 | $222.7M | 87 | 21 | 21 | 23 | 17 | 69.6% | 45 |
| Q1 2025 | $179.0M | 83 | 24 | 17 | 19 | 23 | 63.1% | 45 |
| Q4 2024 | $190.2M | 82 | 23 | 21 | 18 | 26 | 65.8% | 45 |
| Q3 2024 | $150.9M | 85 | 26 | 20 | 23 | 28 | 57.6% | 45 |
| Q2 2024 | $153.0M | 87 | 21 | 27 | 14 | 34 | 59.2% | 45 |
| Q1 2024 | $163.3M | 100 | 30 | 29 | 17 | 16 | 52.7% | 45 |
| Q4 2023 | $120.5M | 86 | 15 | 24 | 21 | 28 | 59.5% | 45 |
| Q3 2023 | $147.4M | 99 | 24 | 31 | 21 | 19 | 66.8% | 45 |
| Q2 2023 | $168.2M | 94 | 40 | 20 | 15 | 15 | 76.9% | 45 |
| Q1 2023 | $106.8M | 69 | 39 | 8 | 6 | 23 | 71.3% | 45 |
| Q4 2022 | $68.0M | 53 | 33 | 4 | 12 | 54 | 72.6% | 45 |
| Q3 2021 | $140.4M | 74 | 13 | 11 | 13 | 23 | 73.2% | 46 |
| Q2 2021 | $184.9M | 84 | 40 | 8 | 9 | 26 | 76.9% | 47 |
| Q1 2021 | $136.8M | 70 | 45 | 3 | 15 | 23 | 80.0% | 47 |
| Q4 2020 | $117.1M | 48 | 0 | 0 | 0 | 0 | 77.9% | 47 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.