Black Maple Capital Management LP
CIK
1588959
Location
MILWAUKEE, WI
Portfolio Value
Small
$141,451,734
Diversification
Moderately concentrated
Filing Date
Global Rank
#4,978
/ 8,623
▲ 773
· as of Mar 2026
Top Industry
Banks - Regional
34.5%
3Y Alpha vs SPY
-2.4%
Period ended 4 months ago
Filed May 15, 2026 · 3mo
18 quarters · since Dec 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Not a measure of this manager's performance.
Most of Black Maple Capital Management LP's reported book is option positions, which a stock-only clone
cannot replicate. The figures below are the return of the
71% that is ordinary stock — as little as
43% in one quarter — so a manager whose options
thesis lost money can still show a large gain here.
Cloned portfolio
+56.6%
SPY
+65.3%
Annualised alpha
-2.1%
Max drawdown
−24.3%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 71% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
59 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
41.5%
+16.0 pts
Top 5
60.9%
+8.5 pts
Top 10
78.1%
+7.3 pts
HHI
1,893
Moderately concentrated+954
Portfolio Trend
18 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 43.1% | $60,915,307 |
| Financial Services | 28.3% | $39,988,494 |
| Technology | 11.4% | $16,092,752 |
| Energy | 6.1% | $8,629,517 |
| Industrials | 4.5% | $6,348,228 |
| Communication Services | 2.7% | $3,757,953 |
| Basic Materials | 1.6% | $2,317,722 |
| Real Estate | 1.5% | $2,109,298 |
| Consumer Cyclical | 0.7% | $962,452 |
| Healthcare | 0.2% | $330,011 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
11 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ALK | Alaska Air Group, Inc. | +116,100 | 172,600 | $6,348,228 | |
| BANC | Banc Of California, Inc. | +67,009 | 258,521 | $4,544,799 | |
| BAC | Bank Of America Corp /De/ | +62,571 | 96,871 | $4,722,461 | |
| SPY | Spdr S&P 500 ETF Trust | +50,601 | 90,184 | $58,650,262 | |
| STHO | Star Holdings | +15,129 | 40,970 | $310,142 | |
| GSBD | Goldman Sachs BDC, Inc. | +15,000 | 25,000 | $222,000 | |
| CHCT | Community Healthcare Trust Inc | +10,918 | 22,258 | $353,679 | |
| BUSE | First Busey Corp /Nv/ | +3,000 | 15,359 | $388,121 | |
| FSUN | Firstsun Capital Bancorp | +2,000 | 8,340 | $304,076 | |
| MU | Micron Technology Inc | +1,710 | 2,710 | $915,546 | |
| MDY | Spdr S&P Midcap 400 ETF Trust | +500 | 2,500 | $1,541,900 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
19 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| LNSR | LENSAR, Inc. | −61,969 | 55,371 | $330,011 | |
| HBAN | Huntington Bancshares Inc /Md/ | −32,644 | 397,656 | $6,223,316 | |
| WAL | Western Alliance Bancorporation | −26,177 | 84,599 | $5,993,839 | |
| INR | Infinity Natural Resources, Inc. | −18,219 | 30,709 | $540,785 | |
| NXE | NexGen Energy Ltd. | −16,200 | 50,000 | $580,000 | |
| SNFCA | Security National Financial Corp | −12,767 | 11,311 | $107,228 | |
| BUR | Burford Capital Ltd | −10,000 | 38,662 | $174,752 | |
| OSBC | Old Second Bancorp Inc | −9,776 | 39,224 | $790,755 | |
| SITC | SITE Centers Corp. | −9,000 | 15,000 | $81,000 | |
| FNWD | Finward Bancorp | −6,564 | 14,678 | $532,811 | |
| LIEN | Chicago Atlantic BDC, Inc. | −5,000 | 130,920 | $1,222,792 | |
| FVCB | FVCBankcorp, Inc. | −4,821 | 19,150 | $290,888 | |
| ALRS | Alerus Financial Corp | −4,819 | 19,757 | $468,438 | |
| FFBC | First Financial Bancorp /Oh/ | −3,944 | 8,556 | $238,541 | |
| META | Meta Platforms, Inc. | −3,500 | 2,420 | $1,384,554 | |
| MRVL | Marvell Technology, Inc. | −3,066 | 6,350 | $628,967 | |
| GLD | Spdr Gold Trust | −600 | 1,000 | $430,290 | |
| GOOGL | Alphabet Inc. | −500 | 3,500 | $1,006,460 | |
| UBER | Uber Technologies, Inc | −400 | 57,100 | $4,107,203 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
21 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| EXE | EXPAND ENERGY Corp | 68,398 | $7,508,732 | |
| PNFP | Pinnacle Financial Partners, Inc. | 85,549 | $7,369,190 | |
| MSFT | Microsoft Corp | 13,606 | $5,036,533 | |
| ORCL | Oracle Corp | 20,350 | $2,993,688 | |
| COF | Capital One Financial Corp | 12,900 | $2,353,347 | |
| SYF | Synchrony Financial | 31,500 | $2,142,630 | |
| AEM | Agnico Eagle Mines Ltd | 5,000 | $1,014,900 | |
| LODE | Comstock Inc. | 325,134 | $991,658 | |
| LYFT | Lyft, Inc. | 58,000 | $771,400 | |
| AVGO | Broadcom Inc. | 2,295 | $710,325 | |
| WFC | Wells Fargo & Company/Mn | 8,500 | $676,685 | |
| ELME | Elme Communities | 269,317 | $541,327 | |
| DUOT | Duos Technologies Group, Inc. | 63,707 | $437,030 | |
| RYN | Rayonier Inc | 20,000 | $412,400 | |
| AFCG | Advanced Flower Capital Inc. | 110,912 | $312,771 | |
| ETHA | iShares Ethereum Trust ETF | 18,500 | $292,855 | |
| POET | Poet Technologies Inc. | 45,500 | $270,270 | |
| BPRN | Princeton Bancorp, Inc. | 7,118 | $240,374 | |
| KD | Kyndryl Holdings, Inc. | 12,000 | $157,440 | |
| MSDL | Morgan Stanley Direct Lending Fund | 10,000 | $139,600 | |
| OCSL | Oaktree Specialty Lending Corp | 10,000 | $113,000 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
21 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| OGG | Osisko Gold Group Inc. | 1,867,710 | $6,518,307 | |
| EQT | EQT Corp | 98,039 | $5,254,890 | |
| OZK | Bank OZK | 92,672 | $4,264,765 | |
| EOG | Eog Resources Inc | 29,000 | $3,045,290 | |
| MBIN | Merchants Bancorp | 82,092 | $2,796,053 | |
| NOG | Northern Oil & Gas, Inc. | 33,600 | $721,392 | |
| NECB | NorthEast Community Bancorp, Inc./MD/ | 30,371 | $686,688 | |
| SIMO | Silicon Motion Technology CORP | 7,300 | $676,710 | |
| ADBE | Adobe Inc. | 1,800 | $629,982 | |
| FCX | Freeport-Mcmoran Inc | 12,000 | $609,480 | |
| AR | ANTERO RESOURCES Corp | 16,100 | $554,806 | |
| SM | SM Energy Co | 23,000 | $430,100 | |
| CRM | Salesforce, Inc. | 1,500 | $397,365 | |
| DELL | Dell Technologies Inc. | 3,000 | $377,640 | |
| IBCP | Independent Bank Corp /Mi/ | 10,769 | $350,315 | |
| KMB | Kimberly Clark Corp | 3,000 | $302,670 | |
| TECK | Teck Resources Ltd | 5,700 | $272,973 | |
| CZWI | Citizens Community Bancorp Inc. | 11,718 | $208,814 | |
| DHC | Diversified Healthcare Trust | 38,984 | $189,072 | |
| SMR | NUSCALE POWER Corp | 13,000 | $184,210 | |
| ASC | Ardmore Shipping Corp | 10,000 | $105,900 | |
| No positions match the current search. | ||||
59 tracked positions ·
$141,451,734 total
· filing declares
98 positions · $179,489,633
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Showing 1–50
of 59 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| SPY |
Spdr S&P 500 ETF Trust
PUT
CALL
+ SHARES
|
Added | 90,184 | $58,650,262 | 41.46% | |
| EXE |
EXPAND ENERGY Corp
Energy
|
NEW | 68,398 | $7,508,732 | 5.31% | |
| PNFP |
Pinnacle Financial Partners, Inc.
Financial Services
|
NEW | 85,549 | $7,369,190 | 5.21% | |
| ALK |
Alaska Air Group, Inc.
Industrials
|
Added | 172,600 | $6,348,228 | 4.49% | |
| HBAN |
Huntington Bancshares Inc /Md/
Financial Services
|
Reduced | 397,656 | $6,223,316 | 4.40% | |
| WAL |
Western Alliance Bancorporation
Financial Services
|
Reduced | 84,599 | $5,993,839 | 4.24% | |
| MSFT |
Microsoft Corp
PUT
+ SHARES
Technology
|
NEW | 13,606 | $5,036,533 | 3.56% | |
| BAC |
Bank Of America Corp /De/
Financial Services
|
Added | 96,871 | $4,722,461 | 3.34% | |
| BANC |
Banc Of California, Inc.
CALL
+ SHARES
Financial Services
|
Added | 258,521 | $4,544,799 | 3.21% | |
| UBER |
Uber Technologies, Inc
CALL
+ SHARES
Technology
|
Reduced | 57,100 | $4,107,203 | 2.90% | |
| ORCL |
Oracle Corp
PUT
+ SHARES
Technology
|
NEW | 20,350 | $2,993,688 | 2.12% | |
| COF |
Capital One Financial Corp
Financial Services
|
NEW | 12,900 | $2,353,347 | 1.66% | |
| SYF |
Synchrony Financial
Financial Services
|
NEW | 31,500 | $2,142,630 | 1.51% | |
| MDY |
Spdr S&P Midcap 400 ETF Trust
PUT
+ SHARES
|
Added | 2,500 | $1,541,900 | 1.09% | |
| META |
Meta Platforms, Inc.
PUT
+ SHARES
Communication Services
|
Reduced | 2,420 | $1,384,554 | 0.98% | |
| DDI |
DoubleDown Interactive Co., Ltd.
Communication Services
|
Held | 161,768 | $1,366,939 | 0.97% | |
| LIEN |
Chicago Atlantic BDC, Inc.
Financial Services
|
Reduced | 130,920 | $1,222,792 | 0.86% | |
| AEM |
Agnico Eagle Mines Ltd
CALL
Basic Materials
|
NEW | 5,000 | $1,014,900 | 0.72% | |
| GOOGL |
Alphabet Inc.
Communication Services
|
Reduced | 3,500 | $1,006,460 | 0.71% | |
| LODE |
Comstock Inc.
Basic Materials
|
NEW | 325,134 | $991,658 | 0.70% | |
| MU |
Micron Technology Inc
CALL
+ SHARES
Technology
|
Added | 2,710 | $915,546 | 0.65% | |
| OSBC |
Old Second Bancorp Inc
Financial Services
|
Reduced | 39,224 | $790,755 | 0.56% | |
| LYFT |
Lyft, Inc.
Technology
|
NEW | 58,000 | $771,400 | 0.55% | |
| AVGO |
Broadcom Inc.
Technology
|
NEW | 2,295 | $710,325 | 0.50% | |
| WFC |
Wells Fargo & Company/Mn
Financial Services
|
NEW | 8,500 | $676,685 | 0.48% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Held | 3,220 | $670,629 | 0.47% | |
| MRVL |
Marvell Technology, Inc.
Technology
|
Reduced | 6,350 | $628,967 | 0.44% | |
| NXE |
NexGen Energy Ltd.
Energy
|
Reduced | 50,000 | $580,000 | 0.41% | |
| ELME |
Elme Communities
Real Estate
|
NEW | 269,317 | $541,327 | 0.38% | |
| INR |
Infinity Natural Resources, Inc.
Energy
|
Reduced | 30,709 | $540,785 | 0.38% | |
| FNWD |
Finward Bancorp
Financial Services
|
Reduced | 14,678 | $532,811 | 0.38% | |
| ALRS |
Alerus Financial Corp
Financial Services
|
Reduced | 19,757 | $468,438 | 0.33% | |
| DUOT |
Duos Technologies Group, Inc.
Technology
|
NEW | 63,707 | $437,030 | 0.31% | |
| GLD |
Spdr Gold Trust
|
Reduced | 1,000 | $430,290 | 0.30% | |
| USB |
US Bancorp De
Financial Services
|
Held | 8,000 | $416,080 | 0.29% | |
| RYN |
Rayonier Inc
Real Estate
|
NEW | 20,000 | $412,400 | 0.29% | |
| DOC |
Healthpeak Properties, Inc.
Real Estate
|
Held | 25,000 | $410,750 | 0.29% | |
| BUSE |
First Busey Corp /Nv/
Financial Services
|
Added | 15,359 | $388,121 | 0.27% | |
| CHCT |
Community Healthcare Trust Inc
Real Estate
|
Added | 22,258 | $353,679 | 0.25% | |
| LNSR |
LENSAR, Inc.
Healthcare
|
Reduced | 55,371 | $330,011 | 0.23% | |
| AFCG |
Advanced Flower Capital Inc.
Financial Services
|
NEW | 110,912 | $312,771 | 0.22% | |
| STHO |
Star Holdings
Real Estate
|
Added | 40,970 | $310,142 | 0.22% | |
| FSUN |
Firstsun Capital Bancorp
Financial Services
|
Added | 8,340 | $304,076 | 0.21% | |
| ETHA |
iShares Ethereum Trust ETF
PUT
+ SHARES
|
NEW | 18,500 | $292,855 | 0.21% | |
| TSLA |
Tesla, Inc.
Consumer Cyclical
|
Held | 785 | $291,823 | 0.21% | |
| FVCB |
FVCBankcorp, Inc.
Financial Services
|
Reduced | 19,150 | $290,888 | 0.21% | |
| POET |
Poet Technologies Inc.
Technology
|
NEW | 45,500 | $270,270 | 0.19% | |
| BPRN |
Princeton Bancorp, Inc.
Financial Services
|
NEW | 7,118 | $240,374 | 0.17% | |
| FFBC |
First Financial Bancorp /Oh/
Financial Services
|
Reduced | 8,556 | $238,541 | 0.17% | |
| GSBD |
Goldman Sachs BDC, Inc.
Financial Services
|
Added | 25,000 | $222,000 | 0.16% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.