# EDGAR Filing Document

**Accession Number:** 0001588959
**File Stem:** 0001214659-25-016615
**Filing Date:** 2025-11
**Character Count:** 13030
**Document Hash:** 06f841d53e5c122a8b2418e87d3acc63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-016615.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001214659-25-016615

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Black Maple Capital Management LP
- **CENTRAL INDEX KEY:** 0001588959

**ORGANIZATION NAME:**
- **EIN:** 463083949
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17355
- **FILM NUMBER:** 251485427

**BUSINESS ADDRESS:**
- **STREET 1:** 250 EAST WISCONSIN AVENUE
- **STREET 2:** SUITE 1250
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-294-7777

**MAIL ADDRESS:**
- **STREET 1:** 250 EAST WISCONSIN AVENUE
- **STREET 2:** SUITE 1250
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Black Maple Capital Management LP<br>**Address:** 250 EAST WISCONSIN AVENUE<br>SUITE 1250<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-17355

**CRD Number (if applicable):** 000168385

**SEC File Number (if applicable):** 801-78645

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Benjamin Evers<br>**Title:** Chief Compliance Officer<br>**Phone:** 414-294-7777

**Signature, Place, and Date of Signing:**

/s/ Benjamin Evers  Milwaukee, WI  11-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 93

**Form 13F Information Table Value Total:** $206368465

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 89BIO INC | COM | 282559103 |  | 4727755 | 321616 | SH |  | SOLE |  | 321616 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 458575 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| ADVISORSHARES TR | PURE US CANNABIS | 00768Y453 |  | 263450 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| ALERUS FINL CORP | COM | 01446U103 |  | 242477 | 10952 | SH |  | SOLE |  | 10952 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 974200 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 972400 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 11634111 | 346666 | SH |  | SOLE |  | 346666 | 0 | 0 |
| ARDMORE SHIPPING CORP | COM | Y0207T100 |  | 118700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 1593252 | 96269 | SH |  | SOLE |  | 96269 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 165500 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| BANK OZK LITTLE ROCK ARK | COM | 06417N103 |  | 203920 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| BIT DIGITAL INC | SHS | G1144A105 |  | 150000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| BIT DIGITAL INC | SHS | G1144A105 |  | 120000 | 40000 | SH | Put | SOLE |  | 40000 | 0 | 0 |
| BITFARMS LTD | COM | 09173B107 |  | 84600 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 1440726 | 120462 | SH |  | SOLE |  | 120462 | 0 | 0 |
| CARTER BANKSHARES INC | COM NEW | 146103106 |  | 194100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CHICAGO ATLANTIC BDC INC | COM | 828174102 |  | 1644258 | 156596 | SH |  | SOLE |  | 156596 | 0 | 0 |
| CITIZENS CMNTY BANCORP INC M | COM | 174903104 |  | 327458 | 20377 | SH |  | SOLE |  | 20377 | 0 | 0 |
| COLUMBIA BKG SYS INC | COM | 197236102 |  | 2850962 | 110760 | SH |  | SOLE |  | 110760 | 0 | 0 |
| COMERICA INC | COM | 200340107 |  | 1014096 | 14800 | SH |  | SOLE |  | 14800 | 0 | 0 |
| COMMUNITY WEST BANCSHARES NE | COM | 203937107 |  | 225176 | 10805 | SH |  | SOLE |  | 10805 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 425310 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| DIVERSIFIED HEALTHCARE TR | COM SH BEN INT | 25525P107 |  | 111573 | 25300 | SH | Call | SOLE |  | 25300 | 0 | 0 |
| DIVERSIFIED HEALTHCARE TR | COM SH BEN INT | 25525P107 |  | 433503 | 98300 | SH |  | SOLE |  | 98300 | 0 | 0 |
| DOUBLEDOWN INTERACTIVE CO LT | ADS | 25862B109 |  | 919467 | 98444 | SH |  | SOLE |  | 98444 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 4862939 | 89343 | SH |  | SOLE |  | 89343 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 3712132 | 34941 | SH |  | SOLE |  | 34941 | 0 | 0 |
| FINWARD BANCORP | COM | 31812F109 |  | 962700 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| FIRST BUSEY CORP | COM NEW | 319383204 |  | 251386 | 10859 | SH |  | SOLE |  | 10859 | 0 | 0 |
| FIRST FNDTN INC | COM | 32026V104 |  | 169501 | 30431 | SH |  | SOLE |  | 30431 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 470640 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| FVCBANKCORP INC | COM | 36120Q101 |  | 310904 | 23971 | SH |  | SOLE |  | 23971 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 920491 | 53300 | SH |  | SOLE |  | 53300 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 1073600 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 905850 | 27000 | SH | Put | SOLE |  | 27000 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 6838685 | 36050 | SH |  | SOLE |  | 36050 | 0 | 0 |
| ISHARES INC | MSCI SPAIN ETF | 464286764 |  | 396000 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 3140943 | 39159 | SH |  | SOLE |  | 39159 | 0 | 0 |
| ISHARES TR | IBONDS 29 TRM TS | 46436E825 |  | 219550 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ISHARES TR | IBONDS 28 TRM TS | 46436E833 |  | 447700 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 |  | 2149284 | 51210 | SH |  | SOLE |  | 51210 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 520600 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 1197380 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| ISHARES TR | MSCI INDONIA ETF | 46429B309 |  | 1002175 | 57104 | SH |  | SOLE |  | 57104 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 265150 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 964600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ISHARES TR | IBONDS 27 TRM TS | 46436E841 |  | 450400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 |  | 856188 | 20400 | SH | Call | SOLE |  | 20400 | 0 | 0 |
| KRANESHARES TRUST | CALIFORNIA CARB | 500767553 |  | 1801175 | 105517 | SH |  | SOLE |  | 105517 | 0 | 0 |
| LENSAR INC | COM | 52634L108 |  | 1449149 | 117340 | SH |  | SOLE |  | 117340 | 0 | 0 |
| LITHIUM ARGENTINA AG | COM SHS | H5012F103 |  | 100838 | 30191 | SH |  | SOLE |  | 30191 | 0 | 0 |
| LYFT INC | CL A COM | 55087P104 |  | 573118 | 26039 | SH |  | SOLE |  | 26039 | 0 | 0 |
| LYFT INC | CL A COM | 55087P104 |  | 2828285 | 128500 | SH | Put | SOLE |  | 128500 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 109291 | 1300 | SH | Call | SOLE |  | 1300 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 84070 | 1000 | SH | Put | SOLE |  | 1000 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 891142 | 10600 | SH |  | SOLE |  | 10600 | 0 | 0 |
| MERCHANTS BANCORP IND | COM | 58844R108 |  | 4105285 | 129097 | SH |  | SOLE |  | 129097 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 3209241 | 4370 | SH |  | SOLE |  | 4370 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 518692 | 3100 | SH | Put | SOLE |  | 3100 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 2124964 | 12700 | SH |  | SOLE |  | 12700 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 771490 | 86200 | SH |  | SOLE |  | 86200 | 0 | 0 |
| NORTHEAST CMNTY BANCORP INC | COM | 664121100 |  | 1134374 | 55147 | SH |  | SOLE |  | 55147 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 554900 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 665825 | 11999 | SH |  | SOLE |  | 11999 | 0 | 0 |
| OLD SECOND BANCORP INC ILL | COM | 680277100 |  | 907462 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 |  | 382053 | 112700 | SH | Put | SOLE |  | 112700 | 0 | 0 |
| PEOPLES BANCORP INC | COM | 709789101 |  | 383662 | 12793 | SH |  | SOLE |  | 12793 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 7469154 | 79637 | SH |  | SOLE |  | 79637 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 237000 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| SECURITY NATL FINL CORP | CL A NEW | 814785309 |  | 111297 | 12837 | SH |  | SOLE |  | 12837 | 0 | 0 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 |  | 1298519 | 10970 | SH |  | SOLE |  | 10970 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 178680 | 2000 | SH | Put | SOLE |  | 2000 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 637004 | 2260 | SH |  | SOLE |  | 2260 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 178680 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 91573 | 14286 | SH |  | SOLE |  | 14286 | 0 | 0 |
| SITE CTRS CORP | COM | 82981J851 |  | 216240 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| SPAR GROUP INC | COM | 784933103 |  | 28290 | 27466 | SH |  | SOLE |  | 27466 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 3554700 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 |  | 1975416 | 31800 | SH |  | SOLE |  | 31800 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 28168089 | 42283 | SH |  | SOLE |  | 42283 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 56292210 | 84500 | SH | Put | SOLE |  | 84500 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 596030 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 538050 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| SPDR SERIES TRUST | S METALS MNG | 78464A755 |  | 978495 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| STAR HLDGS | SHS BEN INT | 85512G106 |  | 162674 | 19766 | SH |  | SOLE |  | 19766 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 532875 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| SYNOVUS FINL CORP | COM NEW | 87161C501 |  | 1119024 | 22800 | SH |  | SOLE |  | 22800 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 337953 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3428950 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 6352978 | 131450 | SH |  | SOLE |  | 131450 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 247575 | 2500 | SH | Put | SOLE |  | 2500 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 932080 | 12200 | SH | Put | SOLE |  | 12200 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 4725546 | 54492 | SH |  | SOLE |  | 54492 | 0 | 0 |

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