# Black Maple Capital Management LP

> Black Maple Capital Management LP is an SEC-registered investment advisory firm in Milwaukee, WI, registered since 2013, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 168385
- Filed as: BLACK MAPLE CAPITAL MANAGEMENT LP
- Also doing business as: BLACK MAPLE CAPITAL CORPORATION (GENERAL PARTNER/RELYING ADVISER)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Milwaukee, WI
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/168385
- AdvisorCensus page: https://advisorcensus.com/firm/black-maple-capital-management-lp-milwaukee-wi-168385

## Quick answers

**How is Black Maple Capital Management LP compensated?**
On its Form ADV (Item 5.E, October 2026), Black Maple Capital Management LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**How much does Black Maple Capital Management LP charge?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 0.25% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Black Maple Capital Management LP located?**
Black Maple Capital Management LP's principal office is in Milwaukee, WI, according to its Form ADV.

**Is Black Maple Capital Management LP registered with the SEC or a state?**
Black Maple Capital Management LP is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 168385.

**How much does Black Maple Capital Management LP manage?**
Black Maple Capital Management LP reports $352,928,715 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Black Maple Capital Management LP's assets and staff changed since 2021?**
In the Form ADV data for Black Maple Capital Management LP: Regulatory assets under management: $142,441,000 in the October 2021 data and $352,928,715 in the October 2026 data, up 148%. Total employees: 7 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Black Maple Capital Management LP serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (5); pooled investment vehicles (other than investment companies and business development companies) (3).

**Which custodians does Black Maple Capital Management LP use?**
Black Maple Capital Management LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Goldman Sachs & Co. LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Black Maple Capital Management LP report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/168385

**What changed in Black Maple Capital Management LP's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $298,314,709 to $352,928,715 (+18%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Asset-based fee: 0.25% to 2% a year (a range, as the brochure states it)

> Black Maple generally is paid a management fee of between 0.25% and 2.00% per annum of the net asset value (“NAV”) of each investor’s capital account or shares of the applicable Fund, payable monthly or quarterly.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Goldman Sachs & Co. LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $352,928,715
- Discretionary: $352,928,715
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 5 | $155,275,501 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $197,653,214 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2013 (12 years)
- Employees: 9 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- blackmaplecapital.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $142,441,000 | 7 | March 29, 2021 |
| October 2022 | $178,508,000 | 9 | July 6, 2022 |
| October 2023 | $203,752,000 | 8 | May 17, 2023 |
| October 2024 | $266,495,000 | 9 | May 22, 2024 |
| October 2025 | $298,314,709 | 9 | May 5, 2025 |
| October 2026 | $352,928,715 | 9 | March 30, 2026 |

Regulatory assets under management: $142,441,000 in the October 2021 data and $352,928,715 in the October 2026 data, up 148%.
Total employees: 7 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $298,314,709 to $352,928,715 (+18%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Black Maple Capital Management LP (CRD 168385): Form ADV filing data as of October 2026.