SEC 13F Intelligence

Managers / Q1 2026

RAFFLES ASSOCIATES LP

CIK 0001169581 · 5 PENN PLAZA, 19TH FLOOR, NEW YORK, NY, 10001 · 212-760-2322

Reported Value
$115M
Q1 2026
Positions
49
Filings on Record
30
2019–present window
Filed
May 15, 2026
original filing

Summary

Raffles Associates LP reported $115M in U.S.-listed holdings across 49 positions for Q1 2026.

Its largest position, SMBC, represents 12.4% of the portfolio.

Compared with Q4 2025, the fund opened 5 new positions and exited 10.

Portfolio Metrics

Turnover
+10.2%
vs prior filed quarter
Top-10 Concentration
+60.7%
share of reported value
Largest Position
+12.4%
Southern Mo Bancorp
New / Exited
5 / 10
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $88MQ4 ’18Q1 ’19: $91MQ2 ’19: $97MQ3 ’19: $105MQ4 ’19: $104MQ4 ’19Q1 ’20: $55MQ2 ’20: $61MQ3 ’20: $59MQ4 ’20: $86MQ4 ’20Q1 ’21: $98MQ2 ’21: $118MQ3 ’21: $108MQ4 ’21: $104MQ4 ’21Q1 ’22: $97MQ2 ’22: $92MQ3 ’22: $94MQ4 ’22: $85MQ4 ’22Q1 ’23: $73MQ2 ’23: $74MQ3 ’23: $75MQ4 ’23: $79MQ4 ’23Q1 ’24: $86MQ2 ’24: $89MQ3 ’24: $97MQ4 ’24: $93MQ4 ’24Q1 ’25: $82MQ2 ’25: $96MQ3 ’25: $107MQ4 ’25: $133MQ4 ’25Q1 ’26: $115Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 87.5%ETP: 8.1%Other: 1.9%Ltd Part: 1.4%Closed-End Fund: 1.0%
  • Common Stock · 87.5% · $101M
  • ETP · 8.1% · $9M
  • Other · 1.9% · $2M
  • Ltd Part · 1.4% · $2M
  • Closed-End Fund · 1.0% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ETF SER SOLUTIONSNEW+75.0K75.0K+$2M$2M
DIREXION SHARES ETF TRUSTNEW+50.0K50.0K+$2M$2M
PROSHARES TR IINEW+100.0K100.0K+$832,000$832,000
FMNBFARMERS NATIONAL BANC CORPNEW+15.0K15.0K+$197,400$197,400
APAMPCO-PITTSBURG CORPNEW+15.0K15.0K+$100,800$100,800
PROSHARES TR IISOLD OUT−110.0K0−$4M$0
INVESCO DB US DLR INDEX TRSOLD OUT−125.0K0−$3M$0
DIREXION SHS ETF TRSOLD OUT−200.0K0−$1M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

48 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SMBCSOUTHERN MO BANCORP INChistory →COM12.36%$14M222.9K
2LCTXLINEAGE CELL THERAPEUTICS INhistory →COM7.35%$8M5.36M
3EBCEASTERN BANKSHARES INChistory →COM6.70%$8M394.8K
4CBKCOMMERCIAL BANCGROUP INChistory →COM5.60%$6M248.3K
5PROVPROVIDENT FINL HLDGS INChistory →COM5.47%$6M391.1K
6IEIVANHOE ELECTRIC INChistory →COM5.46%$6M532.1K
7OFGOFG BANCORPhistory →COM4.92%$6M140.1K
8GLIBKUSDGCI LIBERTY INChistory →COM SER C4.72%$5M146.2K
9VZLAVIZSLA SILVER CORPhistory →COM NEW4.31%$5M1.50M
10AFBIAFFINITY BANCSHARES INChistory →COM3.84%$4M198.8K
11VMDVIEMED HEALTHCARE INChistory →COM3.31%$4M413.7K
12PROSHARES TR IIULTRASHORT GOLD · ULSHT BLOOMB OIL3.00%$3M230.0K
13COSOCOASTALSOUTH BANCSHARES INChistory →COM NEW2.59%$3M121.3K
14ASLEAERSALE CORPORATIONhistory →COM2.48%$3M460.0K
15MSOSADVISORSHARES TRhistory →PURE US CANNABIS1.97%$2M640.0K
16JOBGEE GROUP INChistory →COM1.97%$2M9.45M
17ESOAENERGY SERVICES OF AMER CORPhistory →COM1.94%$2M170.4K
18ETF SER SOLUTIONSUS GLB JETS1.60%$2M75.0K
19DIREXION SHARES ETF TRUSTDLY 20 YR TRESUR1.56%$2M50.0K
20MAYSMAYS J W INChistory →COM1.53%$2M44.4K
21PERION NETWORK LTDSHS NEW1.48%$2M170.3K
22MNRMACH NATURAL RESOURCES LPhistory →COM UNIT LTD PAR1.40%$2M115.0K
23MBBCMARATHON BANCORP INChistory →COM NEW1.26%$1M107.7K
24NECBNORTHEAST CMNTY BANCORP INChistory →COM1.23%$1M59.5K
25CTGOCONTANGO SILVER & GOLD INChistory →COM1.16%$1M71.4K
26FBLAFB BANCORP INChistory →COM1.16%$1M97.1K
27JOFJAPAN SMALLER CAPITALIZATIONhistory →COM1.05%$1M111.0K
28NSTSNSTS BANCORP INCCOM0.95%$1M93.8K
29FNWDFINWARD BANCORPCOM0.84%$964,85426.6K
30NSSCNAPCO SEC TECHNOLOGIES INCCOM0.83%$962,06124.4K
31TIPTTIPTREE INCCOM0.82%$944,15355.8K
32VABKVIRGINIA NATL BK CHRLOTSVLECOM0.62%$718,61818.8K
33FBPFIRST BANCORP CORPORATIONCOM NEW0.59%$680,82931.9K
34NXENEXGEN ENERGY LTDCOM0.50%$580,00050.0K
35AMERICAN BITCOIN CORP.COM CL A0.45%$513,042555.0K
36SIRISIRIUSXM HOLDINGS INCCOMMON STOCK0.38%$442,99819.2K
37KELYAKELLY SVCS INCCL A0.38%$442,50050.0K
38NWFLNORWOOD FINANCIAL CORPCOM0.32%$366,25012.4K
39HYNEHOYNE BANCORP INCCOM0.30%$345,90923.9K
40NBBKNB BANCORP INCCOM0.27%$313,39514.9K
41IAUI-80 GOLD CORPCOM0.26%$296,400195.0K
42UBCPUNITED BANCORP INC OHIOCOM0.23%$269,20217.7K
43ECBKECB BANCORP INCCOM0.19%$224,16513.4K
44HHSHARTE HANKS INCCOM0.17%$199,20887.8K
45FMNBFARMERS NATIONAL BANC CORPCOM0.17%$197,40015.0K
46CLSTCATALYST BANCORP INCCOMMON STOCK0.15%$174,79110.6K
47APAMPCO-PITTSBURG CORPCOM0.09%$100,80015.0K
48AWXAVALON HLDGS CORPCL A0.06%$65,30425.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$115M49May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$133M54Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$107M49Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$96M48Aug 15, 202513F-HRchanges · EDGAR ↗
Q1 2025$82M43May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$93M49Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$97M48Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$89M52Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$86M51May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$79M47Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$75M46Nov 15, 202313F-HRchanges · EDGAR ↗
Q2 2023$74M45Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$73M46May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$85M47Feb 15, 202313F-HRchanges · EDGAR ↗
Q3 2022$94M50Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$92M48Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$97M45May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$104M49Feb 15, 202213F-HRchanges · EDGAR ↗
Q3 2021$108M42Nov 16, 202113F-HRchanges · EDGAR ↗
Q2 2021$118M44Aug 17, 202113F-HRchanges · EDGAR ↗
Q1 2021$98M39May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$86M37Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$59M31Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$61M39Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$55M45May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$104M50Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$105M53Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$97M52Aug 15, 201913F-HRchanges · EDGAR ↗
Q1 2019$91M50May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$88M45Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.