SEC 13F Intelligence

Managers / Q1 2025 · view latest →

RAFFLES ASSOCIATES LP

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

Reported Value
$82M
Q1 2025
Positions
43
Filings on Record
30
2019–present window
Filed
May 15, 2025
original filing

Summary

Raffles Associates LP reported $82M in U.S.-listed holdings across 43 positions for Q1 2025.

Its largest position, SMBC, represents 14.5% of the portfolio.

Compared with Q4 2024, the fund opened 2 new positions and exited 8.

Portfolio Metrics

Turnover
+6.4%
vs prior filed quarter
Top-10 Concentration
+62.1%
share of reported value
Largest Position
+14.5%
Southern Mo Bancorp
New / Exited
2 / 8
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%Closed-End Fund: 3.8%ETP: 3.4%Other: 3.3%REIT: 2.0%
  • Common Stock · 87.5% · $72M
  • Closed-End Fund · 3.8% · $3M
  • ETP · 3.4% · $3M
  • Other · 3.3% · $3M
  • REIT · 2.0% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GLLGBPPROSHARES TR IINEW+135.0K135.0K+$2M$2M
FBLAFB BANCORP INCNEW+73.7K73.7K+$829,457$829,457
MSOSADVISORSHARES TRADDED+252.0K410.0K+$468,120$1M
TDWTIDEWATER INC NEWSOLD OUT−41.0K0−$2M$0
AMPLIFY ETF TRSOLD OUT−525.0K0−$1M$0
PROSHARES TRSOLD OUT−20.0K0−$622,800$0
PPLTUSDABRDN PLATINUM ETF TRUSTSOLD OUT−5.0K0−$415,250$0
TLRYEURTILRAY BRANDS INCSOLD OUT−250.0K0−$332,500$0

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

Holdings — Q1 2025

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SMBCSOUTHERN MO BANCORP INChistory →COM14.52%$12M229.2K
2IEIVANHOE ELECTRIC INChistory →COM7.68%$6M1.09M
3EBCEASTERN BANKSHARES INChistory →COM7.19%$6M359.8K
4PROVPROVIDENT FINL HLDGS INChistory →COM6.99%$6M393.4K
5OFGOFG BANCORPhistory →COM5.85%$5M120.1K
6VZLAVIZSLA SILVER CORPhistory →COM NEW4.75%$4M1.72M
7AFBIAFFINITY BANCSHARES INChistory →COM4.31%$4M199.1K
8ASLEAERSALE CORPORATIONhistory →COM4.15%$3M455.0K
9VMDVIEMED HEALTHCARE INChistory →COM3.57%$3M402.7K
10LCTXLINEAGE CELL THERAPEUTICS INhistory →COM3.10%$3M5.64M
11FBPFIRST BANCORP P Rhistory →COM NEW3.10%$3M132.9K
12PROSHARES TRULTRASHRT S&P5002.59%$2M99.0K
13JOFJAPAN SMALLER CAPITALIZATIONhistory →COM2.51%$2M245.4K
14JOBGEE GROUP INChistory →COM2.34%$2M9.51M
15GLLGBPPROSHARES TR IIhistory →ULTRASHRT NEW2.08%$2M135.0K
16MAYSMAYS J W INChistory →COM2.07%$2M44.4K
17ESOAENERGY SVCS ACQUISITION CORPhistory →COM2.05%$2M178.1K
18PKSTPEAKSTONE REALTY TRUSThistory →COMMON SHARES1.99%$2M130.0K
19NECBNORTHEAST CMNTY BANCORP INChistory →COM1.70%$1M59.5K
20NXENEXGEN ENERGY LTDhistory →COM1.67%$1M305.0K
21180 DEGREE CAP CORPCOM NEW1.31%$1M270.6K
22MSOSADVISORSHARES TRhistory →PURE US CANNABIS1.30%$1M410.0K
23NSTSNSTS BANCORP INChistory →COM1.29%$1M93.8K
24CTGOCONTANGO ORE INChistory →COM1.04%$855,97683.8K
25FBLAFB BANCORP INChistory →COM1.01%$829,45773.7K
26FNWDFINWARD BANCORPCOM0.97%$795,04127.3K
27VABKVIRGINIA NATL BANKSHARES CORCOM0.92%$759,55621.1K
28TIPTTIPTREE INCCOM0.90%$741,99630.8K
29KELYAKELLY SVCS INCCL A0.83%$682,07451.8K
30NSSCNAPCO SEC TECHNOLOGIES INCCOM0.77%$631,30027.4K
31RITHM PPTY TR INCCOM0.72%$593,766206.9K
32PTBPOTBELLY CORPCOM0.69%$568,32759.8K
33ECBKECB BANCORP INCCOM0.60%$495,16332.7K
34RNGRGBPRANGER ENERGY SVCS INCCOM CL A0.59%$485,85134.2K
35NWFLNORWOOD FINANCIAL CORPCOM0.59%$483,40020.0K
36FIRST BK WILLIAMSTOWN NEW JECOM0.57%$464,94531.4K
37SIRISIRIUSXM HOLDINGS INCCOMMON STOCK0.53%$432,72919.2K
38UBCPUNITED BANCORP INC OHIOCOM0.29%$237,52117.7K
39NBBKNB BANCORP INCCOM0.25%$201,22811.1K
40BRBSBLUE RIDGE BANKSHARES INC VACOM0.24%$195,38559.9K
41CLSTCATALYST BANCORP INCCOMMON STOCK0.15%$122,96610.6K
42ALTOALTO INGREDIENTS INCCOM0.14%$114,000100.0K
43AWXAVALON HLDGS CORPCL A0.08%$65,15222.9K

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 ↗.