SEC 13F Intelligence

Managers / Q2 2025 · view latest →

RAFFLES ASSOCIATES LP

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

Reported Value
$96M
Q2 2025
Positions
48
Filings on Record
30
2019–present window
Filed
Aug 15, 2025
original filing

Summary

Raffles Associates LP reported $96M in U.S.-listed holdings across 48 positions for Q2 2025.

Its largest position, SMBC, represents 13.1% of the portfolio.

Compared with Q1 2025, the fund opened 7 new positions and exited 2.

Portfolio Metrics

Turnover
+5.6%
vs prior filed quarter
Top-10 Concentration
+61.1%
share of reported value
Largest Position
+13.1%
Southern Mo Bancorp
New / Exited
7 / 2
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: 84.1%Other: 6.4%ETP: 5.5%Closed-End Fund: 2.3%REIT: 1.7%
  • Common Stock · 84.1% · $81M
  • Other · 6.4% · $6M
  • ETP · 5.5% · $5M
  • Closed-End Fund · 2.3% · $2M
  • REIT · 1.7% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
INVESCO DB US DLR INDEX TRNEW+160.0K160.0K+$4M$4M
PROSHARES TR IINEW+115.0K115.0K+$3M$3M
MBBCMARATHON BANCORP INCNEW+107.7K107.7K+$1M$1M
PROSHARES TR IINEW+50.0K50.0K+$937,500$937,500
HAINHAIN CELESTIAL GROUP INCNEW+200.0K200.0K+$304,000$304,000
IAUI-80 GOLD CORPNEW+300.0K300.0K+$179,520$179,520
HHSHARTE HANKS INCNEW+19.0K19.0K+$75,767$75,767
NBBKNB BANCORP INCADDED+20.0K31.1K+$354,861$556,089

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

Holdings — Q2 2025

47 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SMBCSOUTHERN MO BANCORP INChistory →COM13.08%$13M229.2K
2IEIVANHOE ELECTRIC INChistory →COM9.03%$9M956.1K
3PROVPROVIDENT FINL HLDGS INChistory →COM6.33%$6M391.8K
4EBCEASTERN BANKSHARES INChistory →COM5.72%$5M359.8K
5OFGOFG BANCORPhistory →COM5.35%$5M120.1K
6VZLAVIZSLA SILVER CORPhistory →COM NEW5.17%$5M1.69M
7LCTXLINEAGE CELL THERAPEUTICS INhistory →COM5.10%$5M5.39M
8INVESCO DB US DLR INDEX TRBULLISH FD4.48%$4M160.0K
9AFBIAFFINITY BANCSHARES INChistory →COM3.81%$4M199.1K
10PROSHARES TR IIULTRASHORT GOLD · ULTRA VIX SHORT3.64%$3M165.0K
11ASLEAERSALE CORPORATIONhistory →COM3.04%$3M485.0K
12VMDVIEMED HEALTHCARE INChistory →COM2.90%$3M402.7K
13FBPFIRST BANCORP P Rhistory →COM NEW2.88%$3M132.9K
14PROSHARES TRULTRASHRT S&P5002.17%$2M125.0K
15NXENEXGEN ENERGY LTDhistory →COM2.10%$2M290.0K
16JOBGEE GROUP INChistory →COM1.95%$2M9.51M
17ESOAENERGY SVCS ACQUISITION CORPhistory →COM1.75%$2M169.4K
18MAYSMAYS J W INChistory →COM1.74%$2M44.4K
19PKSTPEAKSTONE REALTY TRUSThistory →COMMON SHARES1.70%$2M123.8K
20CTGOCONTANGO ORE INChistory →COM1.45%$1M71.4K
21NECBNORTHEAST CMNTY BANCORP INChistory →COM1.44%$1M59.5K
22JOFJAPAN SMALLER CAPITALIZATIONhistory →COM1.39%$1M138.8K
23NSTSNSTS BANCORP INChistory →COM1.20%$1M93.8K
24MBBCMARATHON BANCORP INChistory →COM NEW1.12%$1M107.7K
25MSOSADVISORSHARES TRhistory →PURE US CANNABIS1.03%$988,100410.0K
26180 DEGREE CAP CORPCOM NEW0.94%$903,171227.3K
27FBLAFB BANCORP INCCOM0.92%$884,97078.7K
28FNWDFINWARD BANCORPCOM0.76%$734,14026.6K
29PTBPOTBELLY CORPCOM0.76%$732,07259.8K
30TIPTTIPTREE INCCOM0.76%$726,28830.8K
31NSSCNAPCO SEC TECHNOLOGIES INCCOM0.76%$725,14924.4K
32VABKVIRGINIA NATL BANKSHARES CORCOM0.73%$704,33219.0K
33KELYAKELLY SVCS INCCL A0.63%$606,46151.8K
34RITHM PPTY TR INCCOM0.58%$558,595206.9K
35NBBKNB BANCORP INCCOM0.58%$556,08931.1K
36SIRISIRIUSXM HOLDINGS INCCOMMON STOCK0.46%$440,88619.2K
37ECBKECB BANCORP INCCOM0.45%$433,84928.1K
38NWFLNORWOOD FINANCIAL CORPCOM0.37%$357,38813.9K
39FIRST BK WILLIAMSTOWN NEW JECOM0.33%$315,49520.4K
40HAINHAIN CELESTIAL GROUP INCCOM0.32%$304,000200.0K
41UBCPUNITED BANCORP INC OHIOCOM0.27%$256,63617.7K
42BRBSBLUE RIDGE BANKSHARES INC VACOM0.21%$200,80355.9K
43IAUI-80 GOLD CORPCOM0.19%$179,520300.0K
44CLSTCATALYST BANCORP INCCOMMON STOCK0.14%$130,77610.6K
45ALTOALTO INGREDIENTS INCCOM0.12%$115,000100.0K
46HHSHARTE HANKS INCCOM0.08%$75,76719.0K
47AWXAVALON HLDGS CORPCL A0.06%$57,12322.9K

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 ↗.