SEC 13F Intelligence

Managers / Q3 2025 · view latest →

RAFFLES ASSOCIATES LP

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

Reported Value
$107M
Q3 2025
Positions
49
Filings on Record
30
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Raffles Associates LP reported $107M in U.S.-listed holdings across 49 positions for Q3 2025.

Its largest position, SMBC, represents 11.2% of the portfolio.

Compared with Q2 2025, the fund opened 7 new positions and exited 6.

Portfolio Metrics

Turnover
+10.1%
vs prior filed quarter
Top-10 Concentration
+61.0%
share of reported value
Largest Position
+11.2%
Southern Mo Bancorp
New / Exited
7 / 6
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: 86.8%Other: 6.2%ETP: 4.2%Closed-End Fund: 1.4%REIT: 1.3%
  • Common Stock · 86.8% · $93M
  • Other · 6.2% · $7M
  • ETP · 4.2% · $5M
  • Closed-End Fund · 1.4% · $2M
  • REIT · 1.3% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
COSOCOASTALSOUTH BANCSHARES INCNEW+124.3K124.3K+$3M$3M
PROSHARES TRNEW+100.0K100.0K+$2M$2M
FCXFREEPORT-MCMORAN INCNEW+25.0K25.0K+$980,500$980,500
PEPPEPSICO INCNEW+5.0K5.0K+$702,200$702,200
PERION NETWORK LTDNEW+40.0K40.0K+$384,000$384,000
SOCSABLE OFFSHORE CORPNEW+15.0K15.0K+$261,900$261,900
MLCIMOUNT LOGAN CAP INCNEW+11.4K11.4K+$89,232$89,232
PROSHARES TR IIADDED+295.0K345.0K+$3M$4M

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

Holdings — Q3 2025

48 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SMBCSOUTHERN MO BANCORP INChistory →COM11.21%$12M229.1K
2LCTXLINEAGE CELL THERAPEUTICS INhistory →COM8.48%$9M5.39M
3IEIVANHOE ELECTRIC INChistory →COM7.57%$8M648.1K
4VZLAVIZSLA SILVER CORPhistory →COM NEW6.79%$7M1.69M
5EBCEASTERN BANKSHARES INChistory →COM6.08%$7M359.8K
6PROVPROVIDENT FINL HLDGS INChistory →COM5.74%$6M391.8K
7OFGOFG BANCORPhistory →COM4.86%$5M120.1K
8AFBIAFFINITY BANCSHARES INChistory →COM3.66%$4M199.1K
9PROSHARES TR IIULTRA VIX SHORT3.35%$4M345.0K
10ASLEAERSALE CORPORATIONhistory →COM3.28%$4M430.0K
11FBPFIRST BANCORP P Rhistory →COM NEW2.73%$3M132.9K
12VMDVIEMED HEALTHCARE INChistory →COM2.64%$3M417.7K
13COSOCOASTALSOUTH BANCSHARES INChistory →COM NEW2.52%$3M124.3K
14INVESCO DB US DLR INDEX TRBULLISH FD2.18%$2M85.0K
15PROSHARES TRULTRAPRO SHT QQQ · ULTRASHRT S&P5002.09%$2M150.0K
16MSOSADVISORSHARES TRhistory →PURE US CANNABIS2.05%$2M460.0K
17NXENEXGEN ENERGY LTDhistory →COM2.00%$2M240.0K
18JOBGEE GROUP INChistory →COM1.83%$2M9.51M
19CTGOCONTANGO ORE INChistory →COM1.66%$2M71.4K
20ESOAENERGY SVCS ACQUISITION CORPhistory →COM1.63%$2M169.4K
21MAYSMAYS J W INChistory →COM1.57%$2M44.4K
22JOFJAPAN SMALLER CAPITALIZATIONhistory →COM1.45%$2M147.3K
23PKSTPEAKSTONE REALTY TRUSThistory →COMMON SHARES1.31%$1M107.0K
24NECBNORTHEAST CMNTY BANCORP INChistory →COM1.14%$1M59.5K
25FBLAFB BANCORP INChistory →COM1.09%$1M97.1K
26MBBCMARATHON BANCORP INChistory →COM NEW1.05%$1M107.7K
27NSTSNSTS BANCORP INChistory →COM1.01%$1M93.8K
28NSSCNAPCO SEC TECHNOLOGIES INCCOM0.98%$1M24.4K
29TIPTTIPTREE INCCOM0.92%$993,02551.8K
30FCXFREEPORT-MCMORAN INCCL B0.91%$980,50025.0K
31FNWDFINWARD BANCORPCOM0.79%$852,95226.6K
32VABKVIRGINIA NATL BANKSHARES CORCOM0.68%$731,02518.8K
33PEPPEPSICO INCCOM0.65%$702,2005.0K
34KELYAKELLY SVCS INCCL A0.63%$679,48551.8K
35NBBKNB BANCORP INCCOM0.51%$549,55031.1K
36SIRISIRIUSXM HOLDINGS INCCOMMON STOCK0.42%$446,74019.2K
37RITHM PPTY TR INCCOM0.41%$444,830176.5K
38PERION NETWORK LTDSHS NEW0.36%$384,00040.0K
39NWFLNORWOOD FINANCIAL CORPCOM0.30%$326,97712.9K
40SOCSABLE OFFSHORE CORPCOM SHS0.24%$261,90015.0K
41HHSHARTE HANKS INCCOM0.24%$257,34069.4K
42ECBKECB BANCORP INCCOM0.24%$256,17416.1K
43UBCPUNITED BANCORP INC OHIOCOM0.23%$247,43217.7K
44HAINHAIN CELESTIAL GROUP INCCOM0.14%$150,35395.2K
45CLSTCATALYST BANCORP INCCOMMON STOCK0.13%$139,32610.6K
46ALTOALTO INGREDIENTS INCCOM0.10%$108,000100.0K
47MLCIMOUNT LOGAN CAP INCCOM0.08%$89,23211.4K
48AWXAVALON HLDGS CORPCL A0.06%$65,75125.2K

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 ↗.