SEC 13F Intelligence

Managers / Q4 2025 · view latest →

RAFFLES ASSOCIATES LP

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

Reported Value
$133M
Q4 2025
Positions
54
Filings on Record
30
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Raffles Associates LP reported $133M in U.S.-listed holdings across 54 positions for Q4 2025.

Its largest position, SMBC, represents 10.0% of the portfolio.

Compared with Q3 2025, the fund opened 14 new positions and exited 9.

Portfolio Metrics

Turnover
+8.9%
vs prior filed quarter
Top-10 Concentration
+56.6%
share of reported value
Largest Position
+10.0%
Southern Mo Bancorp
New / Exited
14 / 9
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: 80.8%ETP: 14.3%Other: 1.8%Closed-End Fund: 1.2%REIT: 1.0%Other: 1.0%
  • Common Stock · 80.8% · $108M
  • ETP · 14.3% · $19M
  • Other · 1.8% · $2M
  • Closed-End Fund · 1.2% · $2M
  • REIT · 1.0% · $1M
  • Other · 1.0% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CBKCOMMERCIAL BANCGROUP INCNEW+250.0K250.0K+$6M$6M
PROSHARES TR IINEW+225.0K225.0K+$6M$6M
GLIBKUSDGCI LIBERTY INCNEW+138.2K138.2K+$5M$5M
PROSHARES TR IINEW+110.0K110.0K+$4M$4M
DIREXION SHS ETF TRNEW+200.0K200.0K+$1M$1M
BARCLAYS BANK PLCNEW+50.0K50.0K+$1M$1M
MNRMACH NATURAL RESOURCES LPNEW+115.0K115.0K+$1M$1M
AMERICAN BITCOIN CORP.NEW+700.0K700.0K+$1M$1M

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

Holdings — Q4 2025

47 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SMBCSOUTHERN MO BANCORP INChistory →COM9.99%$13M225.3K
2PROSHARES TR IIULTRASHORT GOLD · ULTRA VIX SHORT · ULTRA SHORT SILV7.58%$10M385.0K
3IEIVANHOE ELECTRIC INChistory →COM6.87%$9M573.1K
4VZLAVIZSLA SILVER CORPhistory →COM NEW6.79%$9M1.65M
5LCTXLINEAGE CELL THERAPEUTICS INhistory →COM6.72%$9M5.36M
6EBCEASTERN BANKSHARES INChistory →COM4.97%$7M359.8K
7PROVPROVIDENT FINL HLDGS INChistory →COM4.67%$6M391.2K
8CBKCOMMERCIAL BANCGROUP INChistory →COM4.61%$6M250.0K
9GLIBKUSDGCI LIBERTY INChistory →COM SER C3.86%$5M138.2K
10OFGOFG BANCORPhistory →COM3.69%$5M120.1K
11AFBIAFFINITY BANCSHARES INChistory →COM3.05%$4M198.8K
12ASLEAERSALE CORPORATIONhistory →COM2.56%$3M480.0K
13INVESCO DB US DLR INDEX TRBULLISH FD2.53%$3M125.0K
14VMDVIEMED HEALTHCARE INChistory →COM2.33%$3M417.7K
15COSOCOASTALSOUTH BANCSHARES INChistory →COM NEW2.12%$3M121.3K
16FBPFIRST BANCORP P Rhistory →COM NEW2.07%$3M132.9K
17DIREXION SHS ETF TRDAILY GOLD MINER · DAILY JR GOLD MI1.95%$3M625.0K
18CTGOCONTANGO ORE INChistory →COM1.41%$2M71.4K
19MSOSADVISORSHARES TRhistory →PURE US CANNABIS1.40%$2M395.0K
20JOBGEE GROUP INChistory →COM1.39%$2M9.51M
21MAYSMAYS J W INChistory →COM1.33%$2M44.4K
22ESOAENERGY SVCS ACQUISITION CORPhistory →COM1.22%$2M199.4K
23NXENEXGEN ENERGY LTDhistory →COM1.21%$2M175.0K
24JOFJAPAN SMALLER CAPITALIZATIONhistory →COM1.16%$2M139.5K
25PKSTPEAKSTONE REALTY TRUSThistory →COMMON SHARES1.04%$1M97.1K
26NECBNORTHEAST CMNTY BANCORP INChistory →COM1.01%$1M59.5K
27BARCLAYS BANK PLCIPATH S&P 500 SH0.99%$1M50.0K
28MBBCMARATHON BANCORP INCCOM NEW0.98%$1M107.7K
29MNRMACH NATURAL RESOURCES LPCOM UNIT LTD PAR0.95%$1M115.0K
30FBLAFB BANCORP INCCOM0.94%$1M97.1K
31NSTSNSTS BANCORP INCCOM0.91%$1M93.8K
32AMERICAN BITCOIN CORP.COM CL A0.89%$1M700.0K
33NSSCNAPCO SEC TECHNOLOGIES INCCOM0.76%$1M24.4K
34FNWDFINWARD BANCORPCOM0.70%$935,35026.6K
35PERION NETWORK LTDSHS NEW0.68%$910,10095.0K
36KELYAKELLY SVCS INCCL A0.57%$763,75286.8K
37VABKVIRGINIA NATL BANKSHARES CORCOM0.56%$750,61518.8K
38TIPTTIPTREE INCCOM0.56%$745,43440.8K
39VGVENTURE GLOBAL INCCOM CL A0.51%$682,000100.0K
40NBBKNB BANCORP INCCOM0.42%$562,37328.4K
41SIRISIRIUSXM HOLDINGS INCCOMMON STOCK0.29%$383,78419.2K
42NWFLNORWOOD FINANCIAL CORPCOM0.26%$349,19412.4K
43HYNEHOYNE BANCORP INCCOM0.26%$346,26823.9K
44ALTOALTO INGREDIENTS INCCOM0.22%$288,000100.0K
45IAUI-80 GOLD CORPCOM0.21%$284,700195.0K
46HHSHARTE HANKS INCCOM0.20%$264,14387.8K
47UBCPUNITED BANCORP INC OHIOCOM0.19%$253,98117.7K

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 ↗.