Raffles Associates LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Raffles Associates LP reported 49 stock positions worth $107.4 million. Its top holding was Southern Missouri Bancorp (SMBC) at 11.2% of the portfolio, followed by Lineage Cell Therapeutics (LCTX, 8.5%) and Ivanhoe Electric Inc. / US (IE, 7.6%). Compared with Q2 2025, it opened 7 new positions, sold out of 6, added to 8 and reduced 13. The biggest buy was a new position in Coastal South Bancshares (COSO) and the biggest sale an exit from Proshares TR II.
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001169581
- Portfolio Value
- $107.4M (Q3 2025)
- SEC Filing
- 0001062993-25-016861 ↗ filed Nov 14, 2025
Holdings Value
Holdings 49 stocks · $107.4M
| SMBC Southern Missouri Bancorp | 11.21% | 229,086 | $12.0M | Reduce -0.1% |
| LCTX Lineage Cell Therapeutics Inc. | 8.48% | 5,387,788 | $9.1M | Reduce -0.1% |
| IE Ivanhoe Electric Inc. / US | 7.57% | 648,077 | $8.1M | Reduce -32.2% |
| VZLA Vizsla Silver Corp. | 6.79% | 1,689,010 | $7.3M | No change |
| EBC Eastern Bankshares Inc. | 6.08% | 359,788 | $6.5M | No change |
| PROV Provident Financial Hldgs | 5.74% | 391,791 | $6.2M | No change |
| OFG Ofg Bancorp | 4.86% | 120,067 | $5.2M | No change |
| AFBI Affinity Bancshares Inc. | 3.66% | 199,130 | $3.9M | No change |
| PROSHARES TR II | 3.35% | 345,000 | $3.6M | Add +590.0% |
| ASLE Aersale Corp. | 3.28% | 430,000 | $3.5M | Reduce -11.3% |
| FBP First Bancorp Puerto Rico | 2.73% | 132,874 | $2.9M | No change |
| VMD Viemed Healthcare Inc. | 2.64% | 417,691 | $2.8M | Add +3.7% |
| COSO Coastal South Bancshares Inc. | 2.52% | 124,281 | $2.7M | New |
| UUP Invesco DB US Dollar Index B | 2.18% | 85,000 | $2.3M | Reduce -46.9% |
| MSOS Advisorshares Pure US Cann | 2.05% | 460,000 | $2.2M | Add +12.2% |
| NXE Nexgen Energy Ltd. | 2.00% | 240,000 | $2.1M | Reduce -17.2% |
| JOB Gee Group Inc. | 1.83% | 9,508,737 | $2.0M | No change |
| CTGO Contango Silver & Gold Inc. | 1.66% | 71,406 | $1.8M | No change |
| ESOA Energy Services of America | 1.63% | 169,392 | $1.8M | No change |
| MAYS Mays (j.w.) Inc. | 1.57% | 44,438 | $1.7M | No change |
| JOF Japan Smaller Capitalization | 1.45% | 147,289 | $1.6M | Add +6.1% |
| SQQQ Proshares TR | 1.42% | 100,000 | $1.5M | New |
| PKST Peakstone Realty Trust | 1.31% | 107,000 | $1.4M | Reduce -13.6% |
| NECB Northeast Community Bancorp | 1.14% | 59,500 | $1.2M | No change |
| FBLA FB Bancorp Inc. | 1.09% | 97,099 | $1.2M | Add +23.4% |
| MBBC Marathon Bancorp Inc. | 1.05% | 107,664 | $1.1M | No change |
| NSTS NSTS Bancorp Inc. | 1.01% | 93,774 | $1.1M | No change |
| NSSC Napco Security Technologies | 0.98% | 24,424 | $1.0M | No change |
| TIPT Tiptree Inc. | 0.92% | 51,801 | $993K | Add +68.2% |
| FCX Freeport-McMoran Inc. | 0.91% | 25,000 | $981K | New |
| FNWD Finward Bancorp | 0.79% | 26,580 | $853K | No change |
| VABK Virginia National Bankshares | 0.68% | 18,836 | $731K | Reduce -1.1% |
| PROSHARES TR | 0.67% | 50,000 | $723K | Reduce -60.0% |
| PEP Pepsico Inc. | 0.65% | 5,000 | $702K | New |
| KELYA Kelly Services Inc. Class A | 0.63% | 51,790 | $679K | No change |
| NBBK NB Bancorp Inc. | 0.51% | 31,136 | $550K | No change |
| SIRI Sirius XM Holdings Inc. | 0.42% | 19,194 | $447K | No change |
| RITHM PPTY TR INC | 0.41% | 176,520 | $445K | Reduce -14.7% |
| PERI Perion Network Ltd. | 0.36% | 40,000 | $384K | New |
| NWFL Norwood Financial Corp. | 0.30% | 12,863 | $327K | Reduce -7.2% |
| SOC Sable Offshore Corp. | 0.24% | 15,000 | $262K | New |
| HHS Harte-Hanks Inc. | 0.24% | 69,364 | $257K | Add +264.4% |
| ECBK Ecb Bancorp Inc. | 0.24% | 16,142 | $256K | Reduce -42.5% |
| UBCP United Bancorp Inc. | 0.23% | 17,699 | $247K | No change |
| HAIN Hain Celestial Group Inc. | 0.14% | 95,160 | $150K | Reduce -52.4% |
| CLST Catalyst Bancorp Inc. | 0.13% | 10,555 | $139K | No change |
| ALTO Alto Ingredients Inc. | 0.10% | 100,000 | $108K | No change |
| MLCI Mount Logan Capital Inc. | 0.08% | 11,440 | $89K | New |
| AWX Avalon Holdings Corp. Class A | 0.06% | 25,214 | $66K | Add +9.9% |
Portfolio Sells Q2 2025 → Q3 2025
| PROSHARES TR II | Sold out | 0.00% | −2.67 |
| UUP Invesco DB US Dollar Index B | Reduce -46.9% | 2.18% | −2.30 |
| SMBC Southern Missouri Bancorp | Reduce -0.1% | 11.21% | −1.87 |
| PROSHARES TR | Reduce -60.0% | 0.67% | −1.50 |
| IE Ivanhoe Electric Inc. / US | Reduce -32.2% | 7.57% | −1.46 |
| TURN 180 Degree Capital Corp. | Sold out | 0.00% | −0.94 |
| PBPB Potbelly Corp. | Sold out | 0.00% | −0.76 |
| PKST Peakstone Realty Trust | Reduce -13.6% | 1.31% | −0.40 |
| FRBA First Bank/Hamilton NJ | Sold out | 0.00% | −0.33 |
| ECBK Ecb Bancorp Inc. | Reduce -42.5% | 0.24% | −0.21 |
| BRBS Blue Ridge Bankshares Inc. | Sold out | 0.00% | −0.21 |
| IAUX I-80 Gold Corp. | Sold out | 0.00% | −0.19 |
| HAIN Hain Celestial Group Inc. | Reduce -52.4% | 0.14% | −0.18 |
| RITHM PPTY TR INC | Reduce -14.7% | 0.41% | −0.17 |
| NXE Nexgen Energy Ltd. | Reduce -17.2% | 2.00% | −0.10 |
| NWFL Norwood Financial Corp. | Reduce -7.2% | 0.30% | −0.07 |
| VABK Virginia National Bankshares | Reduce -1.1% | 0.68% | −0.05 |
| ASLE Aersale Corp. | Reduce -11.3% | 3.28% | +0.24 |
| LCTX Lineage Cell Therapeutics Inc. | Reduce -0.1% | 8.48% | +3.38 |
Portfolio Buys Q2 2025 → Q3 2025
| COSO Coastal South Bancshares Inc. | New | 2.52% | +2.52 |
| PROSHARES TR II | Add +590.0% | 3.35% | +2.38 |
| SQQQ Proshares TR | New | 1.42% | +1.42 |
| MSOS Advisorshares Pure US Cann | Add +12.2% | 2.05% | +1.02 |
| FCX Freeport-McMoran Inc. | New | 0.91% | +0.91 |
| PEP Pepsico Inc. | New | 0.65% | +0.65 |
| PERI Perion Network Ltd. | New | 0.36% | +0.36 |
| SOC Sable Offshore Corp. | New | 0.24% | +0.24 |
| TIPT Tiptree Inc. | Add +68.2% | 0.92% | +0.17 |
| FBLA FB Bancorp Inc. | Add +23.4% | 1.09% | +0.16 |
| HHS Harte-Hanks Inc. | Add +264.4% | 0.24% | +0.16 |
| MLCI Mount Logan Capital Inc. | New | 0.08% | +0.08 |
| JOF Japan Smaller Capitalization | Add +6.1% | 1.45% | +0.05 |
| AWX Avalon Holdings Corp. Class A | Add +9.9% | 0.06% | +0.00 |
| VMD Viemed Healthcare Inc. | Add +3.7% | 2.64% | −0.26 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 48 | $117.3M | SMBC, GLIBK, EBC, CBK, LCTX |
| Q1 2026 | 49 | $115.3M | SMBC, LCTX, EBC, CBK, PROV |
| Q4 2025 | 54 | $133.3M | SMBC, IE, VZLA, LCTX, EBC |
| Q3 2025 | 49 | $107.4M | SMBC, LCTX, IE, VZLA, EBC |
| Q2 2025 | 48 | $96.0M | SMBC, IE, PROV, EBC, OFG |
| Q1 2025 | 43 | $82.1M | SMBC, IE, EBC, PROV, OFG |
| Q4 2024 | 49 | $92.8M | SMBC, IE, PROV, EBC, OFG |
| Q3 2024 | 48 | $97.4M | SMBC, IE, EBC, PROV, OFG |
| Q2 2024 | 52 | $88.8M | SMBC, EBC, IE, OFG, PROV |
| Q1 2024 | 51 | $86.1M | SMBC, EBC, IE, PROV, OFG |