Raffles Associates LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Raffles Associates LP reported 54 stock positions worth $133.3 million. Its top holding was Southern Missouri Bancorp (SMBC) at 10.0% of the portfolio, followed by Ivanhoe Electric Inc. / US (IE, 6.9%) and Vizsla Silver (VZLA, 6.8%). Compared with Q3 2025, it opened 13 new positions, sold out of 8, added to 7 and reduced 16. The biggest buy was a new position in Commercial Bancgroup (CBK) and the biggest sale Lineage Cell Therapeutics (LCTX, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001169581
- Portfolio Value
- $133.3M (Q4 2025)
- SEC Filing
- 0001062993-26-000967 ↗ filed Feb 17, 2026
Holdings Value
Holdings 54 stocks · $133.3M
| SMBC Southern Missouri Bancorp | 9.99% | 225,334 | $13.3M | Reduce -1.6% |
| IE Ivanhoe Electric Inc. / US | 6.87% | 573,077 | $9.2M | Reduce -11.6% |
| VZLA Vizsla Silver Corp. | 6.79% | 1,654,010 | $9.0M | Reduce -2.1% |
| LCTX Lineage Cell Therapeutics Inc. | 6.72% | 5,362,788 | $9.0M | Reduce -0.5% |
| EBC Eastern Bankshares Inc. | 4.97% | 359,788 | $6.6M | No change |
| PROV Provident Financial Hldgs | 4.67% | 391,239 | $6.2M | Reduce -0.1% |
| CBK Commercial Bancgroup Inc. | 4.61% | 250,000 | $6.1M | New |
| GLL Proshares Ultrashort Gold | 4.41% | 225,000 | $5.9M | New |
| GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC | 3.86% | 138,216 | $5.1M | New |
| OFG Ofg Bancorp | 3.69% | 120,067 | $4.9M | No change |
| AFBI Affinity Bancshares Inc. | 3.05% | 198,842 | $4.1M | Reduce -0.1% |
| UVXY Proshares Ultra Vix St Futur | 2.96% | 110,000 | $4.0M | Add +59.4% |
| ASLE Aersale Corp. | 2.56% | 480,000 | $3.4M | Add +11.6% |
| UUP Invesco DB US Dollar Index B | 2.53% | 125,000 | $3.4M | Add +47.1% |
| VMD Viemed Healthcare Inc. | 2.33% | 417,691 | $3.1M | No change |
| COSO Coastal South Bancshares Inc. | 2.12% | 121,281 | $2.8M | Reduce -2.4% |
| FBP First Bancorp Puerto Rico | 2.07% | 132,874 | $2.8M | No change |
| CTGO Contango Silver & Gold Inc. | 1.41% | 71,406 | $1.9M | No change |
| MSOS Advisorshares Pure US Cann | 1.40% | 395,000 | $1.9M | Reduce -14.1% |
| JOB Gee Group Inc. | 1.39% | 9,508,737 | $1.9M | No change |
| MAYS Mays (j.w.) Inc. | 1.33% | 44,431 | $1.8M | Reduce -0.0% |
| ESOA Energy Services of America | 1.22% | 199,392 | $1.6M | Add +17.7% |
| NXE Nexgen Energy Ltd. | 1.21% | 175,000 | $1.6M | Reduce -27.1% |
| JOF Japan Smaller Capitalization | 1.16% | 139,462 | $1.5M | Reduce -5.3% |
| DIREXION SHS ETF TR | 1.12% | 200,000 | $1.5M | New |
| PKST Peakstone Realty Trust | 1.04% | 97,078 | $1.4M | Reduce -9.3% |
| NECB Northeast Community Bancorp | 1.01% | 59,500 | $1.3M | No change |
| VXX Ipath Series B S&P 500 Vix filed as BARCLAYS BANK PLC | 0.99% | 50,000 | $1.3M | New |
| MBBC Marathon Bancorp Inc. | 0.98% | 107,664 | $1.3M | No change |
| MNR Mach Natural Resources LP | 0.95% | 115,000 | $1.3M | New |
| FBLA FB Bancorp Inc. | 0.94% | 97,099 | $1.2M | No change |
| NSTS NSTS Bancorp Inc. | 0.91% | 93,774 | $1.2M | No change |
| ABTC American Bitcoin Corp. | 0.89% | 700,000 | $1.2M | New |
| DIREXION SHS ETF TR | 0.84% | 425,000 | $1.1M | New |
| NSSC Napco Security Technologies | 0.76% | 24,424 | $1.0M | No change |
| FNWD Finward Bancorp | 0.70% | 26,580 | $935K | No change |
| PERI Perion Network Ltd. | 0.68% | 95,000 | $910K | Add +137.5% |
| KELYA Kelly Services Inc. Class A | 0.57% | 86,790 | $764K | Add +67.6% |
| VABK Virginia National Bankshares | 0.56% | 18,836 | $751K | No change |
| TIPT Tiptree Inc. | 0.56% | 40,801 | $745K | Reduce -21.2% |
| VG Venture Global Inc. Class A | 0.51% | 100,000 | $682K | New |
| NBBK NB Bancorp Inc. | 0.42% | 28,374 | $562K | Reduce -8.9% |
| SIRI Sirius XM Holdings Inc. | 0.29% | 19,194 | $384K | No change |
| NWFL Norwood Financial Corp. | 0.26% | 12,449 | $349K | Reduce -3.2% |
| HYNE Hoyne Bancorp Inc. | 0.26% | 23,897 | $346K | New |
| ALTO Alto Ingredients Inc. | 0.22% | 100,000 | $288K | No change |
| IAUX I-80 Gold Corp. | 0.21% | 195,000 | $285K | New |
| PROSHARES TR II | 0.20% | 50,000 | $267K | New |
| HHS Harte-Hanks Inc. | 0.20% | 87,755 | $264K | Add +26.5% |
| UBCP United Bancorp Inc. | 0.19% | 17,699 | $254K | No change |
| ECBK Ecb Bancorp Inc. | 0.19% | 14,253 | $248K | Reduce -11.7% |
| CLST Catalyst Bancorp Inc. | 0.12% | 10,555 | $166K | No change |
| AWX Avalon Holdings Corp. Class A | 0.05% | 25,214 | $68K | No change |
| GFR Greenfire Resources Ltd. | 0.04% | 10,444 | $50K | New |
Portfolio Sells Q3 2025 → Q4 2025
| LCTX Lineage Cell Therapeutics Inc. | Reduce -0.5% | 6.72% | −1.76 |
| SQQQ Proshares TR | Sold out | 0.00% | −1.42 |
| SMBC Southern Missouri Bancorp | Reduce -1.6% | 9.99% | −1.22 |
| PROV Provident Financial Hldgs | Reduce -0.1% | 4.67% | −1.08 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.91 |
| NXE Nexgen Energy Ltd. | Reduce -27.1% | 1.21% | −0.79 |
| IE Ivanhoe Electric Inc. / US | Reduce -11.6% | 6.87% | −0.70 |
| PROSHARES TR | Sold out | 0.00% | −0.67 |
| PEP Pepsico Inc. | Sold out | 0.00% | −0.65 |
| MSOS Advisorshares Pure US Cann | Reduce -14.1% | 1.40% | −0.65 |
| AFBI Affinity Bancshares Inc. | Reduce -0.1% | 3.05% | −0.60 |
| RITHM PPTY TR INC | Sold out | 0.00% | −0.41 |
| COSO Coastal South Bancshares Inc. | Reduce -2.4% | 2.12% | −0.41 |
| TIPT Tiptree Inc. | Reduce -21.2% | 0.56% | −0.37 |
| JOF Japan Smaller Capitalization | Reduce -5.3% | 1.16% | −0.29 |
| PKST Peakstone Realty Trust | Reduce -9.3% | 1.04% | −0.26 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.24 |
| MAYS Mays (j.w.) Inc. | Reduce -0.0% | 1.33% | −0.24 |
| HAIN Hain Celestial Group Inc. | Sold out | 0.00% | −0.14 |
| NBBK NB Bancorp Inc. | Reduce -8.9% | 0.42% | −0.09 |
| MLCI Mount Logan Capital Inc. | Sold out | 0.00% | −0.08 |
| ECBK Ecb Bancorp Inc. | Reduce -11.7% | 0.19% | −0.05 |
| NWFL Norwood Financial Corp. | Reduce -3.2% | 0.26% | −0.04 |
| VZLA Vizsla Silver Corp. | Reduce -2.1% | 6.79% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| CBK Commercial Bancgroup Inc. | New | 4.61% | +4.61 |
| GLL Proshares Ultrashort Gold | New | 4.41% | +4.41 |
| GLIBK Liberty Capital Corp. Class C | New | 3.86% | +3.86 |
| DIREXION SHS ETF TR | New | 1.12% | +1.12 |
| VXX Ipath Series B S&P 500 Vix | New | 0.99% | +0.99 |
| MNR Mach Natural Resources LP | New | 0.95% | +0.95 |
| ABTC American Bitcoin Corp. | New | 0.89% | +0.89 |
| DIREXION SHS ETF TR | New | 0.84% | +0.84 |
| VG Venture Global Inc. Class A | New | 0.51% | +0.51 |
| UUP Invesco DB US Dollar Index B | Add +47.1% | 2.53% | +0.36 |
| PERI Perion Network Ltd. | Add +137.5% | 0.68% | +0.33 |
| HYNE Hoyne Bancorp Inc. | New | 0.26% | +0.26 |
| IAUX I-80 Gold Corp. | New | 0.21% | +0.21 |
| PROSHARES TR II | New | 0.20% | +0.20 |
| GFR Greenfire Resources Ltd. | New | 0.04% | +0.04 |
| HHS Harte-Hanks Inc. | Add +26.5% | 0.20% | −0.04 |
| KELYA Kelly Services Inc. Class A | Add +67.6% | 0.57% | −0.06 |
| UVXY Proshares Ultra Vix St Futur | Add +59.4% | 2.96% | −0.39 |
| ESOA Energy Services of America | Add +17.7% | 1.22% | −0.41 |
| ASLE Aersale Corp. | Add +11.6% | 2.56% | −0.72 |
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 |