# EDGAR Filing Document

**Accession Number:** 0001169581
**File Stem:** 0001062993-25-015764
**Filing Date:** 2025-9
**Character Count:** 26966
**Document Hash:** 06c6212c62a57944bdd8695e8aeab4cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-015764.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001062993-25-015764

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250924

**EFFECTIVENESS DATE**: 20250924

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RAFFLES ASSOCIATES LP
- **CENTRAL INDEX KEY:** 0001169581

**ORGANIZATION NAME:**
- **EIN:** 043272997
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12413
- **FILM NUMBER:** 251334956

**BUSINESS ADDRESS:**
- **STREET 1:** 5 PENN PLAZA
- **STREET 2:** 19TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-760-2322

**MAIL ADDRESS:**
- **STREET 1:** 5 PENN PLAZA
- **STREET 2:** 19TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001169581

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** RAFFLES ASSOCIATES LP

**Address:** 5 PENN PLAZA, NEW YORK, NY 10001

**Telephone number:** 212 760 2322

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-12413

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER         | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                                                                   | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| AERSALE CORPORATION    | 00810F106 | 06/05/2025     | To approve, on an advisory basis, the compensation of our named<br>executive officers.                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         455000 |                0 | FOR         | 455000                                   | FOR                         |  |
| AERSALE CORPORATION    | 00810F106 | 06/05/2025     | To vote, on an advisory basis, on the frequency of future advisory<br>votes to approve named executive officer compensation.                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         455000 |                0 | 1 YEAR      | 455000                                   | FOR                         |  |
| AFFINITY BANCSHARES,   | 00832E103 | 11/04/2024     | The approval of on an advisory (non-binding) basis, compensation<br>that may be paid or become payable to certain executive officers<br>of the Company in connection with the asset sale.                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         198919 |                0 | FOR         | 198919                                   | FOR                         |  |
| INC.                   |  |  |  |  |  |  |  |  |  |  |
| AFFINITY BANCSHARES,   | 00832E103 | 05/20/2025     | An advisory, non-binding resolution with respect to the executive<br>compensation described in the Proxy Statement.                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         199130 |                0 | FOR         | 199130                                   | FOR                         |  |
| INC.                   |  |  |  |  |  |  |  |  |  |  |
| AIMIA INC.             | 00900Q103 | 05/21/2025     | To consider and, if deemed advisable, to adopt, on an advisory<br>basis, a resolution accepting the Corporation's approach to<br>executive compensation.                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         187200 |                0 |  |  |  |  |
| ALTO INGREDIENTS, INC. | 021513106 | 06/25/2025     | To cast a non-binding advisory vote on the frequency of future<br>advisory votes to approve our executive compensation.                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         100000 |                0 | 3 YEARS     | 100000                                   | FOR                         |  |
| ALTO INGREDIENTS, INC. | 021513106 | 06/25/2025     | To cast a non-binding advisory vote to approve our executive<br>compensation ("say-on-pay").                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         100000 |                0 | FOR         | 100000                                   | FOR                         |  |
| AVALON HOLDINGS        | 05343P109 | 05/07/2025     | ADVISORY VOTE ON THE COMPENSATION OF THE<br>COMPANY'S NAMED EXECUTIVE OFFICERS.                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          22941 |                0 | FOR         | 22941                                    | FOR                         |  |
| CORPORATION            |  |  |  |  |  |  |  |  |  |  |
| BLUE RIDGE             | 095825105 | 05/21/2025     | To approve, in an advisory (non-binding) vote, the Company's<br>named executive officer compensation disclosed in the Proxy<br>Statement.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          59934 |                0 | FOR         | 59934                                    | FOR                         |  |
| BANKSHARES, INC.       |  |  |  |  |  |  |  |  |  |  |
| BLUE RIDGE             | 095825105 | 05/21/2025     | To approve, in an advisory (non-binding) vote, whether to hold the<br>vote of the approval of the Company's named executive officer<br>compensation every one, two or three years.                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          59934 |                0 | 3 YEARS     | 59934                                    | FOR                         |  |
| BANKSHARES, INC.       |  |  |  |  |  |  |  |  |  |  |
| CATALYST BANCORP, INC. | 14888L101 | 05/20/2025     | The approval of an advisory non-binding resolution with respect to<br>our executive compensation.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          10555 |                0 | FOR         | 10555                                    | FOR                         |  |
| CONTANGO ORE, INC.     | 21077F100 | 06/10/2025     | To conduct a non-binding, advisory vote to approve the<br>compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          83837 |                0 | FOR         | 83837                                    | FOR                         |  |
| EASTERN BANKSHARES,    | 27627N105 | 05/19/2025     | To approve, in an advisory vote, the compensation paid to the<br>Company's named executive officers.                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         322848 |                0 | FOR         | 322848                                   | FOR                         |  |
| INC.                   |  |  |  |  |  |  |  |  |  |  |
| ENERGY SERVICES OF     | 29271Q103 | 02/19/2025     | An Advisory, non-binding resolution with respect to our executive<br>compensation.                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         130133 |                0 | FOR         | 130133                                   | FOR                         |  |
| AMERICA CORP.          |  |  |  |  |  |  |  |  |  |  |
| ENERGY SERVICES OF     | 29271Q103 | 02/19/2025     | An advisory, non-binding vote with respect to the frequency of<br>voting on our executive compensation.                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         130133 |                0 | 1 YEAR      | 130133                                   | FOR                         |  |
| AMERICA CORP.          |  |  |  |  |  |  |  |  |  |  |
| FINWARD BANCORP        | 31812F109 | 05/22/2025     | To approve, on a non-binding advisory basis, the executive<br>compensation of the named executive officers included in the<br>proxy statement for the Annual Meeting.                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          27321 |                0 | FOR         | 27321                                    | FOR                         |  |
| FIRST BANCORP          | 318672706 | 05/21/2025     | To approve on a non-binding basis the 2024 compensation of First<br>BanCorp's named executive officers.                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         132874 |                0 | FOR         | 132874                                   | FOR                         |  |
| FIRST BANK             | 31931U102 | 04/25/2025     | To approve an advisory resolution approving the 2024<br>compensation of our named executive officers.                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          31394 |                0 |  |  |  |  |
| IVANHOE ELECTRIC INC   | 46578C108 | 06/05/2025     | NON BINDING, ADVISORY VOTE TO APPROVE EXECUTIVE<br>COMPENSATION                                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |        1086077 |                0 | FOR         | 1086077                                  | FOR                         |  |
| IVANHOE ELECTRIC INC.  | 46578C108 | 06/05/2025     | Non Binding, Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |        1086077 |                0 | FOR         | 1086077                                  | FOR                         |  |
| J.W. MAYS, INC.        | 578473100 | 11/26/2024     | Adoption, on an advisory basis, of a proposal on the frequency of<br>future executive compensation advisory votes.                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          44439 |                0 | 1 YEAR      | 44439                                    | FOR                         |  |
| J.W. MAYS, INC.        | 578473100 | 11/26/2024     | Adoption, on an advisory basis, of a resolution approving the<br>compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          44439 |                0 | FOR         | 44439                                    | FOR                         |  |
| LINEAGE CELL           | 53566P109 | 06/26/2025     | To approve, on an advisory basis, the compensation paid to our<br>named executive officers.                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |        5642088 |                0 | FOR         | 5642088                                  | FOR                         |  |
| THERAPEUTICS, INC.     |  |  |  |  |  |  |  |  |  |  |
| OFG BANCORP            | 67103X102 | 04/30/2025     | To approve, on an advisory basis, the compensation of the<br>Company's Named Executive Officers as set forth in the<br>accompanying Proxy Statement.                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         115067 |                0 |  |  |  |  |
| PEAKSTONE REALTY       | 39818P799 | 05/28/2025     | Approve on an advisory (non-binding) basis, the compensation<br>paid to the Company's Named Executive Officers as described in<br>the proxy statement.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            339 |                0 | FOR         | 339                                      | FOR                         |  |
| TRUST                  |  |  |  |  |  |  |  |  |  |  |
| POTBELLY               | 73754Y100 | 05/15/2025     | A non-binding, advisory vote on a resolution approving the 2024<br>compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          59761 |                0 | FOR         | 59761                                    | FOR                         |  |
| CORPORATION            |  |  |  |  |  |  |  |  |  |  |
| PROVIDENT FINANCIAL    | 743868101 | 11/21/2024     | Advisory approval of the compensation of our named executive<br>officers as disclosed in this Proxy Statement.                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         393420 |                0 | AGAINST     | 393420                                   | AGAINST                     |  |
| HOLDINGS, INC.         |  |  |  |  |  |  |  |  |  |  |
| RANGER ENERGY          | 75282U104 | 05/09/2025     | To provide non-binding approval of our executive compensation for<br>2024.                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          34239 |                0 | FOR         | 34239                                    | FOR                         |  |
| SERVICES, INC.         |  |  |  |  |  |  |  |  |  |  |
| RITHM PROPERTY TRUST   | 38983D300 | 06/02/2025     | To approve (on a non-binding advisory basis) the compensation of<br>the named executive officers as described in the accompanying<br>materials.                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         206887 |                0 | FOR         | 206887                                   | FOR                         |  |
| INC.                   |  |  |  |  |  |  |  |  |  |  |
| RITHM PROPERTY TRUST   | 38983D300 | 06/02/2025     | To approve (on a non-binding advisory basis) the frequency of an<br>advisory vote on the compensation of our named executive officers<br>in future years.                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         206887 |                0 | 1 YEAR      | 206887                                   | FOR                         |  |
| INC.                   |  |  |  |  |  |  |  |  |  |  |
| SIRIUS XM HOLDINGS     | 829933100 | 05/28/2025     | Advisory vote on frequency of future advisory votes on the<br>compensation of named executive officers.                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          19194 |                0 | 1 YEAR      | 19194                                    | FOR                         |  |
| INC.                   |  |  |  |  |  |  |  |  |  |  |
| SOUTHERN MISSOURI      | 843380106 | 10/28/2024     | Advisory (non-binding) vote on executive compensation as<br>disclosed in the accompanying proxy statement.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         233047 |                0 | FOR         | 233047                                   | FOR                         |  |
| BANCORP, INC.          |  |  |  |  |  |  |  |  |  |  |
| SOUTHERN MISSOURI      | 843380106 | 10/28/2024     | The advisory (non-binding) vote as to whether future advisory<br>votes on executive compensation should be held every year, every<br>two years or every three years.                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         233047 |                0 | 1 YEAR      | 233047                                   | FOR                         |  |
| BANCORP, INC.          |  |  |  |  |  |  |  |  |  |  |
| UNITED BANCORP, INC.   | 909911109 | 04/16/2025     | An advisory proposal on the frequency of future advisory votes<br>regarding the Company's executive compensation programs                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          15353 |                0 |  |  |  |  |
| UNITED BANCORP, INC.   | 909911109 | 04/16/2025     | An advisory proposal to approve the Company's executive<br>compensation programs as disclosed in the accompanying proxy<br>statement                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          15353 |                0 |  |  |  |  |
| VIEMED HEALTHCARE,     | 92663R105 | 06/05/2025     | Advisory Vote on Executive Compensation To consider and, if<br>thought appropriate, to pass an ordinary resolution (the text of<br>which is disclosed in Section 10(v) of the Management Information<br>and Proxy Circular) to ratify, confirm, and approve, in a non-<br>binding advisory vote, the Say-on-Pay Resolution, as more<br>particularly described in the Management Information and Proxy<br>Circular. | SECTION 14A SAY-ON-PAY VOTES |          42771 |                0 | FOR         | 42771                                    | FOR                         |  |
| INC.                   |  |  |  |  |  |  |  |  |  |  |
| VIEMED HEALTHCARE,     | 92663R105 | 06/05/2025     | Advisory Vote on the Frequency of Future Advisory Votes on<br>Executive Compensation To approve, in a non-binding advisory<br>vote, the frequency of holding future advisory votes on the<br>compensation of the Corporation's named executive officers.                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          42771 |                0 | 1 YEAR      | 42771                                    | FOR                         |  |
| INC.                   |  |  |  |  |  |  |  |  |  |  |

## N-PX: Signature Block

**Reporting Person:** RAFFLES ASSOCIATES LP

**By (Signature):** Paul H. O'Leary

**By (Printed Signature):** Paul H. O'Leary

**By (Title):** Managing Member

**Date:** 08/31/2025