# EDGAR Filing Document

**Accession Number:** 0001169581
**File Stem:** 0001062993-26-000967
**Filing Date:** 2026-2
**Character Count:** 9143
**Document Hash:** 678098070d655b37243a5758e17e2a5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-000967.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001062993-26-000967

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**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:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12413
- **FILM NUMBER:** 26637837

**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 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** RAFFLES ASSOCIATES LP<br>**Address:** 5 PENN PLAZA<br>19TH FLOOR<br>NEW YORK, NY 10001

**Form 13F File Number:** 028-12413

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Paul H. O'Leary<br>**Title:** President of General Partner<br>**Phone:** 212 760 2322

**Signature, Place, and Date of Signing:**

Paul H. O'Leary  New York, NY  02-14-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 54

**Form 13F Information Table Value Total:** $133316827

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVISORSHARES TR | PURE US CANNABIS | 00768Y453 |  | 1864400 | 395000 | SH |  | SOLE |  | 395000 | 0 | 0 |
| AERSALE CORPORATION | COM | 00810F106 |  | 3412800 | 480000 | SH |  | SOLE |  | 480000 | 0 | 0 |
| AFFINITY BANCSHARES INC | COM | 00832E103 |  | 4070296 | 198842 | SH |  | SOLE |  | 198842 | 0 | 0 |
| ALTO INGREDIENTS INC | COM | 021513106 |  | 288000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| AMERICAN BITCOIN CORP. | COM CL A | 02462A104 |  | 1190000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| AVALON HLDGS CORP | CL A | 05343P109 |  | 67826 | 25214 | SH |  | SOLE |  | 25214 | 0 | 0 |
| CATALYST BANCORP INC | COMMON STOCK | 14888L101 |  | 166241 | 10555 | SH |  | SOLE |  | 10555 | 0 | 0 |
| COASTALSOUTH BANCSHARES INC | COM NEW | 19058X207 |  | 2819783 | 121281 | SH |  | SOLE |  | 121281 | 0 | 0 |
| COMMERCIAL BANCGROUP INC | COM | 20112C106 |  | 6140000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| CONTANGO ORE INC | COM | 21077F100 |  | 1885832 | 71406 | SH |  | SOLE |  | 71406 | 0 | 0 |
| DIREXION SHS ETF TR | DAILY GOLD MINER | 25461A478 |  | 1488000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| DIREXION SHS ETF TR | DAILY JR GOLD MI | 25461A577 |  | 1117750 | 425000 | SH |  | SOLE |  | 425000 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 6630893 | 359788 | SH |  | SOLE |  | 359788 | 0 | 0 |
| ECB BANCORP INC | COM | 26828M106 |  | 247860 | 14253 | SH |  | SOLE |  | 14253 | 0 | 0 |
| ENERGY SVCS ACQUISITION CORP | COM | 29271Q103 |  | 1629033 | 199392 | SH |  | SOLE |  | 199392 | 0 | 0 |
| FB BANCORP INC | COM | 31425A109 |  | 1247722 | 97099 | SH |  | SOLE |  | 97099 | 0 | 0 |
| FINWARD BANCORP | COM | 31812F109 |  | 935350 | 26580 | SH |  | SOLE |  | 26580 | 0 | 0 |
| FIRST BANCORP P R | COM NEW | 318672706 |  | 2754478 | 132874 | SH |  | SOLE |  | 132874 | 0 | 0 |
| GCI LIBERTY INC | COM SER C | 36164V800 |  | 5143017 | 138216 | SH |  | SOLE |  | 138216 | 0 | 0 |
| GEE GROUP INC | COM | 36165A102 |  | 1855155 | 9508737 | SH |  | SOLE |  | 9508737 | 0 | 0 |
| GREENFIRE RES LTD NEW | COM SHS | 39525U107 |  | 49713 | 10444 | SH |  | SOLE |  | 10444 | 0 | 0 |
| HARTE HANKS INC | COM | 416196202 |  | 264143 | 87755 | SH |  | SOLE |  | 87755 | 0 | 0 |
| HOYNE BANCORP INC | COM | 44326H107 |  | 346268 | 23897 | SH |  | SOLE |  | 23897 | 0 | 0 |
| I-80 GOLD CORP | COM | 44955L106 |  | 284700 | 195000 | SH |  | SOLE |  | 195000 | 0 | 0 |
| INVESCO DB US DLR INDEX TR | BULLISH FD | 46141D203 |  | 3378750 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| BARCLAYS BANK PLC | IPATH S 500 SH | 06748M196 |  | 1323500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| IVANHOE ELECTRIC INC | COM | 46578C108 |  | 9157770 | 573077 | SH |  | SOLE |  | 573077 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 1545239 | 139462 | SH |  | SOLE |  | 139462 | 0 | 0 |
| KELLY SVCS INC | CL A | 488152208 |  | 763752 | 86790 | SH |  | SOLE |  | 86790 | 0 | 0 |
| LINEAGE CELL THERAPEUTICS IN | COM | 53566P109 |  | 8955856 | 5362788 | SH |  | SOLE |  | 5362788 | 0 | 0 |
| MACH NATURAL RESOURCES LP | COM UNIT LTD PAR | 55445L100 |  | 1269600 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| MARATHON BANCORP INC | COM NEW | 565759206 |  | 1309194 | 107664 | SH |  | SOLE |  | 107664 | 0 | 0 |
| MAYS J W INC | COM | 578473100 |  | 1774574 | 44431 | SH |  | SOLE |  | 44431 | 0 | 0 |
| NAPCO SEC TECHNOLOGIES INC | COM | 630402105 |  | 1018481 | 24424 | SH |  | SOLE |  | 24424 | 0 | 0 |
| NB BANCORP INC | COM | 63945M107 |  | 562373 | 28374 | SH |  | SOLE |  | 28374 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 1610000 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| NORTHEAST CMNTY BANCORP INC | COM | 664121100 |  | 1345295 | 59500 | SH |  | SOLE |  | 59500 | 0 | 0 |
| NORWOOD FINANCIAL CORP | COM | 669549107 |  | 349194 | 12449 | SH |  | SOLE |  | 12449 | 0 | 0 |
| NSTS BANCORP INC | COM | 6293JP109 |  | 1214373 | 93774 | SH |  | SOLE |  | 93774 | 0 | 0 |
| OFG BANCORP | COM | 67103X102 |  | 4920346 | 120067 | SH |  | SOLE |  | 120067 | 0 | 0 |
| PEAKSTONE REALTY TRUST | COMMON SHARES | 39818P799 |  | 1393069 | 97078 | SH |  | SOLE |  | 97078 | 0 | 0 |
| PERION NETWORK LTD | SHS NEW | M78673114 |  | 910100 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| PROSHARES TR II | ULTRA VIX SHORT | 74347Y680 |  | 3952300 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| PROSHARES TR II | ULTRASHORT GOLD | 74347Y698 |  | 5883750 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| PROSHARES TR II | ULTRA SHORT SILV | 74347Y722 |  | 267000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| PROVIDENT FINL HLDGS INC | COM | 743868101 |  | 6224612 | 391239 | SH |  | SOLE |  | 391239 | 0 | 0 |
| SIRIUSXM HOLDINGS INC | COMMON STOCK | 829933100 |  | 383784 | 19194 | SH |  | SOLE |  | 19194 | 0 | 0 |
| SOUTHERN MO BANCORP INC | COM | 843380106 |  | 13321746 | 225334 | SH |  | SOLE |  | 225334 | 0 | 0 |
| TIPTREE INC | COM | 88822Q103 |  | 745434 | 40801 | SH |  | SOLE |  | 40801 | 0 | 0 |
| UNITED BANCORP INC OHIO | COM | 909911109 |  | 253981 | 17699 | SH |  | SOLE |  | 17699 | 0 | 0 |
| VENTURE GLOBAL INC | COM CL A | 92333F101 |  | 682000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| VIEMED HEALTHCARE INC | COM | 92663R105 |  | 3103444 | 417691 | SH |  | SOLE |  | 417691 | 0 | 0 |
| VIRGINIA NATL BANKSHARES COR | COM | 928031103 |  | 750615 | 18836 | SH |  | SOLE |  | 18836 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 9047435 | 1654010 | SH |  | SOLE |  | 1654010 | 0 | 0 |

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