RAFFLES ASSOCIATES LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CBK	COMMERCIAL BANCGROUP INC	250,000	$6,140	4.6%	$24.55	0.0%	COM	20112C106
GLL	PROSHARES TR II	225,000	$5,884	4.4%	$26.15	—	ULTRASHORT GOLD	74347Y698
GLIBK	GCI LIBERTY INC	138,216	$5,143	3.9%	$35.09	0.0%	COM SER C	36164V800
UVXY	PROSHARES TR II	110,000	$3,952	3.0%	$35.93	—	ULTRA VIX SHORT	74347Y680
DUST	DIREXION SHS ETF TR	200,000	$1,488	1.1%	$7.44	—	DAILY GOLD MINER	25461A478
VXX	BARCLAYS BANK PLC	50,000	$1,324	1.0%	$26.47	—	IPATH S&P 500 SH	06748M196
MNR	MACH NATURAL RESOURCES LP	115,000	$1,270	1.0%	$11.04	—	COM UNIT LTD PAR	55445L100
ABTC	AMERICAN BITCOIN CORP.	700,000	$1,190	0.9%	$4.17	0.0%	COM CL A	02462A104
JDST	DIREXION SHS ETF TR	425,000	$1,118	0.8%	$2.63	—	DAILY JR GOLD MI	25461A577
VG	VENTURE GLOBAL INC	100,000	$682	0.5%	$8.31	0.0%	COM CL A	92333F101
HYNE	HOYNE BANCORP INC	23,897	$346	0.3%	$13.87	0.0%	COM	44326H107
IAUX	I-80 GOLD CORP	195,000	$285	0.2%	$1.14	0.0%	COM	44955L106
ZSL	PROSHARES TR II	50,000	$267	0.2%	$5.34	—	ULTRA SHORT SILV	74347Y722
GFR	GREENFIRE RES LTD NEW	10,444	$50	0.0%	$4.75	0.0%	COM SHS	39525U107

Increased Positions (6)

UUP INVESCO DB US DLR INDEX TR 2.5%

Value ($000) $3,379 (+44.5%) Shares 125,000 (+47.1%) Est. Cost $26.93 Unrealized —

PERI PERION NETWORK LTD 0.7%

Value ($000) $910 (+137.0%) Shares 95,000 (+137.5%) Est. Cost $9.84 Unrealized -1.3%

ESOA ENERGY SVCS ACQUISITION CORP 1.2%

Value ($000) $1,629 (-7.1%) Shares 199,392 (+17.7%) Est. Cost $5.97 Unrealized +60.4%

ASLE AERSALE CORPORATION 2.6%

Value ($000) $3,413 (-3.1%) Shares 480,000 (+11.6%) Est. Cost $6.17 Unrealized +13.8%

KELYA KELLY SVCS INC 0.6%

Value ($000) $764 (+12.4%) Shares 86,790 (+67.6%) Est. Cost $13.86 Unrealized -27.0%

HHS HARTE HANKS INC 0.2%

Value ($000) $264 (+2.6%) Shares 87,755 (+26.5%) Est. Cost $3.72 Unrealized -12.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UUP	INVESCO DB US DLR INDEX TR	125,000 (+47.1%)	$3,379 (+44.5%)	2.5%	$26.93	—	BULLISH FD	46141D203
PERI	PERION NETWORK LTD	95,000 (+137.5%)	$910 (+137.0%)	0.7%	$9.84	-1.3%	SHS NEW	M78673114
ESOA	ENERGY SVCS ACQUISITION CORP	199,392 (+17.7%)	$1,629 (-7.1%)	1.2%	$5.97	+60.4%	COM	29271Q103
ASLE	AERSALE CORPORATION	480,000 (+11.6%)	$3,413 (-3.1%)	2.6%	$6.17	+13.8%	COM	00810F106
KELYA	KELLY SVCS INC	86,790 (+67.6%)	$764 (+12.4%)	0.6%	$13.86	-27.0%	CL A	488152208
HHS	HARTE HANKS INC	87,755 (+26.5%)	$264 (+2.6%)	0.2%	$3.72	-12.2%	COM	416196202

Exited Positions (9)

— PROSHARES TR II 2.7%

Value ($000) $3,602 Shares 345,000 Est. Cost $11.64 Unrealized —

— PROSHARES TR 1.1%

Value ($000) $1,523 Shares 100,000 Est. Cost $15.23 Unrealized —

FCX FREEPORT-MCMORAN INC 0.7%

Value ($000) $981 Shares 25,000 Est. Cost $43.20 Unrealized +0.3%

— PROSHARES TR 0.5%

Value ($000) $723 Shares 50,000 Est. Cost $22.63 Unrealized —

PEP PEPSICO INC 0.5%

Value ($000) $702 Shares 5,000 Est. Cost $140.43 Unrealized +3.9%

— RITHM PPTY TR INC 0.3%

Value ($000) $445 Shares 176,520 Est. Cost $3.29 Unrealized —

SOC SABLE OFFSHORE CORP 0.2%

Value ($000) $262 Shares 15,000 Est. Cost $25.63 Unrealized -63.2%

HAIN HAIN CELESTIAL GROUP INC 0.1%

Value ($000) $150 Shares 95,160 Est. Cost $2.34 Unrealized -47.2%

MLCI MOUNT LOGAN CAP INC 0.1%

Value ($000) $89 Shares 11,440 Est. Cost $5.02 Unrealized +54.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PROSHARES TR II	345,000	$3,602	2.7%	$11.64	—	—	74347Y755
—	PROSHARES TR	100,000	$1,523	1.1%	$15.23	—	—	74347G192
FCX	FREEPORT-MCMORAN INC	25,000	$981	0.7%	$43.20	+0.3%	—	35671D857
—	PROSHARES TR	50,000	$723	0.5%	$22.63	—	—	74347G416
PEP	PEPSICO INC	5,000	$702	0.5%	$140.43	+3.9%	—	713448108
—	RITHM PPTY TR INC	176,520	$445	0.3%	$3.29	—	—	38983D300
SOC	SABLE OFFSHORE CORP	15,000	$262	0.2%	$25.63	-63.2%	—	78574H104
HAIN	HAIN CELESTIAL GROUP INC	95,160	$150	0.1%	$2.34	-47.2%	—	405217100
MLCI	MOUNT LOGAN CAP INC	11,440	$89	0.1%	$5.02	+54.8%	—	62188E103

Decreased Positions (12)

VZLA VIZSLA SILVER CORP 6.8%

Value ($000) $9,047 (+24.0%) Shares 1,654,010 (-2.1%) Est. Cost $1.76 Unrealized +166.7%

SMBC SOUTHERN MO BANCORP INC 10.0%

Value ($000) $13,322 (+10.6%) Shares 225,334 (-1.6%) Est. Cost $14.41 Unrealized +282.0%

IE IVANHOE ELECTRIC INC 6.9%

Value ($000) $9,158 (+12.6%) Shares 573,077 (-11.6%) Est. Cost $8.66 Unrealized +65.3%

NXE NEXGEN ENERGY LTD 1.2%

Value ($000) $1,610 (-25.0%) Shares 175,000 (-27.1%) Est. Cost $5.42 Unrealized +62.8%

MSOS ADVISORSHARES TR 1.4%

Value ($000) $1,864 (-15.4%) Shares 395,000 (-14.1%) Est. Cost $4.43 Unrealized —

TIPT TIPTREE INC 0.6%

Value ($000) $745 (-24.9%) Shares 40,801 (-21.2%) Est. Cost $19.33 Unrealized -5.8%

COSO COASTALSOUTH BANCSHARES INC 2.1%

Value ($000) $2,820 (+4.0%) Shares 121,281 (-2.4%) Est. Cost $21.58 Unrealized +2.9%

NWFL NORWOOD FINANCIAL CORP 0.3%

Value ($000) $349 (+6.8%) Shares 12,449 (-3.2%) Est. Cost $29.13 Unrealized -6.4%

NBBK NB BANCORP INC 0.4%

Value ($000) $562 (+2.3%) Shares 28,374 (-8.9%) Est. Cost $15.95 Unrealized +19.3%

PKST PEAKSTONE REALTY TRUST 1.0%

Value ($000) $1,393 (-0.8%) Shares 97,078 (-9.3%) Est. Cost $12.51 Unrealized —

ECBK ECB BANCORP INC 0.2%

Value ($000) $248 (-3.2%) Shares 14,253 (-11.7%) Est. Cost $11.97 Unrealized +38.7%

— JAPAN SMALLER CAPITALIZATION 1.2%

Value ($000) $1,545 (-0.5%) Shares 139,462 (-5.3%) Est. Cost $7.71 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VZLA	VIZSLA SILVER CORP	1,654,010 (-2.1%)	$9,047 (+24.0%)	6.8%	$1.76	+166.7%	COM NEW	92859G608
SMBC	SOUTHERN MO BANCORP INC	225,334 (-1.6%)	$13,322 (+10.6%)	10.0%	$14.41	+282.0%	COM	843380106
IE	IVANHOE ELECTRIC INC	573,077 (-11.6%)	$9,158 (+12.6%)	6.9%	$8.66	+65.3%	COM	46578C108
NXE	NEXGEN ENERGY LTD	175,000 (-27.1%)	$1,610 (-25.0%)	1.2%	$5.42	+62.8%	COM	65340P106
MSOS	ADVISORSHARES TR	395,000 (-14.1%)	$1,864 (-15.4%)	1.4%	$4.43	—	PURE US CANNABIS	00768Y453
TIPT	TIPTREE INC	40,801 (-21.2%)	$745 (-24.9%)	0.6%	$19.33	-5.8%	COM	88822Q103
COSO	COASTALSOUTH BANCSHARES INC	121,281 (-2.4%)	$2,820 (+4.0%)	2.1%	$21.58	+2.9%	COM NEW	19058X207
NWFL	NORWOOD FINANCIAL CORP	12,449 (-3.2%)	$349 (+6.8%)	0.3%	$29.13	-6.4%	COM	669549107
NBBK	NB BANCORP INC	28,374 (-8.9%)	$562 (+2.3%)	0.4%	$15.95	+19.3%	COM	63945M107
PKST	PEAKSTONE REALTY TRUST	97,078 (-9.3%)	$1,393 (-0.8%)	1.0%	$12.51	—	COMMON SHARES	39818P799
ECBK	ECB BANCORP INC	14,253 (-11.7%)	$248 (-3.2%)	0.2%	$11.97	+38.7%	COM	26828M106
—	JAPAN SMALLER CAPITALIZATION	139,462 (-5.3%)	$1,545 (-0.5%)	1.2%	$7.71	—	COM	47109U104

Unchanged Positions (22)

OFG OFG BANCORP 3.7%

Value ($000) $4,920 Shares 120,067 Est. Cost $30.20 Unrealized +35.6%

VMD VIEMED HEALTHCARE INC 2.3%

Value ($000) $3,103 Shares 417,691 Est. Cost $7.02 Unrealized -2.3%

MBBC MARATHON BANCORP INC 1.0%

Value ($000) $1,309 Shares 107,664 Est. Cost $9.97 Unrealized +12.0%

ALTO ALTO INGREDIENTS INC 0.2%

Value ($000) $288 Shares 100,000 Est. Cost $1.57 Unrealized +20.3%

FBP FIRST BANCORP P R 2.1%

Value ($000) $2,754 Shares 132,874 Est. Cost $12.23 Unrealized +68.5%

LCTX LINEAGE CELL THERAPEUTICS IN 6.7%

Value ($000) $8,956 Shares 5,362,788 Est. Cost $1.19 Unrealized +45.8%

AFBI AFFINITY BANCSHARES INC 3.1%

Value ($000) $4,070 Shares 198,842 Est. Cost $10.40 Unrealized +88.2%

NSTS NSTS BANCORP INC 0.9%

Value ($000) $1,214 Shares 93,774 Est. Cost $12.32 Unrealized -7.6%

NECB NORTHEAST CMNTY BANCORP INC 1.0%

Value ($000) $1,345 Shares 59,500 Est. Cost $9.43 Unrealized +121.9%

JOB GEE GROUP INC 1.4%

Value ($000) $1,855 Shares 9,508,737 Est. Cost $0.53 Unrealized -63.4%

CTGO CONTANGO ORE INC 1.4%

Value ($000) $1,886 Shares 71,406 Est. Cost $14.46 Unrealized +69.2%

EBC EASTERN BANKSHARES INC 5.0%

Value ($000) $6,631 Shares 359,788 Est. Cost $12.55 Unrealized +45.2%

MAYS MAYS J W INC 1.3%

Value ($000) $1,775 Shares 44,431 Est. Cost $22.25 Unrealized +72.6%

FNWD FINWARD BANCORP 0.7%

Value ($000) $935 Shares 26,580 Est. Cost $42.54 Unrealized -17.5%

FBLA FB BANCORP INC 0.9%

Value ($000) $1,248 Shares 97,099 Est. Cost $11.50 Unrealized +8.0%

SIRI SIRIUSXM HOLDINGS INC 0.3%

Value ($000) $384 Shares 19,194 Est. Cost $31.06 Unrealized -30.8%

PROV PROVIDENT FINL HLDGS INC 4.7%

Value ($000) $6,225 Shares 391,239 Est. Cost $15.78 Unrealized -1.0%

NSSC NAPCO SEC TECHNOLOGIES INC 0.8%

Value ($000) $1,018 Shares 24,424 Est. Cost $15.79 Unrealized +165.7%

CLST CATALYST BANCORP INC 0.1%

Value ($000) $166 Shares 10,555 Est. Cost $13.80 Unrealized +4.5%

VABK VIRGINIA NATL BANKSHARES COR 0.6%

Value ($000) $751 Shares 18,836 Est. Cost $33.71 Unrealized +18.6%

UBCP UNITED BANCORP INC OHIO 0.2%

Value ($000) $254 Shares 17,699 Est. Cost $13.07 Unrealized +2.6%

AWX AVALON HLDGS CORP 0.1%

Value ($000) $68 Shares 25,214 Est. Cost $1.72 Unrealized +58.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OFG	OFG BANCORP	120,067	$4,920	3.7%	$30.20	+35.6%	COM	67103X102
VMD	VIEMED HEALTHCARE INC	417,691	$3,103	2.3%	$7.02	-2.3%	COM	92663R105
MBBC	MARATHON BANCORP INC	107,664	$1,309	1.0%	$9.97	+12.0%	COM NEW	565759206
ALTO	ALTO INGREDIENTS INC	100,000	$288	0.2%	$1.57	+20.3%	COM	021513106
FBP	FIRST BANCORP P R	132,874	$2,754	2.1%	$12.23	+68.5%	COM NEW	318672706
LCTX	LINEAGE CELL THERAPEUTICS IN	5,362,788	$8,956	6.7%	$1.19	+45.8%	COM	53566P109
AFBI	AFFINITY BANCSHARES INC	198,842	$4,070	3.1%	$10.40	+88.2%	COM	00832E103
NSTS	NSTS BANCORP INC	93,774	$1,214	0.9%	$12.32	-7.6%	COM	6293JP109
NECB	NORTHEAST CMNTY BANCORP INC	59,500	$1,345	1.0%	$9.43	+121.9%	COM	664121100
JOB	GEE GROUP INC	9,508,737	$1,855	1.4%	$0.53	-63.4%	COM	36165A102
CTGO	CONTANGO ORE INC	71,406	$1,886	1.4%	$14.46	+69.2%	COM	21077F100
EBC	EASTERN BANKSHARES INC	359,788	$6,631	5.0%	$12.55	+45.2%	COM	27627N105
MAYS	MAYS J W INC	44,431	$1,775	1.3%	$22.25	+72.6%	COM	578473100
FNWD	FINWARD BANCORP	26,580	$935	0.7%	$42.54	-17.5%	COM	31812F109
FBLA	FB BANCORP INC	97,099	$1,248	0.9%	$11.50	+8.0%	COM	31425A109
SIRI	SIRIUSXM HOLDINGS INC	19,194	$384	0.3%	$31.06	-30.8%	COMMON STOCK	829933100
PROV	PROVIDENT FINL HLDGS INC	391,239	$6,225	4.7%	$15.78	-1.0%	COM	743868101
NSSC	NAPCO SEC TECHNOLOGIES INC	24,424	$1,018	0.8%	$15.79	+165.7%	COM	630402105
CLST	CATALYST BANCORP INC	10,555	$166	0.1%	$13.80	+4.5%	COMMON STOCK	14888L101
VABK	VIRGINIA NATL BANKSHARES COR	18,836	$751	0.6%	$33.71	+18.6%	COM	928031103
UBCP	UNITED BANCORP INC OHIO	17,699	$254	0.2%	$13.07	+2.6%	COM	909911109
AWX	AVALON HLDGS CORP	25,214	$68	0.1%	$1.72	+58.4%	CL A	05343P109