UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
09-30-2022
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
Address:
5 PENN PLAZA
19TH FLOOR
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
Title:
President of General Partner
Phone:
212 760 2322


Signature, Place, and Date of Signing:

/s/ Paul H. O'Leary
                         [Signature]
New York, NEW YORK
                 [City, State]
11-14-2022
                           [Date]
                          

Report Type (Check only one.):

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

☐ 13F NOTICE. (Check here if no holdings reported are 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:
50
Form 13F Information table Value Total:
93755
          (thousands)

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


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
180 DEGREE CAP CORPCOM NEW68235B2081,338243,731SHSOLE243,731 0 0
ADVISORSHARES TRPURE US CANNABIS00768Y4531,319148,000SHSOLE148,000 0 0
AFFINITY BANCSHARES INCCOM00832E1033,632248,607SHSOLE248,607 0 0
AVALON HLDGS CORPCL A05343P1096122,941SHSOLE22,941 0 0
BANK OF THE JAMES FINL GP INCOM47029910825320,000SHSOLE20,000 0 0
BAR HBR BANKSHARESCOM06684910026810,100SHSOLE10,100 0 0
BLUE RIDGE BANKSHARES INC VACOM09582510512710,000SHSOLE10,000 0 0
CATALYST BANCORP INCCOMMON STOCK14888L10113110,555SHSOLE10,555 0 0
DIREXION SHS ETF TRDLY GOLD INDX 2X25460G78163325,000SHSOLE25,000 0 0
DIREXION SHS ETF TRDAILY JR GLD MIN25460G8311,58560,000SHSOLE60,000 0 0
EASTERN BANKSHARES INCCOM27627N10511,751598,330SHSOLE598,330 0 0
ENERGY SVCS ACQUISITION CORPCOM29271Q103615215,000SHSOLE215,000 0 0
FINWARD BANCORPCOM31812F10994827,872SHSOLE27,872 0 0
FIRST BANCORP P RCOM NEW3186727064,417322,874SHSOLE322,874 0 0
FIRST SEACOAST BANCORPCOM33631P10260158,142SHSOLE58,142 0 0
GEE GROUP INCCOM36165A1025,6258,913,857SHSOLE8,913,857 0 0
GOLD FIELDS LTDSPONSORED ADR38059T10616220,000SHSOLE20,000 0 0
GULFPORT ENERGY CORPCOMMON SHARES4026355027068,000SHSOLE8,000 0 0
INSTEEL INDS INCCOM45774W1081,19445,000SHSOLE45,000 0 0
IVANHOE ELECTRIC INCCOM46578C10812415,000SHSOLE15,000 0 0
KELLY SVCS INCCL A48815220813610,000SHSOLE10,000 0 0
KRANESHARES TRASIA PACIFIC HI50076784333613,190SHSOLE13,190 0 0
KRANESHARES TRCSI CHI INTERNET50076730654222,000SHSOLE22,000 0 0
LIBERTY LATIN AMERICA LTDCOM CL CG9001E128615100,000SHSOLE100,000 0 0
LIBERTY MEDIA CORP DELCOM A SIRIUSXM53122940968117,878SHSOLE17,878 0 0
LINEAGE CELL THERAPEUTICS INCOM53566P1092,3512,080,536SHSOLE2,080,536 0 0
MAG SILVER CORPCOM55903Q10468655,000SHSOLE55,000 0 0
MAYS J W INCCOM5784731001,70644,439SHSOLE44,439 0 0
NAPCO SEC TECHNOLOGIES INCCOM63040210597233,424SHSOLE33,424 0 0
NORTHEAST CMNTY BANCORP INCCOM66412110080665,000SHSOLE65,000 0 0
NORWOOD FINL CORPCOM66954910766424,964SHSOLE24,964 0 0
NSTS BANCORP INCCOM6293JP1091,01593,813SHSOLE93,813 0 0
OSISKO DEVELOPMENT CORPCOM NEW68828E80934475,634SHSOLE75,634 0 0
OSISKO GOLD ROYALTIES LTDCOM68827L1012,443240,000SHSOLE240,000 0 0
PARAMOUNT GLOBALCLASS B COM92556H2062,179114,469SHSOLE114,469 0 0
POPULAR INCCOM NEW73317470010,809150,000SHSOLE150,000 0 0
PROFRAC HLDG CORPCALL74319N90038025,000SHSOLE25,000 0 0
PROSHARES TR IIULTRA VIX SHORT74347Y8391,542120,000SHSOLE120,000 0 0
PROVIDENT FINL HLDGS INCCOM7438681015,415381,349SHSOLE381,349 0 0
RILEY EXPLORATION PERMIAN INCOM76665T10299552,400SHSOLE52,400 0 0
SOUTHERN MO BANCORP INCCOM84338010611,854232,292SHSOLE232,292 0 0
UNITED BANCORP INC OHIOCOM90991110924115,000SHSOLE15,000 0 0
VALARIS LIMITEDCL AG9460G1012455,000SHSOLE5,000 0 0
VIEMED HEALTHCARE INCCOM92663R1051,905317,418SHSOLE317,418 0 0
VIRGINIA NATL BANKSHARES CORCOM9280311031,30940,344SHSOLE40,344 0 0
VOXX INTL CORPCL A91829F1041,031135,500SHSOLE135,500 0 0
WARNER BROS DISCOVERY INCCOM SER A9344231041,150100,000SHSOLE100,000 0 0
WESTERN NEW ENG BANCORP INCCOM95889210149160,372SHSOLE60,372 0 0
WILLIAM PENN BANCORPORATIONCOM96927A1053,070270,000SHSOLE270,000 0 0
YAMANA GOLD INCCOM98462Y1002,356520,000SHSOLE520,000 0 0