In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), Sycale Advisors (NY) LLC reported 16 stock positions worth $243.3 million . Its top holding was Intercontinental Exchange (ICE) at 13.8% of the portfolio, followed by Cinemark (CNK, 12.5% ) and Nelnet Class A (NNI, 12.0% ). Compared with Q4 2023, it opened 3 new positions, sold out of 3, added to 6 and reduced 7. The biggest buy was Cinemark (CNK, shares +66% ) and the biggest sale iShares MSCI Acwi ETF (ACWI, shares −82% ).
Location New York, NY
CIK 0001811522
Portfolio Value $243.3M (Q1 2024) Holdings 16 stocks · $243.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 ICE Intercontinental Exchange Inc. 243,918 $33.5M Add +3.5% CNK Cinemark Holdings Inc. 1,697,128 $30.5M Add +66.0% NNI Nelnet Inc. Class A 309,093 $29.3M Reduce -13.4% GOOGL Alphabet Inc. Class A 193,194 $29.2M Add +63.0% TKO Tko Group Holdings Inc. 305,285 $26.4M Reduce -7.4% BUR Burford Capital Ltd. 1,557,965 $24.9M Add +29.3% BALY Bally's Corp. 1,065,494 $14.9M Add +39.2% GRND Grindr Inc. 1,387,830 $14.1M Add +307.6% LGF.B Lions Gate Entertainment-B 970,199 $9.0M Reduce -33.6% CAE Cae Inc. 415,166 $8.6M New LH Laboratory CRP of Amer Hldgs 31,000 $6.8M New FERG Ferguson Jersey Ltd. 29,300 $6.4M Reduce -4.9% W Wayfair Inc. Class A 75,867 $5.1M Reduce -25.1% ACWI iShares MSCI Acwi ETF 16,673 $1.8M Reduce -82.1% FLUT Flutter Entertainment PLC-Di 8,000 $1.6M New LIONS GATE ENTMNT CORP 138,994 $1.4M Reduce -13.4%
Options reported separately and not counted above: RSP puts ($91.8M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $23.3M (not counted above) Total filed on the 13F, all lines: $266.6M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ ACWI iShares MSCI Acwi ETF Reduce -82.1% 0.75% −3.93 LGF.B Lions Gate Entertainment-B Reduce -33.6% 3.71% −3.64 PYPL PayPal Holdings Inc. Sold out 0.00% −3.59 NNI Nelnet Inc. Class A Reduce -13.4% 12.02% −3.54 TKO Tko Group Holdings Inc. Reduce -7.4% 10.84% −2.44 EXPE Expedia Group Inc. Sold out 0.00% −2.25 W Wayfair Inc. Class A Reduce -25.1% 2.12% −0.97 FERG Ferguson Jersey Ltd. Reduce -4.9% 2.63% −0.31 LIONS GATE ENTMNT CORP Reduce -13.4% 0.57% −0.30 ATSG Air Transport Services Group Sold out 0.00% −0.11
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ CNK Cinemark Holdings Inc. Add +66.0% 12.53% +5.42 GRND Grindr Inc. Add +307.6% 5.78% +4.30 GOOGL Alphabet Inc. Class A Add +63.0% 11.98% +3.80 CAE Cae Inc. New 3.52% +3.52 LH Laboratory CRP of Amer Hldgs New 2.78% +2.78 BUR Burford Capital Ltd. Add +29.3% 10.23% +0.94 BALY Bally's Corp. Add +39.2% 6.10% +0.83 FLUT Flutter Entertainment PLC-Di New 0.65% +0.65 ICE Intercontinental Exchange Inc. Add +3.5% 13.78% −1.17
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 224,300 $106.6Mbefore exit RSP Invesco S&P 500 Equal Weight put New 542,000 $91.8M GOGO Gogo Inc. put Sold out 704,600 $7.1Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ WAYFAIR INC (W 1 08/15/26) NOTE 1.000% 8/1 · principal Add +83.7% 19,750,000 $18.3M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 22 $224.5M SPOT, TKO, MSFT, NFLX, APG Q1 2026 16 $197.8M ICE, SPOT, MSFT, CAE, TKO Q4 2025 15 $284.1M CAE, MSFT, ICE, VRRM, SPOT Q3 2025 16 $320.5M CAE, MSFT, VRRM, BUR, ICE Q2 2025 19 $313.3M CAE, BUR, VRRM, MSFT, ICE Q1 2025 19 $281.8M CAE, NNI, BUR, MSFT, APG Q4 2024 17 $289.8M EPR, CAE, NNI, BUR, ICE Q3 2024 14 $259.2M EPR, BUR, CAE, NNI, ICE Q2 2024 16 $271.5M ICE, EPR, BUR, NNI, CAE Q1 2024 16 $243.3M ICE, CNK, NNI, GOOGL, TKO