In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Sycale Advisors (NY) LLC reported 17 stock positions worth $289.8 million . Its top holding was Epr Properties (EPR) at 11.0% of the portfolio, followed by Cae (CAE, 10.9% ) and Nelnet Class A (NNI, 9.5% ). Compared with Q3 2024, it opened 4 new positions, sold out of 1, added to 5 and reduced 8. The biggest buy was a new position in Api (APG) and the biggest sale Tko (TKO, shares −63% ).
Location New York, NY
CIK 0001811522
Portfolio Value $289.8M (Q4 2024) Holdings 17 stocks · $289.8M 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 Q3 2024 EPR Epr Properties filed as EPR PPTYS 719,758 $31.9M Reduce -6.5% CAE Cae Inc. 1,240,361 $31.5M Reduce -4.3% NNI Nelnet Inc. Class A 258,038 $27.6M Add +26.7% BUR Burford Capital Ltd. 2,157,950 $27.5M Add +5.3% ICE Intercontinental Exchange Inc. 182,443 $27.2M Add +33.4% FERG Ferguson Enterprises Inc. 113,533 $19.7M Add +10.0% UBER Uber Technologies Inc. 319,338 $19.3M Add +28.3% APG Api Group Corp. 434,630 $15.6M New NCMI National Cinemedia Inc. 2,130,528 $14.1M New VRRM Verra Mobility Corp. 523,308 $12.7M New GENI Genius Sports Ltd. 1,400,342 $12.1M New HHH Howard Hughes Holdings Inc. 137,426 $10.6M Reduce -11.3% LH Labcorp Holdings Inc. 42,449 $9.7M Reduce -47.1% SLM SLM Corp. 334,035 $9.2M Reduce -24.7% GRND Grindr Inc. 496,506 $8.9M Reduce -62.7% TKO Tko Group Holdings Inc. 44,029 $6.3M Reduce -63.3% W Wayfair Inc. Class A 135,903 $6.0M Reduce -5.6%
Options reported separately and not counted above: SPY puts ($49.5M), IWM puts ($16.8M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $29.7M (not counted above) Total filed on the 13F, all lines: $319.5M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ TKO Tko Group Holdings Inc. Reduce -63.3% 2.16% −3.57 EPR Epr Properties Reduce -6.5% 11.00% −3.56 LH Labcorp Holdings Inc. Reduce -47.1% 3.36% −3.55 GRND Grindr Inc. Reduce -62.7% 3.06% −3.07 FLUT Flutter Entertainment PLC-Di Sold out 0.00% −2.67 W Wayfair Inc. Class A Reduce -5.6% 2.08% −1.04 HHH Howard Hughes Holdings Inc. Reduce -11.3% 3.65% −0.98 SLM SLM Corp. Reduce -24.7% 3.18% −0.74 CAE Cae Inc. Reduce -4.3% 10.86% +1.49
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ APG Api Group Corp. New 5.39% +5.39 NCMI National Cinemedia Inc. New 4.88% +4.88 VRRM Verra Mobility Corp. New 4.37% +4.37 GENI Genius Sports Ltd. New 4.18% +4.18 ICE Intercontinental Exchange Inc. Add +33.4% 9.38% +0.91 NNI Nelnet Inc. Class A Add +26.7% 9.51% +0.61 UBER Uber Technologies Inc. Add +28.3% 6.65% −0.57 BUR Burford Capital Ltd. Add +5.3% 9.49% −0.99 FERG Ferguson Enterprises Inc. Add +10.0% 6.80% −1.10
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -79.3% 84,400 $49.5M IWM iShares Russell 2000 ETF put New 76,200 $16.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 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