Sycale Advisors (NY) LLC

Name: Sycale Advisors (NY) LLC 13F holdings, Q1 2025
Creator: Sycale Advisors (NY) LLC
Published: 2025-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Sycale Advisors (NY) LLC reported 19 stock positions worth $281.8 million. Its top holding was Cae (CAE) at 10.8% of the portfolio, followed by Nelnet Class A (NNI, 8.8%) and Burford Capital (BUR, 8.5%). Compared with Q4 2024, it opened 6 new positions, sold out of 4, added to 7 and reduced 6. The biggest buy was a new position in Microsoft (MSFT) and the biggest sale an exit from Epr Properties (EPR).

Most Recent 13F: Q2 2026
Location: New York, NY
CIK: 0001811522
Portfolio Value: $281.8M (Q1 2025)
SEC Filing: 0001172661-25-002017 ↗ filed May 15, 2025

Holdings Value

Holdings 19 stocks · $281.8M


CAE Cae Inc.	10.77%	1,233,825	$30.3M	Reduce -0.5%
NNI Nelnet Inc. Class A	8.77%	222,871	$24.7M	Reduce -13.6%
BUR Burford Capital Ltd.	8.47%	1,806,988	$23.9M	Reduce -16.3%
MSFT Microsoft Corp.	7.56%	56,775	$21.3M	New
APG Api Group Corp.	7.20%	567,570	$20.3M	Add +30.6%
FERG Ferguson Enterprises Inc.	7.11%	125,033	$20.0M	Add +10.1%
CP Canadian Pacific Kansas City	6.11%	245,265	$17.2M	New
ICE Intercontinental Exchange Inc.	5.95%	97,152	$16.8M	Reduce -46.8%
VRRM Verra Mobility Corp.	5.91%	740,305	$16.7M	Add +41.5%
TKO Tko Group Holdings Inc.	5.88%	108,363	$16.6M	Add +146.1%
NCMI National Cinemedia Inc.	4.96%	2,393,345	$14.0M	Add +12.3%
UBER Uber Technologies Inc.	4.95%	191,232	$13.9M	Reduce -40.1%
SLM SLM Corp.	3.50%	335,838	$9.9M	Add +0.5%
MELI MercadoLibre Inc.	3.08%	4,444	$8.7M	New
GENI Genius Sports Ltd.	2.85%	803,235	$8.0M	Reduce -42.6%
W Wayfair Inc. Class A	2.21%	194,608	$6.2M	Add +43.2%
EWW iShares MSCI Mexico ETF	2.18%	120,500	$6.1M	New
SHCO Soho House & Co. Inc.	1.49%	678,248	$4.2M	New
CMPR Cimpress PLC	1.04%	64,923	$2.9M	New

Options reported separately and not counted above: SPY puts ($52.8M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $28.5M (not counted above)

Security	Class	Shares / Principal	Value	Change
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	12,000,000	$12.9M	New
AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29)	NOTE 3.875% 8/1 · principal	10,000,000	$10.0M	No change
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	5,750,000	$5.6M	Reduce -68.9%

Total filed on the 13F, all lines: $310.2M.

Portfolio Sells Q4 2024 → Q1 2025


EPR Epr Properties	Sold out	0.00%	−11.00
HHH Howard Hughes Holdings Inc.	Sold out	0.00%	−3.65
ICE Intercontinental Exchange Inc.	Reduce -46.8%	5.95%	−3.43
LH Labcorp Holdings Inc.	Sold out	0.00%	−3.36
GRND Grindr Inc.	Sold out	0.00%	−3.06
UBER Uber Technologies Inc.	Reduce -40.1%	4.95%	−1.70
GENI Genius Sports Ltd.	Reduce -42.6%	2.85%	−1.33
BUR Burford Capital Ltd.	Reduce -16.3%	8.47%	−1.02
NNI Nelnet Inc. Class A	Reduce -13.6%	8.77%	−0.74
CAE Cae Inc.	Reduce -0.5%	10.77%	−0.10

Portfolio Buys Q4 2024 → Q1 2025


MSFT Microsoft Corp.	New	7.56%	+7.56
CP Canadian Pacific Kansas City	New	6.11%	+6.11
TKO Tko Group Holdings Inc.	Add +146.1%	5.88%	+3.72
MELI MercadoLibre Inc.	New	3.08%	+3.08
EWW iShares MSCI Mexico ETF	New	2.18%	+2.18
APG Api Group Corp.	Add +30.6%	7.20%	+1.81
VRRM Verra Mobility Corp.	Add +41.5%	5.91%	+1.55
SHCO Soho House & Co. Inc.	New	1.49%	+1.49
CMPR Cimpress PLC	New	1.04%	+1.04
SLM SLM Corp.	Add +0.5%	3.50%	+0.32
FERG Ferguson Enterprises Inc.	Add +10.1%	7.11%	+0.31
W Wayfair Inc. Class A	Add +43.2%	2.21%	+0.13
NCMI National Cinemedia Inc.	Add +12.3%	4.96%	+0.08

Options Activity Q4 2024 → Q1 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	Add +11.7%	94,300	$52.8M
IWM iShares Russell 2000 ETF	put	Sold out	76,200	$16.8Mbefore 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 2024 → Q1 2025


WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	New	12,000,000	$12.9M
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	Reduce -68.9%	5,750,000	$5.6M

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