Sycale Advisors (NY) LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Sycale Advisors (NY) LLC reported 19 stock positions worth $313.3 million. Its top holding was Cae (CAE) at 13.5% of the portfolio, followed by Burford Capital (BUR, 8.4%) and Verra Mobility (VRRM, 8.1%). Compared with Q1 2025, it opened 2 new positions, sold out of 2, added to 10 and reduced 7. The biggest buy was Cae (CAE, shares +17%) and the biggest sale an exit from Ferguson Enterprises (FERG).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001811522
Portfolio Value
$313.3M (Q2 2025)
SEC Filing
0001172661-25-003339 ↗ filed Aug 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $243.3M Q1 2024 Q2 2024: $271.5M Q2 2024 Q3 2024: $259.2M Q3 2024 Q4 2024: $289.8M Q4 2024 Q1 2025: $281.8M Q1 2025 Q2 2025: $313.3M $313.3M Q2 2025 Q3 2025: $320.5M Q3 2025 Q4 2025: $284.1M Q4 2025 Q1 2026: $197.8M Q1 2026 Q2 2026: $224.5M Q2 2026

Holdings 19 stocks · $313.3M
CAE Cae Inc. 13.53% 1,447,625 $42.4M Add +17.3%
BUR Burford Capital Ltd. 8.39% 1,844,310 $26.3M Add +2.1%
VRRM Verra Mobility Corp. 8.09% 997,828 $25.3M Add +34.8%
MSFT Microsoft Corp. 7.90% 49,725 $24.7M Reduce -12.4%
ICE Intercontinental Exchange Inc. 6.39% 109,102 $20.0M Add +12.3%
APG Api Group Corp. 6.34% 388,949 $19.9M Reduce -31.5%
NNI Nelnet Inc. Class A 6.11% 158,055 $19.1M Reduce -29.1%
TKO Tko Group Holdings Inc. 6.10% 105,103 $19.1M Reduce -3.0%
GENI Genius Sports Ltd. 5.14% 1,547,811 $16.1M Add +92.7%
MELI MercadoLibre Inc. 5.12% 6,139 $16.0M Add +38.1%
CP Canadian Pacific Kansas City 5.07% 200,565 $15.9M Reduce -18.2%
NCMI National Cinemedia Inc. 4.77% 3,085,997 $15.0M Add +28.9%
SLM SLM Corp. 4.53% 433,138 $14.2M Add +29.0%
CMPR Cimpress PLC 3.01% 200,454 $9.4M Add +208.8%
EWW iShares MSCI Mexico ETF 2.64% 136,500 $8.3M Add +13.3%
SPOT Spotify Technology SA 2.57% 10,500 $8.1M New
UBER Uber Technologies Inc. 2.09% 70,090 $6.5M Reduce -63.4%
W Wayfair Inc. Class A 1.74% 106,588 $5.5M Reduce -45.2%
IBIT iShares Bitcoin Trust ETF 0.47% 24,000 $1.5M New

Options reported separately and not counted above: SPY puts ($89.6M), TLT calls ($29.5M), CAE calls ($13.3M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $11.1M (not counted above)
SecurityClassShares / PrincipalValueChange
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 5,000,000$6.8MReduce -58.3%
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal 3,750,000$4.3MReduce -34.8%

Total filed on the 13F, all lines: $324.3M.

Portfolio Sells Q1 2025 → Q2 2025
FERG Ferguson Enterprises Inc. Sold out 0.00% −7.11
UBER Uber Technologies Inc. Reduce -63.4% 2.09% −2.86
NNI Nelnet Inc. Class A Reduce -29.1% 6.11% −2.66
SHCO Soho House & Co. Inc. Sold out 0.00% −1.49
CP Canadian Pacific Kansas City Reduce -18.2% 5.07% −1.04
APG Api Group Corp. Reduce -31.5% 6.34% −0.87
W Wayfair Inc. Class A Reduce -45.2% 1.74% −0.47
TKO Tko Group Holdings Inc. Reduce -3.0% 6.10% +0.23
MSFT Microsoft Corp. Reduce -12.4% 7.90% +0.33

Portfolio Buys Q1 2025 → Q2 2025
CAE Cae Inc. Add +17.3% 13.53% +2.76
SPOT Spotify Technology SA New 2.57% +2.57
GENI Genius Sports Ltd. Add +92.7% 5.14% +2.28
VRRM Verra Mobility Corp. Add +34.8% 8.09% +2.17
MELI MercadoLibre Inc. Add +38.1% 5.12% +2.04
CMPR Cimpress PLC Add +208.8% 3.01% +1.97
SLM SLM Corp. Add +29.0% 4.53% +1.03
IBIT iShares Bitcoin Trust ETF New 0.47% +0.47
EWW iShares MSCI Mexico ETF Add +13.3% 2.64% +0.46
ICE Intercontinental Exchange Inc. Add +12.3% 6.39% +0.44
BUR Burford Capital Ltd. Add +2.1% 8.39% −0.08
NCMI National Cinemedia Inc. Add +28.9% 4.77% −0.19

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +53.8% 145,000 $89.6M
TLT iShares 20+ Year Treasury BD call New 333,900 $29.5M
CAE Cae Inc. call New 452,500 $13.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2025 → Q2 2025
AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal Sold out 10,000,000 $10.0Mbefore exit
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal Reduce -58.3% 5,000,000 $6.8M
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal Reduce -34.8% 3,750,000 $4.3M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 22$224.5MSPOT, TKO, MSFT, NFLX, APG
Q1 2026 16$197.8MICE, SPOT, MSFT, CAE, TKO
Q4 2025 15$284.1MCAE, MSFT, ICE, VRRM, SPOT
Q3 2025 16$320.5MCAE, MSFT, VRRM, BUR, ICE
Q2 2025 19$313.3MCAE, BUR, VRRM, MSFT, ICE
Q1 2025 19$281.8MCAE, NNI, BUR, MSFT, APG
Q4 2024 17$289.8MEPR, CAE, NNI, BUR, ICE
Q3 2024 14$259.2MEPR, BUR, CAE, NNI, ICE
Q2 2024 16$271.5MICE, EPR, BUR, NNI, CAE
Q1 2024 16$243.3MICE, CNK, NNI, GOOGL, TKO