In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sycale Advisors (NY) LLC reported 16 stock positions worth $320.5 million . Its top holding was Cae (CAE) at 14.4% of the portfolio, followed by Microsoft (MSFT, 10.6% ) and Verra Mobility (VRRM, 9.3% ). Compared with Q2 2025, it opened 1 new position, sold out of 4, added to 10 and reduced 5. The biggest buy was a new position in Gaming and Leisure Propertie (GLPI) and the biggest sale an exit from Cimpress (CMPR).
Location New York, NY
CIK 0001811522
Portfolio Value $320.5M (Q3 2025) Holdings 16 stocks · $320.5M 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 Q2 2025 CAE Cae Inc. 1,556,386 $46.1M Add +7.5% MSFT Microsoft Corp. 65,295 $33.8M Add +31.3% VRRM Verra Mobility Corp. 1,201,828 $29.7M Add +20.4% BUR Burford Capital Ltd. 2,020,898 $24.2M Add +9.6% ICE Intercontinental Exchange Inc. 135,402 $22.8M Add +24.1% MELI MercadoLibre Inc. 8,059 $18.8M Add +31.3% NNI Nelnet Inc. Class A 147,361 $18.5M Reduce -6.8% APG Api Group Corp. 520,151 $17.9M Reduce -10.8% NCMI National Cinemedia Inc. 3,945,070 $17.8M Add +27.8% SLM SLM Corp. 620,158 $17.2M Add +43.2% GENI Genius Sports Ltd. 1,309,116 $16.2M Reduce -15.4% CP Canadian Pacific Kansas City 189,811 $14.1M Reduce -5.4% SPOT Spotify Technology SA 19,025 $13.3M Add +81.2% TKO Tko Group Holdings Inc. 64,859 $13.1M Reduce -38.3% GLPI Gaming and Leisure Propertie 254,545 $11.9M New IBIT iShares Bitcoin Trust ETF 78,800 $5.1M Add +228.3%
Options reported separately and not counted above: SPY puts ($128.1M), TLT calls ($29.8M), CAE calls ($20.4M), IWM puts ($15.5M), CNK calls ($12.5M), NCMI calls ($3.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.2M (not counted above) Total filed on the 13F, all lines: $324.6M.
Portfolio Sells Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ CMPR Cimpress PLC Sold out 0.00% −3.01 EWW iShares MSCI Mexico ETF Sold out 0.00% −2.64 UBER Uber Technologies Inc. Sold out 0.00% −2.09 TKO Tko Group Holdings Inc. Reduce -38.3% 4.09% −2.02 W Wayfair Inc. Class A Sold out 0.00% −1.74 APG Api Group Corp. Reduce -10.8% 5.58% −0.76 CP Canadian Pacific Kansas City Reduce -5.4% 4.41% −0.66 NNI Nelnet Inc. Class A Reduce -6.8% 5.77% −0.35 GENI Genius Sports Ltd. Reduce -15.4% 5.06% −0.08
Portfolio Buys Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ GLPI Gaming and Leisure Propertie New 3.70% +3.70 MSFT Microsoft Corp. Add +31.3% 10.55% +2.66 SPOT Spotify Technology SA Add +81.2% 4.14% +1.57 VRRM Verra Mobility Corp. Add +20.4% 9.26% +1.18 IBIT iShares Bitcoin Trust ETF Add +228.3% 1.60% +1.13 CAE Cae Inc. Add +7.5% 14.39% +0.87 SLM SLM Corp. Add +43.2% 5.36% +0.82 NCMI National Cinemedia Inc. Add +27.8% 5.55% +0.78 MELI MercadoLibre Inc. Add +31.3% 5.88% +0.76 ICE Intercontinental Exchange Inc. Add +24.1% 7.12% +0.73 BUR Burford Capital Ltd. Add +9.6% 7.54% −0.85
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +32.6% 192,300 $128.1M CAE Cae Inc. call Add +52.0% 687,900 $20.4M IWM iShares Russell 2000 ETF put New 64,000 $15.5M CNK Cinemark Holdings Inc. call New 445,000 $12.5M NCMI National Cinemedia Inc. call New 708,200 $3.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 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