In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Sycale Advisors (NY) LLC reported 15 stock positions worth $284.1 million . Its top holding was Cae (CAE) at 13.3% of the portfolio, followed by Microsoft (MSFT, 11.1% ) and Intercontinental Exchange (ICE, 9.8% ). Compared with Q3 2025, it opened 2 new positions, sold out of 3, added to 5 and reduced 7. The biggest buy was a new position in Flutter Entertainment PLC-Di (FLUT) and the biggest sale an exit from SLM (SLM).
Location New York, NY
CIK 0001811522
Portfolio Value $284.1M (Q4 2025) Holdings 15 stocks · $284.1M 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 2025 CAE Cae Inc. 1,240,182 $37.7M Reduce -20.3% MSFT Microsoft Corp. 65,295 $31.6M No change ICE Intercontinental Exchange Inc. 172,352 $27.9M Add +27.3% VRRM Verra Mobility Corp. 1,121,505 $25.1M Reduce -6.7% SPOT Spotify Technology SA 36,075 $20.9M Add +89.6% TKO Tko Group Holdings Inc. 99,014 $20.7M Add +52.7% GENI Genius Sports Ltd. 1,876,046 $20.7M Add +43.3% NNI Nelnet Inc. Class A 152,441 $20.3M Add +3.5% APG Api Group Corp. 409,551 $15.7M Reduce -21.3% FLUT Flutter Entertainment PLC-Di 67,200 $14.5M New MELI MercadoLibre Inc. 6,809 $13.7M Reduce -15.5% NCMI National Cinemedia Inc. 3,039,326 $11.8M Reduce -23.0% GLPI Gaming and Leisure Propertie 233,442 $10.4M Reduce -8.3% BUR Burford Capital Ltd. 830,376 $7.4M Reduce -58.9% QXO Qxo Inc. 293,000 $5.7M New
Options reported separately and not counted above: SPY puts ($33.1M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.6M (not counted above) Total filed on the 13F, all lines: $288.7M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ SLM SLM Corp. Sold out 0.00% −5.36 BUR Burford Capital Ltd. Reduce -58.9% 2.61% −4.93 CP Canadian Pacific Kansas City Sold out 0.00% −4.41 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −1.60 NCMI National Cinemedia Inc. Reduce -23.0% 4.16% −1.39 CAE Cae Inc. Reduce -20.3% 13.28% −1.11 MELI MercadoLibre Inc. Reduce -15.5% 4.83% −1.05 VRRM Verra Mobility Corp. Reduce -6.7% 8.85% −0.42 APG Api Group Corp. Reduce -21.3% 5.52% −0.06 GLPI Gaming and Leisure Propertie Reduce -8.3% 3.67% −0.03
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ FLUT Flutter Entertainment PLC-Di New 5.09% +5.09 SPOT Spotify Technology SA Add +89.6% 7.37% +3.23 TKO Tko Group Holdings Inc. Add +52.7% 7.28% +3.20 ICE Intercontinental Exchange Inc. Add +27.3% 9.83% +2.71 GENI Genius Sports Ltd. Add +43.3% 7.28% +2.22 QXO Qxo Inc. New 1.99% +1.99 NNI Nelnet Inc. Class A Add +3.5% 7.13% +1.37
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -74.8% 48,500 $33.1M TLT iShares 20+ Year Treasury BD call Sold out 333,900 $29.8Mbefore exit CAE Cae Inc. call Sold out 687,900 $20.4Mbefore exit IWM iShares Russell 2000 ETF put Sold out 64,000 $15.5Mbefore exit CNK Cinemark Holdings Inc. call Sold out 445,000 $12.5Mbefore exit NCMI National Cinemedia Inc. call Sold out 708,200 $3.2Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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