In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Sycale Advisors (NY) LLC reported 16 stock positions worth $197.8 million . Its top holding was Intercontinental Exchange (ICE) at 13.8% of the portfolio, followed by Spotify Technology (SPOT, 10.5% ) and Microsoft (MSFT, 10.1% ). Compared with Q4 2025, it opened 5 new positions, sold out of 4, added to 5 and reduced 6. The biggest buy was a new position in Netflix (NFLX) and the biggest sale an exit from Verra Mobility (VRRM).
Location New York, NY
CIK 0001811522
Portfolio Value $197.8M (Q1 2026) Holdings 16 stocks · $197.8M 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 Q4 2025 ICE Intercontinental Exchange Inc. 173,783 $27.3M Add +0.8% SPOT Spotify Technology SA 42,731 $20.7M Add +18.4% MSFT Microsoft Corp. 53,824 $19.9M Reduce -17.6% CAE Cae Inc. 762,707 $19.9M Reduce -38.5% TKO Tko Group Holdings Inc. 80,622 $16.3M Reduce -18.6% APG Api Group Corp. 368,139 $14.9M Reduce -10.1% MELI MercadoLibre Inc. 7,921 $13.7M Add +16.3% NFLX Netflix Inc. 138,373 $13.3M New NNI Nelnet Inc. Class A 100,479 $13.0M Reduce -34.1% QXO Qxo Inc. 625,757 $12.2M Add +113.6% GENI Genius Sports Ltd. 2,036,060 $9.0M Add +8.5% PLTR Palantir Technologies Inc. Class A 49,827 $7.3M New NCMI National Cinemedia Inc. 1,451,498 $4.4M Reduce -52.2% GPRK Geopark Ltd. 339,158 $3.2M New FERG Ferguson Enterprises Inc. 9,990 $2.3M New W Wayfair Inc. Class A 4,932 $371K New
Options reported separately and not counted above: BUR calls ($926K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.8M (not counted above) Total filed on the 13F, all lines: $199.6M.
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ VRRM Verra Mobility Corp. Sold out 0.00% −8.85 FLUT Flutter Entertainment PLC-Di Sold out 0.00% −5.09 GLPI Gaming and Leisure Propertie Sold out 0.00% −3.67 CAE Cae Inc. Reduce -38.5% 10.05% −3.23 BUR Burford Capital Ltd. Sold out 0.00% −2.61 NCMI National Cinemedia Inc. Reduce -52.2% 2.24% −1.92 MSFT Microsoft Corp. Reduce -17.6% 10.07% −1.04 NNI Nelnet Inc. Class A Reduce -34.1% 6.55% −0.58 TKO Tko Group Holdings Inc. Reduce -18.6% 8.22% +0.94 APG Api Group Corp. Reduce -10.1% 7.54% +2.03
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ NFLX Netflix Inc. New 6.73% +6.73 QXO Qxo Inc. Add +113.6% 6.14% +4.15 ICE Intercontinental Exchange Inc. Add +0.8% 13.82% +3.99 PLTR Palantir Technologies Inc. Class A New 3.69% +3.69 SPOT Spotify Technology SA Add +18.4% 10.48% +3.10 MELI MercadoLibre Inc. Add +16.3% 6.92% +2.10 GPRK Geopark Ltd. New 1.63% +1.63 FERG Ferguson Enterprises Inc. New 1.18% +1.18 W Wayfair Inc. Class A New 0.19% +0.19 GENI Genius Sports Ltd. Add +8.5% 4.56% −2.72
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 48,500 $33.1Mbefore exit BUR Burford Capital Ltd. call New 204,900 $926K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal Reduce -52.1% 1,316,000 $1.8M
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