Sycale Advisors (NY) LLC Diversified Active

CIK: 0001811522 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $321,767 (98.6% shares, 1.4% debt)

Holdings (17)

New Positions (2)

FLUT FLUTTER ENTMT PLC 4.5%

Value ($000) $14,451 Shares 67,200 Est. Cost $224.90 Unrealized 0.0%

QXO QXO INC 1.8%

Value ($000) $5,652 Shares 293,000 Est. Cost $19.16 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FLUT	FLUTTER ENTMT PLC	67,200	$14,451	4.5%	$224.90	0.0%	SHS	G3643J108
QXO	QXO INC	293,000	$5,652	1.8%	$19.16	0.0%	COM NEW	82846H405

Increased Positions (5)

SPOT SPOTIFY TECHNOLOGY S A 6.5%

Value ($000) $20,949 (+57.8%) Shares 36,075 (+89.6%) Est. Cost $647.51 Unrealized -3.5%

TKO TKO GROUP HOLDINGS INC 6.4%

Value ($000) $20,694 (+58.0%) Shares 99,014 (+52.7%) Est. Cost $150.50 Unrealized +28.8%

ICE INTERCONTINENTAL EXCHANGE IN 8.7%

Value ($000) $27,914 (+22.4%) Shares 172,352 (+27.3%) Est. Cost $141.78 Unrealized +10.2%

GENI GENIUS SPORTS LIMITED 6.4%

Value ($000) $20,674 (+27.6%) Shares 1,876,046 (+43.3%) Est. Cost $9.67 Unrealized +12.7%

NNI NELNET INC 6.3%

Value ($000) $20,269 (+9.7%) Shares 152,441 (+3.4%) Est. Cost $96.52 Unrealized +35.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPOT	SPOTIFY TECHNOLOGY S A	36,075 (+89.6%)	$20,949 (+57.8%)	6.5%	$647.51	-3.5%	SHS	L8681T102
TKO	TKO GROUP HOLDINGS INC	99,014 (+52.7%)	$20,694 (+58.0%)	6.4%	$150.50	+28.8%	CL A	87256C101
ICE	INTERCONTINENTAL EXCHANGE IN	172,352 (+27.3%)	$27,914 (+22.4%)	8.7%	$141.78	+10.2%	COM	45866F104
GENI	GENIUS SPORTS LIMITED	1,876,046 (+43.3%)	$20,674 (+27.6%)	6.4%	$9.67	+12.7%	SHARES CL A	G3934V109
NNI	NELNET INC	152,441 (+3.4%)	$20,269 (+9.7%)	6.3%	$96.52	+35.6%	CL A	64031N108

Exited Positions (8)

TLT ISHARES TR 9.3%

Value ($000) $29,841 Shares 333,900 Est. Cost — Unrealized —

CAE CAE INC 6.3%

Value ($000) $20,389 Shares 687,900 Est. Cost $20.73 Unrealized +35.3%

SLM SLM CORP 5.3%

Value ($000) $17,166 Shares 620,158 Est. Cost $25.88 Unrealized +6.0%

IWM ISHARES TR 4.8%

Value ($000) $15,485 Shares 64,000 Est. Cost — Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 4.4%

Value ($000) $14,139 Shares 189,811 Est. Cost $75.61 Unrealized -2.7%

CNK CINEMARK HLDGS INC 3.9%

Value ($000) $12,469 Shares 445,000 Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 1.6%

Value ($000) $5,122 Shares 78,800 Est. Cost $63.85 Unrealized —

NCMI NATIONAL CINEMEDIA INC 1.0%

Value ($000) $3,194 Shares 708,200 Est. Cost $6.11 Unrealized -32.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLT	ISHARES TR	333,900	$29,841	9.3%	—	—	CALL	464287432
CAE	CAE INC	687,900	$20,389	6.3%	$20.73	+35.3%	CALL	124765108
SLM	SLM CORP	620,158	$17,166	5.3%	$25.88	+6.0%	—	78442P106
IWM	ISHARES TR	64,000	$15,485	4.8%	—	—	PUT	464287655
CP	CANADIAN PACIFIC KANSAS CITY	189,811	$14,139	4.4%	$75.61	-2.7%	—	13646K108
CNK	CINEMARK HLDGS INC	445,000	$12,469	3.9%	—	—	CALL	17243V102
IBIT	ISHARES BITCOIN TRUST ETF	78,800	$5,122	1.6%	$63.85	—	—	46438F101
NCMI	NATIONAL CINEMEDIA INC	708,200	$3,194	1.0%	$6.11	-32.2%	CALL	635309206

Decreased Positions (8)

SPY SPDR S&P 500 ETF TR 10.3%

Value ($000) $33,073 (-74.2%) Shares 48,500 (-74.8%) Est. Cost — Unrealized —

BUR BURFORD CAP LTD 2.3%

Value ($000) $7,407 (-69.4%) Shares 830,376 (-58.9%) Est. Cost $12.02 Unrealized -18.5%

CAE CAE INC 11.7%

Value ($000) $37,726 (-18.2%) Shares 1,240,182 (-20.3%) Est. Cost $20.73 Unrealized +35.3%

NCMI NATIONAL CINEMEDIA INC 3.7%

Value ($000) $11,823 (-33.5%) Shares 3,039,326 (-23.0%) Est. Cost $6.11 Unrealized -32.2%

MELI MERCADOLIBRE INC 4.3%

Value ($000) $13,715 (-27.2%) Shares 6,809 (-15.5%) Est. Cost $2157.64 Unrealized -2.6%

VRRM VERRA MOBILITY CORP 7.8%

Value ($000) $25,133 (-15.3%) Shares 1,121,505 (-6.7%) Est. Cost $24.32 Unrealized -6.1%

APG API GROUP CORP 4.9%

Value ($000) $15,669 (-12.4%) Shares 409,551 (-21.3%) Est. Cost $26.81 Unrealized +37.9%

GLPI GAMING & LEISURE PPTYS INC 3.2%

Value ($000) $10,433 (-12.1%) Shares 233,442 (-8.3%) Est. Cost $46.61 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	48,500 (-74.8%)	$33,073 (-74.2%)	10.3%	—	—	PUT	78462F103
BUR	BURFORD CAP LTD	830,376 (-58.9%)	$7,407 (-69.4%)	2.3%	$12.02	-18.5%	ORD SHS	G17977110
CAE	CAE INC	1,240,182 (-20.3%)	$37,726 (-18.2%)	11.7%	$20.73	+35.3%	COM	124765108
NCMI	NATIONAL CINEMEDIA INC	3,039,326 (-23.0%)	$11,823 (-33.5%)	3.7%	$6.11	-32.2%	COM NEW	635309206
MELI	MERCADOLIBRE INC	6,809 (-15.5%)	$13,715 (-27.2%)	4.3%	$2157.64	-2.6%	COM	58733R102
VRRM	VERRA MOBILITY CORP	1,121,505 (-6.7%)	$25,133 (-15.3%)	7.8%	$24.32	-6.1%	CL A COM STK	92511U102
APG	API GROUP CORP	409,551 (-21.3%)	$15,669 (-12.4%)	4.9%	$26.81	+37.9%	COM STK	00187Y100
GLPI	GAMING & LEISURE PPTYS INC	233,442 (-8.3%)	$10,433 (-12.1%)	3.2%	$46.61	—	COM	36467J108

Unchanged Positions (2)

MSFT MICROSOFT CORP 9.8%

Value ($000) $31,578 Shares 65,295 Est. Cost $429.79 Unrealized +16.5%

— WAYFAIR INC 1.4%

Value ($000) $4,607 Shares 2,750,000 Est. Cost $1.20 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	65,295	$31,578	9.8%	$429.79	+16.5%	COM	594918104
—	WAYFAIR INC	2,750,000	$4,607	1.4%	$1.20	—	NOTE 3.250% 9/1	94419LAP6