DG Capital Management, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), DG Capital Management, LLC reported 13 stock positions worth $183.6 million . Its top holding was Mercury General (MCY) at 17.8% of the portfolio, followed by Talen Energy (TLN, 14.4% ) and Anterix (ATEX, 12.8% ). Compared with Q4 2024, it opened 2 new positions, sold out of 1, added to 5 and reduced 6. The biggest buy was a new position in Mercury General (MCY) and the biggest sale an exit from Geo (GEO).
Location NEW YORK, NY
CIK 0001512716
Portfolio Value $183.6M (Q1 2025) Holdings 13 stocks · $183.6M 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 2024 MCY Mercury General Corp. 585,372 $32.7M New TLN Talen Energy Corp. 132,056 $26.4M Reduce -16.5% ATEX Anterix Inc. 644,413 $23.6M Add +50.2% THC Tenet Healthcare Corp. 165,611 $22.3M Reduce -29.4% BUR Burford Capital Ltd. 1,614,006 $21.3M Add +25.5% CZR Caesars Entertainment Inc. 721,993 $18.0M Add +2725.1% MAGN Magnera Corp. 760,278 $13.8M Add +117.9% CYH Community Health Systems Inc. 3,372,934 $9.1M Reduce -3.7% INSE Inspired Entertainment Inc. 659,883 $5.6M Reduce -47.9% GT Goodyear Tire & Rubber Co. 533,593 $4.9M New GEL Genesis Energy L.P. 210,417 $3.3M Add +11.4% M Macy's Inc. 156,870 $2.0M Reduce -21.6% FENC Fennec Pharmaceuticals Inc. 84,213 $513K Reduce -92.5%
Options reported separately and not counted above: TLN calls ($31.2M), TLT calls ($22.8M), MCY calls ($19.2M), M calls ($8.0M), THC calls ($6.9M), GEL calls ($5.2M), ATEX calls ($5.0M), BUR calls ($1.4M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $3K (not counted above) Security Class Shares / Principal Value Change ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 46,113 $3K No change
Total filed on the 13F, all lines: $183.6M.
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ GEO The Geo Group Inc. Sold out 0.00% −9.91 THC Tenet Healthcare Corp. Reduce -29.4% 12.13% −7.99 TLN Talen Energy Corp. Reduce -16.5% 14.36% −7.31 INSE Inspired Entertainment Inc. Reduce -47.9% 3.07% −4.73 FENC Fennec Pharmaceuticals Inc. Reduce -92.5% 0.28% −4.51 CYH Community Health Systems Inc. Reduce -3.7% 4.96% −2.16 M Macy's Inc. Reduce -21.6% 1.07% −1.23
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ MCY Mercury General Corp. New 17.82% +17.82 CZR Caesars Entertainment Inc. Add +2725.1% 9.83% +9.25 ATEX Anterix Inc. Add +50.2% 12.85% +3.90 MAGN Magnera Corp. Add +117.9% 7.52% +3.21 GT Goodyear Tire & Rubber Co. New 2.69% +2.69 GEL Genesis Energy L.P. Add +11.4% 1.80% +0.50 BUR Burford Capital Ltd. Add +25.5% 11.61% +0.46
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 100,000 $58.6Mbefore exit TLN Talen Energy Corp. call Add +56.5% 156,500 $31.2M TLT iShares 20+ Year Treasury BD call New 250,000 $22.8M ARKK ARK Innovation ETF put Sold out 400,000 $22.7Mbefore exit MCY Mercury General Corp. call New 343,100 $19.2M GEO The Geo Group Inc. call Sold out 408,500 $11.4Mbefore exit GEO The Geo Group Inc. put Sold out 300,000 $8.4Mbefore exit M Macy's Inc. call Reduce -12.6% 633,400 $8.0M THC Tenet Healthcare Corp. put Sold out 52,500 $6.6Mbefore exit GEL Genesis Energy L.P. call Add +4.3% 329,900 $5.2M ATEX Anterix Inc. call New 137,500 $5.0M BUR Burford Capital Ltd. call Add +60.6% 107,600 $1.4M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ AILWQ Arrowroot Acquisition -CW26 *W EXP 04/16/202 Sold out 11,722 $152before exit
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 18 $261.1M MCY, TLN, XE, CBZ, GDDY Q1 2026 17 $197.5M MCY, TLN, GDDY, GLNG, CZR Q4 2025 12 $91.4M MCY, ACIC, CAPR, GEL, TLN Q3 2025 11 $153.6M MCY, BUR, CZR, ATEX, MAGN Q2 2025 14 $211.9M MCY, BUR, THC, ATEX, COO Q1 2025 13 $183.6M MCY, TLN, ATEX, THC, BUR Q4 2024 12 $147.1M TLN, THC, BUR, GEO, ATEX Q3 2024 11 $193.0M THC, TLN, CZR, BUR, CYH Q2 2024 13 $141.9M THC, CZR, EVRI, BUR, INSE Q1 2024 16 $154.4M THC, CZR, FENC, EVRI, BUR