DG Capital Management, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), DG Capital Management, LLC reported 14 stock positions worth $211.9 million . Its top holding was Mercury General (MCY) at 19.3% of the portfolio, followed by Burford Capital (BUR, 13.2% ) and Tenet Healthcare (THC, 11.2% ). Compared with Q1 2025, it opened 3 new positions, sold out of 2, added to 7 and reduced 3. The biggest buy was a new position in Cooper Cos (COO) and the biggest sale Talen Energy (TLN, shares −76% ).
Location NEW YORK, NY
CIK 0001512716
Portfolio Value $211.9M (Q2 2025) Holdings 14 stocks · $211.9M 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 Q1 2025 MCY Mercury General Corp. 608,585 $41.0M Add +4.0% BUR Burford Capital Ltd. 1,967,713 $28.1M Add +21.9% THC Tenet Healthcare Corp. 134,644 $23.7M Reduce -18.7% ATEX Anterix Inc. 858,039 $22.0M Add +33.1% COO The Cooper Cos Inc. 284,963 $20.3M New CZR Caesars Entertainment Inc. 711,993 $20.2M Reduce -1.4% CYH Community Health Systems Inc. 3,451,627 $11.7M Add +2.3% MAGN Magnera Corp. 878,849 $10.6M Add +15.6% ACIC American Coastal Insurance C 900,511 $10.0M New TLN Talen Energy Corp. 32,061 $9.3M Reduce -75.7% INSE Inspired Entertainment Inc. 972,372 $7.9M Add +47.4% GEL Genesis Energy L.P. 217,227 $3.7M Add +3.2% M Macy's Inc. 156,870 $1.8M No change LQDA Liquidia Corp. 118,995 $1.5M New
Options reported separately and not counted above: TLT calls ($35.3M), MCY calls ($25.6M), SPY puts ($24.7M), THC puts ($10.8M), IWM puts ($9.7M), GEL calls ($5.3M), ATEX calls ($3.0M), BUR puts ($1.6M), COO calls ($1.3M).
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: $211.9M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ TLN Talen Energy Corp. Reduce -75.7% 4.40% −9.96 GT Goodyear Tire & Rubber Co. Sold out 0.00% −2.69 THC Tenet Healthcare Corp. Reduce -18.7% 11.18% −0.95 CZR Caesars Entertainment Inc. Reduce -1.4% 9.54% −0.29 FENC Fennec Pharmaceuticals Inc. Sold out 0.00% −0.28
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ COO The Cooper Cos Inc. New 9.57% +9.57 ACIC American Coastal Insurance C New 4.73% +4.73 BUR Burford Capital Ltd. Add +21.9% 13.24% +1.63 MCY Mercury General Corp. Add +4.0% 19.34% +1.51 LQDA Liquidia Corp. New 0.70% +0.70 INSE Inspired Entertainment Inc. Add +47.4% 3.75% +0.68 CYH Community Health Systems Inc. Add +2.3% 5.54% +0.58 GEL Genesis Energy L.P. Add +3.2% 1.77% −0.03 ATEX Anterix Inc. Add +33.1% 10.39% −2.46 MAGN Magnera Corp. Add +15.6% 5.01% −2.51
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ TLT iShares 20+ Year Treasury BD call Add +60.0% 400,000 $35.3M TLN Talen Energy Corp. call Sold out 156,500 $31.2Mbefore exit MCY Mercury General Corp. call Add +10.8% 380,200 $25.6M SPY SS SPDR S&P 500 ETF Trust-US put New 40,000 $24.7M THC Tenet Healthcare Corp. put New 61,200 $10.8M IWM iShares Russell 2000 ETF put New 45,000 $9.7M M Macy's Inc. call Sold out 633,400 $8.0Mbefore exit THC Tenet Healthcare Corp. call Sold out 51,200 $6.9Mbefore exit GEL Genesis Energy L.P. call Reduce -7.2% 306,200 $5.3M ATEX Anterix Inc. call Reduce -14.4% 117,700 $3.0M BUR Burford Capital Ltd. put New 109,200 $1.6M BUR Burford Capital Ltd. call Sold out 107,600 $1.4Mbefore exit COO The Cooper Cos Inc. call New 18,600 $1.3M
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 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