DG Capital Management, LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), DG Capital Management, LLC reported 11 stock positions worth $153.6 million . Its top holding was Mercury General (MCY) at 35.9% of the portfolio, followed by Burford Capital (BUR, 17.0% ) and Caesars Entertainment (CZR, 11.8% ). Compared with Q2 2025, it opened 4 new positions, sold out of 7, added to 5 and reduced 2. The biggest buy was Mercury General (MCY, shares +7% ) and the biggest sale an exit from Tenet Healthcare (THC).
Location NEW YORK, NY
CIK 0001512716
Portfolio Value $153.6M (Q3 2025) Holdings 11 stocks · $153.6M 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 Q2 2025 MCY Mercury General Corp. 650,716 $55.2M Add +6.9% BUR Burford Capital Ltd. 2,177,321 $26.0M Add +10.7% CZR Caesars Entertainment Inc. 669,607 $18.1M Reduce -6.0% ATEX Anterix Inc. 744,544 $16.0M Reduce -13.2% MAGN Magnera Corp. 1,164,718 $13.7M Add +32.5% ACIC American Coastal Insurance C 982,183 $11.2M Add +9.1% GLNG Golar LNG Ltd. 118,100 $4.8M New GEL Genesis Energy L.P. 218,280 $3.6M Add +0.5% CAPR Capricor Therapeutics Inc. 470,333 $3.4M New XPOF Xponential Fitness Inc. Class A 184,546 $1.4M New UTHR United Therapeutics Corp. 558 $234K New
Options reported separately and not counted above: TLT calls ($35.7M), MCY calls ($27.9M), GEO calls ($20.0M), IWM puts ($16.9M), CXW calls ($8.6M), GEL calls ($5.7M), CYH calls ($247K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $19.4M (not counted above) Total filed on the 13F, all lines: $173.0M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ THC Tenet Healthcare Corp. Sold out 0.00% −11.18 COO The Cooper Cos Inc. Sold out 0.00% −9.57 CYH Community Health Systems Inc. Sold out 0.00% −5.54 TLN Talen Energy Corp. Sold out 0.00% −4.40 INSE Inspired Entertainment Inc. Sold out 0.00% −3.75 M Macy's Inc. Sold out 0.00% −0.86 LQDA Liquidia Corp. Sold out 0.00% −0.70 ATEX Anterix Inc. Reduce -13.2% 10.41% +0.02 CZR Caesars Entertainment Inc. Reduce -6.0% 11.78% +2.24
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ MCY Mercury General Corp. Add +6.9% 35.91% +16.58 MAGN Magnera Corp. Add +32.5% 8.89% +3.88 BUR Burford Capital Ltd. Add +10.7% 16.95% +3.71 GLNG Golar LNG Ltd. New 3.11% +3.11 ACIC American Coastal Insurance C Add +9.1% 7.28% +2.56 CAPR Capricor Therapeutics Inc. New 2.21% +2.21 XPOF Xponential Fitness Inc. Class A New 0.94% +0.94 GEL Genesis Energy L.P. Add +0.5% 2.37% +0.61 UTHR United Therapeutics Corp. New 0.15% +0.15
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ MCY Mercury General Corp. call Reduce -13.6% 328,700 $27.9M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 40,000 $24.7Mbefore exit GEO The Geo Group Inc. call New 978,200 $20.0M IWM iShares Russell 2000 ETF put Add +55.6% 70,000 $16.9M THC Tenet Healthcare Corp. put Sold out 61,200 $10.8Mbefore exit CXW Corecivic Inc. call New 420,700 $8.6M GEL Genesis Energy L.P. call Add +10.9% 339,700 $5.7M ATEX Anterix Inc. call Sold out 117,700 $3.0Mbefore exit BUR Burford Capital Ltd. put Sold out 109,200 $1.6Mbefore exit COO The Cooper Cos Inc. call Sold out 18,600 $1.3Mbefore exit CYH Community Health Systems Inc. call New 77,100 $247K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 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