DG Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), DG Capital Management, LLC reported 12 stock positions worth $91.4 million. Its top holding was Mercury General (MCY) at 63.8% of the portfolio, followed by American Coastal Insurance C (ACIC, 14.8%) and Capricor Therapeutics (CAPR, 13.1%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 1 and reduced 8. The biggest buy was American Coastal Insurance C (ACIC, shares +9%) and the biggest sale Burford Capital (BUR, shares −96%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512716
Portfolio Value
$91.4M (Q4 2025)
SEC Filing
0001512716-26-000007 ↗ filed Feb 13, 2026

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $154.4M Q1 2024 Q2 2024: $141.9M Q2 2024 Q3 2024: $193.0M Q3 2024 Q4 2024: $147.1M Q4 2024 Q1 2025: $183.6M Q1 2025 Q2 2025: $211.9M Q2 2025 Q3 2025: $153.6M Q3 2025 Q4 2025: $91.4M $91.4M Q4 2025 Q1 2026: $197.5M Q1 2026 Q2 2026: $261.1M Q2 2026

Holdings 12 stocks · $91.4M
MCY Mercury General Corp. 63.78% 619,469 $58.3M Reduce -4.8%
ACIC American Coastal Insurance C 14.83% 1,072,728 $13.5M Add +9.2%
CAPR Capricor Therapeutics Inc. 13.08% 413,963 $11.9M Reduce -12.0%
GEL Genesis Energy L.P. 2.95% 172,916 $2.7M Reduce -20.8%
TLN Talen Energy Corp. 1.03% 2,512 $942K New
TISI Team Inc. 1.00% 64,647 $913K New
BUR Burford Capital Ltd. 0.91% 92,807 $828K Reduce -95.7%
CZR Caesars Entertainment Inc. 0.79% 30,715 $718K Reduce -95.4%
MAGN Magnera Corp. 0.61% 36,775 $557K Reduce -96.8%
ATEX Anterix Inc. 0.51% 21,245 $464K Reduce -97.2%
UTHR United Therapeutics Corp. 0.30% 558 $272K No change
GLNG Golar LNG Ltd. 0.22% 5,481 $204K Reduce -95.4%

Options reported separately and not counted above: MCY calls ($45.6M), SPY puts ($34.1M), TLT calls ($8.7M), OKLO puts ($8.0M), GEL calls ($4.2M), SMR puts ($2.5M), ACIC calls ($456K).

Other holdings (2): bonds, preferreds, convertibles and warrants · $33.0M (not counted above)
SecurityClassShares / PrincipalValueChange
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal 22,245,000$20.0MAdd +1.1%
RIOT PLATFORMS INC (RIOT 0.75 01/15/30) NOTE 0.750% 1/1 · principal 11,500,000$13.0MNew

Total filed on the 13F, all lines: $124.4M.

Portfolio Sells Q3 2025 → Q4 2025
BUR Burford Capital Ltd. Reduce -95.7% 0.91% −16.05
CZR Caesars Entertainment Inc. Reduce -95.4% 0.79% −10.99
ATEX Anterix Inc. Reduce -97.2% 0.51% −9.90
MAGN Magnera Corp. Reduce -96.8% 0.61% −8.28
GLNG Golar LNG Ltd. Reduce -95.4% 0.22% −2.88
XPOF Xponential Fitness Inc. Class A Sold out 0.00% −0.94
GEL Genesis Energy L.P. Reduce -20.8% 2.95% +0.58
CAPR Capricor Therapeutics Inc. Reduce -12.0% 13.08% +10.87
MCY Mercury General Corp. Reduce -4.8% 63.78% +27.86

Portfolio Buys Q3 2025 → Q4 2025
ACIC American Coastal Insurance C Add +9.2% 14.83% +7.55
TLN Talen Energy Corp. New 1.03% +1.03
TISI Team Inc. New 1.00% +1.00

Options Activity Q3 2025 → Q4 2025
MCY Mercury General Corp. call Add +47.6% 485,200 $45.6M
SPY SS SPDR S&P 500 ETF Trust-US put New 50,000 $34.1M
GEO The Geo Group Inc. call Sold out 978,200 $20.0Mbefore exit
IWM iShares Russell 2000 ETF put Sold out 70,000 $16.9Mbefore exit
TLT iShares 20+ Year Treasury BD call Reduce -75.0% 100,000 $8.7M
CXW Corecivic Inc. call Sold out 420,700 $8.6Mbefore exit
OKLO Oklo Inc. put New 111,500 $8.0M
GEL Genesis Energy L.P. call Reduce -21.5% 266,800 $4.2M
SMR Nuscale Power Corp. put New 178,000 $2.5M
ACIC American Coastal Insurance C call New 36,100 $456K
CYH Community Health Systems Inc. call Sold out 77,100 $247Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal Add +1.1% 22,245,000 $20.0M
RIOT PLATFORMS INC (RIOT 0.75 01/15/30) NOTE 0.750% 1/1 · principal New 11,500,000 $13.0M
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 Sold out 46,113 $2Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 18$261.1MMCY, TLN, XE, CBZ, GDDY
Q1 2026 17$197.5MMCY, TLN, GDDY, GLNG, CZR
Q4 2025 12$91.4MMCY, ACIC, CAPR, GEL, TLN
Q3 2025 11$153.6MMCY, BUR, CZR, ATEX, MAGN
Q2 2025 14$211.9MMCY, BUR, THC, ATEX, COO
Q1 2025 13$183.6MMCY, TLN, ATEX, THC, BUR
Q4 2024 12$147.1MTLN, THC, BUR, GEO, ATEX
Q3 2024 11$193.0MTHC, TLN, CZR, BUR, CYH
Q2 2024 13$141.9MTHC, CZR, EVRI, BUR, INSE
Q1 2024 16$154.4MTHC, CZR, FENC, EVRI, BUR