COURAGE CAPITAL MANAGEMENT LLC

NASHVILLE, TN · CIK 1119376 · 13F filing filed 2023-05-15

SEC-registered investment adviser since 2004 · limited liability company

Assets managed$1.4bn
Staff23 · 14 in investment roles
Main clients (by assets)Private funds 99%, Charities 1%
Private funds7 (1 hedge) · $1.4bn gross assets
Websitecouragecap.com
Form ADV · 2026-03-30SEC adviser record

Legal entityCourage Capital Management, LLC (US)

Kindhedge funds, private equity, futures
Others nearbyNashville, TN, Baltimore, MD

As an employer

Offices in1 country
Private fundsprivate equity 6, hedge 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Nashville, TN (main office)United States	United States	about 12
Baltimore, MDUnited States	United States	2

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$41.7m reported value +17.2% vs Q4 2022

17positions

89.9%in top 10

1 new 4 added 2 reduced 2 sold out vs Q4 2022

Holdings, Q1 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	COHERUS BIOSCIENCES INC NOTE 1.500% 4/1 · principal CHRS 1.5 04.15.26 · principal	CHRS 1.5 04.15.26	18,000,000	$12.7m30.47%	30.47%	Unchanged
2	EVOLENT HEALTH INC NOTE 1.500%10/1 · principal EVH 1.5 10.15.25 · principal	EVH 1.5 10.15.25	7,434,000	$8.9m21.30%	21.30%	Unchanged
3	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	184,254	$3.6m8.64%	8.64%	Unchanged
4	SPROTT PHYSICAL GOLD TR UNIT PHYS	PHYS	201,000	$3.1m7.45%	7.45%	Added +90.0k	+90,000 81.1%
5	BERRY CORP COM COM		235,600	$1.8m4.43%	4.43%	New
6	CROWN CASTLE INC COM CCI	CCI	12,000	$1.6m3.85%	3.85%	Added +4.0k	+4,000 50.0%
7	META PLATFORMS INC CL A META	META	7,500	$1.6m3.81%	3.81%	Reduced -2.5k	-2,500 -25.0%
8	CONSOL ENERGY INC NEW COM COM		25,866	$1.5m3.61%	3.61%	Added +21.5k	+21,466 487.9%
9	CHORD ENERGY CORPORATION COM NEW CHRD	CHRD	11,000	$1.5m3.55%	3.55%	Added +3.0k	+3,000 37.5%
10	VANECK ETF TRUST JUNIOR GOLD MINE GDXJ	GDXJ	29,760	$1.2m2.82%	2.82%	Unchanged
11	PDC ENERGY INC COM PDCE	PDCE	18,000	$1.2m2.77%	2.77%	Unchanged
12	ISHARES GOLD TR ISHARES NEW IAU	IAU	28,000	$1.0m2.51%	2.51%	Unchanged
13	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	6,600	$688.0k1.65%	1.65%	Unchanged
14	ALPHABET INC CAP STK CL C GOOG	GOOG	5,500	$572.0k1.37%	1.37%	Reduced -5.0k	-5,000 -47.6%
15	JOHNSON & JOHNSON COM JNJ	JNJ	2,000	$310.0k0.74%	0.74%	Unchanged
16	GENERAL DYNAMICS CORP COM GD	GD	1,200	$274.0k0.66%	0.66%	Unchanged
17	MATINAS BIOPHARMA HLDGS INC COM COM		331,846	$156.0k0.37%	0.37%	Unchanged

Sold out since Q4 2022

Security	Ticker	Shares held before	Value then
MICROSOFT CORP MSFT	MSFT	5,061	$1.2m5.1k shares
PINNACLE FINL PARTNERS INC		4,000	$294.0k4.0k shares