COURAGE CAPITAL MANAGEMENT LLC

NASHVILLE, TN · CIK 1119376 · 13F filing filed 2026-02-17

SEC-registered investment adviser since 2004 · limited liability company

$72.4m reported value -4.4% vs Q3 2025

13positions

95.5%in top 10

0 new 1 added 1 reduced 1 sold out vs Q3 2025

Holdings, Q4 2025

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	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	648,000	$13.6m18.81%	18.81%	Unchanged
2	FIDELITY WISE ORIGIN BITCOIN SHS FBTC	FBTC	170,865	$13.0m18.00%	18.00%	Added +5.0k	+5,000 3.0%
3	CORECIVIC INC COM CXW	CXW	473,961	$9.1m12.52%	12.52%	Unchanged
4	SPROTT PHYSICAL GOLD TR UNIT PHYS	PHYS	264,500	$8.7m12.07%	12.07%	Unchanged
5	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	184,254	$7.8m10.84%	10.84%	Unchanged
6	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	6,821	$4.7m6.43%	6.43%	Unchanged
7	META PLATFORMS INC CL A META	META	6,950	$4.6m6.34%	6.34%	Reduced -1.0k	-1,000 -12.6%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	10,500	$3.3m4.55%	4.55%	Unchanged
9	ISHARES GOLD TR ISHARES NEW IAU	IAU	28,000	$2.3m3.14%	3.14%	Unchanged
10	PINNACLE FINL PARTNERS INC COM COM		21,565	$2.1m2.84%	2.84%	Unchanged
11	UNITEDHEALTH GROUP INC COM UNH	UNH	4,300	$1.4m1.96%	1.96%	Unchanged
12	TESLA INC COM TSLA	TSLA	3,100	$1.4m1.93%	1.93%	Unchanged
13	JOHNSON & JOHNSON COM JNJ	JNJ	2,000	$414.0k0.57%	0.57%	Unchanged

Security	Ticker	Shares held before	Value then
STARBUCKS CORP SBUX	SBUX	9,800	$829.0k9.8k shares