Courage Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Courage Capital Management LLC reported 14 stock positions worth $75.7 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 21.9% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 17.9%) and Corecivic (CXW, 12.7%). Compared with Q2 2025, it opened 1 new position and added to 2. The biggest buy was a new position in Pinnacle Financial Partners (PNFP).

Most Recent 13F
Q2 2026
Location
NASHVILLE, TN
CIK
0001119376
Portfolio Value
$75.7M (Q3 2025)
SEC Filing
0001119376-25-000014 ↗ filed Nov 12, 2025

Holdings Value

0$20.0M$40.0M$60.0M$80.0M Q1 2024: $29.7M Q1 2024 Q2 2024: $34.1M Q2 2024 Q3 2024: $40.4M Q3 2024 Q4 2024: $48.5M Q4 2024 Q1 2025: $49.0M Q1 2025 Q2 2025: $67.8M Q2 2025 Q3 2025: $75.7M $75.7M Q3 2025 Q4 2025: $72.4M Q4 2025 Q1 2026: $70.6M Q1 2026 Q2 2026: $67.3M Q2 2026

Holdings 14 stocks · $75.7M
FBTC Fidelity Wise Origin Bitcoin 21.87% 165,865 $16.6M Add +6.6%
BKLN Invesco Senior Loan ETF 17.92% 648,000 $13.6M No change
CXW Corecivic Inc. 12.74% 473,961 $9.6M No change
PHYS Sprott Physical Gold Trust 10.35% 264,500 $7.8M No change
AAAU Goldman Sachs Physical Gold 9.28% 184,254 $7.0M No change
META Meta Platforms Inc. Class A 7.71% 7,950 $5.8M No change
SPY SS SPDR S&P 500 ETF Trust-US 6.00% 6,821 $4.5M No change
GOOG Alphabet Inc. Class C 3.38% 10,500 $2.6M No change
IAU iShares Gold Trust 2.69% 28,000 $2.0M No change
PNFP Pinnacle Financial Partners 2.67% 21,565 $2.0M New
UNH Unitedhealth Group Inc. 1.96% 4,300 $1.5M Add +30.3%
TSLA Tesla Inc. 1.82% 3,100 $1.4M No change
SBUX Starbucks Corp. 1.10% 9,800 $829K No change
JNJ Johnson & Johnson 0.49% 2,000 $371K No change

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
PNFP Pinnacle Financial Partners New 2.67% +2.67
UNH Unitedhealth Group Inc. Add +30.3% 1.96% +0.44
FBTC Fidelity Wise Origin Bitcoin Add +6.6% 21.87% +0.30

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 16$67.3MBKLN, CXW, PHYS, AAAU, FBTC
Q1 2026 14$70.6MBKLN, FBTC, PHYS, CXW, AAAU
Q4 2025 13$72.4MBKLN, FBTC, CXW, PHYS, AAAU
Q3 2025 14$75.7MFBTC, BKLN, CXW, PHYS, AAAU
Q2 2025 13$67.8MFBTC, BKLN, CXW, PHYS, AAAU
Q1 2025 12$49.0MBKLN, CXW, PHYS, FBTC, AAAU
Q4 2024 12$48.5MBKLN, CXW, FBTC, PHYS, AAAU
Q3 2024 11$40.4MBKLN, PHYS, CXW, AAAU, META
Q2 2024 11$34.1MBKLN, CXW, PHYS, AAAU, META
Q1 2024 11$29.7MCXW, BKLN, PHYS, AAAU, META