Courage Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Courage Capital Management LLC reported 13 stock positions worth $72.4 million. Its top holding was Invesco Senior Loan ETF (BKLN) at 18.8% of the portfolio, followed by Fidelity Wise Origin Bitcoin (FBTC, 18.0%) and Corecivic (CXW, 12.5%). Compared with Q3 2025, it sold out of 1, added to 1 and reduced 1. The biggest buy was Fidelity Wise Origin Bitcoin (FBTC, shares +3%) and the biggest sale Meta Platforms Class A (META, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- NASHVILLE, TN
- CIK
- 0001119376
- Portfolio Value
- $72.4M (Q4 2025)
- SEC Filing
- 0001119376-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 13 stocks · $72.4M
| BKLN Invesco Senior Loan ETF | 18.81% | 648,000 | $13.6M | No change |
| FBTC Fidelity Wise Origin Bitcoin | 18.00% | 170,865 | $13.0M | Add +3.0% |
| CXW Corecivic Inc. | 12.52% | 473,961 | $9.1M | No change |
| PHYS Sprott Physical Gold Trust | 12.07% | 264,500 | $8.7M | No change |
| AAAU Goldman Sachs Physical Gold | 10.84% | 184,254 | $7.8M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 6.43% | 6,821 | $4.7M | No change |
| META Meta Platforms Inc. Class A | 6.34% | 6,950 | $4.6M | Reduce -12.6% |
| GOOG Alphabet Inc. Class C | 4.55% | 10,500 | $3.3M | No change |
| IAU iShares Gold Trust | 3.14% | 28,000 | $2.3M | No change |
| PNFP Pinnacle Financial Partners | 2.84% | 21,565 | $2.1M | No change |
| UNH Unitedhealth Group Inc. | 1.96% | 4,300 | $1.4M | No change |
| TSLA Tesla Inc. | 1.93% | 3,100 | $1.4M | No change |
| JNJ Johnson & Johnson | 0.57% | 2,000 | $414K | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| FBTC Fidelity Wise Origin Bitcoin | Add +3.0% | 18.00% | −3.87 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 16 | $67.3M | BKLN, CXW, PHYS, AAAU, FBTC |
| Q1 2026 | 14 | $70.6M | BKLN, FBTC, PHYS, CXW, AAAU |
| Q4 2025 | 13 | $72.4M | BKLN, FBTC, CXW, PHYS, AAAU |
| Q3 2025 | 14 | $75.7M | FBTC, BKLN, CXW, PHYS, AAAU |
| Q2 2025 | 13 | $67.8M | FBTC, BKLN, CXW, PHYS, AAAU |
| Q1 2025 | 12 | $49.0M | BKLN, CXW, PHYS, FBTC, AAAU |
| Q4 2024 | 12 | $48.5M | BKLN, CXW, FBTC, PHYS, AAAU |
| Q3 2024 | 11 | $40.4M | BKLN, PHYS, CXW, AAAU, META |
| Q2 2024 | 11 | $34.1M | BKLN, CXW, PHYS, AAAU, META |
| Q1 2024 | 11 | $29.7M | CXW, BKLN, PHYS, AAAU, META |