# Courage Capital Management, LLC

> Courage Capital Management, LLC is an SEC-registered investment advisory firm in Nashville, TN, registered since 2004, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 130449
- Filed as: COURAGE CAPITAL MANAGEMENT, LLC
- Also doing business as: COURAGE HEALTHCARE PARTNERS, LLC, COURAGE SMALL BUSINESS PARTNERS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Nashville, TN
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/130449
- AdvisorCensus page: https://advisorcensus.com/firm/courage-capital-management-llc-nashville-tn-130449

## Quick answers

**How is Courage Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Courage Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**What does Courage Capital Management, LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 1% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Courage Capital Management, LLC located?**
Courage Capital Management, LLC's principal office is in Nashville, TN, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Courage Capital Management, LLC registered with the SEC or a state?**
Courage Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 130449.

**How much does Courage Capital Management, LLC manage?**
Courage Capital Management, LLC reports $1,448,240,192 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Courage Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Courage Capital Management, LLC: Regulatory assets under management: $951,470,643 in the October 2021 data and $1,448,240,192 in the October 2026 data, up 52%. Total employees: 16 in October 2021 and 23 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Courage Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (10).

**Which custodians does Courage Capital Management, LLC use?**
Courage Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Financial Services LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Courage Capital Management, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/130449

**What changed in Courage Capital Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 10 to 14. Added an office in Baltimore, MD.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Asset-based fee: 1% to 2% a year (a range, as the brochure states it)

> The Management Fees are generally charged in advance on a quarterly basis at the annual rate of between 1.00% and 2.00% .

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- National Financial Services LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,448,240,192
- Discretionary: $1,448,240,192
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 10 | $1,428,378,631 |
| Charitable organizations | Fewer than 5 | $19,861,561 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Other

### Firm details
- Registered since: 2004 (22 years)
- Employees: 23 total, 14 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL, MD, TN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Baltimore, MD
- Nashville, TN

### Websites listed on Form ADV (Item 1.I)
- couragecap.com
- couragemusicpartners.com
- couragesb.com
- LinkedIn @courage-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $951,470,643 | 16 | March 29, 2021 |
| October 2022 | $1,018,408,475 | 16 | March 30, 2022 |
| October 2023 | $1,048,277,974 | 19 | March 31, 2023 |
| October 2024 | $1,139,416,262 | 21 | March 28, 2024 |
| October 2025 | $1,439,185,065 | 19 | March 31, 2025 |
| October 2026 | $1,448,240,192 | 23 | March 30, 2026 |

Regulatory assets under management: $951,470,643 in the October 2021 data and $1,448,240,192 in the October 2026 data, up 52%.
Total employees: 16 in October 2021 and 23 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 10 to 14.
- Added an office in Baltimore, MD.

### December 2025
- Registered or notice-filed in IL, MD.

### November 2025
- Added the business name Courage Small Business Partners, LLC.
- Added the business name Courage Healthcare Partners, LLC.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Courage Capital Management, LLC (CRD 130449): Form ADV filing data as of October 2026.