Founded in 1998, Courage is a privately held, SEC-registered investment adviser offering alternative investments to institutional investors and private clients. The owner is Richard Connell Patton - Chief Manager, Member and Director. Courage provides discretionary investment advisory services to various private investment funds structured as limited partnerships or offshore investment entities (individually or collectively referred to as the “Fund” or “Funds”) in which investors are solicited to invest. The Funds are primarily intended for high net worth, financially sophisticated individuals, public and private pensions, foundations, endowments, trusts, funds of funds, and other institutional investors. Courage is the sole investment manager of each of the following Funds: Special Situations Funds Courage Special Situations Fund, L.P., a Delaware limited partnership, and Courage Special Situations Offshore Fund, Ltd., a Cayman Islands exempted company, operate in a master-feeder fund structure and invest substantially all of their assets in Courage Special Situations Master Fund, L.P., a Cayman Islands exempted limited partnership (each a "Special Situations Fund" and collectively the "Special Situations Funds"). Credit Opportunities Funds Courage Credit Opportunities Fund IV, L.P., a Delaware limited partnership, and Courage Credit Opportunities Offshore Fund IV, L.P., a Cayman Islands exempted limited partnership (each a "Credit Fund" and collectively the "Credit Funds")., operate in a modified master-feeder fund structure whereby Courage Credit Opportunities Offshore Fund IV, L.P. invests substantially all of its assets in Courage Credit Opportunities Fund IV, L.P., which serves as the master fund. Music Funds Courage Music Royalty Fund, L.P. is a Delaware limited partnership and operates on a stand-alone basis. Courage

Music Partners II, L.P. is a Delaware limited partnership and operates on a stand-alone basis. Courage Music Partners III, L.P., a Delaware limited partnership, and Courage Music Partners III (Feeder), L.P., a Cayman Islands exempted limited partnership (together with Courage Music Royalty Fund, L.P., Courage Music Partners II, L.P., and Courage Music Partners III, L.P., each a “Music Fund” and collectively the “Music Funds”), operate in a modified master-feeder fund structure whereby Courage Music Partners III (Feeder), L.P. invests all of its assets in Courage Music Partners III, L.P, which serves as the master fund. Natural Resources Fund Courage Natural Resources Fund I, L.P., is a Delaware limited partnership (“Natural Resources Fund”) and operates on a stand-alone basis. Courage manages an account for a charitable organization and accounts for family members of its principals for which it does not receive compensation (the “Other Accounts”). Other Accounts and Funds sometimes are referred to in this Brochure collectively as “Client Accounts”. Courage provides advice to Client Accounts based on the specific investment objectives and restrictions of each client. The Adviser tailors advisory services to the needs of individual clients under certain circumstances. The Adviser agrees to restrict the securities purchased for a Client Account for many reasons, including social responsibility, or for purposes of diversification with other holdings if the client has a managed account or dedicated fund. At times business matters conducted by Courage relating to the Music Funds are referred to as Courage Music or Courage Music Partners. Courage provides investment advice to Client Accounts totaling $1,121,162,510 in discretionary regulatory assets under management as of December 31, 2023. Courage has no non-discretionary accounts.