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Courage
Music

We partner with owners of music rights to provide highly innovative monetization solutions that promote long-term alignment, preserve confidentiality, and seek to maximize value.

Our Approach

Music Team

Our Approach

We seek to generate high current returns and deliver capital appreciation by focusing on the acquisition and aggregation of selected music rights. The team utilizes its industry and investment expertise to identify and secure attractive investments within carefully selected target markets.

How we are different

Our team of senior music executives brings 300+ years combined industry experience to employ highly innovative transaction structures and a long-term partnership approach. We were investing in music long before it was mainstream and have a track record of innovation and value creation.

Why it's relevant

Our approach provides our seller-partners with attractive benefits as compared to other market alternatives.

How we engage

We are collaborative partners with an extensive network of relationships in each of our target markets.

Courage Music Team

Professional Experience:

Jason Somerville joined Courage in 2017 and is a Senior Managing Director of Courage Capital Management, LLC and the Founder and Portfolio Manager of the Courage Music investment strategy (“Courage Music”). He previously was an investment banker with over 22 years of experience and considered one of the leading investment bankers to companies, individuals, and investors operating in music rights. From 2010 to 2017, Mr. Somerville was the founder and managing partner of EIG, where he advised on numerous music rights transactions. Prior to forming EIG, Mr. Somerville was a Team Leader in J.P.Morgan’s Entertainment Industries Group. At J.P.Morgan, Mr. Somerville managed a portfolio of nearly $2 billion of senior debt investments in entertainment companies. Most notably, he founded the firm’s music practice and built a multi-billion-dollar capital market in music rights. He is believed to have syndicated the first-ever investment in an independent music rights company in 2005 (Concord Music Group) as well as the largest-ever investments in independent music rights companies in 2009 (BMG Rights Management and Bug Music). During his career, he has advised and/or raised capital for over 50 music rights transactions totaling over $2 billion in value.

Education:

Mr. Somerville earned a B.A. in Arts from The Johns Hopkins University and a Bologna Center Certificate from The Johns Hopkins University School of Advanced International Studies (SAIS).

Professional Experience:

Kin Cheng joined Courage Music as a Managing Director in 2020. He is a corporate and investment banking executive with 25 years of experience. Prior to Courage, Mr. Cheng was an Executive Director and Senior Relationship Manager in J.P. Morgan’s Commercial Banking Division. Previously at J.P. Morgan, he was a Senior Underwriter in J.P. Morgan’s Entertainment Industries Group where he managed the underwriting, performance monitoring, and compliance reporting for senior debt investments in entertainment companies, including many of Mr. Somerville’s music clients. In 1993, he began his banking career at the Federal Reserve Bank of New York as a foreign exchange analyst. At Courage Music, Mr. Cheng manages business affairs and investment due diligence.

Education:

Mr. Cheng has a B.A. in Economics from the University of California.

Professional Experience:

Jason Kleve joined Courage Music as a Consultant in 2018 and a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 2002 and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. At Courage Music, Mr. Kleve manages investment qualification and underwriting.

Education:

Mr. Kleve has a B.A. in Applied Social Statistics from the University of Minnesota.

Professional Experience:

Sam Chappell joined Courage Music as a Senior Advisor for Christian Music in 2018 and is expected to transition to a full-time employee as Managing Director in 2024. He is a music executive with over 40 years of music industry experience and five years of music rights investment experience. Prior to Courage he was President of two record labels, including Integrity Music, which at the time was the world’s largest independent Christian music company, and 40 Records, an imprint of Gotee Records. Previously, Sam has served in other senior music roles including management of artists such as Lecrae, Andy Mineo and Grits. At Courage Music, Mr. Chappell manages our business development team as well as manage seller partner and strategic partner relations.

* Sam is currently a member of the team as an independent contractor. Once the term of his Senior Advisor agreement is finished, he is expected to transition into the full-time employee role of Managing Director.

Education:

Mr. Chappell has a B.A. from Anderson University in Indiana. He also has J.D. from Oklahoma City University Law School in Oklahoma City.

Professional Experience:

Rylan Soref joined Courage Music as an Assistant Managing Director in 2019. He is a creative strategist, producer and music supervisor. He founded Obay Media in 2016, a creative strategy agency for companies operating in entertainment and technology. He also co-founded Songs For Film & TV in 2009, a music services agency that has secured thousands of placements for music rights in film, television, advertising and new media. Throughout his career, Mr. Soref has worked on projects for Facebook, Google, Samsung, Showtime, and Comcast, among many others. Mr. Soref manages seller-partner relations and performance optimization initiatives.

Education:

Mr. Soref has a B.A. in Political Science with a minor in Integrated Liberal Studies from the University of Wisconsin - Madison.

Professional Experience:

Blake Rowlinson joined Courage Music as an Associate in 2019. Previously, he was an analyst in Wells Fargo’s Financial Sponsors Group. During his time at Wells Fargo, he developed strong financial analysis skills while working on M&A transactions for numerous financial sponsors, including Blackstone. At Courage Music, Mr. Rowlinson is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Rowlinson earned a B.A. in Economics from Yale University.

Professional Experience:

Harrison McDonough joined Courage Music as an Associate in 2023. Previously, he was an Analyst within the Corporate Valuation and M&A Advisory group at Houlihan Lokey, a leading middle market investment bank, where he conducted complex valuations and financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was a Mergers and Acquisitions Associate at KPMG where he provided financial and tax advisory services for domestic and international private equity transactions. At Courage Music, Mr. McDonough is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. McDonough has a B.A. in Accounting and a Masters in Accounting and Data Analytics from the University of Mississippi.

Professional Experience:

Max Osnowitz joined Courage Music as an Associate in 2024. Previously, he was an Investment Banking Associate at Republic Capital Group where he conducted financial analysis for restructuring and M&A transactions. Prior to Republic Capital Group, he was a Research Associate at Stifel Financial where he conducted financial research on 28 publicly traded Applications Software Companies. At Courage Music, Mr. Osnowitz is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Osnowitz has a B.A. in Business Administration from Missouri Baptist University and is a CFA® charterholder.

Professional Experience:

Erin Anderson joined Courage Music as a Consultant in 2020 and as a Director of Data Analytics in 2022. Prior to working with Courage Music, Ms. Anderson practiced law for six years at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. At Courage Music, Ms. Anderson manages data analytics as well as the team’s proprietary business analytics platform.

Education:

Ms. Anderson has a B.A. from Dartmouth College and a J.D. from Boston College Law School.

Professional Experience:

Rachel Glidden joined Courage Music as Director of Business Development in August 2022. Previously, Ms. Glidden was the Head of Campaign Strategy at WMA (2019-2022) where she oversaw artist marketing plans and release schedules, working with various labels, management, and distribution companies to ensure successful project launches and strategies for domestic and international clients. Prior to her time at WMA, she worked in streaming strategy, project management and business development at Digmark, and then Fame House (2017-2019) under the Commercial Services division of Universal Music Group. At Courage Music, Ms. Glidden is responsible for enhancing performance optimization initiatives.

Education:

B.B.A. in Music Business from Belmont University

Professional Experience:

Tyler Perrillo joined Courage Music as a Director of Music Royalty Analytics in 2022. Previously, Mr. Perrillo was Manager of Global Copyright at Universal Music Publishing Group from 2017 to 2022 where he liaised with PROs, DSPs, and third-party collection societies on work registration-related projects. He also provided training and support to UMPG’s 51 offices located across 41 countries. Prior to UMPG, Tyler worked in copyright for BMG and Bluewater Music Services Corp. and spent five years working in performance rights distribution at ASCAP. At Courage Music, Mr. Perrillo is responsible for investment monitoring.

Education:

Mr. Perrillo earned a B.A. in Music Industry from SUNY Oneonta.

Professional Experience:

Chandler Cozine joined Courage Music in December 2023 as Director of Business Development. Previously, she served as the West Coast Promotions Manager for Arista Records (Sony) where she was responsible for elevating radio airplay across the label’s roster in addition to creative marketing strategies. Prior to this role, she worked at In2une Music (Kobalt), Atlantic Records and WWE where she took on roles focusing on marketing, artist development and community relations.

Education:

B.A. Communications with a concentration in Public Relations and Broadcast Journalism from Marist College, Poughkeepsie, NY

Professional Experience:

Deborah Mickelson joined Courage Music in 2023 as Director of Operations and Team Facilitator. Previously, Ms. Mickelson served as Director of Operations at Valkyrie Investments, a leading digital asset management firm in Brentwood, Tennessee. Prior to her tenure at Valkyrie, she managed the launch and daily operations of Tri Star Sports & Entertainment's offices in West Hollywood, California. Over her 20 year career, she has held other business operations and HR support positions across fintech, legal, business management, and non-profit.

At Courage Music, Ms. Mickelson oversees the day-to-day business operations and facilitates team workflow and productivity.

Education:

Ms. Mickelson holds a Bachelor of Science in Business Administration with a concentration in finance from California State University, East Bay.

Professional Experience:

Jason Somerville joined Courage in 2017 and is a Senior Managing Director of Courage Capital Management, LLC and the Founder and Portfolio Manager of the Courage Music investment strategy (“Courage Music”). He previously was an investment banker with over 22 years of experience and considered one of the leading investment bankers to companies, individuals, and investors operating in music rights. From 2010 to 2017, Mr. Somerville was the founder and managing partner of EIG, where he advised on numerous music rights transactions. Prior to forming EIG, Mr. Somerville was a Team Leader in J.P.Morgan’s Entertainment Industries Group. At J.P.Morgan, Mr. Somerville managed a portfolio of nearly $2 billion of senior debt investments in entertainment companies. Most notably, he founded the firm’s music practice and built a multi-billion-dollar capital market in music rights. He is believed to have syndicated the first-ever investment in an independent music rights company in 2005 (Concord Music Group) as well as the largest-ever investments in independent music rights companies in 2009 (BMG Rights Management and Bug Music). During his career, he has advised and/or raised capital for over 50 music rights transactions totaling over $2 billion in value.

Education:

Mr. Somerville earned a B.A. in Arts from The Johns Hopkins University and a Bologna Center Certificate from The Johns Hopkins University School of Advanced International Studies (SAIS).

Professional Experience:

Kin Cheng joined Courage Music as a Managing Director in 2020. He is a corporate and investment banking executive with 25 years of experience. Prior to Courage, Mr. Cheng was an Executive Director and Senior Relationship Manager in J.P. Morgan’s Commercial Banking Division. Previously at J.P. Morgan, he was a Senior Underwriter in J.P. Morgan’s Entertainment Industries Group where he managed the underwriting, performance monitoring, and compliance reporting for senior debt investments in entertainment companies, including many of Mr. Somerville’s music clients. In 1993, he began his banking career at the Federal Reserve Bank of New York as a foreign exchange analyst. At Courage Music, Mr. Cheng manages business affairs and investment due diligence.

Education:

Mr. Cheng has a B.A. in Economics from the University of California.

Professional Experience:

Jason Kleve joined Courage Music as a Consultant in 2018 and a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 2002 and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. At Courage Music, Mr. Kleve manages investment qualification and underwriting.

Education:

Mr. Kleve has a B.A. in Applied Social Statistics from the University of Minnesota.

Professional Experience:

Sam Chappell joined Courage Music as a Senior Advisor for Christian Music in 2018 and is expected to transition to a full-time employee as Managing Director in 2024. He is a music executive with over 40 years of music industry experience and five years of music rights investment experience. Prior to Courage he was President of two record labels, including Integrity Music, which at the time was the world’s largest independent Christian music company, and 40 Records, an imprint of Gotee Records. Previously, Sam has served in other senior music roles including management of artists such as Lecrae, Andy Mineo and Grits. At Courage Music, Mr. Chappell manages our business development team as well as manage seller partner and strategic partner relations.

* Sam is currently a member of the team as an independent contractor. Once the term of his Senior Advisor agreement is finished, he is expected to transition into the full-time employee role of Managing Director.

Education:

Mr. Chappell has a B.A. from Anderson University in Indiana. He also has J.D. from Oklahoma City University Law School in Oklahoma City.

Professional Experience:

Rylan Soref joined Courage Music as an Assistant Managing Director in 2019. He is a creative strategist, producer and music supervisor. He founded Obay Media in 2016, a creative strategy agency for companies operating in entertainment and technology. He also co-founded Songs For Film & TV in 2009, a music services agency that has secured thousands of placements for music rights in film, television, advertising and new media. Throughout his career, Mr. Soref has worked on projects for Facebook, Google, Samsung, Showtime, and Comcast, among many others. Mr. Soref manages seller-partner relations and performance optimization initiatives.

Education:

Mr. Soref has a B.A. in Political Science with a minor in Integrated Liberal Studies from the University of Wisconsin - Madison.

Professional Experience:

Blake Rowlinson joined Courage Music as an Associate in 2019. Previously, he was an analyst in Wells Fargo’s Financial Sponsors Group. During his time at Wells Fargo, he developed strong financial analysis skills while working on M&A transactions for numerous financial sponsors, including Blackstone. At Courage Music, Mr. Rowlinson is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Rowlinson earned a B.A. in Economics from Yale University.

Professional Experience:

Harrison McDonough joined Courage Music as an Associate in 2023. Previously, he was an Analyst within the Corporate Valuation and M&A Advisory group at Houlihan Lokey, a leading middle market investment bank, where he conducted complex valuations and financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was a Mergers and Acquisitions Associate at KPMG where he provided financial and tax advisory services for domestic and international private equity transactions. At Courage Music, Mr. McDonough is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. McDonough has a B.A. in Accounting and a Masters in Accounting and Data Analytics from the University of Mississippi.

Professional Experience:

Max Osnowitz joined Courage Music as an Associate in 2024. Previously, he was an Investment Banking Associate at Republic Capital Group where he conducted financial analysis for restructuring and M&A transactions. Prior to Republic Capital Group, he was a Research Associate at Stifel Financial where he conducted financial research on 28 publicly traded Applications Software Companies. At Courage Music, Mr. Osnowitz is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Osnowitz has a B.A. in Business Administration from Missouri Baptist University and is a CFA® charterholder.

Professional Experience:

Erin Anderson joined Courage Music as a Consultant in 2020 and as a Director of Data Analytics in 2022. Prior to working with Courage Music, Ms. Anderson practiced law for six years at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. At Courage Music, Ms. Anderson manages data analytics as well as the team’s proprietary business analytics platform.

Education:

Ms. Anderson has a B.A. from Dartmouth College and a J.D. from Boston College Law School.

Professional Experience:

Rachel Glidden joined Courage Music as Director of Business Development in August 2022. Previously, Ms. Glidden was the Head of Campaign Strategy at WMA (2019-2022) where she oversaw artist marketing plans and release schedules, working with various labels, management, and distribution companies to ensure successful project launches and strategies for domestic and international clients. Prior to her time at WMA, she worked in streaming strategy, project management and business development at Digmark, and then Fame House (2017-2019) under the Commercial Services division of Universal Music Group. At Courage Music, Ms. Glidden is responsible for enhancing performance optimization initiatives.

Education:

B.B.A. in Music Business from Belmont University

Professional Experience:

Tyler Perrillo joined Courage Music as a Director of Music Royalty Analytics in 2022. Previously, Mr. Perrillo was Manager of Global Copyright at Universal Music Publishing Group from 2017 to 2022 where he liaised with PROs, DSPs, and third-party collection societies on work registration-related projects. He also provided training and support to UMPG’s 51 offices located across 41 countries. Prior to UMPG, Tyler worked in copyright for BMG and Bluewater Music Services Corp. and spent five years working in performance rights distribution at ASCAP. At Courage Music, Mr. Perrillo is responsible for investment monitoring.

Education:

Mr. Perrillo earned a B.A. in Music Industry from SUNY Oneonta.

Professional Experience:

Chandler Cozine joined Courage Music in December 2023 as Director of Business Development. Previously, she served as the West Coast Promotions Manager for Arista Records (Sony) where she was responsible for elevating radio airplay across the label’s roster in addition to creative marketing strategies. Prior to this role, she worked at In2une Music (Kobalt), Atlantic Records and WWE where she took on roles focusing on marketing, artist development and community relations.

Education:

B.A. Communications with a concentration in Public Relations and Broadcast Journalism from Marist College, Poughkeepsie, NY

Professional Experience:

Deborah Mickelson joined Courage Music in 2023 as Director of Operations and Team Facilitator. Previously, Ms. Mickelson served as Director of Operations at Valkyrie Investments, a leading digital asset management firm in Brentwood, Tennessee. Prior to her tenure at Valkyrie, she managed the launch and daily operations of Tri Star Sports & Entertainment's offices in West Hollywood, California. Over her 20 year career, she has held other business operations and HR support positions across fintech, legal, business management, and non-profit.

At Courage Music, Ms. Mickelson oversees the day-to-day business operations and facilitates team workflow and productivity.

Education:

Ms. Mickelson holds a Bachelor of Science in Business Administration with a concentration in finance from California State University, East Bay.

Professional Experience:

Jason Somerville joined Courage in 2017 and is a Senior Managing Director of Courage Capital Management, LLC and the Founder and Portfolio Manager of the Courage Music investment strategy (“Courage Music”). He previously was an investment banker with over 22 years of experience and considered one of the leading investment bankers to companies, individuals, and investors operating in music rights. From 2010 to 2017, Mr. Somerville was the founder and managing partner of EIG, where he advised on numerous music rights transactions. Prior to forming EIG, Mr. Somerville was a Team Leader in J.P.Morgan’s Entertainment Industries Group. At J.P.Morgan, Mr. Somerville managed a portfolio of nearly $2 billion of senior debt investments in entertainment companies. Most notably, he founded the firm’s music practice and built a multi-billion-dollar capital market in music rights. He is believed to have syndicated the first-ever investment in an independent music rights company in 2005 (Concord Music Group) as well as the largest-ever investments in independent music rights companies in 2009 (BMG Rights Management and Bug Music). During his career, he has advised and/or raised capital for over 50 music rights transactions totaling over $2 billion in value.

Education:

Mr. Somerville earned a B.A. in Arts from The Johns Hopkins University and a Bologna Center Certificate from The Johns Hopkins University School of Advanced International Studies (SAIS).

Professional Experience:

Kin Cheng joined Courage Music as a Managing Director in 2020. He is a corporate and investment banking executive with 25 years of experience. Prior to Courage, Mr. Cheng was an Executive Director and Senior Relationship Manager in J.P. Morgan’s Commercial Banking Division. Previously at J.P. Morgan, he was a Senior Underwriter in J.P. Morgan’s Entertainment Industries Group where he managed the underwriting, performance monitoring, and compliance reporting for senior debt investments in entertainment companies, including many of Mr. Somerville’s music clients. In 1993, he began his banking career at the Federal Reserve Bank of New York as a foreign exchange analyst. At Courage Music, Mr. Cheng manages business affairs and investment due diligence.

Education:

Mr. Cheng has a B.A. in Economics from the University of California.

Professional Experience:

Jason Kleve joined Courage Music as a Consultant in 2018 and a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 2002 and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. At Courage Music, Mr. Kleve manages investment qualification and underwriting.

Education:

Mr. Kleve has a B.A. in Applied Social Statistics from the University of Minnesota.

Professional Experience:

Sam Chappell joined Courage Music as a Senior Advisor for Christian Music in 2018 and is expected to transition to a full-time employee as Managing Director in 2024. He is a music executive with over 40 years of music industry experience and five years of music rights investment experience. Prior to Courage he was President of two record labels, including Integrity Music, which at the time was the world’s largest independent Christian music company, and 40 Records, an imprint of Gotee Records. Previously, Sam has served in other senior music roles including management of artists such as Lecrae, Andy Mineo and Grits. At Courage Music, Mr. Chappell manages our business development team as well as manage seller partner and strategic partner relations.

* Sam is currently a member of the team as an independent contractor. Once the term of his Senior Advisor agreement is finished, he is expected to transition into the full-time employee role of Managing Director.

Education:

Mr. Chappell has a B.A. from Anderson University in Indiana. He also has J.D. from Oklahoma City University Law School in Oklahoma City.

Professional Experience:

Rylan Soref joined Courage Music as an Assistant Managing Director in 2019. He is a creative strategist, producer and music supervisor. He founded Obay Media in 2016, a creative strategy agency for companies operating in entertainment and technology. He also co-founded Songs For Film & TV in 2009, a music services agency that has secured thousands of placements for music rights in film, television, advertising and new media. Throughout his career, Mr. Soref has worked on projects for Facebook, Google, Samsung, Showtime, and Comcast, among many others. Mr. Soref manages seller-partner relations and performance optimization initiatives.

Education:

Mr. Soref has a B.A. in Political Science with a minor in Integrated Liberal Studies from the University of Wisconsin - Madison.

Professional Experience:

Blake Rowlinson joined Courage Music as an Associate in 2019. Previously, he was an analyst in Wells Fargo’s Financial Sponsors Group. During his time at Wells Fargo, he developed strong financial analysis skills while working on M&A transactions for numerous financial sponsors, including Blackstone. At Courage Music, Mr. Rowlinson is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Rowlinson earned a B.A. in Economics from Yale University.

Professional Experience:

Harrison McDonough joined Courage Music as an Associate in 2023. Previously, he was an Analyst within the Corporate Valuation and M&A Advisory group at Houlihan Lokey, a leading middle market investment bank, where he conducted complex valuations and financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was a Mergers and Acquisitions Associate at KPMG where he provided financial and tax advisory services for domestic and international private equity transactions. At Courage Music, Mr. McDonough is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. McDonough has a B.A. in Accounting and a Masters in Accounting and Data Analytics from the University of Mississippi.

Professional Experience:

Max Osnowitz joined Courage Music as an Associate in 2024. Previously, he was an Investment Banking Associate at Republic Capital Group where he conducted financial analysis for restructuring and M&A transactions. Prior to Republic Capital Group, he was a Research Associate at Stifel Financial where he conducted financial research on 28 publicly traded Applications Software Companies. At Courage Music, Mr. Osnowitz is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Osnowitz has a B.A. in Business Administration from Missouri Baptist University and is a CFA® charterholder.

Professional Experience:

Erin Anderson joined Courage Music as a Consultant in 2020 and as a Director of Data Analytics in 2022. Prior to working with Courage Music, Ms. Anderson practiced law for six years at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. At Courage Music, Ms. Anderson manages data analytics as well as the team’s proprietary business analytics platform.

Education:

Ms. Anderson has a B.A. from Dartmouth College and a J.D. from Boston College Law School.

Professional Experience:

Rachel Glidden joined Courage Music as Director of Business Development in August 2022. Previously, Ms. Glidden was the Head of Campaign Strategy at WMA (2019-2022) where she oversaw artist marketing plans and release schedules, working with various labels, management, and distribution companies to ensure successful project launches and strategies for domestic and international clients. Prior to her time at WMA, she worked in streaming strategy, project management and business development at Digmark, and then Fame House (2017-2019) under the Commercial Services division of Universal Music Group. At Courage Music, Ms. Glidden is responsible for enhancing performance optimization initiatives.

Education:

B.B.A. in Music Business from Belmont University

Professional Experience:

Tyler Perrillo joined Courage Music as a Director of Music Royalty Analytics in 2022. Previously, Mr. Perrillo was Manager of Global Copyright at Universal Music Publishing Group from 2017 to 2022 where he liaised with PROs, DSPs, and third-party collection societies on work registration-related projects. He also provided training and support to UMPG’s 51 offices located across 41 countries. Prior to UMPG, Tyler worked in copyright for BMG and Bluewater Music Services Corp. and spent five years working in performance rights distribution at ASCAP. At Courage Music, Mr. Perrillo is responsible for investment monitoring.

Education:

Mr. Perrillo earned a B.A. in Music Industry from SUNY Oneonta.

Professional Experience:

Chandler Cozine joined Courage Music in December 2023 as Director of Business Development. Previously, she served as the West Coast Promotions Manager for Arista Records (Sony) where she was responsible for elevating radio airplay across the label’s roster in addition to creative marketing strategies. Prior to this role, she worked at In2une Music (Kobalt), Atlantic Records and WWE where she took on roles focusing on marketing, artist development and community relations.

Education:

B.A. Communications with a concentration in Public Relations and Broadcast Journalism from Marist College, Poughkeepsie, NY

Professional Experience:

Deborah Mickelson joined Courage Music in 2023 as Director of Operations and Team Facilitator. Previously, Ms. Mickelson served as Director of Operations at Valkyrie Investments, a leading digital asset management firm in Brentwood, Tennessee. Prior to her tenure at Valkyrie, she managed the launch and daily operations of Tri Star Sports & Entertainment's offices in West Hollywood, California. Over her 20 year career, she has held other business operations and HR support positions across fintech, legal, business management, and non-profit.

At Courage Music, Ms. Mickelson oversees the day-to-day business operations and facilitates team workflow and productivity.

Education:

Ms. Mickelson holds a Bachelor of Science in Business Administration with a concentration in finance from California State University, East Bay.

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Given the global nature of the internet, this Website may be accessed by visitors residing outside of the United States. Courage makes no representations or warranties that this Website is appropriate or available for use in countries outside of the United States, or that services discussed on this Website are available or appropriate for sale or use in all jurisdictions, or by all counterparties. Visitors who choose to access this Website from outside of the United States do so at their own initiative and are responsible for compliance with any and all local laws and regulations that may apply to such access. You may not use or export the information or materials in violation of U.S. export laws and regulations. The information provided in or accessible through this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Courage and/or its affiliates to any registration or other requirement within such jurisdiction or country.

Links to Third-Party Sites

Courage has not reviewed unaffiliated sites to which this Website is linked, and is not responsible for the content of off-site pages or any other site linked or linking to the site. Your linking to any off-site pages or other sites is at your own risk. Courage makes no representations whatsoever about the opinions or accuracy of information expressed by any third party appearing on a linked site, neither regularly monitors nor has control over the contents of such sites, and does not endorse or validate, and disclaims all responsibility for, the content of such statements or websites.

Disclaimer of Warranties

This Website and all Materials are provided “as is,” “as available” without warranty of any kind, either express or implied, to the fullest extent permissible pursuant to applicable law. Without limitation, Courage does not warrant the accuracy, adequacy, completeness, reliability, timeliness or availability of this Website or any information on this Website, and expressly disclaims liability for errors or omissions on this Website. There is no warranty of merchantability, no warranty of fitness for a particular purpose, no warranty of non-infringement, no warranty of any kind, implied, express or statutory, in conjunction with this Website. Any contents on this Website are subject to change without notice. The Materials published on this Website may include inaccuracies or typographical errors. Courage does not undertake to update forward-looking statements. Courage further assumes no responsibility for, and makes no warranties that, functions contained at this Website will be uninterrupted or error-free, that defects will be corrected, or that the site or the server that makes it available will be free of viruses or other harmful components. In addition, Courage makes no representation about the suitability of the Materials for any purpose. You (and not Courage) assume the entire cost and risk of using this Website and the Materials. Please note that applicable law may not allow the exclusion of certain warranties, so some or all of the above exclusions may not apply to you.

Limitation of Liability

In no event will Courage be liable for any damages, or for repairs or corrections that must be performed, to or on your computer, person or other property, including, without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with this Website or use thereof or the inability by any party to use such site, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if Courage, or representatives thereof, are advised of the possibility of such damages, losses or expenses. Because some jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, in such jurisdictions liability is limited to the fullest extent permitted by applicable law. This limitation of liability applies regardless of any negligence or gross negligence of Courage or any of its officers, representatives, associates or agents. You accept all risks in relying on any information contained in this Website.

If you are dissatisfied with any portion of this Website, or with any of these Terms, your sole and exclusive remedy is to discontinue using this Website.

Governing Law

These Terms will be governed by and construed in accordance with the laws of the State of Tennessee, without regard to any conflicts of laws provisions that would mandate the applicable of the law of another jurisdiction.

Severability

If a court of competent jurisdiction deems any provision of these Terms unenforceable, that provision will be enforced to the maximum extent permissible, and the remaining provisions will remain in full force and effect.

Additional Terms

Any information you receive from Courage is believed to be accurate. Nevertheless, neither Courage nor its agents are liable for any deficiencies in the accuracy, completeness, availability or timeliness of such information. The information provided on this Website does not necessarily reflect the most up to date or current information available. THE INFORMATION AND OPINIONS EXPRESSED HEREIN IS PROVIDED WITHOUT ANY WARRANTY OF ANY KIND. ANY PROJECTIONS, OUTLOOKS OR ASSUMPTIONS SHOULD NOT BE CONSTRUED TO BE INDICATIVE OF THE ACTUAL EVENTS WHICH WILL OCCUR. ANY PROJECTIONS, MARKET OUTLOOKS OR ESTIMATES IN THIS DOCUMENT ARE FORWARD LOOKING STATEMENTS AND ARE BASED UPON CERTAIN ASSUMPTIONS. FURTHERMORE, COURAGE DOES NOT UNDERTAKE TO UPDATE FORWARD-LOOKING STATEMENTS. OTHER EVENTS WHICH WERE NOT TAKEN INTO ACCOUNT MAY OCCUR AND MAY SIGNIFICANTLY AFFECT SUCH OUTLOOKS OR ESTIMATES.

Client Information And Privacy Policy

Financial companies choose how they share your personal information. Federal law gives our clients the right to limit some but not all sharing. Federal law also requires Courage Capital (“Courage”, “us”, or “we”) to tell you how we collect, share, and protect your personal information. Please read this policy (“Privacy Notice”) carefully to understand what we do.

We do not disclose nonpublic personal information about our clients or former clients to third parties otherthan as described below.

Personal Information We Collect

We collect personal information about you in connection with our providing advisory services to you. This information includes your name, address, and social security number and may include other information such as your:

  • Assets
  • Investment experience
  • Transaction history
  • Income
  • Wire transfer instructions

How We Collect This Information

We collect this information from you through various means. For example, when you give us your contact information, enter into an investment advisory contract with us, buy securities (i.e., interests in a fund) from us, tell us where to send money, or make a wire transfer. We also may collect your personal information from other sources, such as our affiliates1 or other nonaffiliated companies. Only employees with a valid business reason have access to your personal information. We train our employees on safeguarding your confidential information as well as provide data security awareness training.

How We Use This Information

All financial companies need to share customers’ personal information to run their everyday business and we use the personal information we collect from you for our everyday business purposes. These purposes may include for example:

  • To provide advisory services to you
  • To open an account for you
  • To process a transaction for your account
  • To market products and services to you
  • To respond to court orders and legal investigations

Disclosure To Others

We may provide your personal information to our affiliates and to firms that assist us in servicing your account and have a need for such information, such as a broker, fund administrator, auditor, tax advisor, and legal counsel. We require third-party service providers to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. These sharing practices are consistent with U.S. federal privacy, certain state privacy and related laws, and in general, you may not limit our use of your personal information for these purposes under such laws. We note that the U.S. federal privacy laws only give you the right to limit the certain types of information sharing that we do not engage in (e.g., sharing with our affiliates certain information relating to your transaction history or creditworthiness for their use in marketing to you, or sharing any personal information with nonaffiliates for them to market to you).

How We Protect Your Personal Information

To protect your personal information from unauthorized access and use, we use security measures that comply with U.S. federal law. These measures include designing and implementing a security control environment that follows the NIST framework. We restrict access to nonpublic personal information to our employees who need to know such information in order to provide services to you. All Courage files containing personal information are secured through our electronic firewalls, building security access, and reasonable restrictions to accessing physical and electronic records.

Who Is Providing This Privacy Notice

This Privacy Notice relates to all investors in private funds managed and advised by Courage Capital Management, LLC.

Who To Contact With Questions

If you have any questions about this Privacy Notice, email us at information@couragecap.com or visit www.couragecap.com.

1Our affiliates are companies related to us by common ownership or control and can include both financial and nonfinancial companies. Non-affiliates are companies not related to us by common ownership or control and can include both financial and nonfinancial companies.

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