Indaba Capital Management, L.P. In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Indaba Capital Management, L.P. reported 2 stock positions worth $119.5 million . Its top holding was Equity Commonwealth (EQC) at 78.3% of the portfolio, followed by ON24 (ONTF, 21.7% ). Compared with Q2 2024, it sold out of 1 and added to 1. The biggest buy was Equity Commonwealth (EQC, shares +74% ) and the biggest sale an exit from Blackline (BL).
Location SAN FRANCISCO, CA
CIK 0001524362
Portfolio Value $119.5M (Q3 2024) Holdings 2 stocks · $119.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 EQC Equity Commonwealth 4,700,000 $93.5M Add +74.1% ONTF ON24 Inc. 4,240,256 $26.0M No change
Other holdings (7): bonds, preferreds, convertibles and warrants · $114.2M (not counted above) Security Class Shares / Principal Value Change ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal 33,750,000 $32.0M Add +3275.0% BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 40,250,000 $31.4M Reduce -18.3% XOMETRY INC (XMTR 1 02/01/27) NOTE 1.000% 2/0 · principal 21,750,000 $18.6M Add +22.5% ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26) NOTE 5.000%12/1 · principal 24,083,901 $12.4M No change IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal 9,000,000 $8.0M New STANDARD BIOTOOLS INC (LAB 5.25 12/01/24) NOTE 5.250%12/0 · principal 7,660,000 $7.6M New SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal 4,500,000 $4.2M New
Total filed on the 13F, all lines: $233.7M.
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ BL Blackline Inc. Sold out 0.00% −15.38
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ EQC Equity Commonwealth Add +74.1% 78.28% +21.35
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal Add +3275.0% 33,750,000 $32.0M BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal Reduce -18.3% 40,250,000 $31.4M XOMETRY INC (XMTR 1 02/01/27) NOTE 1.000% 2/0 · principal Add +22.5% 21,750,000 $18.6M IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal New 9,000,000 $8.0M STANDARD BIOTOOLS INC (LAB 5.25 12/01/24) NOTE 5.250%12/0 · principal New 7,660,000 $7.6M SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal New 4,500,000 $4.2M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 0 $0 Q1 2026 0 $0 Q4 2025 1 $33.8M ONTF Q3 2025 2 $25.4M ONTF, ELME Q2 2025 6 $46.2M ONTF, BLKB, BATRK, ESPR, EMBC Q1 2025 7 $59.9M ONTF, EQC, BLKB, ESPR, BATRK Q4 2024 4 $91.2M OBDE, ONTF, EQC, ESPR Q3 2024 2 $119.5M EQC, ONTF Q2 2024 3 $92.0M EQC, ONTF, BL Q1 2024 3 $77.0M ONTF, SNPO, LAB