Indaba Capital Management, L.P. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Indaba Capital Management, L.P. reported 4 stock positions worth $91.2 million . Its top holding was Blue Owl Capital Corp. III (OBDE) at 44.2% of the portfolio, followed by ON24 (ONTF, 30.0% ) and Equity Commonwealth (EQC, 18.5% ). Compared with Q3 2024, it opened 2 new positions and added to 1. The biggest buy was a new position in Blue Owl Capital Corp. III (OBDE).
Location SAN FRANCISCO, CA
CIK 0001524362
Portfolio Value $91.2M (Q4 2024) Holdings 4 stocks · $91.2M 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 Q3 2024 OBDE Blue Owl Capital Corp. III 2,793,366 $40.3M New ONTF ON24 Inc. 4,240,256 $27.4M No change EQC Equity Commonwealth 9,550,000 $16.9M Add +103.2% ESPR Esperion Therapeutics Inc. 3,000,000 $6.6M New
Other holdings (6): bonds, preferreds, convertibles and warrants · $116.4M (not counted above) Security Class Shares / Principal Value Change BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 40,250,000 $32.2M No change REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27) NOTE 1.750% 2/1 · principal 25,000,000 $24.0M New SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal 22,664,000 $22.0M Add +403.6% IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal 14,000,000 $13.0M Add +55.6% TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) NOTE 2.500% 9/1 · principal 13,000,000 $12.8M New ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26) NOTE 5.000%12/1 · principal 24,685,998 $12.3M Add +2.5%
Total filed on the 13F, all lines: $207.5M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ None this quarter.
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ OBDE Blue Owl Capital Corp. III New 44.18% +44.18 ESPR Esperion Therapeutics Inc. New 7.24% +7.24 EQC Equity Commonwealth Add +103.2% 18.54% −59.74
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal Sold out 33,750,000 $32.0Mbefore exit REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27) NOTE 1.750% 2/1 · principal New 25,000,000 $24.0M SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal Add +403.6% 22,664,000 $22.0M XOMETRY INC (XMTR 1 02/01/27) NOTE 1.000% 2/0 · principal Sold out 21,750,000 $18.6Mbefore exit IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal Add +55.6% 14,000,000 $13.0M TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) NOTE 2.500% 9/1 · principal New 13,000,000 $12.8M ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26) NOTE 5.000%12/1 · principal Add +2.5% 24,685,998 $12.3M STANDARD BIOTOOLS INC (LAB 5.25 12/01/24) NOTE 5.250%12/0 · principal Sold out 7,660,000 $7.6Mbefore exit
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