Indaba Capital Management, L.P.

Name: Indaba Capital Management, L.P. 13F holdings, Q1 2025
Creator: Indaba Capital Management, L.P.
Published: 2025-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Indaba Capital Management, L.P. reported 7 stock positions worth $59.9 million. Its top holding was ON24 (ONTF) at 36.8% of the portfolio, followed by Equity Commonwealth (EQC, 22.6%) and Blackbaud (BLKB, 20.0%). Compared with Q4 2024, it opened 4 new positions, sold out of 1 and reduced 1. The biggest buy was a new position in Blackbaud (BLKB) and the biggest sale an exit from Blue Owl Capital Corp. III (OBDE).

Most Recent 13F: Q2 2026
Location: SAN FRANCISCO, CA
CIK: 0001524362
Portfolio Value: $59.9M (Q1 2025)
SEC Filing: 0001011438-25-000318 ↗ filed May 15, 2025

Holdings Value

Holdings 7 stocks · $59.9M


ONTF ON24 Inc.	36.79%	4,240,256	$22.0M	No change
EQC Equity Commonwealth	22.57%	8,403,411	$13.5M	Reduce -12.0%
BLKB Blackbaud Inc.	19.98%	193,000	$12.0M	New
ESPR Esperion Therapeutics Inc.	7.21%	3,000,000	$4.3M	No change
BATRK Atlanta Braves Holdings in-C	6.26%	93,811	$3.8M	New
EMBC Embecta Corp.	4.72%	221,938	$2.8M	New
ADV Advantage Solutions Inc.	2.47%	980,865	$1.5M	New

Other holdings (5): bonds, preferreds, convertibles and warrants · $106.7M (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	$32.5M	No change
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26)	NOTE 1.500% 2/1 · principal	29,039,000	$27.8M	Add +28.1%
ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26)	NOTE 5.000%12/1 · principal	37,049,299	$18.5M	Add +50.1%
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26)	NOTE 1.500% 6/1 · principal	17,000,000	$15.1M	Add +21.4%
TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25)	NOTE 2.500% 9/1 · principal	13,000,000	$12.8M	No change

Total filed on the 13F, all lines: $166.6M.

Portfolio Sells Q4 2024 → Q1 2025


OBDE Blue Owl Capital Corp. III	Sold out	0.00%	−44.18
EQC Equity Commonwealth	Reduce -12.0%	22.57%	+4.03

Portfolio Buys Q4 2024 → Q1 2025


BLKB Blackbaud Inc.	New	19.98%	+19.98
BATRK Atlanta Braves Holdings in-C	New	6.26%	+6.26
EMBC Embecta Corp.	New	4.72%	+4.72
ADV Advantage Solutions Inc.	New	2.47%	+2.47

Notes & Other Activity Q4 2024 → Q1 2025


SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26)	NOTE 1.500% 2/1 · principal	Add +28.1%	29,039,000	$27.8M
REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27)	NOTE 1.750% 2/1 · principal	Sold out	25,000,000	$24.0Mbefore exit
ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26)	NOTE 5.000%12/1 · principal	Add +50.1%	37,049,299	$18.5M
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26)	NOTE 1.500% 6/1 · principal	Add +21.4%	17,000,000	$15.1M

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