Indaba Capital Management, L.P.

Name: Indaba Capital Management, L.P. 13F holdings, Q2 2025
Creator: Indaba Capital Management, L.P.
Published: 2025-08-14

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Indaba Capital Management, L.P. reported 6 stock positions worth $46.2 million. Its top holding was ON24 (ONTF) at 49.8% of the portfolio, followed by Blackbaud (BLKB, 26.8%) and Atlanta Braves Holdings in-C (BATRK, 9.5%). Compared with Q1 2025, it sold out of 1. The biggest sale was an exit from Equity Commonwealth (EQC).

Most Recent 13F: Q2 2026
Location: SAN FRANCISCO, CA
CIK: 0001524362
Portfolio Value: $46.2M (Q2 2025)
SEC Filing: 0001011438-25-000452 ↗ filed Aug 14, 2025

Holdings Value

Holdings 6 stocks · $46.2M


ONTF ON24 Inc.	49.83%	4,240,256	$23.0M	No change
BLKB Blackbaud Inc.	26.82%	193,000	$12.4M	No change
BATRK Atlanta Braves Holdings in-C	9.50%	93,811	$4.4M	No change
ESPR Esperion Therapeutics Inc.	6.39%	3,000,000	$3.0M	No change
EMBC Embecta Corp.	4.65%	221,938	$2.2M	No change
ADV Advantage Solutions Inc.	2.80%	980,865	$1.3M	No change

Other holdings (4): bonds, preferreds, convertibles and warrants · $89.2M (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	$33.8M	No change
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26)	NOTE 1.500% 2/1 · principal	29,039,000	$28.1M	No change
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26)	NOTE 1.500% 6/1 · principal	17,000,000	$14.4M	No change
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: $135.4M.

Portfolio Sells Q1 2025 → Q2 2025


EQC Equity Commonwealth	Sold out	0.00%	−22.57

Portfolio Buys Q1 2025 → Q2 2025


None this quarter.

Notes & Other Activity Q1 2025 → Q2 2025


ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26)	NOTE 5.000%12/1 · principal	Sold out	37,049,299	$18.5Mbefore 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