Indaba Capital Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Indaba Capital Management, L.P. reported 2 stock positions worth $25.4 million. Its top holding was ON24 (ONTF) at 95.6% of the portfolio, followed by Elme Communities (ELME, 4.4%). Compared with Q2 2025, it opened 1 new position and sold out of 5. The biggest buy was a new position in Elme Communities (ELME) and the biggest sale an exit from Blackbaud (BLKB).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001524362
Portfolio Value
$25.4M (Q3 2025)
SEC Filing
0001011438-25-000573 ↗ filed Nov 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $77.0M Q1 2024 Q2 2024: $92.0M Q2 2024 Q3 2024: $119.5M Q3 2024 Q4 2024: $91.2M Q4 2024 Q1 2025: $59.9M Q1 2025 Q2 2025: $46.2M Q2 2025 Q3 2025: $25.4M $25.4M Q3 2025 Q4 2025: $33.8M Q4 2025 Q1 2026: $0 Q1 2026 Q2 2026: $0 Q2 2026

Holdings 2 stocks · $25.4M
ONTF ON24 Inc. 95.58% 4,240,256 $24.3M No change
ELME Elme Communities 4.42% 66,502 $1.1M New
Other holdings (3): bonds, preferreds, convertibles and warrants · $35.3M (not counted above)
SecurityClassShares / PrincipalValueChange
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal 20,000,000$17.8MAdd +17.6%
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 13,000,000$11.1MReduce -67.7%
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal 6,539,000$6.4MReduce -77.5%

Total filed on the 13F, all lines: $60.7M.

Portfolio Sells Q2 2025 → Q3 2025
BLKB Blackbaud Inc. Sold out 0.00% −26.82
BATRK Atlanta Braves Holdings in-C Sold out 0.00% −9.50
ESPR Esperion Therapeutics Inc. Sold out 0.00% −6.39
EMBC Embecta Corp. Sold out 0.00% −4.65
ADV Advantage Solutions Inc. Sold out 0.00% −2.80

Portfolio Buys Q2 2025 → Q3 2025
ELME Elme Communities New 4.42% +4.42

Notes & Other Activity Q2 2025 → Q3 2025
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal Add +17.6% 20,000,000 $17.8M
TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) NOTE 2.500% 9/1 · principal Sold out 13,000,000 $12.8Mbefore exit
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal Reduce -67.7% 13,000,000 $11.1M
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal Reduce -77.5% 6,539,000 $6.4M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 0$0
Q1 2026 0$0
Q4 2025 1$33.8MONTF
Q3 2025 2$25.4MONTF, ELME
Q2 2025 6$46.2MONTF, BLKB, BATRK, ESPR, EMBC
Q1 2025 7$59.9MONTF, EQC, BLKB, ESPR, BATRK
Q4 2024 4$91.2MOBDE, ONTF, EQC, ESPR
Q3 2024 2$119.5MEQC, ONTF
Q2 2024 3$92.0MEQC, ONTF, BL
Q1 2024 3$77.0MONTF, SNPO, LAB