Indaba Capital Management, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Indaba Capital Management, L.P. reported 1 stock position worth $33.8 million. Its top holding was ON24 (ONTF) at 100.0% of the portfolio. Compared with Q3 2025, it sold out of 1. The biggest sale was an exit from Elme Communities (ELME).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001524362
Portfolio Value
$33.8M (Q4 2025)
SEC Filing
0001011438-26-000139 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $33.8M $33.8M Q4 2025 Q1 2026: $0 Q1 2026 Q2 2026: $0 Q2 2026

Holdings 1 stocks · $33.8M
ONTF ON24 Inc. 100.00% 4,240,256 $33.8M No change

Portfolio Sells Q3 2025 → Q4 2025
ELME Elme Communities Sold out 0.00% −4.42

Portfolio Buys Q3 2025 → Q4 2025
None this quarter.

Notes & Other Activity Q3 2025 → Q4 2025
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal Sold out 20,000,000 $17.8Mbefore exit
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal Sold out 13,000,000 $11.1Mbefore exit
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal Sold out 6,539,000 $6.4Mbefore exit

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