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Indaba Capital Management, L.P.

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13F filer, CIK 1524362, SAN FRANCISCO, CA

Indaba Capital Management, L.P. reported $166,599,294 across 12 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 97.41% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001011438-25-000318

Period
2025-03-31
Reported value
$167M
Holdings
12
Top 10 weight
97.41%
New
4
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BLKBnew+193,000$12M
BATRKnew+93,811$3.75M
EMBCnew+221,938$2.83M
ADVnew+980,865$1.48M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
Blue Owl Capital Corp IIIexited-2,793,366-$40.3M
EQCreduced-1,146,589-$1.85M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001011438-25-000318, largest first. % of portfolio is the value over $166,599,294, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ONTFON24 INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,240,256 shares; 2024Q4: 4,240,256 shares; 2025Q1: 4,240,256 shares 4,240,256$22M13.23%0Timeline
EQCEQUITY COMMONWEALTHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,700,000 shares; 2024Q4: 9,550,000 shares; 2025Q1: 8,403,411 shares 8,403,411$13.5M8.12%-1,146,589Timeline
BLKBBLACKBAUD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 193,000 shares 193,000$12M7.19%newTimeline
ESPRESPERION THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,000,000 shares; 2025Q1: 3,000,000 shares 3,000,000$4.32M2.59%0Timeline
BATRKATLANTA BRAVES HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 93,811 shares 93,811$3.75M2.25%newTimeline
EMBCEMBECTA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 221,938 shares 221,938$2.83M1.7%newTimeline
ADVADVANTAGE SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 980,865 shares 980,865$1.48M0.89%newTimeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
BANDWIDTH INCBANDWIDTH INC NOTE 0.500% 4/0principal40,250,000$32.5M0
SUMMIT HOTEL PPTYSSUMMIT HOTEL PPTYS NOTE 1.500% 2/1principal29,039,000$27.8M+6,375,000
ACCELERATE DIAGNOSTICS INCACCELERATE DIAGNOSTICS INC NOTE 5.000%12/1principal37,049,299$18.5M+12,363,301
IRONWOOD PHARMACEUTICALS INCIRONWOOD PHARMACEUTICALS INC NOTE 1.500% 6/1principal17,000,000$15.1M+3,000,000
TRAVERE THERAPEUTICS INCTRAVERE THERAPEUTICS INC NOTE 2.500% 9/1principal13,000,000$12.8M0

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
Blue Owl Capital Corp IIIBlue Owl Capital Corp III2,793,366$40.3Mshares
REVANCE THERAPEUTICS INCREVANCE THERAPEUTICS INC25,000,000$24Mprincipal

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001011438-25-000318 base2025-05-15acceptance time not in the bulk data set