13F Insight
DOSSIER · 13F-HR · Q4 2025

Indaba Capital Management, L.P.

$34M in tracked AUM across 1 positions as of Q4 2025.

IC
CIK 0001524362 · last filed Dec 31, 2025
Total AUM
$34M
as of Q4 2025
Holdings
1
—
positions
Whale Score
57
57
tracked
Activity
—
no data
changes this Q
AI Analysis · Q4 2025
Comprehensive Analysis of Indaba Capital Management L.P. 13F Filing
Portfolio Overview

Indaba Capital Management L.P. has reported a significant contraction in portfolio size for the quarter ended September 30, 2025. The total portfolio value decreased by 56.0%, dropping from $135.39 million to $59.57 million. This reduction is not merely a function of market depreciation but reflects a substantial shift in capital deployment strategy, evidenced by the exit from six previous positions. The...

Key Holdings

The portfolio is currently dominated by four specific positions, each representing a double-digit weighting:

  1. ON24 INC (ONTF): This is the largest holding, comprising 40.72% of the portfolio ($24.25M). The fund holds 4.24 million shares. This massive allocation suggests a strong conviction in the company’s cloud-based digital engagement platform.
  2. IRONWOOD PHARMACEUTICALS INC (IRWD): The second largest position, accounting for 29.87% of the portfolio ($17.79M). Indaba holds 20.00 million shares. This position was the only one to see an increase during the quarter.
  3. BANDWIDTH INC (BAND): Representing 18.60% of the portfolio ($11.08M), this position saw significant reduction. Despite holding 13.00 million shares, the stake was cut by nearly 68% during the quarter.
  4. SUMMIT HOTEL PPTYS (INN): The smallest of the four holdings at 10.82% ($6.44M), this real estate position was also aggressively trimmed, with the stake value decreasing by 77.5%.

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight
01
ONTF
ON24 INC
$34M4.2M100.0%

Filing history

2025Q4Dec 31
$34M▼ 43.3%
1 positionsView →2025Q3Sep 30
$60M▼ 56.0%
4 positionsView →2025Q2Jun 30
$135M▼ 9.3%
10 positionsLocked2025Q1Mar 31
$149M▼ 28.1%
10 positionsLocked2024Q4Dec 31
$208M▼ 11.2%
10 positionsLocked2024Q3Sep 30
$234M▲ 50.9%
9 positionsLocked2024Q2Jun 30
$155M▲ 1.1%
7 positionsLocked2024Q1Mar 31
$153M▼ 12.1%
7 positionsLocked2023Q4Dec 31
$174M▼ 48.7%
9 positionsLocked2023Q3Sep 30
$339M▲ 14.8%
17 positionsLocked2023Q2Jun 30
$296M▼ 8.6%
15 positionsLocked2023Q1Mar 31
$323M▼ 37.4%
19 positionsLocked
Showing 12 of 46