Ronald Baron and affiliates report 25.3M shares (12.98%) of INDI

Rhea-AI Filing Summary

Baron Capital Group and affiliates disclosed ownership of 25,294,776 shares of indie Semiconductor Class A common stock, representing 12.98% of the outstanding class. The filing shows that the reporting persons—Baron Capital Group, Inc., BAMCO, Inc., Baron Capital Management, Inc. and Ronald Baron—hold shared voting and shared dispositive power over these shares, with no sole voting or dispositive power reported.

The filing also states BAMCO beneficially owns 23,919,413 shares (12.27%) and Baron Capital Management owns 1,375,363 shares (0.71%). It further discloses that BAMCO and BCM are subsidiaries of BCG and that Ronald Baron controls BCG. The reporting persons certify the shares are held in the ordinary course of business and not to effect a change in control.

Positive

• Material ownership disclosed: Aggregate position of 25,294,776 shares (12.98%) is clearly reported.
• Transparency on allocation: Filing specifies shared voting and dispositive power with no sole power.
• Subsidiary and control relationships are identified: BAMCO and BCM are subsidiaries of BCG and Ronald Baron controls BCG.
• Certification of passive intent: Reporting persons state holdings were acquired and are held in the ordinary course and not to change or influence control.

Negative

• None.

Insights

Financial Analyst

TL;DR: A substantial passive stake of 12.98% is disclosed, with shared voting/dispositive power and certification of non-control intent.

The filing reports an aggregate position of 25,294,776 shares (12.98%), all held with shared voting and dispositive power, which is material for a public disclosure because it exceeds 5% of the class. The structure shows multiple affiliated reporting persons and clarifies subsidiary relationships. The certification that the securities were acquired and are held in the ordinary course and not to change or influence control signals a passive ownership posture rather than an activist intent. This is a significant ownership disclosure but does not, on its face, indicate governance action.

Corporate Governance Expert

TL;DR: Ownership concentration is clear and relationships among filers are disclosed; the filing states no intent to influence control.

The statement identifies the reporting entities and notes that BAMCO and Baron Capital Management are subsidiaries of Baron Capital Group, with Ronald Baron holding a controlling interest in the parent. The reporting persons report shared voting and dispositive power equal to their share amounts and explicitly certify the holdings are not for the purpose of changing control. From a governance perspective, disclosure of the ownership level, allocation of voting/dispositive power, and subsidiary structure are the material items investors and issuers use to assess potential influence on corporate decisions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

indie Semiconductor, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

45569U101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 45569U101

1

Names of Reporting Persons

BAMCO INC /NY/

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 23,919,413.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 23,919,413.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,919,413.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.27 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP No. 45569U101

1

Names of Reporting Persons

Baron Capital Group, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,294,776.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,294,776.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,294,776.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.98 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. 45569U101

1

Names of Reporting Persons

Ronald Baron

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,294,776.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,294,776.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,294,776.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.98 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 45569U101

1

Names of Reporting Persons

Baron Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,375,363.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,375,363.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,375,363.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.71 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: indie Semiconductor, Inc.
(b)	Address of issuer's principal executive offices: 32 Journey, Aliso Viejo, California 92656
Item 2.
(a)	Name of person filing: Baron Capital Group, Inc. ("BCG"), BAMCO, Inc. ("BAMCO"), Baron Capital Management, Inc. ("BCM"), Ronald Baron
(b)	Address or principal business office or, if none, residence: 767 Fifth Avenue, 49th Floor, New York, NY 10153
(c)	Citizenship: BCG, BAMCO and BCM are New York corporations. Ronald Baron is a citizen of the United States.
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP No.: 45569U101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 25,294,776
(b)	Percent of class: 12.98 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 25,294,776
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 25,294,776
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The advisory clients of BAMCO and BCM have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Issuer's common stock in their accounts. To the best of the Filing Persons' knowledge, no such person has such interest relating to more than 5% of the outstanding class of securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. BAMCO and BCM are subsidiaries of BCG. Ronald Baron owns a controlling interest in BCG.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Please see Item 3.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BAMCO INC /NY/

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	08/14/2025

Baron Capital Group, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	08/14/2025

Ronald Baron

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	08/14/2025

Baron Capital Management, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	08/14/2025

FAQ

Who filed the Schedule 13G/A for indie Semiconductor (INDI)?

The filing was made by Baron Capital Group, Inc., BAMCO, Inc., Baron Capital Management, Inc. and Ronald Baron.

How many indie Semiconductor (INDI) shares were disclosed and what percent of the class is that?

The aggregate amount disclosed is 25,294,776 shares, representing 12.98% of the Class A common stock.

What voting and dispositive powers are reported by the filers?

The filers report 0 sole voting/dispositive power and 25,294,776 shared voting and shared dispositive power.

Does the filing indicate intent to influence control of indie Semiconductor (INDI)?

No. The reporting persons certify the securities are held in the ordinary course of business and were not acquired to change or influence control.

What subsidiary or control relationships are disclosed among the filers?

The filing states that BAMCO and Baron Capital Management (BCM) are subsidiaries of Baron Capital Group (BCG) and that Ronald Baron owns a controlling interest in BCG.