<p>Refined BPS indices give rise to a quantum Riemann–Hilbert problem that is inherently related to a non-commutative deformation of moduli spaces arising in gauge and string theory compactifications. We reformulate this problem in terms of a non-commutative deformation of a TBA-like equation and obtain its formal solution as an expansion in refined indices. As an application of this construction, we derive a generating function of solutions of the TBA equation in the unrefined case.</p>