Private company

Onex Direct Lending BDC Fund

Onex Direct Lending BDC Fund is a registered investment adviser under the Investment Advisers Act of 1940.1 It is headquartered in Englewood Cliffs, New Jersey.1

Last updated Oct 20, 2026.

Overview

  • HeadquartersEnglewood Cliffs, New Jersey1
  • Incorporated inDE2
  • Business address930 Sylvan Avenue, Englewood Cliffs, Nj 076322
  • Filer categoryNon-accelerated filer, Emerging growth company2
  • Legal formOther
  • Kind of organizationInvestment fund1

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We are externally managed by the Adviser, which is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). To achieve our investment objective, we will leverage the Onex Credit (as defined below) investment team’s extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. There are no assurances that we will achieve our investment objective. The Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income45-$3.9M in 2025
-$10.0M0$10.0M$20.0M$30.0M2022: $16.2M$16.2M20222023: $29.8M$29.8M2023+84%2024: $19.7M$19.7M2024−34%2025: -$3.9M-$3.9M2025
Fiscal year202120222023202420252026
Operating expenses$17.4M4$35.5M5$29.9M5$23.4M5
Interest$6.9M4$20.6M5$20.5M5$16.5M5
Net income$16.2M4$29.8M5$19.7M5-$3.9M5
Earnings per share$1.424$2.535$1.835-$0.385
Earnings per share (diluted)$1.424$2.535$1.835-$0.385
Shares (weighted, basic)11.4M shares411.8M shares510.8M shares510.3M shares5
Shares (weighted, diluted)11.4M shares411.8M shares510.8M shares510.3M shares5

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Corporate structure

Onex Direct Lending BDC Fund sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Onex Direct Lending BDC Fund

  • Convex Group Ltd Filed SCHEDULE 13D on Onex Direct Lending BDC Fund, latest Feb 11, 2026
  • Onex Corporation Filed SCHEDULE 13D/A on Onex Direct Lending BDC Fund, latest Feb 10, 2026 (3 filings since Jan 25, 2024)
  • Onex Direct Lending BDC Fund Englewood Cliffs, New Jersey

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Onex Direct Lending BDC Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$9.8M5 Dec 31, 2025$23.6M5 Dec 31, 2024−58.6%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our corporate headquarters are located at 930 Sylvan Avenue, Englewood Cliffs, NJ 07632 and are provided by the Adviser in accordance with the terms of our Administration Agreement. We believe that our office facilities are suitable and adequate for our business as they are contemplated to be conducted.

Item 2 of the 10-K filed Mar 6, 2026.3

Leadership

Who has led Onex Direct Lending BDC Fund, and when. Pick a name to see everywhere that person has worked.

President

  1. Omer Masud2022

Chief financial officer

  1. Gary Klayn2021
2025
Board members and other officers (9)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Independent TrusteeHenry van Dyke named Mar 31, 202619
  • Independent TrusteeKelly Marshall named Mar 31, 202619

Former names

  • Onex Falcon Direct Lending BDC FundAug 30, 2021 to Feb 13, 20242
  • Onex Falcon BDC FundJun 2, 2021 to Jun 2, 20212

Timeline

  1. Jul 21, 20268-K Regulation FD disclosure; Other events20
  2. Apr 21, 20268-K Regulation FD disclosure; Other events21
  3. Jan 30, 20268-K Entered a material agreement22
  4. Jan 21, 20268-K Regulation FD disclosure; Other events23
  5. Oct 21, 20258-K Unregistered sale of shares; Regulation FD disclosure; Other events24
  6. Jul 22, 20258-K Unregistered sale of shares; Regulation FD disclosure; Other events25
  7. Apr 22, 20258-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure26
  8. Jan 22, 20258-K Unregistered sale of shares; Regulation FD disclosure; Other events27
  9. Dec 19, 20248-K Regulation FD disclosure; Other events28
  10. Dec 17, 20248-K Executive or director change29
  11. Oct 23, 20248-K Regulation FD disclosure30
  12. Oct 22, 20248-K Unregistered sale of shares; Regulation FD disclosure; Other events31

Filings

142 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 35 major events, 18 insider forms, 4 large holders, 4 private raises, 62 other. The latest 20:

  1. Oct 9, 2026SC TO-I EDGAR
  2. Aug 11, 2026SC TO-I/A EDGAR
  3. Aug 7, 202610-Q EDGAR
  4. Jul 21, 2026SC TO-I/A EDGAR
  5. Jul 21, 20268-K EDGAR
  6. Jul 13, 2026SC TO-I EDGAR
  7. May 12, 2026SC TO-I/A EDGAR
  8. May 8, 202610-Q EDGAR
  9. Apr 21, 20268-K EDGAR
  10. Apr 21, 2026SC TO-I/A EDGAR
  11. Apr 13, 2026SC TO-I EDGAR
  12. Mar 31, 2026D/A EDGAR
  13. Mar 6, 202610-K EDGAR
  14. Feb 11, 2026SCHEDULE 13D EDGAR
  15. Feb 10, 20264 EDGAR
  16. Feb 10, 20264 EDGAR
  17. Feb 10, 2026SCHEDULE 13D/A EDGAR
  18. Feb 9, 2026SC TO-I/A EDGAR
  19. Jan 30, 20268-K EDGAR
  20. Jan 21, 2026SC TO-I/A EDGAR

The 142 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 8, 2024ONEX CORP10% ownerSale46,390$23.42$1.1MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 16, 2021Raised $359.8 million in a private offering of equity Form D: 14 investors so far Form D

SEC filer profile

How Onex Direct Lending BDC Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAROnex Direct Lending BDC Fund1
  • CIK0001860424
  • Employer ID (EIN)86-36874843
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Business address930 Sylvan Avenue, Englewood Cliffs, NJ 076321
  • Phone(201) 541-21211
  • Shares outstanding8,438,260 as of Aug 3, 20267
  • Public float$0 as of Jun 30, 20255
  • AuditorDeloitte & Touche LLP, Boston, MA PCAOB ID 34; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJun 2, 20211
  • Filings152 in all: 8-K (34), SC TO-I/A (31), 3 (16), SC TO-I (16), 10-Q (14), 10-K (5), 40-17G (5), 40-APP/A (4)1
    All 25 form types

    40-APP (3), APP NTC (3), APP ORDR (3), D/A (3), 4 (2), CORRESP (2), 10-12G (1), 10-12G/A (1), 8-K/A (1), D (1), N-54A (1), N-6F (1), N-6F/A (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Jul 21, 2026

Securities registered for trading

ClassSymbolExchange
NoneNONE

From the cover page of the 10-K filed Mar 6, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Onex Direct Lending BDC Fund names in Item 1A of its 10-K filed Mar 6, 2026: 73 risks under these headings, as written.3

  • Risks Related to Our Business and Structure
  • Risks Related to Our Investments
  • Risks Related to the Adviser and Its Affiliates; Conflicts of Interest
  • Risks Related to Business Development Companies
  • Risks Related to Debt Financing
  • Federal Income Tax Risks
  • Risks Related to an Investment in Our Common Shares
  • Our Board may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • Our Board may amend our Declaration of Trust without prior shareholder approval.
  • Price declines in the medium-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased unrealized depreciation.
  • Our ability to achieve our investment objective depends on the ability of the Adviser to manage and support our investment process. If the Adviser were to lose any members of the senior management team, our ability to achieve our investment objective could be significantly harmed.
  • We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses.
The other 68 risks
  • As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • There is a risk that investors in our Common Shares may not receive distributions or that our distributions may decrease over time.
  • The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our private offering. Therefore, portions of the distributions that we make may represent a return of capital to you that will lower your tax basis in your shares and reduce the amount of funds we have for investment in targeted assets.
  • Our distributions to shareholders may be funded from expense reimbursements or waivers of investment advisory fees that are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”).
  • We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from this offering to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
  • Although we have adopted a share repurchase program, we have discretion to not repurchase your shares, to suspend the program, and to cease repurchases.
  • The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders.
  • Changes in existing laws or regulations, the interpretations thereof or newly enacted laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
  • We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our securities less attractive to investors.
  • Our status as an “emerging growth company” under the JOBS Act may make it more difficult to raise capital as and when we need it.
  • We may expend significant financial and other resources to comply with the requirements of being a public reporting entity.
  • We may experience fluctuations in our quarterly results.
  • Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms.
  • General economic conditions could adversely affect the performance of our investments.
  • The ongoing conflicts as a result of the Russian invasion of Ukraine and the continued political unrest in various countries such as Venezuela, as well as political and social unrest in the Middle East and North Africa regions may have a material adverse impact on us and our portfolio companies.
  • Economic and trade sanctions could make it more difficult or costly for us to conduct our operations or achieve our business objectives.
  • It may be difficult to bring suit or foreclosure in non-U.S. countries.
  • Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Terrorist attacks, acts of war or natural disasters may adversely affect our operations.
  • Force Majeure events may adversely affect our operations.
  • Certain of our portfolio companies’ businesses could be adversely affected by the effects of health pandemics or epidemics, which have a negative impact on our and our portfolio companies’ businesses and operations.
  • We may face a breach of our cyber security, which could result in adverse consequences to our and our portfolio companies’ operations and exposure of confidential information.
  • Failure or alleged failure to comply with applicable data protection and privacy laws and regulations could subject us to ongoing costs and, in some cases, fines and reputational harm.
  • Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital, which would harm our ability to achieve our investment objectives.
  • Our Declaration of Trust includes exclusive forum and jury trial waiver provisions that could limit a shareholder’s ability to bring a claim or, if such provisions are deemed inapplicable or unenforceable by a court, may cause us to incur additional costs associated with such action.
  • We are exposed to risks associated with changes in interest rates, including the current interest rate environment.
  • Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Disruptions to the global supply chain may have adverse impact on our portfolio companies and, in turn, harm us.
  • The failure of major financial institutions, namely banks, or sustained financial market illiquidity, could adversely affect our and/or our portfolio companies’ businesses and results of operations.
  • We may invest in transactions on an expedited basis
  • Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.
  • Our investments in portfolio companies may be risky, and we could lose all or part of our investment.
  • Our portfolio companies may be highly leveraged and a covenant breach by our portfolio companies may harm our operating results, or incur debt that ranks equally with, or senior to, our investments in such companies.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • We generally will not control our portfolio companies.
  • Changes in interest rates may adversely affect the value of our portfolio investments, which could have an adverse effect on our business, financial condition, and results of operations.
  • Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • Economic recessions or downturns could impair our portfolio companies and adversely affect our operating results.
  • Our portfolio companies may be highly leveraged.
  • Investing in middle market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.
  • We may not realize gains from our equity investments.
  • An investment strategy focused primarily on privately-held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
  • Our investments in securities or assets of publicly-traded companies are subject to the risks inherent in investing in public securities.
  • A lack of liquidity in certain of our investments may adversely affect our business.
  • Our investments may include original issue discount and payment-in-kind instruments.
  • We may enter into a TRS agreement that exposes us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We may enter into repurchase agreements.
  • We may enter into securities lending agreements.
  • We may from time to time enter into credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We may acquire various financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our shareholders.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • The effect of global climate change may impact the operations of our portfolio companies.
  • Technological innovations and industry disruptions.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • We are subject to risks related to sustainability.
  • Our investments in CLOs may be riskier and less transparent to us and our shareholders than direct investments in the underlying companies.
  • The Adviser and its affiliates, including our officers and interested Trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders.
  • There may be conflicts of interest related to obligations that the Adviser’s senior management and investment team have to other clients.
  • The time and resources that individuals employed by Onex Credit devote to us may be diverted and we may face additional competition due to the fact that individuals employed by Onex Credit are not prohibited from raising capital for or managing other investment entities that make the same types of investments that we target.
  • The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us and whose misconduct could negatively impact the Adviser or us.
  • There may be trademark risk, as we do not own the Onex name.
  • The requirement that we invest a sufficient portion of our assets in Qualifying Assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC.
  • Failure to maintain our status as a BDC would reduce our operating flexibility.
  • Regulations governing our operation as a BDC and RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.
  • Our ability to enter into transactions with our affiliates is restricted.
  • We are uncertain of our sources for funding our future capital needs; if we cannot obtain debt or equity financing on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

The opening of Item 3, Legal Proceedings.3

Sources

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