Vehicle file · Non-traded BDC

Onex Direct Lending BDC Fund

What its SEC filings show.

SEC CIK 1860424·Inc. DE·Fiscal year end 12/31·Data as filed · pulled Oct 12, 2026

What this file is.Not a review. Every figure below is the issuer's own number as tagged in its filings to the SEC, unadjusted, with a link to the filing it came from. When a new filing lands, the table updates; when a filing changes something for the people who hold this vehicle, we write it up and link it under Our reads.

Onex Direct Lending BDC Fund is a non-traded BDC registered with the SEC under CIK 1860424 (incorporated in DE). Its most recent filing is an SC TO-I (issuer tender offer) dated Oct 9, 2026. As of Jun 30, 2026 it reported total assets of $314.3M (down 38.6% from $511.6M a year earlier) and stockholders' equity of $146.1M. Net income (loss) for the six months to Jun 30, 2026 was −$21.2M. It raised $3.9M from new shares in the year to Dec 31, 2025; paid $8.8M in distributions in the six months to Jun 30, 2026. Reported NAV per share: $17.31 as of Jun 30, 2026.

What the figures say together

Our arithmetic on the issuer's own figures, only pairing numbers from the same period or date, and ranked against the 70 other vehicles of this type we track.

Liabilities were 54% of total assets at Jun 30, 2026. It ranks 51st of the 69 vehicles of this type that report the same figures (1st = least leveraged).
The management fee ran at about 1.35% a year of stockholders' equity ($971K in the six months to Jun 30, 2026, annualised; our arithmetic). It ranks 35th of the 55 vehicles of this type that report the same figures (1st = lowest fee).
NAV per share moved down 23.0% in a year, from $22.48 to $17.31 (before distributions). It ranks 56th of the 58 vehicles of this type that report the same figures (1st = best NAV change).

Key figures, as filed.

Balance sheet

Figure	Latest	Period	A year earlier	Change	Source
Total assets	$314.3M	as of Jun 30, 2026	$511.6M	−38.6%	10-Q · Aug 7, 2026
Investments at fair value	$287.8M	as of Jun 30, 2026	$468.1M	−38.5%	10-Q · Aug 7, 2026
Cash and equivalents	$9.7M	as of Jun 30, 2026	$21.2M	−54.1%	10-Q · Aug 7, 2026
Total liabilities	$168.2M	as of Jun 30, 2026	$280.1M	−40.0%	10-Q · Aug 7, 2026
Stockholders' equity	$146.1M	as of Jun 30, 2026	$231.4M	−36.9%	10-Q · Aug 7, 2026
NAV per share	$17.31	as of Jun 30, 2026	$22.48	−23.0%	10-Q · Aug 7, 2026
Shares outstanding	8.4M shares	as of Jun 30, 2026	10.3M shares	−18.0%	10-Q · Aug 7, 2026
Shares outstanding (cover page)	8.4M shares	as of Aug 3, 2026	10.3M shares	−18.1%	10-Q · Aug 7, 2026

Results and cash flow

Figure	Latest	Period	A year earlier	Change	Source
Net income (loss)	−$21.2M	six months to Jun 30, 2026	$1.8M	−1255.1%	10-Q · Aug 7, 2026
Cash from operations	$82.4M	six months to Jun 30, 2026	$20.8M	+295.9%	10-Q · Aug 7, 2026
Interest expense	$6.4M	six months to Jun 30, 2026	$8.6M	−25.3%	10-Q · Aug 7, 2026
Management fees	$971K	six months to Jun 30, 2026	$1.5M	−34.9%	10-Q · Aug 7, 2026

Capital raised, distributions and repurchases

Figure	Latest	Period	A year earlier	Change	Source
Distributions paid	$8.8M	six months to Jun 30, 2026	$10.7M	−17.5%	10-Q · Aug 7, 2026

Flows (revenues, income, cash, distributions, repurchases) are shown for the period the issuer reported them in, which may be a quarter, a year-to-date span or a full year; “a year earlier” compares only periods of the same length. A vehicle that does not tag a figure in XBRL will not show it here even if the PDF discloses it.

If you have real money in this, do not decide it alone.

We can tell you what the filings say. What we cannot tell you is what it means for your particular position, your tax situation and the rest of your portfolio, and anyone who does that from a web page without knowing your circumstances is guessing. With money in a non-traded BDC whose repurchases are capped each quarter, that is the part that actually matters.

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Filing timeline.

The last 25 documents this issuer filed with the SEC. Marked rows are the ones that tend to matter to holders.

Oct 9, 2026SC TO-I · Issuer tender offerEDGAR ↗
Aug 11, 2026SC TO-I/A · Issuer tender offer (amendment)EDGAR ↗
Aug 7, 202610-Q · Quarterly reportEDGAR ↗
Jul 21, 2026SC TO-I/A · Issuer tender offer (amendment)EDGAR ↗
Jul 21, 20268-K · Current reportItems 7.01,8.01EDGAR ↗
Jul 13, 2026SC TO-I · Issuer tender offerEDGAR ↗
May 12, 2026SC TO-I/A · Issuer tender offer (amendment)EDGAR ↗
May 8, 202610-Q · Quarterly reportEDGAR ↗
Apr 21, 20268-K · Current reportItems 7.01,8.01EDGAR ↗
Apr 21, 2026SC TO-I/A · Issuer tender offer (amendment)EDGAR ↗
Apr 13, 2026SC TO-I · Issuer tender offerEDGAR ↗
Mar 31, 2026D/A · FilingItems 06bEDGAR ↗
Mar 6, 202610-K · Annual reportEDGAR ↗
Feb 11, 2026SCHEDULE 13D · FilingEDGAR ↗
Feb 10, 20264 · Insider transactionEDGAR ↗
Feb 10, 20264 · Insider transactionEDGAR ↗
Feb 10, 2026SCHEDULE 13D/A · FilingEDGAR ↗
Feb 9, 2026SC TO-I/A · Issuer tender offer (amendment)EDGAR ↗
Jan 30, 20268-K · Current reportItems 1.01,9.01EDGAR ↗
Jan 21, 2026SC TO-I/A · Issuer tender offer (amendment)EDGAR ↗
Jan 21, 20268-K · Current reportItems 7.01,8.01EDGAR ↗
Jan 14, 2026APP ORDR · FilingEDGAR ↗
Jan 14, 2026APP NTC · FilingEDGAR ↗
Jan 9, 2026SC TO-I · Issuer tender offerEDGAR ↗
Dec 11, 202540-APP/A · FilingEDGAR ↗

Our reads on Onex Direct Lending BDC Fund.

No forensic read of this vehicle yet. When a filing changes something for holders — a tender offer, a repurchase cap, a NAV reset, a distribution cut — the read goes here.

Source: SEC EDGAR, XBRL company facts and filing index for CIK 1860424, retrieved Oct 12, 2026. Figures are reproduced as tagged by the issuer; errors in the source carry through, which is why every row links to the filing. Nothing here is investment advice.

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Onex Direct Lending BDC Fund

What the figures say together

Key figures, as filed.

Filing timeline.

Our reads on Onex Direct Lending BDC Fund.

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