Onex Direct Lending BDC Fund
DE
Private creditNon-traded BDC1099
Compared against Private credit non-traded bdcs.
1Y return
−2.2%
3th pctile · behind most peersas of 2026-03-06
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$146.1M
as of 2026-03-06
Net expenses
10.24%
63th pctile · pricier than median
Repurchase
5% quarterly
14 of 118 peers matchLevel 3
79.1%
21th pctile · less model-priced than peersLast offer
no offer yet
15 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)10.24%
Minus interest on borrowings, the cost of portfolio leverage7.35%
Ongoing cost, determined from the filings2.89%
Ongoing cost is about 2.89% a year: a 1.12% management fee plus roughly 1.8% of administration, audit, legal, trustee and other fund level operating costs, net of a small excise tax credit. Borrowing cost of 7.35% and performance fees are excluded. The percentage is climbing because net assets fell from $194.1 million to $146.1 million in six months.
Sales loadnone
Total drag per year2.89%
This is the cost for common shares of beneficial interest (single class). It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
Based on Six months ended June 30, 2026 (Form 10-Q) six-month dollar expenses annualized by me and divided by average net assets of about $174.0 million, which.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Income incentive fee of 12.5% (15% for pre-October 2023 quarters) of pre-incentive fee net investment income over a 7.0% annualized hurdle on NAV with a 100% catch-up to 8.0% annualized, measured over trailing twelve quarters and subject to a cumulative net return cap; plus 12.5% of cumulative reali) apply only to returns earned. How this is calculated
Against Private credit non-traded bdcs
Total drag
78th pctile · pricier than most
1Y return
3th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Six months ended June 30, 2026 (Form 10-Q) six-month dollar expenses annualized by me and divided by average net assets of about $174.0 million, which I derived from the fund's own stated annualized ratios (net investment income after excise tax of $9,215,872 at a 10.57% ratio). Base cross-checked against the FY2025 Form 10-K, whose stated 10.10% net expense ratio less 7.05% interest less 0.37% incentive fee gives 2.67%. Adjusted upward to the interim because net assets fell from $262.5 million (Dec 2024) to $194.1 million (Dec 2025) to $146.1 million (Jun 2026) while the fixed operating base persists; no incentive fee accrued in the interim period..
Open the filing on sec.gov (0001193125-26-095711)Size and leverage
Net assets$146.1M?
Borrowings$162.0M?
Leveragedebt to equity1.11x?
Asset coverage190.00%?
Investments held43?
Started2021-10-01?
What the manager charges
Management feeof net assets1.25%?
Performance feeTwo components. Income component: 12.5% of pre-incentive fee net investment income for the trailing twelve quarters (15.0% for quarters commencing before October 1, 2023) above a 1.75% quarterly preferred return, with a 100% catch-up between 1.75% and 2.0% per quarter, and subject to an Incentive Fee Cap equal to 12.5% of cumulative pre-incentive fee net return over the trailing twelve quarters less fees already paid. Capital gains component: 12.5% (15.0% before October 1, 2023) of cumulative realized capital gains net of realized losses and unrealized depreciation, payable annually.?
Hurdle7.00%?
High water markNo?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Early repurchase fee2.00%?
The last repurchase offer was oversubscribed, and about 9.79% of what investors asked to sell was actually bought back.January 9, 2026 tender offer footnote (1): "In accordance with the terms of the tender offer, the Company accepted for purchase on a pro rata basis approximately 25.66% of the number of shares of the Company that were validly tendered and not withdrawn prior to the expiration of the tender offer." April 13, 2026 tender offer footnote (2): "In accordance with the terms of the tender offer, the Company accepted for purchase on a pro rata basis approximately 9.79% of the number of shares of the Company that were validly tendered and not withdrawn prior to the expiration of the tender offer, as permitted by Rule 13e-4 of the Exchange Act."
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position8.10%?
Top ten51.30%?
Floating rate99.30%?
Not paying interestloans on non-accrual3.70%?
Priced by the managerno market price available79.10%?
MostlyBusiness Services?
Who is involved
AdviserOnex Credit Advisor, LLC?
AuditorDeloitte & Touche LLP?
Valuedquarterly, with monthly net asset value updates for securities with reliable market quotes?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
- The Q2 2026 tender offer was heavily oversubscribed: only 9.79% of validly tendered shares were accepted for purchase, following 25.66% in the Q1 2026 offer.
- Net assets fell from $262.5 million at December 31, 2024 to $194.1 million at December 31, 2025 to $146.1 million at June 30, 2026, and net asset value per share fell from $20.81 to $17.31 in the first six months of 2026.
- Net realized losses of $38.3 million in the first six months of 2026, of which $18.0 million came from Amplity Parent and $17.0 million from IMB Midco restructurings.
- Medallia, Inc. was on non-accrual at June 30, 2026 at 3.7% of the portfolio at fair value, marked using a 2.3x revenue multiple against an amortized cost of $27.2 million.
- Redemption queue and proration trend: Only 9.79% of shares tendered in the April 2026 offer were repurchased, down from 25.66% in January 2026 and 100% in early 2025 percent of tendered shares filled (Investors seeking liquidity are being filled at a small fraction of their requests, and unsatisfied requests must be resubmitted each quarter, so the effective queue is lengthening while the asset base shrinks and spreads fixed costs over fewer dollars.)
- Contraction of asset base: Net assets $146.1 million at June 30, 2026 versus $194.1 million at December 31, 2025 and $262.5 million at December 31, 2024; investments at fair value $287.8 million versus $517.9 million at December 31, 2024 USD (A 44% decline in net assets in 18 months raises every fixed cost as a percentage of assets, reduces diversification, and forces asset sales to fund tenders and repay the credit facility.)
- Affiliate liquidity backstop reduced by 75%: The $80.0 million Revolving OCF II Loan was terminated January 29, 2026 and replaced with a $20.0 million Revolving OUSH Loan USD facility size (The affiliate credit line that management cites as available liquidity shrank from $80 million to $20 million, materially reducing the cushion for funding unfunded commitments and repurchases.)
- Credit facility maturity and reinvestment profile: SMBC Facility: $300 million commitment, $162 million drawn, reinvestment period ends October 3, 2027, maturity October 3, 2029 USD and dates (After October 3, 2027 no new borrowings may be drawn and the spread steps up by 50 basis points, so the fund's leverage and interest cost profile changes on a fixed date within the likely holding period of current investments.)
- Unfunded commitments versus available cash: $15.2 million of unfunded commitments against $9.7 million of cash and $138 million undrawn on the SMBC facility USD (Unfunded revolvers and delayed draw term loans can be called by borrowers at the worst time, competing with tender offer funding for the same liquidity.)
- Realized losses from restructurings: $38.3 million of net realized losses in the first six months of 2026, including $18.0 million on Amplity Parent and $17.0 million on IMB Midco USD (Two credits accounted for roughly 91% of half-year realized losses, showing that concentration risk in this 43-name portfolio has already converted into permanent capital loss.)
- Payment-in-kind income share: $1,373,879 of PIK interest out of $18,123,690 total investment income in the first six months of 2026, or 7.6% percent of total investment income (PIK income must be distributed to maintain RIC status even though no cash is received, which pressures cash flow and can mask deteriorating borrower health.)
- Distribution reduced: Quarterly distribution cut to $0.53 per share (declared May 6, 2026 and August 5, 2026) from $0.54 and $0.55 earlier USD per share (The declining distribution, together with distributions of $9,250,533 slightly exceeding net investment income of $9,215,872 in the half year, indicates limited excess earnings coverage.)
Fees
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
Valuation frequencychanged · Mar 2026quarterly
Structure
Legal structurebusiness development company
Share classesSingle class of common shares
Tax reporting formunchanged, 2 filings1099
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-12-312026-03-06
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Offer dateOfferedRequestedAcceptedSource
2026-08-11···SC TO-I/A
2026-05-12···SC TO-I/A
2026-02-09···SC TO-I/A
2025-11-12···SC TO-I/A
2025-08-12···SC TO-I/A
2025-05-13···SC TO-I/A
2025-02-11···SC TO-I/A
2024-11-13···SC TO-I/A
2024-08-13···SC TO-I/A
2024-05-14···SC TO-I/A
2024-02-13···SC TO-I/A
2023-11-13···SC TO-I/A
2023-08-15···SC TO-I/A
2023-05-16···SC TO-I/A
2023-02-14···SC TO-I/A
2026-08-11SC TO-I/AAmended issuer tender offer2026-08-0710-QQuarterly report2026-07-21SC TO-I/AAmended issuer tender offer2026-07-13SC TO-IIssuer tender offer2026-05-12SC TO-I/AAmended issuer tender offer2026-05-0810-QQuarterly report2026-04-21SC TO-I/AAmended issuer tender offer2026-04-13SC TO-IIssuer tender offer2026-03-0610-KAnnual report2026-02-09SC TO-I/AAmended issuer tender offer2026-01-21SC TO-I/AAmended issuer tender offer2026-01-09SC TO-IIssuer tender offer2025-11-12SC TO-I/AAmended issuer tender offer2025-10-21SC TO-I/AAmended issuer tender offer2025-10-10SC TO-IIssuer tender offer2025-08-12SC TO-I/AAmended issuer tender offer2025-07-22SC TO-I/AAmended issuer tender offer2025-07-14SC TO-IIssuer tender offer2025-05-13SC TO-I/AAmended issuer tender offer2025-04-22SC TO-I/AAmended issuer tender offer2025-04-14SC TO-IIssuer tender offer2025-03-0710-KAnnual report2025-02-11SC TO-I/AAmended issuer tender offer2025-01-22SC TO-I/AAmended issuer tender offer2025-01-10SC TO-IIssuer tender offer2024-11-13SC TO-I/AAmended issuer tender offer2024-10-22SC TO-I/AAmended issuer tender offer2024-10-11SC TO-IIssuer tender offer2024-08-13SC TO-I/AAmended issuer tender offer2024-07-23SC TO-I/AAmended issuer tender offer2024-07-15SC TO-IIssuer tender offer2024-05-14SC TO-I/AAmended issuer tender offer2024-04-23SC TO-I/AAmended issuer tender offer2024-04-15SC TO-IIssuer tender offer2024-02-13SC TO-I/AAmended issuer tender offer2024-01-23SC TO-I/AAmended issuer tender offer2024-01-16SC TO-I/AAmended issuer tender offer2024-01-12SC TO-IIssuer tender offer2023-11-13SC TO-I/AAmended issuer tender offer2023-10-23SC TO-I/AAmended issuer tender offer2023-10-13SC TO-IIssuer tender offer2023-08-15SC TO-I/AAmended issuer tender offer2023-07-24SC TO-I/AAmended issuer tender offer2023-07-17SC TO-IIssuer tender offer2023-05-16SC TO-I/AAmended issuer tender offer2023-04-25SC TO-I/AAmended issuer tender offer2023-04-17SC TO-IIssuer tender offer2023-02-14SC TO-I/AAmended issuer tender offer2023-01-24SC TO-I/AAmended issuer tender offer2023-01-13SC TO-IIssuer tender offer
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.