---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-245163"
form_type: "8-K"
ticker: null
cik: "0001860424"
company_name: "Onex Direct Lending BDC Fund"
filed_at: "2025-10-21T23:59:59+00:00"
generated_at: "2026-05-17T03:04:46.474597+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Onex Direct Lending BDC NAV per share drops to $21.53; Q3 return -1.8%

## Summary
- NAV per share $21.53 as of Sep 30, down 4.2% from $22.48 at Jun 30, driven by unrealized losses.
- Quarterly return -1.8%, year-to-date -1.1%; dividends of $0.54/share (annualized yield 10.03%).
- Portfolio fair value $407.3M across 59 companies; 97% first lien, 99% floating rate debt.
- Net leverage 0.99x; two investments on non-accrual (unchanged from prior quarter).
- Sold 7,989 unregistered common shares for $172,000 in private placement (total offering $359.8M).

## SEC filing metadata
- accession: 0001193125-25-245163
- form_type: 8-K
- cik: 0001860424
- company_name: Onex Direct Lending BDC Fund
- filed_at: 2025-10-21T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 3.02, 7.01, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1860424/000119312525245163/0001193125-25-245163-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1860424/000119312525245163/d19246d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-245163
- JSON: https://secwatch.observer/filing/0001193125-25-245163.json
- Plain text: https://secwatch.observer/filing/0001193125-25-245163.txt

## Key facts
- Equity Issuances
  Onex Direct Lending BDC Fund issued 7,989 unregistered common shares of common stock to investors, including feeder vehicles for $172,000.
  - Security: common stock
  - Shares: 7,989 unregistered common shares
  - Purchaser: investors, including feeder vehicles
  - Consideration: $172,000
  source text: table details the shares sold: Date of Unregistered Sale Amount of Common Shares Consideration October 1, 2025 (number of Common Shares finalized on October 17, 2025) 7,989 $ 172,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/1860424/000119312525245163/0001193125-25-245163-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.