# EDGAR Filing Document

**Accession Number:** 0001860424
**File Stem:** 0001193125-26-166796
**Filing Date:** 2026-4
**Character Count:** 10058
**Document Hash:** faac2319dd97e9c55c32962ca8528458
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-166796.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001193125-26-166796

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260417

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Onex Direct Lending BDC Fund
- **CENTRAL INDEX KEY:** 0001860424

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01405
- **FILM NUMBER:** 26879533

**BUSINESS ADDRESS:**
- **STREET 1:** 930 SYLVAN AVENUE
- **CITY:** ENGLEWOOD CLIFFS
- **STATE:** NJ
- **ZIP:** 07632
- **BUSINESS PHONE:** (201) 541-2121

**MAIL ADDRESS:**
- **STREET 1:** 930 SYLVAN AVENUE
- **CITY:** ENGLEWOOD CLIFFS
- **STATE:** NJ
- **ZIP:** 07632

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Onex Falcon Direct Lending BDC Fund
- **DATE OF NAME CHANGE:** 20210709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Onex Falcon BDC Fund
- **DATE OF NAME CHANGE:** 20210504

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): April 17, 2026

## Onex Direct Lending BDC Fund

#### (Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **814-01405** | **86-3687484** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

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| | |
|:---|:---|
| **930 Sylvan Avenue**<br> **Englewood Cliffs, NJ** | **07632** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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#### Registrant's telephone number, including area code: (201) 541-2121

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.**  |

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#### Portfolio and Business Commentary
*(All figures as of March 31, 2026, unless otherwise noted.)* 

For the quarter ended March 31, 2026, the Company's net asset value ("**NAV**") per share was $18.75, compared to $20.81 as of December 31, 2025. The quarter-over-quarter change in NAV per share was driven primarily by unrealized losses from certain of the Company's investments in the portfolio. Net investment income was $0.55 per share for the quarter ended March 31, 2026. Dividends for the quarter ended March 31, 2026 were $0.54 per share, representing an annualized distribution yield of 11.52% based on first quarter NAV per share.<sup>1</sup> The Company's quarterly and year-to-date returns through March 31, 2026 were -7.6% and -7.6%, respectively. For the quarter ended March 31, 2026, approximately 59% of the gross unrealized losses were driven by three portfolio companies, all of which were Level 3 assets (all Level 3 assets are valued by an independent third party).

As of March 31, 2026, the fair market value of the Company's portfolio was $352.2 million across 51 portfolio companies and 18 industries. The Company's unfunded commitments were $17.5 million at March 31, 2026. Our portfolio was positioned with 98% first lien debt investments and 98% floating rate investment commitments based on par value, underscoring our focus to position the portfolio at the top of the capital structure. As of March 31, 2026, there were three investments on non-accrual status, representing 6.5% of the Company's investment portfolio at fair value, as compared with 1.0% as of December 31, 2025. As of March 31, 2026, the asset coverage ratio of total assets to total borrowings was 178%. As of March 31, 2026, the Company's net leverage ratio was 1.20x<sup>2</sup>, which was within our target leverage ratio of 0.75x to 1.25x, and the Company had remaining facility sizes totaling $106.0 million.<sup>3</sup>

As of March 31, 2026, the weighted average senior leverage of the portfolio at the time of commitment was approximately 5.2x, the loan-to-value ratio was approximately 45%, and the weighted average spread over reference rate to the Secured Overnight Financing Rate ("**SOFR**") and Canadian Dollar Offered Rate ("**CDOR**") was 602 bps. For the quarter and year ended March 31, 2026, the weighted average spread of new investments for the portfolio was 510 bps and 510 bps, respectively. The weighted average spread on the portfolio as of the quarter ended March 31, 2026 was 532 bps.

During the first quarter, the Company closed on four new borrowers to the portfolio and completed ten exits. As of March 31, 2026, 85% of the Company's loan portfolio based on fair value was priced above 85 cents on the dollar.

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| | |
|:---|:---|
| <sup>1.</sup> | The annualized distribution yield is calculated by multiplying the current quarter's (Q1 2026) regular distribution per share by four and dividing the result by the current quarter's ending NAV per share. If the calculation was based on the prior quarter's (Q4 2025) ending NAV per share, the annualized distribution yield would be 10.38% as of March 31, 2026.  |

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|:---|:---|
| <sup>2.</sup> | Net leverage ratio is defined as debt outstanding less cash and cash equivalents, divided by net assets. The Company believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company's financial condition net of $13.8 million of cash and cash equivalents as of March 31, 2026. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing the Company's financial condition.  |

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|:---|:---|
| <sup>3.</sup> | Includes borrowing facility sizes of $300.0 million under our SPV facility and $20.0 million under the Revolving OUSH Loan. The availability of this amount is subject to an overcollateralization ratio test, which is based on the value of our SPV's assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.  |

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The information disclosed under this Item 7.01 is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or otherwise. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

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#### Net Asset Value
The net asset value ("**NAV**") per share of the Company as of March 31, 2026, as determined in accordance with the Company's valuation policy, is set forth below.

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| | |
|:---|:---|
|  | **NAV per share**<br>**as of**<br>**March 31, 2026** |
|  Common shares of beneficial interest, par value $0.001 | $18.75 |

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As of March 31, 2026, the Company's aggregate net asset value was $166.4 million and the fair value of its investment portfolio was $352.2 million.

#### Status of Offering
The Company has sold Common Shares as part of the Private Offering. The following table lists the Common Shares issued and total consideration for the Private Offering as of the date of this filing. The Company intends to continue selling Common Shares in the Private Offering on a quarterly basis.

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| | | |
|:---|:---|:---|
|  | **Common Shares<br>Issued** | **Total Consideration** |
|  Common shares of beneficial interest, par value $0.001 | 14505946 | $359.8 million |

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **ONEX DIRECT LENDING BDC FUND** | **ONEX DIRECT LENDING BDC FUND** |
| Date: April 21, 2026 | By: | /s/ Albert Siu |
|  | Name:<br> Title: | Albert Siu<br> Chief Financial Officer and Treasurer |

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