# EDGAR Filing Document

**Accession Number:** 0002040731
**File Stem:** 0001140361-26-004856
**Filing Date:** 2026-2
**Character Count:** 20010
**Document Hash:** 143f738e63eecec3ea36200853f981e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-004856.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001140361-26-004856

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93864
- **FILM NUMBER:** 26622532

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Convex Group Ltd
- **CENTRAL INDEX KEY:** 0002040731

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** POINT HOUSE, FL 6
- **STREET 2:** 6 FRONT STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM11
- **BUSINESS PHONE:** 1 441-232-0112

**MAIL ADDRESS:**
- **STREET 1:** POINT HOUSE, FL 6
- **STREET 2:** 6 FRONT STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM11

## Exhibit 99.1

------

**Exhibit 99.1**

**<u>SCHEDULE A</u>**

The name, business address, title, present principal occupation or employment of each of the directors and executive officers of Convex Group Limited and Convex Re Limited are set forth below. If no business address is given, the director's or executive officer's business address is 6 Front Street, 6<sup>th</sup> Floor Point House, Hamilton HM 11, Bermuda.

**<u>Convex Group Limited</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Principle Business Address**  | **Principal Occupation/Title**  | **Citizenship**  |
| Claus-Michael Dill  |  | Director  | Germany  |
| Fiona Elizabeth Kermode  |  | Director  | United Kingdom  |
| Nicholas S. Lyons  |  | Director  | United Kingdom  |
| Paul David Brand  |  | CEO Convex Group <br> Director  | United Kingdom  |
| Stephen John Oatley Catlin  |  | Executive Chairman Convex Group Director  | United Kingdom  |
| Adam Christopher Cobourn  | 161 Bay Street Toronto, Ontario  | Managing Director Onex Partners  | Canada <br>|
| Robert Michael Le Blanc  | 712 Fifth Avenue, New York NY 10019, United States of America  | CEO Onex  | United States of America  |
| Kelly Lyles  |  | Director  | United States of America  |
| William Marcoux  |  | Director  | United States of America  |
| Brian Bissett  |  | CFO Convex Group; Director  |  |
| Shannon Dyer  |  | Legal/ <br> Company Secretary  | United Kingdom  |
| Conyers Corporate Services (Bermuda) Limited <br>| Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda  |  | N/A  |

---

------

**<u>Convex Re Limited</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Principal Business Address**  | **Principal Occupation/Title**  | **Citizenship**  |
| Claus-Michael Dill  |  | Director  | Germany  |
| Fiona Elizabeth Kermode  |  | Director  | United Kingdom  |
| Nicholas S. Lyons  |  | Director  | United Kingdom  |
| Matthew Paskin  |  | CUO Reinsurance Convex Group <br> Director  | United Kingdom  |
| Richard Michael Slater  |  | CUO Convex Re <br> Director  | United Kingdom  |
| Kierra A. Smith  |  | Director <br> CFO Convex Re  | United States of America  |
| Paul Anthony Simons  |  | Director <br> CEO Convex Re  | United Kingdom  |
| Shannon Dyer  |  | Legal/ <br>Company Secretary  | United Kingdom  |
| Conyers Corporate Services (Bermuda) Limited  | Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda  |  | N/A  |

---

------

JOINT FILING AGREEMENT

Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the "Exchange Act") the undersigned hereby agree to the joint filing on behalf of each of them of any filing required by such party under Section 13 of the Exchange Act or any rule or regulation thereunder (including any amendment, restatement, supplement, and/or exhibit thereto) with respect to securities of Onex Direct Lending BDC Fund, a Delaware statutory trust, and further agree to the filing, furnishing, and/or incorporation by reference of this Agreement as an exhibit thereto. Each of them is responsible for the timely filing of such filings and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. This Agreement shall remain in full force and effect until revoked by any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party. This Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument.

Dated: February 11, 2026

**CONVEX GROUP LIMITED**

By: <u>/s/ Brian Bissett</u>

Name: Brian Bissett

Title: Chief Financial Officer

**CONVEX RE LIMITED**

By: <u>/s/ Kierra Smith</u>

Name: Kierra Smith

Title: Chief Financial Officer

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Onex Direct Lending BDC Fund**

*(Name of Issuer)*

**Common shares of beneficial interest, par value $0.001 per share**

*(Title of Class of Securities)*

**000000000**

*(CUSIP Number)*

**Robina Malik, Group GC**<br>c/o Convex Group Ltd.<br>6th Floor, Point House, 6 Front Street<br>Hamilton D0 HM11<br>1 (441) 232-0112

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/09/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **000000000** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Convex Re Limited** | Name of reporting person<br>**Convex Re Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D0** | Citizenship or place of organization<br>**D0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1280956.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1280956.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1280956.00** | Aggregate amount beneficially owned by each reporting person<br>**1280956.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.5%** | Percent of class represented by amount in Row (11)<br>**14.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **000000000** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Convex Group Limited** | Name of reporting person<br>**Convex Group Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D0** | Citizenship or place of organization<br>**D0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1280956.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1280956.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1280956.00** | Aggregate amount beneficially owned by each reporting person<br>**1280956.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.5%** | Percent of class represented by amount in Row (11)<br>**14.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common shares of beneficial interest, par value $0.001 per share

**(b) Name of Issuer:**
Onex Direct Lending BDC Fund

**(c) Address of Issuer's Principal Executive Offices:**
930 Sylvan Avenue, Englewood Cliffs, NJ, 07632

Explanatory Note

The Reporting Persons (defined below) previously filed jointly with the Onex Persons (defined below). On October 22, 2024, the Reporting Persons and the Onex Persons jointly filed Amendment No. 1 to Schedule 13D (the "Joint Schedule 13D Filing"). The Joint Schedule 13D Filing amended the initial statement on Schedule 13D filed on January 25, 2024 by Onex Credit Holdings LLC, Onex Corporation and Gerald W. Schwartz relating to the Common Shares (defined below) of the Issuer (defined below). The Joint Schedule 13D Filing also represented the initial statement on Schedule 13D of the Reporting Persons. As of February 11, 2026, the Reporting Persons ceased filing jointly with the Onex Persons.

Item 1. Security and Issuer

This Statement on Schedule 13D relates to the common shares of beneficial interest, par value $0.001 per share (the "Common Shares" or the "Shares") of Onex Direct Lending BDC Fund (f/k/a Onex Falcon Direct Lending BDC Fund), a Delaware statutory trust (the "Issuer" or the "Company"). The address of the Issuer's principal executive office is 930 Sylvan Avenue, Englewood Cliffs, New Jersey 07632.

**Item 4. Purpose of Transaction**

With respect to their beneficial ownership of the Shares, the Reporting Persons previously filed jointly with Onex Credit Holdings LLC, Onex Partners Canadian GP Inc., Onex Partners V GP Limited, Onex Corporation and Gerald W. Schwartz (collectively, the "Onex Persons"). On October 22, 2024, the Reporting Persons and the Onex Persons jointly filed the Joint Schedule 13D Filing. The Joint Schedule 13D Filing amended the initial statement on Schedule 13D filed on January 25, 2024 by Onex Credit Holdings LLC, Onex Corporation and Gerald W. Schwartz relating to the Common Shares of the Issuer. The Join Schedule 13D Filing also represented the initial statement on Schedule 13D of the Reporting Persons. As of February 11, 2026, the Reporting Persons ceased filing jointly with the Onex Persons.

All Shares of the Issuer currently owned of record by Convex Re Limited were acquired for investment purposes.

The Reporting Persons acquired beneficial ownership of the Shares for investment purposes because they believed the Shares represented an attractive investment opportunity. The Reporting Persons intend to review the investment in the Issuer on a continuing basis and depending on such review may consider from time to time various alternative courses of action. The Reporting Persons reserve the right, in light of their ongoing evaluation of the Issuer's financial condition, business, operations and prospects, the market price and availability of the Shares or other securities of the Issuer, conditions in the securities markets generally, general economic and industry conditions, regulatory requirements, other investment opportunities available to them, their business and investment objectives and other relevant factors, to change their plans and intentions at any time or to take such actions with respect to the investment in the Issuer as they deem appropriate, in each case as may be permitted pursuant to applicable law and contractual agreements. The Reporting Persons intend to review their investment in the Issuer on an ongoing basis and, in the course of their review, reserve the right to take actions (including through their affiliates) with respect to their investment or the Issuer, including communicating with the board of trustees of the Issuer (the "Board"), members of management or other security-holders of the Issuer, or other third parties from time to time, taking steps to implement a course of action, including, without limitation, engaging advisors, including legal, financial, regulatory, technical and/or industry advisors, to assist in any review, and evaluating strategic alternatives as they may become available. Such discussions and other actions may relate to various alternative courses of action, including, without limitation, those related to an extraordinary corporate transaction (including, but not limited to a merger, reorganization or liquidation) involving the Issuer or any of its subsidiaries; business combinations involving the Issuer or any of its subsidiaries, a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; material asset purchases; the formation of joint ventures with the Issuer or any of its subsidiaries or the entry into other material projects; changes in the present business, operations, strategy, future plans or prospects of the Issuer, financial or governance matters; changes to the Board (including board composition) or management of the Issuer; acting as a participant in debt financings of the Issuer or any of its subsidiaries, changes to the capitalization, ownership structure, dividend policy, business or corporate structure or governance documents of the Issuer; listing or de-listing or de-registration of the Issuer's securities, or any action similar to those enumerated above.

Except as otherwise set forth in this Item 4, Item 6 and elsewhere in this Schedule 13D, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the actions specified in clauses (a) through (j) of the instructions to Item 4 of Schedule 13D. Notwithstanding the foregoing, the Reporting Persons specifically reserve the right to change their intention with respect to any or all of such matters. In reaching any decision as to their course of action (as well as to the specific elements thereof), the Reporting Persons currently expect that they would take into consideration a variety of factors, including, but not limited to, the following: the Issuer's business and prospects; other developments concerning the Issuer and its businesses generally; other business opportunities available to the Reporting Persons; developments with respect to the business of the Reporting Persons; changes in law and government regulations; and general economic and market conditions.

**Item 5. Interest in Securities of the Issuer**

**(a)**
(a)-(b) The information relating to the beneficial ownership of the Shares by each of the Reporting Persons set forth in Rows 7 through 13 on each of the cover pages hereto is incorporated by reference herein and is as of the date hereof. Such information is based on 8,859,835.136 Shares outstanding as of February 9, 2026, as disclosed by the Issuer to the Reporting Persons. As disclosed herein, Convex Re Limited owns 1,280,956.447 Shares. Convex Group Limited may be deemed to beneficially own the Common Shares held by Convex Re Limited, through its ownership of all of the equity of Convex Re Limited.

The information set forth under Item 3 of this Schedule 13D is incorporated by reference herein.

**(b)**
(a)-(b) The information relating to the beneficial ownership of the Shares by each of the Reporting Persons set forth in Rows 7 through 13 on each of the cover pages hereto is incorporated by reference herein and is as of the date hereof. Such information is based on 8,859,835.136 Shares outstanding as of February 9, 2026, as disclosed by the Issuer to the Reporting Persons. As disclosed herein, Convex Re Limited owns 1,280,956.447 Shares. Convex Group Limited may be deemed to beneficially own the Common Shares held by Convex Re Limited, through its ownership of all of the equity of Convex Re Limited.

The information set forth under Item 3 of this Schedule 13D is incorporated by reference herein.

**(c)**
Information set forth under Item 3 of this Schedule 13D is incorporated by reference herein. None of the Reporting Persons has effected any transaction in the Shares in the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Items 3 and 4 of this Schedule 13D is hereby incorporated herein by reference.

As described in Item 3 above, Convex Re Limited entered into a subscription agreement with the Issuer, pursuant to which Convex Re Limited subscribed for and agreed to purchase Shares of the Issuer with a Capital Commitment of up to $30,000,000, all of which Shares have been purchased as of the date hereof. The subscription agreement contains customary representations, warranties and covenants of the Issuer and Convex Re Limited, and customary indemnification provisions in favor of the Issuer. The assignability and transferability of the Shares are governed by the subscription agreement, which imposes substantial restrictions on transfers.

Except as described in this Schedule 13D, there are no contracts, arrangements, understandings or between the Reporting Person and any other person, with respect to the Shares of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Convex Re Limited

**Signature:** /s/ Kierra Smith

**Name/Title:** Chief Financial Officer

**Date:** 02/11/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Convex Group Limited

**Signature:** /s/ Brian Bissett

**Name/Title:** Chief Financial Officer

**Date:** 02/11/2026