Onex Direct Lending BDC Fund
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Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | −$3.9M | $19.7M | $29.8M | $16.2M |
| Total assets | $417.8M | $561.3M | $551.0M | $523.7M |
| Total liabilities | $223.7M | $298.8M | $278.3M | $217.8M |
| Equity | $194.1M | $262.5M | $272.7M | $305.9M |
| EPS (diluted) | $-0.38 | $1.83 | $2.53 | $1.42 |
| Shares out. | 10.8M | 10.5M | 11.2M | 12.5M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- —
- Net margin
- —
- Return on equity
- −2.0%
- Return on assets
- −0.9%
- Return on capital (ROCE)
- —
- Liabilities / assets
- 53.5%
- Debt / equity
- 1.15×
- Book value / share
- $17.98
- Revenue growth (YoY)
- —
- Net income growth (YoY)
- −119.5%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- −20.5%clean
- Piotroski F-Score
- 2/6weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 2 good- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Convex Group LtdActivist (13D)Feb 11, 2026
- Onex CorpActivist (13D)Feb 10, 2026
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Material events
SEC Form 8-K · most recent- Regulation FD disclosure · Other material eventApr 21, 2026
- Entered a material agreementJan 30, 2026
- Regulation FD disclosure · Other material eventJan 21, 2026
- Unregistered equity sale · Regulation FD disclosure · Other material eventOct 21, 2025
- Unregistered equity sale · Regulation FD disclosure · Other material eventJul 22, 2025
- Entered a material agreement · Unregistered equity sale · Regulation FD disclosure · Other material eventApr 22, 2025
- Unregistered equity sale · Regulation FD disclosure · Other material eventJan 22, 2025
- Regulation FD disclosure · Other material eventDec 19, 2024
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗Event-driven situations (1)
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