Onex Direct Lending BDC Fund Accepts 7.07% of Tendered Shares as Prorations Deepen
Holders have been prorated in every quarterly offer since May 2025, and the repurchase price has fallen from $20.81 a share in February to $17.04.
November 11, 2026
Onex Direct Lending BDC Fund accepted 7.07% of the shares its investors tendered in its latest quarterly repurchase offer, extending a run of prorated exits at the non-traded business development company that included a 7.38% fill in August.
The offer sought up to 400,986 shares, about 5% of the 8,019,722 shares outstanding at September 30, priced at net asset value per share as of that date. It expired at 11:59 p.m. New York time on November 6, and the fund paid accepted holders on November 9. It reported net asset value of $6,832,801.44 for the offer as of the September 30 valuation date, when net asset value per share stood at $17.04.
Fill rates by offer
The fund satisfied every request in the offer that closed in February 2025. Since then, it has accepted the following share of tendered stock in each offer:
- May 2025: 66.54%
- August 2025: 91.79%
- November 2025: 34.50%
- February 2026: 25.66%
- May 2026: 9.79%
- August 2026: 7.38%
- November 2026: 7.07%
Price and offer size
The repurchase price has declined over the same stretch. The fund paid $23.39, $22.88 and $22.48 a share in its February, May and August 2025 offers. This year it paid $20.81 in February, $18.75 in May and $17.31 in August, before the $17.04 set for the November round.
Offer sizes have also come down each quarter this year, from 466,307 shares in February to 443,518 in May, 421,913 in August and 400,986 in November.
The fund has said it intends to offer to repurchase up to 5% of its outstanding shares each quarter. Its board can enlarge an offer, and the fund may suspend or end the program at any time. Requests that go unfilled must be resubmitted in the next quarterly offer, and the shares are not traded on an established secondary market. Onex Credit Advisor, LLC is the fund's investment adviser.
