Private Credit Portfolio Analysis | Onex Direct Lending BDC Fund Reports Q1 2025 Results
- Editor
- May 9
- 2 min read
Whats New:
Onex Direct Lending BDC Fund has released its Q1 2025 financial results, showing a decrease in total assets and net asset value per share compared to the previous quarter. The fund's total assets decreased to $555.96 million as of March 31, 2025, down from $561.29 million at the end of 2024. The net asset value per share also declined to $22.88 from $23.39 in the previous quarter.
Portfolio Dynamics:
Total assets decreased to $555.96 million as of March 31, 2025, compared to $561.29 million at the end of 2024.
Investments owned at fair value increased slightly to $523.47 million from $517.91 million at the end of 2024.
Cash and cash equivalents decreased significantly to $14.10 million from $23.63 million at the end of 2024.
Investment Activity:
Receivable from investment sales increased to $10.26 million from $7.99 million at the end of 2024.
Interest receivable and other assets decreased to $4.69 million from $8.29 million at the end of 2024.
Deferred costs decreased slightly to $2.40 million from $2.54 million at the end of 2024.
Capital Structure:
Credit facility usage increased to $279.00 million from $249.00 million at the end of 2024.
Total liabilities increased to $308.42 million from $298.78 million at the end of 2024.
Stockholders' equity decreased to $247.54 million from $262.51 million at the end of 2024.
Performance Profile:
Net asset value per share decreased to $22.88 as of March 31, 2025, compared to $23.39 at the end of 2024.
Retained earnings deficit increased to $24.21 million from $18.65 million at the end of 2024.
Additional paid-in capital decreased to $271.74 million from $281.15 million at the end of 2024.
Risk & Quality:
Management fee payable decreased to $0.77 million from $0.83 million at the end of 2024.
Incentive fee payable decreased significantly to $0.13 million from $1.04 million at the end of 2024.
Interest payable decreased to $2.97 million from $4.06 million at the end of 2024.
The Wrap:
Onex Direct Lending BDC Fund's Q1 2025 results show a slight contraction in total assets and net asset value per share. While the fund increased its investments at fair value and credit facility usage, it experienced decreases in cash and cash equivalents, stockholders' equity, and various fee payables. The increased retained earnings deficit and decreased additional paid-in capital suggest challenges in maintaining profitability and attracting new capital during the quarter.
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