SCHEDULE 13D/A 0001193125-24-014407 0000937226 XXXXXXXX LIVE 2 Common Shares of beneficial interest, par value $0.001 per share 02/06/2026 false 0001860424 000000000 Onex Direct Lending BDC Fund

930 Sylvan Avenue Englewood Cliffs NJ 07632

Colin Sam 1-416-362-7711 c/o Onex Corporation 161 Bay Street P.O. Box 700 Toronto A6 M5J 2S1 0000937226 N Onex Corporation OO N A6 0.00 609508.33 0.00 609508.33 609508.33 N 6.9 CO 0002042481 N Onex Credit Holdings LLC OO N DE 0.00 609508.33 0.00 609508.33 609508.33 N 6.9 OO 0001275599 N Gerald W. Schwartz OO N Z4 0.00 609508.33 0.00 609508.33 609508.33 N 6.9 IN 0001817315 N Onex Partners V GP Ltd OO N E9 0.00 0.00 0.00 0.00 0.00 N 0 CO 0001817206 N Onex Partners Canadian GP Inc. OO N A6 0.00 0.00 0.00 0.00 0.00 N 0.0 CO Common Shares of beneficial interest, par value $0.001 per share Onex Direct Lending BDC Fund 930 Sylvan Avenue Englewood Cliffs NJ 07632 This Schedule 13D is being jointly filed by each of the following persons (each a "Reporting Person" and, collectively, the "Reporting Persons") pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission (the "SEC") pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"): (i) Onex Credit Holdings LLC, a Delaware limited liability company; (ii) Onex Corporation, an Ontario corporation, the sole member of Onex Credit Holdings LLC; (iii) Gerald W. Schwartz, a Canadian citizen and the Chairman of Onex (collectively, with Onex Credit Holdings LLC, and Onex Corporation, the "Onex Persons"); (iv) Onex Partners V GP Limited, a Cayman Islands exempted company; and (v) Onex Partners Canadian GP Inc., an Ontario corporation. The principal business and principal office address of the Reporting Persons is c/o Onex Corporation, 161 Bay Street P.O. Box 700, Toronto, ON, Canada, M5J 2S1. The information set forth in Schedule A with respect to the persons required to be identified in respect of Onex Corporation, Onex Partners V GP Limited and Onex Partners Canadian GP Inc. is incorporated herein by reference (such persons, the "Covered Persons"). During the past five years, none of the Reporting Persons and, to the best of the Reporting Persons' knowledge, none of the Covered Persons, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). During the past five years, none of the Reporting Persons and, to the best of the Reporting Persons' knowledge, none of the Covered Persons, was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. The information set forth in Item 2(a) is incorporated herein by reference. Item 4 of this Schedule 13D is hereby amended and supplemented by the following. REORGANIZATION Following a reorganization on February 6, 2026 (the "Restructuring"), the investment funds indirectly controlled by Onex Partners V GP Limited and Onex Partners Canadian GP Inc. no longer beneficially own any securities of the Issuer. As a result, neither Onex Partners V GP Limited nor Onex Partners Canadian GP Inc. are deemed to beneficially own any securities of the Issuer following the Restructuring. Further, following the Restructuring voting and investment decisions will be exercised independently with regard to the securities of the Issuer held of record by Convex Re Limited on the one hand and Onex Credit Holdings LLC on the other. Therefore, Convex Re Limited and Convex Group Limited will no longer jointly file a Schedule 13D with the Reporting Persons. Item 5 of this Schedule 13D is hereby amended and restated by the following. The information contained on the cover pages is incorporated by reference to this Item 5. Onex Credit Holdings LLC, Onex Corporation and Mr. Gerald W. Schwartz may be deemed to share beneficial ownership of 609,508.33 common shares of beneficial interest, par value $0.001 per share (the "Common Shares"), representing 6.9% of the Common Shares outstanding, based on 8,859,835.14 Common Shares outstanding as of February 9, 2026, as disclosed on a Form 8-K filed by the Issuer on February 9, 2026. The information contained on the cover pages is incorporated by reference to this Item 5. Onex Credit Holdings LLC is the record holder of 609,508.33 Common Shares. Onex Corporation may be deemed to beneficially own the Common Shares held by Onex Credit Holdings LLC, through its ownership of all of the equity of Onex Credit Holdings LLC. Mr. Gerald W. Schwartz, the Chairman and Founder of Onex Corporation, indirectly owns shares representing a majority of the voting rights of the shares of Onex Corporation and as such may be deemed to beneficially own all of the Common Shares beneficially owned by Onex Corporation. Mr. Schwartz disclaims any such beneficial ownership. Except as set forth in Item 4 of this Schedule 13D, none of the Reporting Persons has effected any transaction in the Common Shares in the past 60 days. None As of February 6, 2026, Onex Partners V GP Limited and Onex Partners Canadian GP Inc. ceased to be the beneficial owner of more than five percent of the Common Shares. Exhibit 1 Schedule A - Information regarding the Covered Persons. Onex Corporation By: /s/ Christopher A. Govan 02/10/2026 Onex Credit Holdings LLC By: /s/ Zachary Drozd 02/10/2026 Gerald W. Schwartz By: /s/ Christopher A. Govan 02/10/2026 Onex Partners V GP Ltd By: /s/ David Copeland 02/10/2026 Onex Partners Canadian GP Inc. /s/ David Copeland 02/10/2026 /s/ Colin Sam 02/10/2026