Onex Reports Fourth Quarter and Full Year 2024 Results: A Strong Finish to the Year

Onex Corporation (TSX: ONEX) has released its financial results for the fourth quarter and full year ended December 31, 2024, marking a strong finish to the year. The company's focus on growing long-term shareholder value is evident in its investment strategies and portfolio composition, as highlighted in the provided materials. Here's a breakdown of the key financial results and the impact of the Structured Credit platform's activity on Onex' fee-related earnings and overall financial performance.

Financial Results:

* Net earnings for the fourth quarter of 2024 were $373 million, compared to $303 million in the same period in 2023.
* Net earnings per diluted share for the fourth quarter of 2024 were $4.81, compared to $4.00 in the same period in 2023.
* Total segment net earnings for the fourth quarter of 2024 were $47 million, compared to $372 million in the same period in 2023.
* Total segment net earnings per fully diluted share for the fourth quarter of 2024 were $0.62, compared to $4.80 in the same period in 2023.
* Asset management fee-related earnings for the fourth quarter of 2024 were $6 million, compared to $3 million in the same period in 2023.
* Total fee-related earnings (loss) for the fourth quarter of 2024 were $(1) million, compared to $(2) million in the same period in 2023.
* Distributable earnings for the fourth quarter of 2024 were $231 million, compared to $139 million in the same period in 2023.

Impact of the Structured Credit Platform:

The Structured Credit platform's active quarter and outstanding year had a significant impact on Onex' fee-related earnings and overall financial performance. During 2024, the platform raised or extended more than $13 billion of fee-generating assets, contributing to a 34% increase in fee-generating assets under management (FGAUM) within the platform. This increase in FGAUM led to a run-rate management fees increase to $195 million at December 31, 2024, up from $187 million at September 30, 2024. Additionally, the platform contributed $27 million of fee-related earnings (FRE) in 2024, with a year-end run-rate FRE of $40 million. This growth in fee-related earnings, driven by the Structured Credit platform's activity, positively impacted Onex' overall financial performance, as reflected in the company's distributable earnings of $617 million for the year ended December 31, 2024.



In conclusion, Onex Corporation's fourth quarter and full year 2024 results demonstrate the company's strong performance and commitment to growing long-term shareholder value. The Structured Credit platform's active quarter and outstanding year contributed significantly to Onex' fee-related earnings and overall financial performance. As Onex continues to invest in priority areas and execute on its strategic plan, shareholders can expect the company to maintain its focus on value creation, accelerating profitability, and the long-term compounding of its investing capital.