ONEX Corporation

Welcome to ONIC's first quarter to 2024 conference call and webcast. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session with pre-qualified analysts. At that time, if you have a question, please press star 1-1 on your telephone keypad. As a reminder, this conference is being recorded. And now I'd like to turn the conference over to Jill Hominak. Managing Director, Shareholder Relations and Communications at Onyx. Please go ahead.

Thank you. Good morning, everyone, and thanks for joining us. We're broadcasting this call on our website. Hosting the call today are Bobby LeBlanc, Onyx's Chief Executive Officer, and Chris Govan, our Chief Financial Officer. Earlier this morning, we issued our first quarter 2024 press release, MD&A, and Consolidated Financial Statements. which are available on the shareholder section of our website and have also been filed on CDAR. Our supplemental information package is also available on our website. As a reminder, all references to dollar amounts on this call are in U.S. unless otherwise stated. I must also point everyone to our webcast presentation for our usual disclaimer and cautionary factors relating to any forward-looking statements contained in today's presentation and remarks. With that, I'll now turn the call over to Bobby.

Good morning, everyone. In Q1, Onix showed good progress in areas that are important to our ability to grow our business. Fee generating AUM grew by 4% from the previous quarter. While not yet in a position to formally announce anything, the teams are working hard on future realizations. Our portfolio companies are being managed well, and we believe there's a strong potential to create more value in the quarters to come. ONCAP is exhibiting good momentum on fundraising. ONCAP 5 has now closed on commitments of approximately $800 million with a strong pipeline heading towards a final close later this year. The team secured good co-investment support for last year's BioAmerica transaction and continues to actively pursue realization opportunities. Onyx Partners is building a good deal pipeline within our specialty areas of focus. The team has been making progress in securing capital for future transactions with the support of some of our longstanding partners. In addition, they are working hard on opportunities to deliver more DPI, or return of capital, to LPs. On that front, we're happy to report that OP4 will reach 1.1 times DPI when the ASM sale closes later this year. Credit has had a productive start to 2024. Across many of our products, we are seeing incremental progress supported by our ability to deliver customized and innovative solutions. Our on-tap offering that originated through our Mercer partnership is a good example. We are also now able to actively market our products through our Canadian private client partnerships. While this growth is expected to take time to accelerate, it feels positive to be in a position where we are looking forward to growing our FGAUM through this channel. Our CLO business continues to deliver outstanding results. So far in 2024, the team has priced four new CLOs and refinanced or reset four others. That totals over $1.8 billion of new FGAUM and another $1.7 billion of extended FGAUM. Euro CLO 9 is our biggest European CLO to date, pricing at roughly 500 million euros. The team continues to attract new investors to our platform while opportunistically reducing Onyx's equity holdings, which allows the platform to scale with less Onyx capital. Anika's work in CLOs is a prime example of what we can accomplish when we focus our efforts in an area where we have a demonstrated right to compete and win. We were a top 10 global issuer last year and continue to hold that position into 2024. As we work to create more value for shareholders and clients, we will increasingly focus our capital and resource allocation decisions on priority areas. These include those areas where we see the most long-term opportunities and ability to drive NAV and earnings growth. Across our business, I see momentum growing and brighter spots emerging. Where we see good opportunities to strengthen ONIX, we will move quickly to ACT. We are wholly focused on building the best ONIX for you, our shareholders, and will continue to proactively communicate our progress. With that, I'll now hand it over to Chris.