ONEX Corporation

and answer session. To ask a question during this session, you'll need to press star 1-1 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Jill Hominick, Shareholder Relations and Communications. 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, ONIX's Chief Executive Officer, and Chris Govan, our Chief Financial Officer. Earlier this morning, we issued our first quarter 2025 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 on our website. As a reminder, all references to dollar amounts on this call are in US 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. ONIX has a solid start to the year, and our teams are proactively navigating the challenges of the current environment. The work done last year to streamline operations and double down on our core strengths is allowing us to remain focused on long-term value creation plans. We are committed to executing on our strategy and taking targeted actions to generate shareholder value. First, I want to welcome Bob Chanfield to the Onyx board. At our annual general meeting yesterday, our shareholders appointed Bob as our newest director. He is a highly skilled investor and business leader with over 30 years of experience in the private equity industry via his tenures at Landmark Partners and GE Capital. Now a few words in the current environment. Our PE teams are actively working with our operating companies to anticipate and mitigate tariff concerns. With the benefit of our portfolio's diversification and orientation, namely a large majority of our businesses are service-oriented or have minimal reliance on imported and exported goods, we generally have limited exposure to first order tariff disruptions. As with most organizations, our primary consideration is around potential second and third order impacts, including near-term lower GDP growth, supply chain disruptions, and muted M&A activity. How deep and how long these impacts may persist will depend in part on the ongoing tariff negotiations, and their impact on business and consumer confidence. The M&A environment has definitely slowed over the past few months. Times of uncertainty tend to cause sale processes to slow down or to get put on pause. While the private equity industry is still highly focused on returning capital to LPs, it has become more difficult over the past few months. With that said, we are currently pursuing several realizations at both OP and ONCAP. And we're also open to partial realizations and additional continuation vehicles. Earlier this morning, we announced a 25% sale of our equity investment in WestJet to prominent global airlines, Delta, Korean Air, and Air France KLM. The transaction will help strengthen established industry partnerships and is a strong, positive statement on WestJet's strategy, performance, and ability to continue to grow. With the proceeds, ONIX and our affiliated funds and partners will have fully realized our original cost while still owning 75% of our shares. The transaction was completed at more than a 25% premium to our current WestJet NAV. This is a significant achievement that speaks to our team's ability to deliver positive realizations for high-quality assets in all market conditions. Turning now to fundraising, two milestones were achieved in Q1. As we mentioned in our last earnings call, Onyx Partners closed on its Opportunities Fund, raising total commitments of $1.2 billion, which exceeded the initial target. The fund has a two-year investing period and has already completed its first two investments, which puts us at over 30% deployed. At the end of the quarter, we also announced a successful final closing for ONCAP 5, with $1.3 billion in total commitments. ONCAP 5 achieved several key objectives relative to its prior fund, including growing total commitments, increasing third-party capital by 54%, and adding many new investors to the platform. The fund is approximately 50% deployed, having already completed five investments to date. Both achievements were completed in a challenging fundraising environment. Our PE and client and product solutions teams are to be commended on reaching these goals. Our credit team delivered another strong quarter, maximizing opportunities and continuing to differentiate themselves amongst peers. They have executed 10 CLO transactions so far this year, including five new issues that will raise $2.5 billion of new fee-generating AUM. Reset transactions in Q1 extended another $1.8 billion of fee-generating AUM. Over the last year, the team has been actively managing the portfolio to a more defensive position given the potential market slowdown. Overall, our focus remains centered on compounding NAV, increasing fee-related earnings and carried interest across our platforms, and leveraging our strong balance sheet to create future growth and related shareholder value. This includes returning more capital to shareholders via share buybacks, particularly given our large discount to NAV relative to any reasonable historic norm. Our teams are confident in our core areas of strength that have created shareholder value over a long period of time. Now I'll turn it over to Chris. Thanks, Bobby, and good morning, everyone.