--- title: "Stone Ridge Review 2026: SRRIX Returns, Loss Years, LENDX Redemptions, Fees and Who Values the Funds" url: https://altstreet.investments/platforms/reviews/stone-ridge kind: platform-review updated: 2026-11-10 description: "Stone Ridge review 2026: SRRIX's audited record (7.87% a year over ten years, a 19.5% cumulative loss over FY2017 to FY2022, then three strong years), repurchase fills estimated at 99% to 100%, and LENDX's 7.43% costs and prorated tenders." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Stone Ridge Review 2026: SRRIX Returns, Loss Years, LENDX Redemptions, Fees and Who Values the Funds Stone Ridge's flagship SRRIX reinsurance interval fund has twelve audited years in three phases: about 8% a year to 2016, a 19.5% cumulative loss over FY2017 to FY2022, then 44.18%, 28.25% and 33.00% after reinsurance repriced following Hurricane Ian. Through all of it, its quarterly repurchase offers filled an estimated 99% to 100% of the shares tendered. Its sister lending fund, LENDX, has prorated twice, filling an estimated 10% to 29% of tenders since March 2025. AltStreet score: 56.0 (B), scored November 10, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Stone Ridge | | What it is | Alternative Asset Manager: Registered Interval Funds, Mutual Funds, ETFs and Private Funds | | Asset class | Reinsurance (quota shares and catastrophe bonds), consumer and small business loans, fine art, multi-strategy, longevity income ETFs, private energy and reinsurance funds | | Website | stoneridgeam.com | | Review first published | November 10, 2026 | | Last updated | November 10, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Stone Ridge runs five active registered funds and nineteen private funds. Most investors meet it through SRRIX, the reinsurance interval fund, which an adviser buys for a client at a custodian such as Schwab. Three questions frame it. What has it returned: twelve audited fiscal years averaging 7.87% a year over ten years to October 31, 2025, in three phases. FY2014 to FY2016 returned 8.40%, 8.33% and 7.83%. FY2017 to FY2022 returned (9.00)%, 0.10%, (8.30)%, 0.67%, (5.18)% and 0.93%, a cumulative loss of 19.5%, as hurricanes, wildfires and later loss estimates hit. FY2023 to FY2025 returned 44.18%, 28.25% and 33.00% after reinsurance premiums rose following Hurricane Ian, which itself cost the fund 12.16% in September 2022. Separately, redemptions of $6.09 billion over FY2018 to FY2022 took the fund's net assets from $5.98 billion to $1.01 billion. How you get out: quarterly repurchase offers of 5% to 25% of shares. On the filed tables, SRRIX's estimated fills were about 99% to 100% of shares tendered across 46 offers from May 2014 to August 2025, including a February 2020 offer in which 24.5% of shares were tendered. LENDX, the lending fund, prorated heavily in 2020 and again from March 2025: in December 2025 holders tendered 52.7% of its shares and an estimated 19% of that was bought. Who values it and what it costs: about 70% of SRRIX is quota share preference shares valued by Stone Ridge, as the board's valuation designee, 'using an insurance industry model', and SRRIX charges a 2.00% management fee on net assets, 2.36% in total. - **(19.5)%** SRRIX cumulative return over FY2017 to FY2022 (six audited years); it then returned 44.18%, 28.25% and 33.00% (AltStreet arithmetic on the audited annual returns). - **7.87%** SRRIX average annual total return over ten years to October 31, 2025, against 2.13% for 3-month T-bills (annual report). - **99% to 100%** Estimated fills of SRRIX repurchase offers across 46 offers from May 2014 to August 2025, derived from offer sizes, tender counts and rounded extra-purchase percentages; shares purchased are not filed, and no tender figures are filed after August 2025. - **70.6%** Share of SRRIX net assets at Level 3, valued by the adviser as the board's valuation designee with an insurance industry model (N-PORT, July 31, 2026); Bermuda vehicles are 84.7%. - **7.43%** LENDX total annual expenses, including 3.20% interest on borrowings and 1.73% loan servicing (prospectus, July 1, 2026); estimated fills of about 10% to 29% of tenders since March 2025. Data note: Fund figures are from audited annual reports and SEC filings. Repurchase fills are AltStreet estimates from the filed offer sizes, tender counts and rounded extra-purchase percentages; the funds do not file shares purchased. Stone Ridge's assets under management figure of $36.3 billion counts assets invested in its own vehicles twice; the Form ADV gives about $29.2 billion without that. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | (19.5)% | The record is long and audited; the recent years are not typical of the whole. | SRRIX cumulative return over FY2017 to FY2022, six audited years. Then 44.18%, 28.25% and 33.00%; 7.87% a year over ten years to October 2025. | | 99% to 100% | Estimated fills of SRRIX repurchase offers across 46 offers, 2014 to August 2025. | Derived from filed tables; shares purchased are not filed, and no tender figures after August 2025. | | 70.6% | Share of SRRIX at Level 3, valued by the adviser as valuation designee (July 31, 2026). | Fees and repurchase prices are computed on that NAV. | | 52.7% | LENDX shares tendered in the December 2025 offer; an estimated 19% of them bought. | Total expenses 7.43% a year. | ## Verdict Stone Ridge offers advisers reinsurance exposure with a long audited record and estimated repurchase fills of about 99% to 100% at SRRIX, helped by larger offers when investors wanted out. The record includes a 19.5% cumulative loss over FY2017 to FY2022 before three strong years, and most of the fund is valued with an insurance industry model by the adviser under board-approved procedures. LENDX, at 7.43% a year in costs, has filled only part of its recent tenders. **Best for** - Advisers adding reinsurance risk for clients who can hold through a catastrophe year and accept quarterly liquidity. **Look elsewhere if** - You need cash on demand from an interval fund. - You need holdings priced from market quotes rather than model estimates. - You are judging SRRIX by its last three years. **Strengths** - Twelve audited SRRIX years and estimated repurchase fills of about 99% to 100% through August 2025. - Full 1940 Act filings, Ernst & Young audits, U.S. Bank custody. - One settled exchange matter in fourteen years; no SEC or state action located. **Limitations** - (19.5)% cumulative at SRRIX over FY2017 to FY2022. - About 70% of SRRIX valued with the adviser's model. - LENDX costs 7.43% a year and has prorated tenders since March 2025. - No tender figures filed for either interval fund's recent offers. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Advisers seeking reinsurance exposure for clients who can hold through a loss year | neutral | | | Investors who may need cash within a year | poor-fit | | | Individual investors without an adviser | poor-fit | | ## Questions **Is Stone Ridge legit?** Stone Ridge Asset Management has been an SEC-registered adviser since 2012, its funds file audited reports with the SEC, and its only disciplinary item is a settled 2018 CME matter with a $40,000 fine. What to weigh is the record itself: SRRIX's six years from FY2017 to FY2022 were a 19.5% cumulative loss before three strong years, and most of its value is estimated with an insurance industry model by Stone Ridge under board-approved procedures. **What has SRRIX returned?** 7.87% a year over the ten years to October 31, 2025, audited. Year by year: 8.40% (from December 2013), 8.33%, 7.83%, (9.00)%, 0.10%, (8.30)%, 0.67%, (5.18)%, 0.93%, 44.18%, 28.25%, 33.00%. The landing page shows 9.34% over ten years to September 30, 2026. **Can I get my money out of SRRIX?** Through quarterly repurchase offers of 5% to 25% of shares. On the filed tables, SRRIX's estimated fills were about 99% to 100% of shares tendered across 46 offers from 2014 to August 2025; the fund is required to offer only 5%, shares purchased are not filed, and later tender figures are not public. **What is the SRRIX minimum investment?** The prospectus sets $15 million, subject to certain exceptions, and says the minimum may be modified or applied in the aggregate for intermediaries such as registered investment advisers. The fund is sold mainly through advisers and every purchase needs Stone Ridge's approval. The landing page says there are no individual investor minimums, which fits a minimum met at the adviser level; confirm the terms for a specific client with the adviser. **What happened with LENDX redemptions?** Tenders ran far above offers in 2020 and again from March 2025. In December 2025, 52.7% of shares were tendered against a 10% offer and an estimated 19% of the tendered shares were bought (AltStreet arithmetic on the filed table). LENDX's total expenses are 7.43% a year. **Who values the Stone Ridge funds?** The board has designated Stone Ridge as valuation designee, and an adviser committee values the Level 3 holdings, about 70% of SRRIX and 99.4% of AARTX, under procedures the board approves and oversees; SRRIX's quota share positions are priced 'using an insurance industry model'. Ernst & Young audits the financial statements. ## Evidence appendix Platform website captured November 10, 2026. The full EDGAR record of the Stone Ridge registrants (annual and semiannual reports, N-23C3A, N-CEN, N-PORT, prospectuses, N-8F, Form D); the Form ADV Parts 1A and 2A; BrokerCheck, IAPD, NFA BASIC, CME, OFAC and SEC staff letters; 73 web pages and 113 fund documents; CourtListener and press. **Highlights** - Prospectus: 'The minimum initial investment is $15 million, subject to certain exceptions' and 'This minimum may be modified and/or applied in the aggregate for certain intermediaries'. - Annual report: preference shares 'fair valued by the Adviser Valuation Committee using an insurance industry model pursuant to procedures approved by the Board of Trustees'. - 2023 letter: AUM 'cut in half, from some hurricanes and lots of investor redemptions'. - LENDX: performance 'unusually strong for the period shown and should not be extrapolated'. **Primary source pages** - SRRIX prospectus and SAI, March 1, 2026 (486BPOS acc. 0001193125-26-071908). - SRRIX annual reports FY2017 (acc. 0001193125-18-006124), FY2020, FY2022 and FY2025 (acc. 0001133228-26-000277); N-PORT for July 31, 2026 (acc. 0001193125-26-407010). - LENDX annual report, February 28, 2026 (acc. 0001193125-26-213969) and prospectus, July 1, 2026. - AARTX annual report, July 31, 2026 (acc. 0001133228-26-013216). - Form ADV Part 1A (August 24, 2026) and Part 2A (March 31, 2026), CRD 165598. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/stone-ridge - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/insurance-linked-risk-markets --- Source page: https://altstreet.investments/platforms/reviews/stone-ridge Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.