Stone Ridge's LENDX Interval Fund Received Repurchase Requests of 3 to 10 Times Its Offers in 2025

Shareholders of the Stone Ridge Alternative Lending Risk Premium Fund (LENDX), a $1.25 billion interval fund that buys consumer and small-business loans, asked to sell far more shares than the fund offered to repurchase in every quarterly offer of 2025. Its annual report for the year to February 28, 2026 shows requests of 3.4 to 9.7 times the shares on offer: the announced offers were large enough to cover between 10% and 29% of the shares tendered.

The fund offered 5% of its shares each quarter through the offer with a September 5, 2025 deadline, offered 10% in the offer with a December 5, 2025 deadline, and has offered 7% since. Its October 30, 2026 Form N-PORT shows a June repurchase of $93.8 million, about 7% of net assets, in line with that offer size.

Requests against offers

If an offer is oversubscribed, the terms let the fund repurchase additional shares of up to 2 percentage points of its outstanding shares, and require tenders beyond that to be accepted pro rata. The terms also allow exceptions to ordinary proration: the fund may accept in full tenders from holders of fewer than 100 shares who tender everything, and may make additional purchases from estates and from trusts of terminated tax-qualified defined benefit plans. The annual report gives shares offered and tendered but not shares accepted, so whether the fund used the additional capacity, and how any one shareholder's request was filled, cannot be read from it. The amounts paid come from N-PORT's monthly redemption figures.

The fund

LENDX is the only series of Stone Ridge Trust V, a closed-end interval fund registered under the Investment Company Act and advised by Stone Ridge Asset Management LLC of New York; Ernst & Young LLP audits it. It seeks total return and current income from alternative lending-related securities, and 100% of its holdings were valued at Level 3 or at net asset value at August 31, 2026. As an interval fund it does not trade on an exchange: shareholders can sell only through the quarterly offers, which Rule 23c-3 requires to be between 5% and 25% of shares.

Its offers have changed size before. The offers announced in November 2019 were for 10% and those announced in November 2021 and November 2022 for 7%, before the fund offered 5% from 2023 through the offer announced in August 2025.

Seven years of N-PORT filings

Net assets were $3.30 billion on November 30, 2019 and $1.25 billion on August 31, 2026. Net assets move with repurchases, sales, distributions and investment results together, so the decline is not a measure of investor returns. Redemptions have exceeded sales and reinvested distributions in every quarter since the one ended November 30, 2022, and new money has shrunk: sales were $97.7 million in the quarter to August 31, 2022 and $4.8 million in the quarter to August 31, 2026. Each quarter's redemptions fall in a single month, the month of the repurchase offer, with none in the other two, which is how the fund's interval structure works rather than a sign of a sudden withdrawal.

Why it matters

For an interval fund, the tender count is the measure of exit demand, and the amount paid only shows how much of it the offer could absorb. On the four offers in its last annual report, the announced offers could cover between about a tenth and about three tenths of the shares tendered; the report does not show how individual requests were filled. The 10% and 7% offers since December 2025 raise the share of the fund it is permitted to repurchase each quarter, which does not by itself mean higher dollar payouts as the fund shrinks. Whether requests have eased will show in the tender counts for 2026, which the fund reports in its shareholder reports.

What the filings do not show

The filings do not say why shareholders tendered, why the fund changed its offer sizes, or how many shareholders were involved. Tendered shares can include repeat requests from shareholders whose earlier tenders were only partly filled, so the four quarters' tender counts are not separate investors and should not be added together. The annual report does not give shares accepted, and tender counts for the March, June and September 2026 offers have not been published. N-PORT shows monthly sales, redemptions and reinvestments, not the reasons for them. The share counts in the table predate the fund's 1-for-2 reverse share split of July 9, 2026 (prospectus supplement of June 12, 2026), after which its net asset value per share is about twice its earlier level.