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.
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What the data actually shows - TL;DR
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.
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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.
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).
SRRIX average annual total return over ten years to October 31, 2025, against 2.13% for 3-month T-bills (annual report).
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.
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%.
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.
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.
Quick Verdict
Is this platform right for you?
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.
Avoid 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.
Top 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.
Key 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.
Compare Before Deciding
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Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Liquidity
None for the interval funds.
K-1 Timing
Not applicable (Form 1099).
Distributions
SRRIX in November and December.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
Stone Ridge Asset Management LLC was founded in 2012 by Ross Stevens and is owned by Stone Ridge Holdings Group LP, which he controls through its general partner. The group also holds NYDIG (bitcoin and power), Longtail Re (casualty reinsurance) and Wincoram (energy assets). The adviser manages four registered fund trusts: SRRIX (reinsurance quota shares and catastrophe bonds, interval fund, $1.58 billion), SHRIX (catastrophe bonds, daily mutual fund, $4.74 billion), SRDAX (multi-strategy mutual fund, $2.46 billion), LENDX (consumer and small business loans bought from lending platforms, interval fund, $1.25 billion), AARTX (art through Masterworks vehicles, interval fund, $109 million) and twelve small LifeX ETFs ($83.5 million in total).
It also runs nineteen private funds with about $8.28 billion of gross assets, in energy, reinsurance, drug royalties and opportunistic strategies. The registered funds are sold mainly to clients of registered investment advisers that have completed Stone Ridge's educational program; custodians hold most SRRIX shares of record (Schwab 51.82%, National Financial Services 35.22%).
The adviser reported $36.3 billion of regulatory assets at December 31, 2025 in 72 accounts (about $29.2 billion without double counting), 238 employees, offices in New York and Houston, and seven insurance-company clients including its affiliate Longtail. Ernst & Young audits every registered fund except AARTX (Citrin Cooperman); U.S. Bancorp Fund Services administers them and U.S. Bank holds custody.
Who can buy
Clients of registered investment advisers through custodians; prospectus minimum $15 million (SRRIX, LENDX, AARTX) subject to exceptions and modifiable or aggregated for intermediaries; adviser approval.
Flagship
SRRIX, reinsurance quota shares and catastrophe bonds, $1.58B (July 31, 2026), 2.36% total expenses.
SRRIX record
Audited FY2014 to FY2025: 7.87% a year over ten years; (19.5)% cumulative over FY2017 to FY2022; 44.18%, 28.25%, 33.00% since.
Liquidity
Quarterly offers of 5% to 25% (SRRIX), estimated fills about 99% to 100% through August 2025; LENDX prorated in 2020 and since March 2025; SHRIX and SRDAX daily.
Valuation
SRRIX 70.6% and AARTX 99.4% Level 3, valued by the adviser as valuation designee under board-approved procedures.
Audit
Ernst & Young (Citrin Cooperman for AARTX); no qualified opinion or auditor change found.
Regulatory
SEC-registered adviser since 2012; one settled CME matter (2018, $40,000).
Visual Summary
Stone Ridge's active registered funds
Net assets from N-PORT or the latest semiannual report; returns are audited fiscal-year total returns (Class I where there are classes). *Prospectus minimum, subject to exceptions; may be modified or applied in aggregate for intermediaries such as registered investment advisers.
SRRIX
Structure
Interval fund
Net assets
$1.58B (Jul 2026)
Total expenses
2.36%
Latest fiscal year
33.00% (FY2025)
Minimum
$15M*
SHRIX
Structure
Mutual fund
Net assets
$4.74B (Jul 2026)
Total expenses
1.73% (cap 1.70%)
Latest fiscal year
14.27% (FY2025)
Minimum
$25M / $250K
SRDAX
Structure
Mutual fund
Net assets
$2.46B (Jul 2026)
Total expenses
1.92%
Latest fiscal year
1.61% (FY2025)
Minimum
$500K
LENDX
Structure
Interval fund
Net assets
$1.25B (Aug 2026)
Total expenses
7.43%
Latest fiscal year
4.52% (FY2026)
Minimum
$15M*
AARTX
Structure
Interval fund
Net assets
$109M (Jul 2026)
Total expenses
2.00% after waiver
Latest fiscal year
1.62% (FY2026)
Minimum
$15M*
Investor Operations
The practical questions investors actually care about: when tax documents arrive, how cash distributions work, and whether capital can be exited before the underlying asset is sold.
Tax Documents
K-1 Timing
What to expect
Not applicable (Form 1099).
Cash Flow
Distributions
Frequency
SRRIX annual; LENDX quarterly; SHRIX quarterly.
Timing
SRRIX in November and December.
Consistency
SRRIX income distributions vary with premiums earned and losses.
Liquidity
Exit Reality
Holding period
No lockup; interval fund shares leave only through repurchase offers.
Exit options
- Quarterly repurchase offer (SRRIX, LENDX, AARTX).
- Daily redemption (SHRIX, SRDAX).
- Exchange trading (LifeX ETFs).
Secondary market
None for the interval funds.
Investment Structures
SRRIX
Interval fund of reinsurance quota share preference shares and catastrophe bonds; quarterly repurchase offers of 5% to 25%.
SHRIX
Daily mutual fund of catastrophe bonds (82% at July 31, 2026), Class I and Class M.
LENDX
Leveraged interval fund of platform-originated consumer, small business and student loans.
AARTX
Interval fund of Post-War and Contemporary art held through Masterworks vehicles.
SRDAX
Daily multi-strategy mutual fund holding T-bills, loan ABS, quota shares and other Stone Ridge funds.
LifeX ETFs
Twelve exchange-traded income and longevity ETFs, $0.9M to $42.3M each.
Private funds
Nineteen 3(c)(7) funds: energy acquisition, Opportunities, Archimedes, SRRF, Longtail, drug royalties and others.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
Claim
Fund shares; SRRIX holds preference shares and notes of reinsurance vehicles whose returns depend on the ceding reinsurers' losses and premiums.
Valuation
About 70% of SRRIX and 99.4% of AARTX valued by the adviser as valuation designee under board-approved procedures; catastrophe bonds by pricing services.
Liquidity
Quarterly offers in the interval funds, required only at 5%; daily redemption in SHRIX and SRDAX.
Leverage
SRRIX has no bank borrowings; LENDX borrows ($440M of senior securities at August 31, 2026) and pays 3.20% a year in interest.
Concentration
SRRIX: top ten positions 48.6%, one Artex cell 12.30%, Bermuda 84.7% (July 31, 2026).
Catastrophe losses
A large hurricane, earthquake or wildfire year can cost SRRIX a year or more of returns in a month.
Why it matters
September 2022 cost 12.16%; FY2017 to FY2022 was a 19.5% cumulative loss.
Mitigation / verification
Read the annual report's discussion of each loss year, not only trailing returns.
Valuation estimates
Most of SRRIX is valued with an insurance industry model, by the adviser under procedures the board approves and oversees.
Why it matters
NAV, fees and repurchase prices rest on those estimates until losses settle.
Mitigation / verification
Ask whether any outside firm tests the model or the loss estimates.
LENDX proration
Recent tenders were far above offers; estimated fills of about 10% to 29% since March 2025.
Why it matters
An investor asking for cash may wait several quarters.
Mitigation / verification
Check the latest N-23C3A notice and report before tendering.
Investor timing
Large outflows came after the loss years, before the recovery.
Why it matters
Stone Ridge's 2023 letter estimates the average investor in its flagship reinsurance strategy earned 4.7% a year less than buy-and-hold over ten years.
Mitigation / verification
Size a position to hold through a loss year.
ASRisk signals to watch
- SRRIX monthly returns in the N-PORT filings during hurricane season.
- Repurchase offer sizes and any disclosure of tenders and purchases.
- LENDX tender fills, borrowings and charge-offs.
- Any further N-CEN answers on net asset value errors.
- The Mintvest RICO suit (D.P.R. 3:26-cv-01588) and any claim reaching a Stone Ridge fund.
Regulatory & Legal Posture
Security Status
SEC-registered investment adviser; registered investment companies under the Investment Company Act of 1940; private funds under Section 3(c)(7) and Rule 506(b).
Stone Ridge Asset Management LLC has been registered with the SEC since October 10, 2012 (CRD 165598) and is an NFA member as commodity pool operator and trading adviser. Its funds file the full 1940 Act record: prospectuses, audited annual and semiannual reports, N-PORT, N-CEN and repurchase notices. Its private funds file Form D notices; several report $0 sold on their only notice while the Form ADV shows large gross assets (Energy Acquisition Fund II, $1.05 billion), which is a gap in public disclosure, since a Form D need not be amended for sales alone.
- Disciplinary: one settled CME matter (February 23, 2018, $40,000, EFRP transactions in 2016, no admission). NFA: 0 NFA, 0 CFTC actions.
- SEC staff comment letters (2013 to 2024) are routine; the 2024 LENDX exchange records that matured delinquent or defaulted loans were 1.23% of net assets at August 31, 2023 and that loans are written to zero three years after charge-off.
- Courts: no suit against a Stone Ridge fund located; the Mintvest RICO suit names the parent and the founder over an affiliate's acquisition. CourtListener read November 10, 2026; state courts not searched.
- Statement to check: the March 2026 brochure says some employees are registered with an 'unaffiliated broker dealer', while One Vanderbilt Securities, owned by the same parent, has been a FINRA member since June 9, 2025 and the adviser's president is registered there.
Disclosure Quality
Full statutory disclosure in the fund filings; the year-by-year results, valuation method and fee detail are in the prospectuses and reports.
Custody Model
U.S. Bank N.A. custodian of the registered funds with sub-custodians; reinsurance collateral in trust accounts of the vehicles; LENDX loans in bankruptcy-remote subsidiaries pledged to lenders.
Regulatory Backing
SEC (adviser and funds); NFA and CFTC (commodity activities).
Tax Treatment
Reporting
Form 1099-DIV for the registered funds.
Annual.
Income Character
Questions to put to the fund and a tax adviser
SRRIX distributes most of its return as income once a year ($11.16 a share in FY2025, a large share of NAV); LENDX distributions in FY2024 and FY2025 were return of capital. How those are taxed depends on the holder.
Limitation
AltStreet is not a tax adviser.
Account Suitability
Taxable
Large annual income distributions from SRRIX are taxable in a taxable account.
Roth IRA
Question for the adviser and custodian.
Traditional IRA
Question for the adviser and custodian.
HSA
Not stated.
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AltStreet Data Layer
What the data actually shows
What the filed tables show.
Three phases at SRRIX
8.40%, 8.33%, 7.83% (FY2014 to FY2016); (19.5)% cumulative over FY2017 to FY2022; 44.18%, 28.25%, 33.00% (FY2023 to FY2025).
What this means
Trailing returns to 2026 mostly reflect the last phase.
SRRIX repurchase fills
Estimated fills of about 99% to 100% across 46 offers from May 2014 to August 2025, including 24.5% of shares tendered in February 2020.
What this means
The fund used offers above 5% and the 2% extra to meet demand; shares purchased are not filed.
LENDX prorated
Tenders of 17.1% to 52.7% of shares from March 2025 against offers of 5% to 10%; estimated fills about 10% to 29%.
What this means
Quarterly liquidity bound at LENDX twice, in 2020 and 2025 to 2026.
Outflows before the recovery
Redemptions of $6.09 billion over FY2018 to FY2022 took net assets from $5.98 billion to $1.01 billion; the 2023 to 2025 gains came on a fund about a quarter of its 2018 size.
What this means
Fund size and investor returns moved apart; the fund's returns are not what the average investor earned.
Data as of 2026-11-10 . AltStreet review evidence layer . Public-source analysis
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Advisers seeking reinsurance exposure for clients who can hold through a loss year
Twelve audited years with estimated repurchase fills of about 99% to 100%, a six-year cumulative loss, and model-based valuation.
Investors who may need cash within a year
Quarterly offers are required only at 5%; LENDX has prorated.
Individual investors without an adviser
Sold mainly through registered investment advisers, which apply the minimum and approval terms.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Track record
(19.5)% cumulative over FY2017 to FY2022; recent years drive the average.
Liquidity
LENDX estimated fills of about 10% to 29% since March 2025.
Valuation
About 70% of SRRIX valued by the adviser's model, and fees are charged on that NAV.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Investors who need assured quarterly liquidity
Offers are required only at 5% of shares, and LENDX has prorated.
Investors who judge a fund by its last three years
SRRIX's three strong years followed six with a cumulative loss.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
SRRIX has delivered 7.87% a year over ten years with estimated repurchase fills of about 99% to 100%, through a six-year cumulative loss; its fund assets also fell 83%, mostly through redemptions. Its values are model estimates under board oversight, and LENDX shows what quarterly liquidity looks like when tenders run above offers.
Positioning
Among AltStreet's insurance-linked reviews, Stone Ridge is the 1940 Act route with a long audited record, unlike the token-based Re and Nexus Mutual; among interval fund managers it resembles Cliffwater in structure and ARK Venture in leaning on adviser-valued assets.
The Bottom Line
A reinsurance manager with twelve audited years, estimated repurchase fills of about 99% to 100% and a 19.5% six-year cumulative loss, beside a lending fund that has prorated.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Read the SRRIX prospectus financial highlights for every fiscal year, not only the trailing returns.
Ask Stone Ridge how many shares were tendered and bought in each offer since August 2025, and how LENDX's semiannual and annual tender counts differ.
Ask whether any outside firm tests the Level 3 values.
Confirm the minimum and eligibility that apply to the client with the adviser and custodian.
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
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Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
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Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Similar Platform Reviews
- Cliffwater Review
A private credit interval fund manager.
- ARK Venture Fund Review
An interval fund of adviser-valued private holdings.
- Nexus Mutual Review
On-chain cover and its capital pool.
- Re Protocol Review
Tokenized reinsurance.
- Masterworks Review
The art platform behind AARTX's vehicles.
Report Appendix
Evidence & Methodology
60 cited passages on file; sources, scope, and how the review was assembled
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Report Appendix
Evidence & Methodology
60 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
60 supporting passages on file for Stone Ridge and its offerings from 28 source documents, 7 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 60
- Source documents
- 28
- Analyst verified
- 0
- Discrepancies flagged
- 7
ASReview Evidence
Methodology
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.
Scope
The adviser and every fund under it; SRRIX in depth. State courts, CIMA and BMA registers, and four planned CourtListener queries not reached.
Key Findings
- *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
Comparable Platforms
- Cliffwater
Private credit interval funds; tenders not filed.
- ARK Invest
Interval fund with adviser-valued private holdings.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
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.