Dynamic Alternatives Fund Tender Offer, Nov 24, 2026

What the fund is

Dynamic Alternatives Fund began operations on October 31, 2022. It is not an interval fund: shares have no trading market and no right of redemption, and the board decides each quarter whether to make a repurchase offer. The prospectus dated February 1, 2026 says the fund has held quarterly offers since the fourth quarter of 2024 and expects to offer 5% of its shares each quarter. It sells new shares on the first business day of each month at the prior month-end NAV, and the offer says tendered shares are retired. For how this structure differs from a fund that must repurchase every quarter, see what an interval fund is and our census of tender-offer funds.

The fund is growing fast. Net assets were $94.5 million at September 30, 2023, $178.5 million at September 30, 2024, $328.4 million at September 30, 2025, $405.5 million at March 31, 2026 and $480.5 million at August 31, 2026. In the six months to March 31, 2026 it took in $60.3 million from share sales, reinvested $25.3 million of distributions and paid $1.7 million for repurchased shares (semi-annual report). New money has so far covered repurchases many times over.

The offer in one table

Three details decide how the offer works. First, tendering and withdrawing are separate deadlines: you must tender by November 24, but you can change your mind until December 28. Second, the filing says the fund may allocate to tendering holders “Repurchase Expenses,” charges imposed by portfolio funds when the adviser liquidates interests to meet tenders; it does not say whether any are expected. Third, the fund reserves the right to repurchase all of a holder's shares if their value falls below the minimum initial investment, which the prospectus sets at $25,000.

The filing says holders who tender part of their shares are paid cash, while holders who tender all of their shares get a “non-interest bearing, non-transferable promissory note.” It does not give a payment date for partial tenders. For the other tender-offer and redemption dates this quarter, see Q4 2026 redemption and tender deadlines.

Seven completed offers, all accepted in full

Each offer is reported in a final amendment (Schedule TO-I/A). The table gives the maximum the fund set, what holders tendered, the NAV used and when the first 95% was paid. The share of the maximum is the amount tendered divided by the maximum (our arithmetic).

What the table shows:

• Demand is small and the cap keeps growing. The seven completed offers had caps of $97,142,960 in total and drew $8,999,405, 9.3% (our sums). The largest request on file, $3,077,705, is 12.8% of the new cap (our arithmetic).
• Nothing has been prorated. Every final amendment says all shares validly tendered were accepted and paid for.
• Requests fell as the fund grew. After 30.3% of the cap in the offer valued March 31, 2025, the next five drew between 2.1% and 17.5%, and the last three 4.0%, 2.1% and 4.7%.
• The July 2026 offer is unreported. Its tender deadline was August 24, 2026 and its valuation date was September 30, 2026. No final amendment had been filed by October 23, 2026. The seven final amendments came 63 to 93 days after the valuation date, so this one should appear between early December and early January (our arithmetic and inference; the fund has not said).

One figure does not reconcile. The final amendment for the offer valued December 31, 2025, filed March 12, 2026, reports $631,460 tendered. The semi-annual report to March 31, 2026 lists $1,383,698 repurchased for the same offer (124,321 shares, which is $11.13 a share, our arithmetic). The other offers match across the two documents. We use the amendment's figure in the table and in our sums; with the report's figure the seven offers total $9,751,643 and the largest share of any cap is still 30.3%.

From the tender deadline to cash

The offer's own words on timing have changed, and so has the delay. “Initial Payment” is the fund's term for the first 95%.

All day counts are our arithmetic from the stated dates. Two things stand out. The wait after the valuation date was 32 days in the first half of 2025 and has been 42 to 46 days since mid-2025, so the move from 35 to 40 to 45 days in the offers follows what was already happening. And the wait after the tender deadline is the number that matters to a holder: about 86 days in the last two completed offers, and about 82 days if this one pays on its stated schedule.

The final amendments also use two meanings of “expired.” Through the offer valued September 30, 2025 they give the withdrawal deadline; for the three offers since, they give the tender deadline. That is why the tables above use the tender deadline for every offer.

Two other funds show how much the wait varies:

Princeton Everest said it would pay about 60 days after the valuation date; it paid 64 days after (our arithmetic). Emery's next offer, filed October 20, 2026, ends December 15, 2026 with a cap of about $4,250,000 and allows up to 65 days for the first payment, so its previous one-day payment is not a promise. The funds differ in size and structure; the point is that “days to cash” is in the filing for anyone who reads it.

The price: December 31 comes after a NAV drop

The fund calculates NAV monthly and the price you receive is the one on the valuation date, not the one you see when you tender. The offers give the last NAV before each filing:

In both Decembers on file the NAV fell: 4.1% from November 29, 2024 to December 31, 2024 and 5.8% from November 28, 2025 to December 31, 2025 (our arithmetic). The semi-annual report says the fund pays dividends on investment income annually, if any, and shows distributions of $0.55 a share in the year to September 30, 2025 and $0.87 in the six months to March 31, 2026. The filings do not give the date of the distribution or say whether a holder who tenders for December 31 receives it. The pattern fits a year-end payout lowering the NAV (our inference), but the right answer is a written question to the fund before November 24. The fund's reported total return was 10.83% in the year to September 30, 2025 and 5.44% in the six months to March 31, 2026; its average annual return since October 31, 2022 was 9.08% to March 31, 2026.

Can the fund pay for 5%?

The cap is about $24.0 million. The semi-annual report's schedule of investments lists, for each position, how often it can be redeemed. Grouping fair values by that column (our sums; the groups add up to the reported $404.2 million of investments at March 31, 2026):

Net assets then were $405.5 million. Daily-liquid holdings were 3.1 times the new cap and daily plus monthly holdings 4.7 times (our arithmetic; the holdings are at March 31 and the cap at the August 31 size). Against that, several positions are locked up: Council Oak Partners Fund I-B for eight years, Stone Ridge Energy Acquisition Fund II for seven, AvCap Trading Fund Global Feeder for three, Cross Ocean Partners GSS Offshore Feeder for 18 months and NB Credit Opportunities II for three years with two possible one-year extensions. Redemption notice periods range from 10 to 100 days, and four positions are valued with unobservable inputs (Level 3) at $37.3 million, 9.2% of net assets (our sums). The fund also had $52.8 million of unfunded commitments to six private vehicles at March 31, 2026, including $20.0 million to Warwick Partners V.

Four of the positions are funds we cover: Cliffwater Corporate Lending Fund (6.7% of net assets; see Cliffwater Corporate Lending Fund repurchases), Hamilton Lane Private Assets Fund and Stepstone Private Markets (3.8% each; see Hamilton Lane Private Assets Fund tenders and StepStone Private Markets Fund tenders), and AMG Pantheon Fund (0.3%; see AMG Pantheon Fund tenders). The fund is a fund of funds, so a holder who also owns those directly has overlapping exposure (our observation).

What it costs to stay

The prospectus says the fund sells to Eligible Investors, a term that includes accredited investors and some non-accredited investors for whom the investment is under 5% of net worth. It registered $550,000,000 of shares for sale.

What a reader can do with this

• Put the three dates in a calendar: November 24, 2026 to tender, December 28, 2026 to withdraw, December 31, 2026 for the price. The filing gives a number for NAV estimates: 833-617-2624, Monday to Friday, 7:30 a.m. to 5:00 p.m. Central.
• Ask the fund in writing before November 24: the record date of the year-end distribution and whether tendered shares receive it; when the final payment for this offer is expected; whether Repurchase Expenses are expected; and the status of the initial payment of the offer valued September 30, 2026 (due about November 9, 2026 on the stated schedule, our arithmetic).
• If the shares are in an IRA, the cover letter warns that holders seeking required minimum distributions through tenders “cannot expect extensions or exceptions.” The first payment is due about February 14, 2027, so a tender in this offer would not put cash in the account before December 31, 2026 (our arithmetic). See RMD with illiquid IRA assets.
• If the shares are in a taxable account, the filing says a sale is generally a “sale or exchange” under Section 302(b) of the Internal Revenue Code and in some cases a dividend, and states a 28% backup withholding rate if no taxpayer number is on file. Confirm the rate and the treatment with a tax professional. If you also hold similar funds, see the wash sale rule for tender offers.
• If the stake is a large share of what you own, note the sequence: a tender in November, a price in December, 95% in February and the balance perhaps a year later.

A worked example (our arithmetic): a holder with $250,000 of shares at $11.86 tenders everything. If the NAV on December 31, 2026 were still $11.86, the first payment would be $237,500 about February 14, 2027 and $12,500 would wait for the audit. If the NAV fell 5.76% in December, as from November 28 to December 31, 2025, the value would be about $235,600, the first payment about $223,820 and the holdback about $11,780. The audit may also adjust the amount in either direction.

FAQ

All figures are from Dynamic Alternatives Fund's SEC filings and two comparison funds' filings, read on EDGAR on October 23, 2026: the Schedule TO-I of October 19, 2026 and its exhibits (accession 0001580642-26-006974); the Schedule TO-I of July 23, 2026 (0001580642-26-004551) and its filing-fee exhibit; the Schedule TO-I filings of September 27, 2024 (as amended September 30, 2024, 0001580642-24-005839), January 10, April 11, July 9 and October 10, 2025 and January 12 and April 14, 2026; the Schedule TO-I/A final amendments filed March 12, June 3, September 12 and December 2, 2025 and March 12, June 30 and October 1, 2026; Form N-CSRS for March 31, 2026 (0001213900-26-065613); Form N-CSR for September 30, 2025 (0001580642-25-007729); Form N-2 and prospectus of January 28, 2026 (0001580642-26-000524); for Princeton Everest Fund, the Schedule TO-I of December 19, 2025 (0001580642-25-007922) and its final amendment of October 22, 2026 (0001580642-26-007042); and for Emery Partners Income Credit Strategies Fund, the Schedule TO-I of October 20, 2026 (0001398344-26-018440) and the final amendment of September 15, 2026 (0001398344-26-017015). Share-of-maximum percentages, sums across offers, day counts, expected payment dates, groupings of holdings by redemption frequency, the Level 3 and unfunded-commitment totals, NAV changes and the worked example are our arithmetic. The timing of the final payment and of the July 2026 offer's result are our inference. This is analysis of public documents, not investment, legal or tax advice.