Stone Ridge LENDX Repurchases: 17.3 Million Shares Tendered Against a 1.8 Million-Share Offer in September 2025

What LENDX is, and who can hold it

The fund describes its job as capturing “the alternative lending-related credit risk premium”: it buys whole loans to consumers, small businesses and former students, plus participations, asset-backed securities, equity stakes and a loan to Prosper, and tries to earn the spread between loan yields and realized credit losses over the risk-free rate. It launched in 2016 and is registered as a closed-end interval fund with one class of shares, no sales charge and no repurchase fee. It is not a retail product: the prospectus sets a $15 million minimum initial investment, “may be waived or reduced in certain circumstances”, and sells through registered investment advisers and other fiduciaries. Stone Ridge says it managed about $35 billion of client assets at May 31, 2026.

The rule that matters to anyone holding it through an adviser: the fund's policy is that quarterly offers will be “at least 5% and not more than 25%” of shares, it may take up to an additional 2% if oversubscribed, and anything tendered above the offer is prorated. This is the same interval structure as Cliffwater's CCLFX, but the collateral is very different: thousands of small consumer loans rather than middle-market corporate loans.

Twenty quarters: shares offered against shares tendered

LENDX is unusual because its annual reports print, for each repurchase deadline, both the number of shares the fund offered to buy and the number shareholders tendered. Most interval funds report only what they bought. The table below joins the tables from the fiscal 2023, 2025 and 2026 annual reports.

Three phases show up. In 2021 and 2022 requests were below the offer in six of eight quarters, and in two quarters (June 2021 and September 2022) the fund used the extra 2% the rules allow to meet requests. From March 2023 to December 2024 the offer was the 5% minimum and requests ran 0% to 3% above it, so any proration was small (our arithmetic). Then the tendered column leaves the offer behind.

Note on March and June 2025. The annual report for February 28, 2026 shows 6,480,132 and 6,557,738 shares tendered for those two deadlines. The semiannual report for August 31, 2025 (accession 0001193125-25-271815) showed 1,906,293 and 1,854,913 for the same deadlines. The filings do not explain the difference, so we show the later, audited figures and flag the conflict. September and December 2025 appear only in the later report.

September and December 2025: the quarters that changed the fund

For the offer closing September 5, 2025, the fund offered 1,775,320 shares, the 5% minimum, and shareholders tendered 17,296,750, which is 49% of the 35,481,813 shares outstanding at August 31, 2025 (our arithmetic). If the fund bought only its offer, about 10.3% of tendered shares were accepted. Dollars confirm that it did not stretch: Form N-PORT shows $84.1 million redeemed in September 2025, roughly 1.8 million shares at a NAV near $46 (our arithmetic).

The fund then raised the next offer to 10%. The notice dated November 14, 2025 offered “up to ten percent (10.0%)” of shares for the December 5 deadline: 3,397,625 shares, against 17,890,118 tendered, so about 19.0% of requests could be met if only the offer was bought (our arithmetic). Redemptions were $158.8 million. The February, May and August 2026 notices each offered 7.0%.

Two cautions. First, tender counts include shares re-submitted after earlier proration, so 17.3 million and 17.9 million are not two separate sets of sellers. The prospectus also warns that “Some shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased”, so tendered shares overstate how many holders want out. Second, the filings give no reason for the jump.

What they do show is the cost of waiting: the fund bought 9,019,020 shares in fiscal 2026 (23.8% of the 37,940,207 shares outstanding at February 28, 2025, our arithmetic), while the four offers added up to 8,909,598 shares (our sum).

Money out: the Form N-PORT view

Form N-PORT reports redemptions month by month. In each quarter the offer month is the first month, which is why the first-month figure is the repurchase payout.

Payouts were drifting down from $110.6 million to $84.1 million as the fund shrank and the 5% offer got smaller, then stepped to $158.8 million with the 10% offer. In fiscal 2026 the fund took in $71.8 million from new shares and paid out $416.8 million for redeemed shares, about 5.8 times as much (our arithmetic), against $219.6 million and $372.4 million the year before. Net assets at fiscal year-ends: $2.31 billion (February 2022), $2.18 billion, $1.89 billion, $1.75 billion and $1.42 billion (February 2026). The quarterly N-PORT shows $1.33 billion at May 31, 2026, 42.4% below February 2022 (our arithmetic).

The March 2026 offer, 7.0% of shares, drew $100.6 million. The number tendered will appear in the semiannual report for the period ended August 31, 2026, which should be filed around November 2026. The June 2026 and September 2026 results come with it.

What the fund holds

At February 28, 2026 the fund held $2.14 billion of investments at fair value against $1.42 billion of net assets, 150.71% of net assets, using $480 million of borrowings under credit facilities and $290 million of reverse repurchase agreements.

Whole loans are carried at 85.5% of their cost (our arithmetic), the visible mark for charge-offs and delinquencies. Grouping the schedule lines for whole loans and participations by platform gives a concentration the annual report does not state:

The top four platforms add to $1.174 billion, or 82.6% of net assets and 75.3% of the $1.560 billion of whole loans and participations (our sums). The sum of all platform lines reconciles to the schedule's own totals. Some positions are far below cost: RockFence participations are carried at about 49% of cost, Lending Club at 31% and Affirm at 59% (our arithmetic). New in this schedule is the $75 million Prosper Marketplace note acquired on November 14, 2025, a loan to a platform that also supplies loans to the fund.

The fund's maturity table puts $139.8 million of loans at scheduled maturity in 2026 and $221.0 million in 2027, with the largest buckets at $385.8 million for 2029 and $447.2 million for 2030.

Income, losses and what holders kept

Over the four years, net investment income was $1,148.6 million and realized losses on investments were $1,015.6 million (our sums), 88% of income. Fiscal 2026 net investment income was $7.19 a share against $1.99 of distributions, but the net increase in net assets from operations was $69.5 million, close to the $67.1 million distributed (our arithmetic: 96%). The fund's own review of the year says the improvement comes from “loans originated under materially tighter underwriting standards beginning in late 2022, which now represent a majority of the portfolio.” It adds that “Performance across platforms and asset types has been heterogeneous.”

The 4.52% one-year total return compares with 4.07% for the three-month Treasury bill index; over five years the fund returned 5.88% a year against 3.30%, and 7.29% since the June 2016 launch against 2.29%. The fiscal 2022 return of 24.15% is flagged in the report as boosted by platform IPOs and “should not be extrapolated.”

Fees and leverage

The prospectus fee table lists total annual fund operating expenses of 7.43% of net assets: a 1.50% management fee, 3.20% interest on borrowed funds, 0.12% distribution and service fees, 1.73% loan servicing fees and 0.88% other expenses. The adviser's expense cap of 2.30% excludes interest, loan servicing and similar costs, so it does not bind. In fiscal 2026 expenses were $117.1 million, of which interest was $42.1 million, reverse repurchase interest $8.4 million, loan servicing $27.3 million and advisory fees $23.7 million. Average borrowing was $754.2 million at a weighted average rate of 5.50%. Of $600 million of facilities, $250 million was due September 1, 2026, $230 million August 3, 2026 and $120 million is uncommitted, with maturities extendable by mutual consent (the filings read do not say what happened at those dates); asset coverage was 396% at February 28, 2026, against a 300% requirement.

NAV and the July 2026 reverse split

NAV per share was $51.23 at February 28, 2022 and $46.13 at February 28, 2026, down 10.0% (our arithmetic), after paying distributions in between. The notices show a narrow band: $48.78 in February 2023, $45.74 in November 2024 and $45.91 in May 2026. On April 17, 2026 the board approved a 1-for-2 reverse share split, effective after the market close on July 9, 2026. The supplement says it “will not affect the Fund’s portfolio holdings, its aggregate net asset value or the total dollar value of shareholders’ investments in the Fund.” The August 21, 2026 notice quotes NAV of $92.40 on August 14, which is $46.20 on the old basis (our arithmetic), within 0.2% of the $46.13 at fiscal year-end. Anyone comparing NAV history across the split should halve the post-split figure.

What a holder can do with this

• If you want out: the offer is the only exit. The latest ran August 21 to September 11, 2026 at 7.0% of shares. Requests go through your adviser or the transfer agent before 4:00 p.m. Eastern on the deadline. There is no repurchase fee. The fund may, in its discretion, take in full shareholders who own fewer than 100 shares and tender all of them, and it can repurchase additional shares tendered by an estate.
• If you asked in September or December 2025: requests above the offer are prorated and unfilled shares stay in your account, so you must tender again. The notice says shares not repurchased “would remain in your account” and that you “would need to submit a new repurchase request.”
• If you are weighing an add: compare the 7.43% expense ratio and 4.52% fiscal 2026 return with the 4.07% T-bill. The $75 million Prosper note and 82.6% concentration in four platforms are the main single-name exposures.
• What would change the picture: the next semiannual report (period ended August 31, 2026), which should show tendered shares for March and June 2026, and what the fund reports about the facility maturities that fell on August 3 and September 1, 2026.

For other evergreen vehicles, this comparison of evergreen funds puts requests and payouts side by side, the interval fund list covers the structure, and the private credit redemptions tracker tracks the corporate lending funds.

FAQ

All figures are from the SEC filings of Stone Ridge Trust V (CIK 1658645) read on EDGAR on October 6, 2026: the annual reports on Form N-CSR for the years ended February 28, 2023, 2024, 2025 and 2026 (accessions 0001193125-23-138201, 0001193125-24-134932, 0001193125-25-116741 and 0001193125-26-213969), the semiannual report for August 31, 2025 (0001193125-25-271815), fifteen Form N-23c-3 notices (February 2023 to August 2026), the Form 424B3 supplement of June 12, 2026 (0001193125-26-269063), the prospectus of June 29, 2026 (0001193125-26-288766) and eleven Form N-PORT reports. Platform totals, ratios and sums marked "our arithmetic" or "our sum" are our calculations from the February 28, 2026 summary schedule. Tender counts for the March, June and September 2026 offers are not yet filed. This is analysis of public documents, not investment, legal or tax advice.