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The Stone Ridge LENDX accumulated nearly 200,000 loans from 11 fintech lending platforms. Individual loan principal amounts range from under $100 to over $200,000, reflecting the mix of consumer BNPL loans and small business lending across the eleven platforms. More than half of the LENDX portfolio is underwater.
Not just one platform.
The loans are underwater across the eleven platforms. The conditions that produced the 11% redemption fulfillment, a declining NAV visible to all investors, and a structurally limited exit window, remain in place.
What is going on with LENDX?
Last week, Stone Ridge Asset Management reportedly told investors in its Alternative Lending Risk Premium Fund, known as LENDX, that it will fulfill approximately 11% of outstanding redemption requests. That follows an earlier offer to repurchase a limited percentage of shares.
Yes, another redemption request.
The prospectus described this outcome in precise terms. The question is not whether investors were warned. It is whether a 95-page document full of legal qualifications constitutes a warning in any meaningful sense. It is the clearest available signal that liquidity pressure inside the portfolio has become acute.
This report does not rely on that signal alone. There is a loan data, there is a prospectus, and together they tell a more specific story than the redemption headline does.
Our team reviewed the loan-level data from all eleven lending platforms in LENDX’s Consolidated Schedule of Investments and the fund’s July 2025 prospectus to assess the potential for future redemptions. Here is what the data shows.
Confidential Insights members can access the below