Stone Ridge FinTech Loan Fund Limits Withdrawals Amid Redemption Pressure

Stone Ridge Asset Management's LENDX is an interval fund that invests in consumer and small-business loans originated by companies including Affirm, LendingClub, Upstart, Block and Stripe. As of the end of November 2025, the fund had $2.4 billion in total assets and $1.6 billion in net assets. Its liquidity crunch shows that private-credit concerns have spread beyond corporate financing to FinTech lending.

A March 18, 2026, report said Stone Ridge had notified investors the previous week that the fund could meet only 11% of requested withdrawals following a surge in redemption requests. In February, the fund had offered to repurchase up to 7% of its outstanding shares, with the option to increase that amount by another 2% if requests exceeded the limit. The company did not disclose the total value of redemption requests.