Stone Ridge Trust V

Stone Ridge Trust V, also known as Stone Ridge Alternative Lending Risk Premium Fund (LENDX), is a closed-end management investment company that continuously offers its shares. The fund's primary objective is to achieve total return and current income by investing in alternative lending-related securities. These securities typically include small consumer, business, and student loans originated through online platforms such as Lending Club and SoFi. LENDX focuses on high-quality loans to borrowers with above-average credit profiles, explicitly avoiding exposure to subprime or emerging market loans. By concentrating on the alternative lending industry, the fund aims to provide investors with access to the credit risk premium—the incremental yield available from non-traditional lending channels compared to risk-free assets. Stone Ridge manages the portfolio with the goal of achieving higher returns and low sensitivity to interest rate fluctuations, positioning the fund as a diversifier within a broader portfolio. In some instances, the fund has also taken equity positions in lending platforms. As an interval fund, LENDX conducts periodic repurchase offers for a portion of its outstanding shares, typically quarterly, to provide liquidity to shareholders. As of November 2025, LENDX held approximately $2.4 billion in total assets and $1.6 billion in net assets. Sources: [1] https://stockanalysis.com/quote/mutf/LENDX/ [2] https://www.sec.gov/Archives/edgar/data/1658645/000119312516589051/d177757dn2a.htm [3] https://cdn.prod.website-files.com/67cf1d99274b9fc5a9a27070/686696b011fa0f8ea29ea0e6_LENDX_Pro_Clean%20%20(9).pdf [4] https://www.sec.gov/Archives/edgar/data/1658645/000119312521202115/d114548d486bpos.htm [5] https://www.investmentnews.com/alternatives/private-credit-jitters-ripple-to-funds-with-consumer-loan-holdings/265755 [6] https://realinvestmentadvice.com/resources/blog/the-lendx-liquidity-trap/ [7] https://www.morningstar.com/cefs/xnas/lendx/performance