Fontris Alts · Liquidity

Liquidity.

Can investors actually get out when they ask?

Three legal mechanisms (tender offers, interval-fund repurchase offers, and REIT share-repurchase plans) unified into one question: how much of each redemption request was actually met, and how close is the fund to its gate? Every figure is the fund's own disclosure, cited.

Fund	Mechanism	Latest period	Requested	Filled	Cap used	Cap	Gating history
CAIS Sports, Media & Entertainment Fund	tender offer	2026-06-15	0.0% of shares source Tender offer statement, amended (Schedule TO-I/A) · filed 2026-06-23 · period 2026-06-15 cached-liquidity-completion-v1-2026-08-07; formula explicit zero shares tendered / any positive outstanding shares = 0%; accession 0001580642-26-003873; cached-content SHA-256 3d0e1171b944e38535be5573af327f87b81a45a18b8ff49aac31435738069ae5; candidate SHA-256 ba30150239d8dc57c4f7fb1bd1c94e5e5bdac1c32b96e0e06dd984e47826077d; candidate work/public_truth_20260807_144119/W3/CANDIDATES.json “se defined herein shall have the meanings ascribed to them in the Offer to Purchase. The following information is furnished pursuant to Rule 13e-4(c)(4) under the Exchange Act: 1. The Offer expired at 12:00 midnight, Eastern Time, on June 15, 2026. 2. No Class I, Class D or Class S Shares were validly tendered and not withdrawn prior to the expiration of the Offer. Item 12(b). Filing Fee Calculation of Filing Fee Tables are attached herewith. 1 Signature After due inquiry and to the best of my knowledge ” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/2090145/000158064226003873/cais_sctoia.htm \| cached-liquidity-completion-v1-2026-08-07; formula explicit zero shares tendered / any positive outstanding shares = 0%; accession 0001580642-26-003873; cached-content SHA-256 3d0e1171b944e38535be5573af327f87b81a45a18b8ff49aac31435738069ae5; candidate SHA-256 ba30150239d8dc57c4f7fb1bd1c94e5e5bdac1c32b96e0e06dd984e47826077d; candidate work/public_truth_20260807_144119/W3/CANDIDATES.json	-	0%	-	-

Definitions: filled, cap used, gating history

Filled = share of requested redemptions the fund actually repurchased (100% = everyone got their money; below 100% = prorated). Cap used = how much of the period's redemption limit was consumed (near 100% means the fund is at its gate; above 100% means it repurchased more than its stated cap). A red Requested figure means demand exceeded the fund's stated cap that period. Requested is labeled explicitly as % of shares outstanding or % of net assets; those bases are never mixed. Gating history distinguishes two events: a prorated badge = the fund paid out only part of each request (filled less than 100% of requests); an expanded cap to fill badge = it repurchased past its stated cap yet still filled everyone (a board decision to widen the gate, not a proration). Counts and the stated range cover the disclosed window only, not the fund's entire life.

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No disclosed fill events for this fund selection/window.

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Gating events (redemptions prorated)