Has Replication Stalled? What Happened:

I reinitialized a subscription 16 hours ago. I had about 1.2M records to transfer, so I was expecting it to take a while. The Replication Monitor was saying "N transactions with N commands were delivered" for hours, so I figured everything was OK.

The Issue:

This morning when I check the Replication Monitor, I see this:


Oh no!, I exclaim, thinking I need to reinitialize replication with a newer snapshot to avoid pulling 1.2M rows. But I look at the other Tab on the Replication Monitor, and I see this:



Question:

I'm wondering why Transactions are being delivered, despite Replication Monitor complaining about the snapshot.
It's hard to say exactly but it looks like something went wrong during the reinitialization process.  Transactions are flowing from Publisher to Distributor but the Subscriber is requiring a new snapshot.  I'd recommend generating a new snapshot and then it will be reapplied by the Distribution Agent.  At that point you should be back in sync.