Worbook not updating links without the source workbook being open.

I know that there are some formulas like SUMIF that do not work without the source workbook being open, but I am having some fairly basic formulas fail now (Index Match) for the first time and am getting this Status when I dig into the Edit Links options: The workbook has values that refer to other workbooks. To update them, open these source workbooks. First, Why would this be happening? Is there some level of nesting that prevents automatically updating values? If I open the workbook everything updates fine. Then, to try and work around the issue, I went ahead and broke links in the source workbook so it no longer "has values that refer to other workbooks", however it didn't fix my issue still. How do I get around this?

The plot thickens...as I suspected it doesn't actually appear to have anything to do with links in the source file. The most frustrating part is it is not breaking consistently i.e. some of the index matches are calculating perfectly fine with the source book closed, while others are not and there are not any meaningful differences between the sources of the functions that are breaking vs. the ones that are working. What I did find is that if I change the source to values (as opposed to the formulas that exist today) it does fix the errors, but the fact that that appears to be a necessary step sometimes, but not others is incredibly frustrating. Anyone have any insight? One confounding factor is there the source values are stored in Excel tables (but my links to those values are not using any table syntax as I know that that doesn't work in links to external workbooks).