Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of financial highlights and per unit performance reflecting activity related to the Partnership


	Three Months ended September 30, 2025
	Class A			Class B			Legacy 1			Legacy 2			Global 1			Global 2
	Units			Units			Class Units			Class Units			Class Units			Class Units
Per Unit Performance
(for unit outstanding throughout the entire period):
Net asset value per unit at beginning of period	$	829.58		$	648.30		$	781.96		$	749.67		$	808.81		$	778.88
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (1)		83.62			65.38			79.04			75.75			81.81			78.76
Net investment loss (1)		(6.72)			(6.44)			(1.61)			(2.03)			(0.49)			(0.98)
Total income (loss) from operations		76.90			58.94			77.43			73.72			81.32			77.78
Net asset value per unit at end of period	$	906.48		$	707.24		$	859.39		$	823.39		$	890.13		$	856.66

Total Return		9.27	%		9.09	%		9.90	%		9.83	%		10.05	%		9.99	%

Ratios as a percentage of average net assets:
Expenses prior to incentive fees (2)		6.36	%		7.13	%		4.02	%		4.27	%		3.46	%		3.71	%
Incentive fees (3)		—	%		—	%		—	%		—	%		—	%		—	%
Total expenses		6.36	%		7.13	%		4.02	%		4.27	%		3.46	%		3.71	%
Net investment loss (2) (4)		(3.13)	%		(3.85)	%		(0.79)	%		(1.05)	%		(0.23)	%		(0.49)	%


	Three Months Ended September 30, 2024
	Class A			Class B			Legacy 1			Legacy 2			Global 1			Global 2
	Units			Units			Class Units			Class Units			Class Units			Class Units
Per Unit Performance
(for unit outstanding throughout the entire period):
Net asset value per unit at beginning of period	$	965.99		$	759.85		$	889.74		$	855.14		$	915.23		$	883.57
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (1)		(54.14)			(42.47)			(49.86)			(47.91)			(51.24)			(49.44)
Net increase from payments by General Partner (5)		0.19			0.15			0.18			0.17			0.19			0.18
Net investment loss (1)		(7.67)			(7.31)			(2.26)			(2.68)			(1.18)			(1.68)
Total income (loss) from operations		(61.62)			(49.63)			(51.94)			(50.42)			(52.23)			(50.94)
Net asset value per unit at end of period	$	904.37		$	710.22		$	837.80		$	804.72		$	863.00		$	832.63

Total Return (6)		(6.38)	%		(6.53)	%		(5.84)	%		(5.90)	%		(5.71)	%		(5.77)	%

Ratios as a percentage of average net assets:
Expenses prior to incentive fees (2)		6.06	%		6.80	%		3.78	%		4.03	%		3.29	%		3.55	%
Incentive fees (3)		—	%		—	%		—	%		—	%		—	%		—	%
Total expenses		6.06	%		6.80	%		3.78	%		4.03	%		3.29	%		3.55	%
Net investment loss (2) (4)		(3.34)	%		(4.05)	%		(1.07)	%		(1.31)	%		(0.54)	%		(0.80)	%


	Nine Months ended September 30, 2025
	Class A			Class B			Legacy 1			Legacy 2			Global 1			Global 2
	Units			Units			Class Units			Class Units			Class Units			Class Units
Per Unit Performance
(for unit outstanding throughout the entire period):
Net asset value per unit at beginning of period	$	882.25		$	691.71		$	822.05		$	789.09		$	847.94		$	817.58
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (1)		43.73			34.26			41.76			40.01			43.29			41.71
Net investment loss (1)		(19.50)			(18.73)			(4.42)			(5.71)			(1.10)			(2.63)
Total income (loss) from operations		24.23			15.53			37.34			34.30			42.19			39.08
Redemption
Net asset value per unit at end of period	$	906.48		$	707.24		$	859.39		$	823.39		$	890.13		$	856.66

Total Return		2.75	%		2.24	%		4.54	%		4.35	%		4.98	%		4.78	%

Ratios as a percentage of average net assets:
Expenses prior to incentive fees (2)		6.41	%		7.16	%		4.10	%		4.35	%		3.57	%		3.80	%
Incentive fees (3)		—	%		—	%		—	%		—	%		—	%		—	%
Total expenses		6.41	%		7.16	%		4.10	%		4.35	%		3.57	%		3.80	%
Net investment loss (2) (4)		(3.04)	%		(3.74)	%		(0.73)	%		(0.99)	%		(0.18)	%		(0.44)	%


	Nine Months Ended September 30, 2024
	Class A			Class B			Legacy 1			Legacy 2			Global 1			Global 2
	Units			Units			Class Units			Class Units			Class Units			Class Units
Per Unit Performance
(for unit outstanding throughout the entire period):
Net asset value per unit at beginning of period	$	927.89		$	732.01		$	845.71		$	813.75		$	867.66		$	838.70
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (1)		6.06			5.67			4.77			4.68			5.16			4.84
Net increase from payments by General Partner (5)		1.59			1.29			1.46			1.40			1.53			1.46
Net investment loss (1)		(31.17)			(28.75)			(14.14)			(15.11)			(11.35)			(12.37)
Total income (loss) from operations		(23.52)			(21.79)			(7.91)			(9.03)			(4.66)			(6.07)
Redemption
Net asset value per unit at end of period	$	904.37		$	710.22		$	837.80		$	804.72		$	863.00		$	832.63

Total Return (6)		(2.54)	%		(2.98)	%		(0.93)	%		(1.11)	%		(0.54)	%		(0.72)	%

Ratios as a percentage of average net assets:
Expenses prior to incentive fees (2)		6.00	%		6.73	%		3.67	%		3.92	%		3.14	%		3.39	%
Incentive fees (3)		0.44	%		0.44	%		0.54	%		0.53	%		0.59	%		0.56	%
Total expenses		6.44	%		7.17	%		4.21	%		4.45	%		3.73	%		3.95	%
Net investment loss (2) (4)		(3.75)	%		(4.48)	%		(1.42)	%		(1.67)	%		(0.88)	%		(1.13)	%

(1)

Net investment loss per unit is calculated by dividing the expenses net of interest income by the average number of units outstanding during the period. The net realized and change in unrealized gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2)

Annualized.

(3)

Not annualized.

(4)

Excludes incentive fee.

(5)

Net increase from payments by General Partner represents the reduction amount of the General Partner’s contribution (see Note 5).

(6)

The three months ended September 30, 2024 Total Return before the General Partner contribution (see Note 5) was (6.46)% for the Class A units, (6.63)% for the Class B units, (5.91)% for the Legacy 1 Class units, (5.97)% for the Legacy 2 Class units, (5.78)% for the Global 1 Class units and (5.83)% for the Global 2 Class units. The nine months ended September 30, 2024 Total Return before the General Partner contribution (see Note 5) was (2.73)% for the Class A units, (3.19)% for the Class B units, (1.12)% for the Legacy 1 Class units, (1.29)% for the Legacy 2 Class units, (0.72)% for the Global 1 Class units and (0.90)% for the Global 2 Class units.

GRANT PARK FUTURES FUND LIMITED PARTNERSHIP 10-Q