Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2024

The following is the per Unit operating performance calculation for the three months ended September 30, 2024 and 2023:

	Class 0			Class 2			Class 3-A			Class 3-B
Per unit operating performance
Net asset value per Unit, June 30, 2023	$	223.94		$	158.17		$	–		$	–
Net income:
Net investment loss		(1.77	)		(1.14	)		–			–
Net gain on investments		17.37			12.22			–			–
Net income		15.60			11.08			–			–
Net asset value per Unit, September 30, 2023	$	239.54		$	169.25		$	–		$	–

Net asset value per Unit, June 30, 2024	$	241.88		$	170.06		$	100.23		$	98.65
Net loss:
Net investment income		0.91			0.33			0.62			0.47
Net loss on investments		(12.17	)		(8.55	)		(5.17	)		(5.06	)
Net loss		(11.26	)		(8.22	)		(4.55	)		(4.59	)
Net asset value per Unit, September 30, 2024	$	230.62		$	161.84		$	95.68		$	94.06

The following is the per Unit operating performance calculation for the nine months ended September 30, 2024 and 2023:

	Class 0			Class 2			Class 3-A			Class 3-B
Per unit operating performance
Net asset value per Unit, December 31, 2022	$	224.59		$	159.22		$	–		$	–
Net income:
Net investment loss		(1.49	)		(1.49	)		–			–
Net gain on investments		16.44			11.52			–			–
Net income		14.95			10.03			–			–
Net asset value per Unit, September 30, 2023	$	239.54		$	169.25		$	–		$	–

Net asset value per Unit, December 31, 2023	$	224.32		$	158.20		$	–		$	–
Initial asset value per share, May 1, 2024		–			–			–			100.00
Initial asset value per share, June 1, 2024		–			–			100.00			–
Net income (loss):
Net investment income		1.89			0.50			0.65			0.62
Net gain (loss) on investments		4.41			3.14			(4.97	)		(6.56	)
Net income (loss)		6.30			3.64			(4.32	)		(5.94	)
Net asset value per Unit, September 30, 2024	$	230.62		$	161.84		$	95.68		$	94.06

The following represents ratios to average Members’ Capital and total return for the three months ended September 30, 2024 and 2023:

	Class 0						Class 2						Class 3-A				Class 3-B
	2024			2023			2024			2023			2024			2023	2024			2023

Total return before Incentive Allocation		(4.66	)%		8.14	%		(4.83	)%		7.94	%		(4.54	)%	–		(4.65	)%	–
Incentive Allocation		(0.00	)		(1.17	)		(0.00	)		(0.93	)		(0.00	)	–		(0.00	)	–
Total return after Incentive Allocation		(4.66	)%		6.97	%		(4.83	)%		7.01	%		(4.54	)%	–		(4.65	)%	–

Net investment income before Incentive Allocation		0.39	%		0.37	%		0.20	%		0.18	%		0.64	%	–		0.49	%	–
Incentive Allocation		(0.00	)		(1.14	)		(0.00	)		(0.88	)		(0.00	)	–		(0.00	)	–
Net investment income (loss) after Incentive Allocation		0.39	%		(0.77	)%		0.20	%		(0.70	)%		0.64	%	–		0.49	%	–

Total expenses before Incentive Allocation		0.65	%		0.73	%		0.84	%		0.92	%		0.67	%	–		0.82	%	–
Incentive Allocation		0.00			1.14			0.00			0.88			0.00		–		0.00		–
Total expenses after Incentive Allocation		0.65	%		1.87	%		0.84	%		1.80	%		0.67	%	–		0.82	%	–

The following represents ratios to average Members’ Capital and total return for the nine months ended September 30, 2024 and 2023:

	Class 0						Class 2						Class 3-A*				Class 3-B**
	2024			2023			2024			2023			2024			2023	2024			2023

Total return before Incentive Allocation		3.36	%		7.83	%		2.77	%		7.23	%		(4.26	)%	–		(5.94	)%	–
Incentive Allocation		(0.55	)		(1.17	)		(0.47	)		(0.93	)		(0.06	)	–		(0.00	)	–
Total return after Incentive Allocation		2.81	%		6.66	%		2.30	%		6.30	%		(4.32	)%	–		(5.94	)%	–

Net investment income (loss) before Incentive Allocation		1.32	%		0.52	%		0.76	%		(0.06	)%		0.68	%	–		0.65	%	–
Incentive Allocation		(0.53	)		(1.18	)		(0.46	)		(0.88	)		(0.01	)	–		(0.00	)	–
Net investment income (loss) after Incentive Allocation		0.79	%		(0.66	)%		0.30	%		(0.94	)%		0.67	%	–		0.65	%	–

Total expenses before Incentive Allocation		2.13	%		2.09	%		2.65	%		2.66	%		0.72	%	–		1.12	%	–
Incentive Allocation		0.53			1.18			0.46			0.88			0.01		–		0.00		–
Total expenses after Incentive Allocation		2.66	%		3.27	%		3.11	%		3.54	%		0.73	%	–		1.12	%	–

* For the period from June 1, 2024 through September 30, 2024.

** For the period from May 1, 2024 through September 30, 2024.

GRAHAM ALTERNATIVE INVESTMENT FUND I LLC 10-Q