Investment in the Funds (Tables)

6 Months Ended

Jun. 30, 2024

Assets, Liabilities and Partners' Capital of Funds

Summarized information reflecting the total assets, liabilities and members’ capital of the Funds is shown in the following tables:


	June 30, 2024
	Total Assets		Total Liabilities		Total Capital
NL Master	$	35,662,652	$	3,866,761	$	31,795,891
Drakewood Master		52,219,515		3,467,122		48,752,393


	December 31, 2023
	Total Assets		Total Liabilities		Total Capital
NL Master	$	40,864,449	$	126,823	$	40,737,626
Drakewood Master		51,637,147		5,483,874		46,153,273

Net Investment Income (Loss), Trading Results and Net Income (Loss) of Funds

Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables:


	For the three months ended June 30, 2024
	Net Investment		Total Trading

	Income (Loss)		Results			Net Income (Loss)
NL Master	$	351,149	$	(2,626,036	)	$	(2,274,887	)
Drakewood Master		362,277		(751,386	)		(389,109	)


	For the six months ended June 30, 2024
	Net Investment		Total Trading

	Income (Loss)		Results			Net Income (Loss)
NL Master	$	824,544	$	(5,986,329	)	$	(5,161,785	)
Drakewood Master		683,298		(315,390	)		367,908


	For the three months ended June 30, 2023
	Net Investment		Total Trading

	Income (Loss)		Results			Net Income (Loss)
NL Master	$	432,129	$	953,963		$	1,386,092
Drakewood Master		373,072		(889,597	)		(516,525	)


	For the six months ended June 30, 2023
	Net Investment		Total Trading

	Income (Loss)		Results			Net Income (Loss)
NL Master	$	804,887	$	(3,492,307	)	$	(2,687,420	)
Drakewood Master		641,952		(1,743,275	)		(1,101,323	)

Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds

Summarized information reflecting the Partnership’s investments in and the Partnership’s

pro-rata

share of the results of operations of the Funds is shown in the following tables:


	June 30, 2024					For the three months ended June 30, 2024
	% of								Expenses				Net

	Partners’			Fair		Income			Clearing		Professional		Income			Investment		Redemptions

Funds	Capital			Value		(Loss)			Fees		Fees		(Loss)			Objective		Permitted
NL Master		6.48	%	$	9,109,533	$	(639,701	)	$	10,154	$	4,806	$	(654,661	)		Commodity Portfolio	Monthly
Drakewood Master		14.75	%		20,734,643		(156,218	)		36,290		7,259		(199,767	)		Commodity Portfolio	Monthly

				$	29,844,176	$	(795,919	)	$	46,444	$	12,065	$	(854,428	)


	June 30, 2024					For the six months ended June 30, 2024
	% of								Expenses				Net

	Partners’			Fair		Income			Clearing		Professional		Income			Investment		Redemptions

Funds	Capital			Value		(Loss)			Fees		Fees		(Loss)			Objective		Permitted
NL Master		6.48	%	$	9,109,533	$	(1,509,441	)	$	14,050	$	9,889	$	(1,533,380	)		Commodity Portfolio	Monthly
Drakewood Master		14.75	%		20,734,643		168,951			59,247		14,029		95,675			Commodity Portfolio	Monthly

				$	29,844,176	$	(1,340,490	)	$	73,297	$	23,918	$	(1,437,705	)


	December 31, 2023					For the three months ended June 30, 2023
	% of								Expenses				Net

	Partners’			Fair		Income			Clearing		Professional		Income			Investment		Redemptions

Funds	Capital			Value		(Loss)			Fees		Fees		(Loss)			Objective		Permitted
NL Master		8.00	%	$	11,558,658	$	393,990		$	6,335	$	4,470	$	383,185			Commodity Portfolio	Monthly
Drakewood Master		11.38	%		16,459,442		(242,316	)		21,636		6,394		(270,346	)		Commodity Portfolio	Monthly

				$	28,018,100	$	151,674		$	27,971	$	10,864	$	112,839


	December 31, 2023					For the six months ended June 30, 2023
	% of								Expenses				Net

	Partners’			Fair		Income			Clearing		Professional		Income			Investment		Redemptions

Funds	Capital			Value		(Loss)			Fees		Fees		(Loss)			Objective		Permitted
NL Master		8.00	%	$	11,558,658	$	(723,321	)	$	10,876	$	8,921	$	(743,118	)		Commodity Portfolio	Monthly
Drakewood Master		11.38	%		16,459,442		(390,589	)		44,484		11,565		(446,638	)		Commodity Portfolio	Monthly

				$	28,018,100	$	(1,113,910	)	$	55,360	$	20,486	$	(1,189,756	)

Ceres Tactical Commodity L.P. 10-Q