Financial Highlights

3 Months Ended

Mar. 31, 2025

3.	Financial Highlights:

Financial highlights for the limited partner class as a whole for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
	2025						2024
	Class A			Class Z			Class A			Class Z
Per Unit Performance (for a unit outstanding throughout the period):*
Net realized and unrealized gains (losses)	$	(0.01	)	$	(0.01	)	$	4.24		$	1.83
Net investment income (loss)		0.01			0.03			(0.13	)		(0.03	)

Increase (decrease) for the period		-			0.02			4.11			1.80
Net asset value per Unit, beginning of period		29.69			12.93			28.07			12.13

Net asset value per Unit, end of period	$	29.69		$	12.95		$	32.18		$	13.93


	Three Months Ended March 31,
	2025						2024
	Class A			Class Z			Class A			Class Z
Ratios to Average Limited Partners’ Capital: **
Net investment income ***		0.1	%		0.9	%		0.4	%		1.1	%


Operating expenses		3.5	%		2.7	%		3.4	%		2.7	%
Incentive fees		-	%		-	%		0.7	%		0.7	%

Total expenses		3.5	%		2.7	%		4.1	%		3.4	%


Total return:
Total return before incentive fees		-	%		0.2	%		15.4	%		15.6	%
Incentive fees		-	%		-	%		(0.8)	%		(0.8)	%

Total return after incentive fees		-	%		0.2	%		14.6	%		14.8	%

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

**	Annualized (except for incentive fees).

***	Interest income less total expenses.

The

above

ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of consolidated income, expenses and average partners’ capital of the Partnership.

Ceres Classic L.P. 10-Q