Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2025

Financial Highlights for Limited Partner Class

Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2025 and 2024 were as follows:


	Three Months Ended June 30,												Six Months Ended June 30,
	2025						2024						2025						2024
	Class A			Class Z			Class A			Class Z			Class A			Class Z			Class A			Class Z
Per Unit Performance (for a unit outstanding throughout the period):*
Net realized and unrealized gains (losses)	$	(1.98	)	$	(0.86	)	$	(0.69	)	$	(0.30	)	$	(1.99	)	$	(0.87	)	$	3.56		$	1.54
Net investment income (loss)		0.01			0.03			0.10			0.07			0.02			0.06			(0.04	)		0.03

Increase (decrease) for the period		(1.97	)		(0.83	)		(0.59	)		(0.23	)		(1.97	)		(0.81	)		3.52			1.57
Net asset value per Unit, beginning of period		29.69			12.95			32.18			13.93			29.69			12.93			28.07			12.13

Net asset value per Unit, end of period	$	27.72		$	12.12		$	31.59		$	13.70		$	27.72		$	12.12		$	31.59		$	13.70


	Three Months Ended June 30,												Six Months Ended June 30,
	2025						2024						2025						2024
	Class A			Class Z			Class A			Class Z			Class A			Class Z			Class A			Class Z
Ratios to Average Limited Partners’ Capital: **
Net investment income ***		0.2	%		1.0	%		1.1	%		1.8	%		0.2	%		0.9	%		0.4	%		1.2	%

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

Total expenses		3.5	%		2.7	%		3.4	%		2.7	%		3.5	%		2.7	%		4.2	%		3.4	%


Total return:
Total return before incentive fees		(6.6)	%		(6.4)	%		(1.8)	%		(1.7)	%		(6.6)	%		(6.3)	%		13.3	%		13.7	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%		(0.8)	%		(0.8)	%

Total return after incentive fees		(6.6)	%		(6.4)	%		(1.8)	%		(1.7)	%		(6.6)	%		(6.3)	%		12.5	%		12.9	%

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.

Ceres Classic L.P. 10-Q