0.0050.00145830.00145830.00250.0014583false--12-31Q3202500014689100001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsGrainsMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsGrainsMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsGrainsMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TotalMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:NewProfitMemoAccountMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LimitedPartnersMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GeneralPartnersMember2025-09-300001468910cik910:LimitedPartnersSeriesEMember2025-09-300001468910cik910:LimitedPartnersSeriesDMember2025-09-300001468910cik910:LimitedPartnersSeriesCMember2025-09-300001468910cik910:LimitedPartnersSeriesBMember2025-09-300001468910cik910:LimitedPartnersSeriesAMember2025-09-300001468910cik910:GeneralPartnersMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TotalMember2024-12-310001468910cik910:LimitedPartnersSeriesEMember2024-12-310001468910cik910:LimitedPartnersSeriesDMember2024-12-310001468910cik910:LimitedPartnersSeriesCMember2024-12-310001468910cik910:LimitedPartnersSeriesBMember2024-12-310001468910cik910:LimitedPartnersSeriesAMember2024-12-310001468910cik910:GeneralPartnersMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TotalMember2024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:NewProfitMemoAccountMember2024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LimitedPartnersMember2024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GeneralPartnersMember2024-09-300001468910cik910:LimitedPartnersSeriesEMember2024-09-300001468910cik910:LimitedPartnersSeriesDMember2024-09-300001468910cik910:LimitedPartnersSeriesCMember2024-09-300001468910cik910:LimitedPartnersSeriesBMember2024-09-300001468910cik910:LimitedPartnersSeriesAMember2024-09-300001468910cik910:GeneralPartnersMember2024-09-3000014689102024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TotalMember2023-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LimitedPartnersMember2023-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GeneralPartnersMember2023-12-310001468910cik910:LimitedPartnersSeriesEMember2023-12-310001468910cik910:LimitedPartnersSeriesDMember2023-12-310001468910cik910:LimitedPartnersSeriesCMember2023-12-310001468910cik910:LimitedPartnersSeriesBMember2023-12-310001468910cik910:LimitedPartnersSeriesAMember2023-12-310001468910cik910:GeneralPartnersMember2023-12-3100014689102023-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:PartnershipsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CaymanFeederMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:PartnershipsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CaymanFeederMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryNotesSecuritiesMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:StockIndicesMemberus-gaap:FairValueInputsLevel1Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:SoftsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:MetalsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LivestockMemberus-gaap:FairValueInputsLevel1Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:InterestRatesMemberus-gaap:FairValueInputsLevel1Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GrainsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:EnergiesMemberus-gaap:FairValueInputsLevel1Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CurrenciesMemberus-gaap:FairValueInputsLevel1Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:USTreasuryNotesSecuritiesMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:MoneyMarketFundsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:StockIndicesMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:SoftsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:MetalsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LivestockMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:InterestRatesMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GrainsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:EnergiesMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CurrenciesMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:U.s.TreasuryNotes2.25011152025Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:U.s.TreasuryNotes1.62502152026Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:U.s.TreasuryNotes1.50008152026Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryNotesSecuritiesMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:StockIndicesMemberus-gaap:FairValueInputsLevel1Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:SoftsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:MetalsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LivestockMemberus-gaap:FairValueInputsLevel1Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:InterestRatesMemberus-gaap:FairValueInputsLevel1Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GrainsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:EnergiesMemberus-gaap:FairValueInputsLevel1Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CurrenciesMemberus-gaap:FairValueInputsLevel1Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:USTreasuryNotesSecuritiesMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:MoneyMarketFundsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:StockIndicesMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:SoftsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:MetalsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LivestockMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:InterestRatesMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GrainsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:EnergiesMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CurrenciesMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:U.s.TreasuryNotes2.12505152025Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:U.s.TreasuryNotes2.00008152025Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:U.s.TreasuryNotes2.00002152025Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:USTreasuryNotesMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:USTreasuryNotesMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberU.S. Treasury Note 2.250_111520252025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberU.S. Treasury Note 1.625_021520262025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberU.S. Treasury Note 1.500_081520262025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberU.S. Treasury Notes 2.125_051520252024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberU.S. Treasury Notes 2.000_081520252024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberU.S. Treasury Notes 2.000_021520252024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyLMemberus-gaap:FutureMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyKMemberus-gaap:ForwardContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyCMemberus-gaap:FutureMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyLMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyKMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyCMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyLMemberus-gaap:FutureMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyLMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsGrainsMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsGrainsMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsGrainsMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ShortMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:LongMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsGrainsMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ShortMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:LongMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel2Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel1Member2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel2Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel1Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyGMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyKMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyGMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyJMemberus-gaap:FutureMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyGMemberus-gaap:ForwardContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyKMemberus-gaap:ForwardContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyJMemberus-gaap:FutureMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyGMemberus-gaap:ForwardContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyCMemberus-gaap:FutureMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyJMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyJMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CounterpartyCMember2024-12-310001468910us-gaap:FairValueInputsLevel3Member2025-09-300001468910us-gaap:FairValueInputsLevel3Member2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:SubsequentEventMember2025-10-012025-11-130001468910cik910:MillburnMultiMarketsTradingLPMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMember2024-01-012024-12-3100014689102024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:LimitedPartnerMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TrackingPartnerMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:LimitedPartnerMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TrackingPartnerMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TrackingPartnerMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GeneralPartnersMember2025-01-012025-09-300001468910cik910:GeneralPartnersMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GeneralPartnersMember2024-01-012024-09-300001468910cik910:GeneralPartnersMember2024-01-012024-09-300001468910cik910:LimitedPartnersSeriesEMember2025-01-012025-09-300001468910cik910:LimitedPartnersSeriesDMember2025-01-012025-09-300001468910cik910:LimitedPartnersSeriesCMember2025-01-012025-09-300001468910cik910:LimitedPartnersSeriesBMember2025-01-012025-09-300001468910cik910:LimitedPartnersSeriesAMember2025-01-012025-09-300001468910cik910:LimitedPartnersSeriesEMember2024-01-012024-09-300001468910cik910:LimitedPartnersSeriesDMember2024-01-012024-09-300001468910cik910:LimitedPartnersSeriesCMember2024-01-012024-09-300001468910cik910:LimitedPartnersSeriesBMember2024-01-012024-09-300001468910cik910:LimitedPartnersSeriesAMember2024-01-012024-09-300001468910us-gaap:SeriesBMember2025-09-300001468910us-gaap:SeriesAMember2025-09-300001468910cik910:SeriesEMember2025-09-300001468910cik910:SeriesDMember2025-09-300001468910cik910:SeriesCMember2025-09-300001468910us-gaap:SeriesBMember2025-06-300001468910us-gaap:SeriesAMember2025-06-300001468910cik910:SeriesEMember2025-06-300001468910cik910:SeriesDMember2025-06-300001468910cik910:SeriesCMember2025-06-300001468910us-gaap:SeriesBMember2024-12-310001468910us-gaap:SeriesAMember2024-12-310001468910cik910:SeriesEMember2024-12-310001468910cik910:SeriesDMember2024-12-310001468910cik910:SeriesCMember2024-12-310001468910us-gaap:SeriesBMember2024-09-300001468910us-gaap:SeriesAMember2024-09-300001468910cik910:SeriesEMember2024-09-300001468910cik910:SeriesDMember2024-09-300001468910cik910:SeriesCMember2024-09-300001468910us-gaap:SeriesBMember2024-06-300001468910us-gaap:SeriesAMember2024-06-300001468910cik910:SeriesEMember2024-06-300001468910cik910:SeriesDMember2024-06-300001468910cik910:SeriesCMember2024-06-300001468910us-gaap:SeriesBMember2023-12-310001468910us-gaap:SeriesAMember2023-12-310001468910cik910:SeriesEMember2023-12-310001468910cik910:SeriesDMember2023-12-310001468910cik910:SeriesCMember2023-12-310001468910us-gaap:SeriesBMember2025-07-012025-09-300001468910us-gaap:SeriesAMember2025-07-012025-09-300001468910cik910:SeriesEMember2025-07-012025-09-300001468910cik910:SeriesDMember2025-07-012025-09-300001468910cik910:SeriesCMember2025-07-012025-09-300001468910us-gaap:SeriesBMember2025-01-012025-09-300001468910us-gaap:SeriesAMember2025-01-012025-09-300001468910cik910:SeriesEMember2025-01-012025-09-300001468910cik910:SeriesDMember2025-01-012025-09-300001468910cik910:SeriesCMember2025-01-012025-09-300001468910us-gaap:SeriesBMember2024-07-012024-09-300001468910us-gaap:SeriesAMember2024-07-012024-09-300001468910cik910:SeriesEMember2024-07-012024-09-300001468910cik910:SeriesDMember2024-07-012024-09-300001468910cik910:SeriesCMember2024-07-012024-09-300001468910us-gaap:SeriesBMember2024-01-012024-09-300001468910us-gaap:SeriesAMember2024-01-012024-09-300001468910cik910:SeriesEMember2024-01-012024-09-300001468910cik910:SeriesDMember2024-01-012024-09-300001468910cik910:SeriesCMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ThirtyYearUSTreasuryBondMembercik910:LongContractsMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:FiveYearUsTreasuryNoteMembercik910:ShortContractsMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:FiveYearUsTreasuryNoteMembercik910:ShortContractsMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ThirtyYearUSTreasuryBondMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:OtherInterestRatesMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:OtherInterestRatesMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:FiveYearUsTreasuryNoteMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsGrainsMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMembercik910:ShortContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMembercik910:LongContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:InterestRateContractMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMembercik910:LongContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMembercik910:LongContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:OtherInterestRatesMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:FiveYearUsTreasuryNoteMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsStockIndicesMembercik910:LongContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsSoftsMembercik910:LongContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsMetalsMembercik910:LongContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsLivestockMembercik910:LongContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsInterestRatesMembercik910:LongContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsGrainsMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsEnergiesMembercik910:LongContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMembercik910:ShortContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:ExchangeTradedFuturesContractsCurrenciesMembercik910:LongContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:LimitedPartnerMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TrackingPartnerMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:LimitedPartnerMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FutureMemberus-gaap:ExchangeTradedMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMemberus-gaap:ExchangeTradedMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FutureMemberus-gaap:ExchangeTradedMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FutureMemberus-gaap:ExchangeTradedMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:OverTheCounterMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMemberus-gaap:OverTheCounterMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:OverTheCounterMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMemberus-gaap:ForwardContractsMemberus-gaap:OverTheCounterMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMember2024-01-012024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TotalMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:NewProfitMemoAccountMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LimitedPartnersMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:TotalMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:NewProfitMemoAccountMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LimitedPartnersMember2024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:PartnershipsMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:DirectInvestorMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CaymanFeederMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMembercik910:PartnershipsMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:LimitedPartnersMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:GeneralPartnersMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:DirectInvestorMember2024-12-310001468910cik910:MillburnMultiMarketsTradingLPMembercik910:CaymanFeederMember2024-12-3100014689102025-09-3000014689102024-12-310001468910cik910:MillburnMultiMarketsTradingLPMember2025-07-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMember2025-01-012025-09-300001468910cik910:MillburnMultiMarketsTradingLPMember2024-07-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMember2024-01-012024-09-3000014689102025-07-012025-09-3000014689102025-01-012025-09-3000014689102024-07-012024-09-3000014689102024-01-012024-09-300001468910cik910:MillburnMultiMarketsTradingLPMember2025-09-300001468910cik910:MillburnMultiMarketsTradingLPMember2024-12-31xbrli:sharescik910:contractiso4217:USDxbrli:sharesxbrli:pureiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended: September 30, 2025


¨	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period from ___________ to ___________

Commission File Number: 000-54028

MILLBURN MULTI-MARKETS FUND L.P.

(Exact name of registrant as specified in its charter)

Delaware		26-4038497
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

c/o MILLBURN RIDGEFIELD LLC

55 West 46^th Street, 31^st Floor

New York, NY 10036

(Address of principal executive offices) (Zip Code)

(212) 332-7300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  No 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company 
	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No 



PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Millburn Multi-Markets Fund L.P.
Financial statements
As of and for the three and nine months ended September 30, 2025 and 2024 (unaudited)

Statements of Financial Condition (a)					1
Statements of Operations (c)					2
Statements of Changes in Partners’ Capital (b)					4
Statements of Financial Highlights (c)					6
Notes to Financial Statements					10

(a) At September 30, 2025 (unaudited) and December 31, 2024

(b) For the nine months ended September 30, 2025 and 2024 (unaudited)

(c) For the three and nine months ended September 30, 2025 and 2024 (unaudited)

Millburn Multi-Markets Fund L.P.

Statements of Financial Condition



ASSETS		September 30, 2025
		(unaudited)		December 31, 2024
Investment in Millburn Multi-Markets
Trading L.P. (the “Master Fund”)	$	104,506,207	$	121,077,762
Due from the Master Fund		390,655		1,395,871
Cash and cash equivalents		2,689		56,701

Total assets	$	104,899,551	$	122,530,334


LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Capital contributions received in advance	$	2,689	$	56,701
Capital withdrawals payable to Limited Partners		390,655		895,871
Capital withdrawal payable to General Partner		-		500,000

Total liabilities		393,344		1,452,572

PARTNERS’ CAPITAL:
General Partner		2,830,389		2,906,007

Limited partners:
Series A (72,642.4156 and 79,074.9857 units outstanding)		89,136,177		102,464,490
Series B (3,946.5727 and 4,457.8217 units outstanding)		6,240,771		7,333,525
Series C (1,707.9053 and 2,286.1305 units outstanding)		2,755,533		3,837,204
Series D (2,162.6442 and 2,785.5884 units outstanding)		3,168,943		4,270,156
Series E (356.5588 and 247.0895 units outstanding)		374,394		266,380

Total limited partners		101,675,818		118,171,755

Total partners’ capital		104,506,207		121,077,762

TOTAL	$	104,899,551	$	122,530,334

NET ASSET VALUE PER UNIT OUTSTANDING:
Series A	$	1,227.05	$	1,295.79
Series B	$	1,581.31	$	1,645.09
Series C	$	1,613.40	$	1,678.47
Series D	$	1,465.31	$	1,532.95
Series E	$	1,050.02	$	1,078.07

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Fund L.P.

Statements of Operations (unaudited)



		For the three months ended
	September 30, 2025		September 30, 2024
INVESTMENT INCOME:
Interest income, net (allocated from the Master Fund) (1)	$	1,134,303	$	1,571,136

EXPENSES:
Management fees (allocated from the Master Fund) (1)		462,976		518,556
Selling commissions and platform fees (allocated from the Master Fund) (1)		470,281		518,327
Administrative and operating expenses (allocated from the Master Fund) (1)		130,132		133,794
Custody fees and other expenses (allocated from the Master Fund) (1)		7,973		5,478

Total expenses		1,071,362		1,176,155

NET INVESTMENT INCOME		62,941		394,981

REALIZED AND UNREALIZED GAINS (LOSSES)
ALLOCATED FROM THE MASTER FUND (1)
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		(4,262,925)		(9,302,392)
Brokerage commissions (allocated from the Master Fund) (1)		(110,394)		(126,475)
Foreign exchange transaction		(84,950)		44,655
Net change in unrealized:
Futures and forward currency contracts		749,948		(2,323,330)
Foreign exchange translation		(16,142)		(45,473)
Net gains from U.S. Treasury notes:
Realized		388		3,156
Net change in unrealized		98,718		249,015

Net realized and unrealized losses
allocated from the Master Fund		(3,625,357)		(11,500,844)

NET LOSS		(3,562,416)		(11,105,863)

LESS PROFIT SHARE ALLOCATION		-		(836,827)
FROM THE MASTER FUND

NET LOSS AFTER PROFIT SHARE	$	(3,562,416)	$	(10,269,036)

NET LOSS PER UNIT OUTSTANDING:
Series A	$	(42.34)	$	(109.16)
Series B	$	(46.39)	$	(119.81)
Series C	$	(47.32)	$	(122.24)
Series D	$	(45.81)	$	(117.44)
Series E	$	(26.08)	$	(86.11)

⁽¹⁾ The Partnership’s proportionate share of income and expenses allocated from the Master Fund for the period ended.

See notes to financial statements (Unaudited) (Continued)

Millburn Multi-Markets Fund L.P.

Statements of Operations (unaudited)



		For the nine months ended
	September 30, 2025		September 30, 2024
INVESTMENT INCOME:
Interest income	$	-	$	330
Interest income, net (allocated from the Master Fund) (1)		3,641,097		4,900,874

Total interest income		3,641,097		4,901,204

EXPENSES:
Management fees (allocated from the Master Fund) (1)		1,452,164		1,644,770
Selling commissions and platform fees (allocated from the Master Fund) (1)		1,465,604		1,650,851
Administrative and operating expenses (allocated from the Master Fund) (1)		395,084		381,605
Custody fees and other expenses (allocated from the Master Fund) (1)		20,691		17,395

Total expenses		3,333,543		3,694,621

NET INVESTMENT INCOME		307,554		1,206,583

REALIZED AND UNREALIZED GAINS (LOSSES)
ALLOCATED FROM THE MASTER FUND (1)
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		(5,148,853)		2,059,453
Brokerage commissions (allocated from the Master Fund) (1)		(317,774)		(416,040)
Foreign exchange transaction		(174,785)		(7,799)
Net change in unrealized:
Futures and forward currency contracts		(399,101)		1,197,297
Foreign exchange translation		12,980		(99,402)
Net gains (losses) from U.S. Treasury notes:
Realized		752		(7,736)
Net change in unrealized		(9,450)		107,101

Net realized and unrealized gains (losses)
allocated from the Master Fund		(6,036,231)		2,832,874

NET INCOME (LOSS)		(5,728,677)		4,039,457

LESS PROFIT SHARE ALLOCATION		1,277		36,135
FROM THE MASTER FUND

NET INCOME (LOSS) AFTER PROFIT SHARE	$	(5,729,954)	$	4,003,322

NET INCOME (LOSS) PER UNIT OUTSTANDING:
Series A	$	(68.74)	$	31.23
Series B	$	(63.78)	$	62.28
Series C	$	(65.07)	$	63.54
Series D	$	(67.64)	$	50.21
Series E	$	(28.05)	$	53.37

⁽¹⁾ The Partnership’s proportionate share of income and expenses allocated from the Master Fund for the period ended.

See notes to financial statements (Unaudited) (Concluded)


				Millburn Multi-Markets Fund L.P.
				Statements of Changes in Partners’ Capital (unaudited)
				For the nine months ended September 30, 2025

			Limited Partners
	General
	Partner		Series A				Series B				Series C				Series D				Series E				Total
	Amount		Amount		Units		Amount		Units		Amount		Units		Amount		Units		Amount			Units		Amount

PARTNERS’ CAPITAL — January 1, 2025	$	2,906,007	$	102,464,490		79,074.9857	$	7,333,525		4,457.8217	$	3,837,204		2,286.1305	$	4,270,156		2,785.5884	$	266,380		247.0895	$	121,077,762

Capital contributions		-		-		-		-		-		200,000		118.0838		-		-		118,501		109.4693		318,501
Capital withdrawals		-		(8,219,072)		(6,432.5701)		(835,278)		(511.2490)		(1,160,354)		(696.3090)		(945,398)		(622.9442)		-		-		(11,160,102)
Net loss before profit share		(75,618)		(5,109,241)		-		(257,009)		-		(121,606)		-		(154,716)		-		(10,487)		-		(5,728,677)
Profit share		-		-		-		(467)		-		289		-		(1,099)		-		-		-		(1,277)
PARTNERS’ CAPITAL —
September 30, 2025	$	2,830,389	$	89,136,177		72,642.4156	$	6,240,771		3,946.5727	$	2,755,533		1,707.9053	$	3,168,943		2,162.6442	$	374,394		356.5588	$	104,506,207

Net Asset Value per Unit at
September 30, 2025					$	1,227.05			$	1,581.31			$	1,613.40			$	1,465.31			$	1,050.02



See notes to financial statements (Unaudited)																								(Continued)

‎


				Millburn Multi-Markets Fund L.P.
				Statements of Changes in Partners’ Capital (unaudited)
				For the nine months ended September 30, 2024

				Limited Partners
	General
	Partner		Series A				Series B				Series C				Series D				Series E				Total
	Amount		Amount		Units		Amount		Units		Amount		Units		Amount		Units		Amount			Units		Amount

PARTNERS’ CAPITAL — January 1, 2024	$	3,063,996	$	105,476,328		87,158.9000	$	7,114,188		4,701.2201	$	3,625,396		2,348.1019	$	4,559,744		3,218.3931	$	90,125		92.9304	$	123,929,777

Capital contributions		-		-		-		-		-		200,000		118.6900		50,000		34.4922		142,661		138.8621		392,661
Capital withdrawals		-		(9,838,833)		(7,530.2451)		(103,315)		(64.0020)		(16,130)		(9.3250)		(400,680)		(260.3078)		(4,788)		(4.3295)		(10,363,746)
Net income before profit share		168,573		3,247,160		-		295,354		-		141,336		-		182,298		-		4,736		-		4,039,457
Profit share		-		(34,564)		-		(93)		-		(195)		-		(1,283)		-		-		-		(36,135)
PARTNERS’ CAPITAL —
September 30, 2024	$	3,232,569	$	98,850,091		79,628.6549	$	7,306,134		4,637.2181	$	3,950,407		2,457.4669	$	4,390,079		2,992.5775		$ 232,734		227.4630	$	117,962,014

Net Asset Value per Unit at
September 30, 2024					$	1,241.39			$	1,575.54			$	1,607.51			$	1,466.99			$	1,023.18


See notes to financial statements (Unaudited)																								(Concluded)


Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the three months ended September 30, 2025

The following information presents per unit operating performance data for each series for the three months ended September 30, 2025.

Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B			Series C				Series D		Series E

NET ASSET VALUE PER UNIT — Beginning of period	$	1,269.39		$	1,627.70		$	1,660.72		$	1,511.12		$	1,076.10

INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment income (loss) ⁽¹⁾		(0.29)			7.70			7.99			4.31			9.70
Total trading and investing losses ⁽¹⁾		(42.05)			(54.09)			(55.31)			(50.12)			(35.78)

Net loss before profit share allocation from the Master Fund		(42.34)			(46.39)			(47.32)			(45.81)			(26.08)

Less: profit share allocation from the Master Fund ^{(1) (6)}		0.00			0.00			0.00			0.00			0.00

Net loss from operations after profit share allocation from the Master Fund		(42.34)			(46.39)			(47.32)			(45.81)			(26.08)

NET ASSET VALUE PER UNIT — End of period	$	1,227.05		$	1,581.31		$	1,613.40		$	1,465.31		$	1,050.02

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND ⁽²⁾		(3.34)	%		(2.85)	%		(2.85)	%		(3.03)	%		(2.42)	%

LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND ^{(2) (6)}		0.00			0.00

Millburn Multi-Markets Fund L.P. 10-Q