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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 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: 0-50316

GRANT PARK FUTURES FUND
LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)


Illinois		36-3596839
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

c/o Dearborn Capital Management, L.L.C.
566 West Adams Street, Suite 300
Chicago, Illinois 60661
(Address of Principal Executive Offices, including Zip Code)

Registrant’s telephone number, including area code: (312) 756-4450

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Not applicable.	Not applicable.	Not applicable.

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 definitions of “large accelerated filer”, “accelerated filer” and “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 ☐

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. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b -2 of the Securities Exchange Act of 1934). Yes ☐ No ☒

Table of Contents

GRANT PARK FUTURES FUND LIMITED PARTNERSHIP

QUARTER ENDED March 31, 2025

INDEX

PART I – FINANCIAL INFORMATION

ITEM 1.	Financial Statements

	Consolidated Statements of Financial Condition as of March 31, 2025 (unaudited) and December 31, 2024	2

	Consolidated Condensed Schedule of Investments as of March 31, 2025 (unaudited)	3

	Consolidated Condensed Schedule of Investments as of December 31, 2024	5

	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)	7

	Consolidated Statements of Changes in Partners’ Capital (Net Asset Value) for the three months ended March 31, 2025 and 2024 (unaudited)	8

	Notes to Consolidated Financial Statements (unaudited)	12

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	33

ITEM 4.	Controls and Procedures	37

PART II – OTHER INFORMATION

ITEM 1A.	Risk Factors	37

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

ITEM 6.	Exhibits	38

SIGNATURES		39
CERTIFICATIONS

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Grant Park Futures Fund Limited Partnership

Consolidated Statements of Financial Condition


	March 31,		December 31,
	2025		2024
		(Unaudited)
Assets
Equity in brokers' trading accounts:
Cash	$	3,658,867	$	3,649,470
Net unrealized gain on open futures contracts (see Note 10)		—		875,848
Net unrealized loss on open futures contracts (see Note 10)		(51,719)		(33,235)
Total equity in brokers' trading accounts		3,607,148		4,492,083
Cash and cash equivalents		11,355,648		18,518,343
Securities owned, at fair value (cost $6,768,743 and $1,600,000, respectively)		6,779,111		1,601,943
Interest receivable, net		8,092		3,976
Total assets	$	21,749,999	$	24,616,345
Liabilities and Partners' Capital (Net Asset Value)
Liabilities
Brokerage charge payable	$	106,425	$	121,399
Organization and offering costs payable		4,918		5,612
Accrued operating expenses		4,530		5,127
Redemptions payable to limited partners		232,826		427,333
Total liabilities		348,699		559,471
Partners' Capital (Net Asset Value)
General Partner
Class A (231.29 units outstanding at both March 31, 2025 and December 31, 2024)		195,449		204,059
Legacy 2 Class (250.67 units outstanding at both March 31, 2025 and December 31, 2024)		190,435		197,804

Limited Partners
Class A (3,423.64 units outstanding at both March 31, 2025 and December 31, 2024)		2,893,036		3,020,494
Class B (15,661.17 and 17,095.89 units outstanding at March 31, 2025 and December 31, 2024, respectively)		10,358,973		11,825,466
Legacy 1 Class (374.12 and 427.56 units outstanding at March 31, 2025 and December 31, 2024, respectively)		296,277		351,477
Legacy 2 Class (140.55 units outstanding at both March 31, 2025 and December 31, 2024)		106,772		110,903
Global 1 Class (8,697.50 and 9,542.72 units outstanding at March 31, 2025 and December 31, 2024, respectively)		7,114,454		8,091,605
Global 2 Class (311.98 units outstanding at both March 31, 2025 and December 31, 2024)		245,904		255,066
Total partners' capital (net asset value)		21,401,300		24,056,874
Total liabilities and partners' capital (net asset value)	$	21,749,999	$	24,616,345

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Grant Park Futures Fund Limited Partnership

Consolidated Condensed Schedule of Investments

March 31, 2025

(Unaudited)

Futures Contracts


	Unrealized gain/(loss) on open long contracts		Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts		Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts		Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals	$	(14,625)	(0.07)	%	$	21,149	0.10	%	$	6,524	0.03	%
Currencies		(8,215)	(0.04)	%		57,461	0.27	%		49,246	0.23	%
Energy		58,353	0.27	%		(20,273)	(0.09)	%		38,080	0.18	%
Interest rates		(5,596)	(0.03)	%		(10,516)	(0.05)	%		(16,112)	(0.08)	%
Meats		18,612	0.08	%		1,240	0.01	%		19,852	0.09	%
Metals		209,855	0.98	%		(67,682)	(0.32)	%		142,173	0.66	%
Soft commodities		(114,960)	(0.54)	%		27,459	0.13	%		(87,501)	(0.41)	%
Stock indices		(4,493)	(0.02)	%		25,161	0.12	%		20,668	0.10	%
Total U.S. Futures Positions		138,931				33,999				172,930

Foreign Futures Positions:
Agriculturals		462	—	%		301	—	%		763	—	%
Currencies		4,847	0.02	%		(1,219)	(0.01)	%		3,628	0.02	%
Energy		—	—	%		(55,950)	(0.26)	%		(55,950)	(0.26)	%
Interest rates		(35,164)	(0.16)	%		80,523	0.37	%		45,359	0.21	%
Metals		(78,706)	(0.36)	%		20,318	0.09	%		(58,388)	(0.27)	%
Soft commodities		(19,047)	(0.09)	%		(60)	—	%		(19,107)	(0.09)	%
Stock indices		(197,856)	(0.92)	%		56,902	0.26	%		(140,954)	(0.66)	%
Total Foreign Futures Positions		(325,464)				100,815				(224,649)
Total Futures Contracts	$	(186,533)	(0.87)	%	$	134,814	0.63	%	$	(51,719)	(0.24)	%

*	No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Grant Park Futures Fund Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

March 31, 2025

(Unaudited)

Securities owned

U.S. Government-sponsored enterprises


						Percent of
						Partners' Capital
Face Value		Maturity Dates	Description	Fair Value		(net asset value)
$	400,000	4/11/2025	Federal Farm Credit Banks, 2.9%	$	405,289	1.90	%
	400,000	5/19/2025	Federal Home Loan Banks, 3.5%		404,659	1.89	%
			Total U.S. Government-sponsored enterprises (cost $800,000)	$	809,948	3.79	%


						Percent of
						Partners' Capital
Face Value		Maturity Dates	Description	Fair Value		(net asset value)
$	3,000,000	4/17/2025	U.S. Treasury bill, 4.3%	$	2,994,333	13.99	%
	3,000,000	6/12/2025	U.S. Treasury bill, 4.3%		2,974,830	13.90	%
			Total U.S. Treasury bills (cost $5,968,743)	$	5,969,163	27.89	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Grant Park Futures Fund Limited Partnership

Consolidated Condensed Schedule of Investments

December 31, 2024

Futures Contracts


	Unrealized gain/(loss) on open long contracts		Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts		Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts		Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals	$	2,867	0.01	%	$	(16,578)	(0.07)	%	$	(13,711)	(0.06)	%
Currencies		7,498	0.03	%		458,577	1.91	%		466,075	1.94	%
Energy		56,654	0.23	%		(56,369)	(0.23)	%		285	—	%
Interest rates		(11,312)	(0.04)	%		102,092	0.42	%		90,780	0.38	%
Meats		50,202	0.21	%		—	—	%		50,202	0.21	%
Metals		(54,745)	(0.23)	%		46,862	0.20	%		(7,883)	(0.03)	%
Soft commodities		260,055	1.08	%		85,104	0.35	%		345,159	1.43	%
Stock indices		(99,338)	(0.41)	%		12,879	0.05	%		(86,459)	(0.36)	%
Total U.S. Futures Positions		211,881				632,567				844,448

Foreign Futures Positions:
Agriculturals		(1,679)	(0.01)	%		(1,393)	(0.01)	%		(3,072)	(0.02)	%
Currencies		21,014	0.09	%		—	—	%		21,014	0.09	%
Energy		100	—	%		(48,566)	(0.20)	%		(48,466)	(0.20)	%
Interest rates		(142,921)	(0.59)	%		183,274	0.76	%		40,353	0.17	%
Metals		(81,619)	(0.34)	%		110,320	0.46	%		28,701	0.12	%
Soft commodities		11,009	0.04	%		3,370	0.02	%		14,379	0.06	%
Stock indices		(67,397)	(0.28)	%		12,653	0.05	%		(54,744)	(0.23)	%
Total Foreign Futures Positions		(261,493)				259,658				(1,835)
Total Futures Contracts	$	(49,612)	(0.21)	%	$	892,225	3.71	%	$	842,613	3.50	%

*	No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these consolidated financial statements.

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Grant Park Futures Fund Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2024

Securities owned

U.S. Government-sponsored enterprises


						Percent of
						Partners' Capital
Face Value		Maturity Dates	Description	Fair Value		(net asset value)
$	400,000	4/11/2025	Federal Farm Credit Banks, 2.9%	$	400,856	1.67	%
	1,200,000	3/28/2025-5/19/2025	Federal Home Loan Banks, 2.3%-3.5% **		1,201,087	4.99	%
			Total U.S. Government-sponsored enterprises (cost $1,600,000)	$	1,601,943	6.66	%

** No individual position constituted greater than 5 percent of partners’ capital (net asset value).

The accompanying notes are an integral part of these consolidated financial statements.

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Grant Park Futures Fund Limited Partnership

Consolidated Statements of Operations


	Three Months Ended
	March 31,
	2025		2024

	(Unaudited)
Net trading gains (losses)
Net gains (losses) from futures trading
Realized	$	130,348	$	2,820,130
Change in unrealized		(894,332)		596,248
Commissions		(75,575)		(122,501)
Net gains (losses) from futures trading		(839,559)		3,293,877

Net gains (losses) from securities
Change in unrealized		4,413		141,580
Net gains (losses) from securities		4,413		141,580

Net trading gains (losses)		(835,146)		3,435,457

Net investment income (loss)
Income
Interest and dividend income, net		195,489		139,233
Expenses from operations
Brokerage charge		272,155		384,511
Incentive fees		—		145,642
Organizational and offering costs		15,538		22,681
Operating expenses		14,262		20,417
Total expenses		301,955		573,251
Net investment loss	$	(106,466)	$	(434,018)
Net income (loss)	$	(941,612)	$	3,001,439


	Three Months ended March 31, 2025
	Class A		Class B		Legacy 1		Legacy 2		Global 1		Global 2
	Units		Units		Class Units		Class Units		Class Units		Class Units
Net income (loss) per unit (based on weighted average number of units outstanding during the period) and increase (decrease) in net asset value per unit for the period	$	(37.23)	$	(30.27)	$	(30.13)	$	(29.39)	$	(29.95)	$	(29.37)

Weighted average number of units outstanding		3,654.93		16,220.25		387.48		391.22		9,114.93		311.98


	Three Months Ended March 31, 2024
	Class A		Class B		Legacy 1		Legacy 2		Global 1		Global 2
	Units		Units		Class Units		Class Units		Class Units		Class Units
Net income (loss) per unit (based on weighted average number of units outstanding during the period) and increase (decrease) in net asset value per unit for the period	$	86.05	$	66.85	$	82.80	$	79.22	$	86.12	$	82.69

Weighted average number of units outstanding		3,683.87		22,501.99		427.56		391.22		10,992.46		345.49

The accompanying notes are an integral part of these consolidated financial statements.

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Grant Park Futures Fund Limited Partnership

Consolidated Statements of Changes in Partners’ Capital (Net Asset Value)

Three Months Ended March 31, 2025

(Unaudited)


	Class A						Class B						Legacy 1 Class						Legacy 2 Class
	General Partner			Limited Partners			General Partner			Limited Partners			General Partner			Limited Partners			General Partner			Limited Partners
	Number			Number			Number			Number			Number			Number			Number			Number
	of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount
Partners’ capital,
December 31, 2024	231.29	$	204,059	3,423.64	$	3,020,494	—	$	—	17,095.89	$	11,825,466	—	$	—	427.56	$	351,477	250.67	$	197,804	140.55	$	110,903
Redemptions	—		—	—		—	—		—	(1,434.72)		(975,022)	—		—	(53.44)		(44,260)	—		—	—		—
Net income (loss)	—		(8,610)	—		(127,458)	—		—	—		(491,471)	—		—	—		(10,940)	—		(7,369)	—		(4,131)
Partners’ capital,
March 31, 2025	231.29	$	195,449	3,423.64	$	2,893,036	—	$	—	15,661.17	$	10,358,973	—	$	—	374.12	$	296,277	250.67	$	190,435	140.55	$	106,772

Net asset value per General Partner and Limited Partner unit at December 31, 2024		$	882.25					$	691.71					$	822.05					$	789.09

Net asset value per General Partner and Limited Partner unit at March 31, 2025		$	845.02					$	661.44					$	791.92					$	759.70

The accompanying notes are an integral part of these consolidated financial statements.

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Grant Park Futures Fund Limited Partnership

Consolidated Statements of Changes in Partners’ Capital (Net Asset Value) (continued)

Three Months Ended March 31, 2025

(Unaudited)


	Global 1 Class						Global 2 Class
	General Partner			Limited Partners			General Partner			Limited Partners
	Number			Number			Number			Number			Total
	of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		Amount
Partners’ capital,
December 31, 2024	—	$	—	9,542.72	$	8,091,605	—	$	—	311.98	$	255,066	$	24,056,874
Redemptions	—		—	(845.22)		(694,680)	—		—	—		—		(1,713,962)
Net income (loss)	—		—	—		(282,471)	—		—	—		(9,162)		(941,612)
Partners’ capital,
March 31, 2025	—	$	—	8,697.50	$	7,114,454	—	$	—	311.98	$	245,904	$	21,401,300

Net asset value per General Partner and Limited Partner unit at December 31, 2024		$	847.94					$	817.58

Net asset value per General Partner and Limited Partner unit at March 31, 2025		$	817.99					$	788.21

The accompanying notes are an integral part of these consolidated financial statements.

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Grant Park Futures Fund Limited Partnership

Consolidated Statements of Changes in Partners’ Capital (Net Asset Value) (continued)

Three Months Ended March 31, 2024

(Unaudited)


	Class A						Class B						Legacy 1 Class						Legacy 2 Class
	General Partner			Limited Partners			General Partner			Limited Partners			General Partner			Limited Partners			General Partner			Limited Partners
	Number			Number			Number			Number			Number			Number			Number			Number
	of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount

Partners’ capital,
December 31, 2023	231.29	$	214,617	3,455.12	$	3,205,977	—	$	—	23,691.52	$	17,342,365	—	$	—	427.56	$	361,592	250.67	$	203,985	140.55	$	114,370
Net increase (decrease) from payments by General Partner (see Note 5)	—		174	—		2,597	—		—	—		13,408	—		—	—		294	—		166	—		93
Redemptions	—		—	(5.07)		(5,059)	—		—	(2,113.54)		(1,616,579)	—		—	—		—	—		—	—		—
Net income (loss)	—		19,727	—		294,603	—		—	—		1,498,562	—		—	—		35,111	—		19,692	—		11,040
Partners’ capital,
March 31, 2024	231.29	$	234,518	3,450.05	$	3,498,118	—	$	—	21,577.98	$	17,237,756	—	$	—	427.56	$	396,997	250.67	$	223,843	140.55	$	125,503


Net asset value per General Partner and Limited Partner unit at December 31, 2023		$	927.89					$	732.01					$	845.71					$	813.75

Net asset value per General Partner and Limited Partner unit at March 31, 2024		$	1,013.94					$	798.86					$	928.51					$	892.97

The accompanying notes are an integral part of these consolidated financial statements.

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Grant Park Futures Fund Limited Partnership

Consolidated Statements of Changes in Partners’ Capital (Net Asset Value) (continued)

Three Months Ended March 31, 2024

(Unaudited)


	Global 1 Class						Global 2 Class						GP Class *
	General Partner			Limited Partners			General Partner			Limited Partners			General Partner
	Number			Number			Number			Number			Number			Total
	of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		of Units	Amount		Amount
Partners’ capital,
December 31, 2023	—	$	—	11,220.92	$	9,735,931	—	$	—	345.49	$	289,761	—	$	587,556	$	32,056,154
Net increase (decrease) from payments by General Partner (see Note 5)	—		—	—		7,793	—		—	—		235	—		(24,760)		—
Redemptions	—		—	(484.98)		(449,947)	—		—	—		—	—		(76,498)		(2,148,083)
Net income (loss)	—		—	—		945,930	—		—	—		28,334	—		148,440		3,001,439
Partners’ capital,
March 31, 2024	—	$	—	10,735.94	$	10,239,707	—	$	—	345.49	$	318,330	—	$	634,738	$	32,909,510


Net asset value per General Partner and Limited Partner unit at December 31, 2023		$	867.66					$	838.70

Net asset value per General Partner and Limited Partner unit at March 31, 2024		$	953.78					$	921.39

*See Note 5 regarding the GP Class.

The accompanying notes are an integral part of these consolidated financial statements.

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. Nature of Business and Significant Accounting Policies

Nature of business: Grant Park Futures Fund Limited Partnership (the “Partnership”) was organized as a limited partnership under Illinois law in August 1988 and will continue until December 31, 2027, unless terminated sooner as provided for in its Limited Partnership Agreement. As a commodity investment pool, the Partnership is subject to the regulations of the Commodity Futures Trading Commission (“CFTC”), an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Partnership executes transactions. Additionally, the Partnership is subject to the requirements of futures commission merchants (“FCMs”) and interbank and other market makers through which the Partnership trades. The Partnership is a registrant with the Securities and Exchange Commission (“SEC”), and, accordingly is subject to the regulatory requirements under the Securities Exchange Act of 1934, as amended. Prior to April 1, 2019, the Partnership was also subject to the regulatory requirements under the Securities Act of 1933, as amended.

Effective April 1, 2019, limited partnership units of the Partnership are no longer offered for sale. For existing investors in the Partnership, business continues to be conducted as usual. There was no change in the trading, operations, or monthly statements, etc. as a result of the termination of the offering, and redemption requests continue to be offered on a monthly basis.

The Partnership engages in the speculative trading of futures and forward contracts for commodities, financial instruments or currencies, any rights pertaining thereto and any options thereon, or on physical commodities, equities, listed options, swap transactions and broad based exchange-traded funds. The Partnership may also engage in hedge, arbitrage and cash trading of commodities and futures.

The Partnership is a multi-advisor commodity pool that invests the assets of each class of the Partnership in the Partnership’s subsidiary limited liability trading companies (each, a “Trading Company” and collectively, the “Trading Companies”) which (i) enter into advisory agreements with the independent commodity trading advisors retained by the general partner; (ii) enter into swap transactions or derivative instruments tied to the performance of certain reference traders; and/or (iii) allocate assets to the Partnership’s cash management trading company. The Partnership’s general partner, commodity pool operator and sponsor is Dearborn Capital Management, L.L.C. (“the General Partner”), an Illinois limited liability company. The Trading Companies were set up to, among other things, segregate risk by commodity trading advisor or reference trader. Effectively, this structure isolates one trading advisor or reference trader from another and any losses from one Trading Company will not carry over to the other Trading Companies. The following is a list of the Trading Companies, for which the Partnership is the sole member and all of which were organized as Delaware limited liability companies:

GP 1, LLC (“GP 1”) GP 4, LLC (“GP 4”) GP 18, LLC (“GP 18”)

GP 3, LLC (“GP 3”) GP 8, LLC (“GP 8”)

There were no assets allocated to GP 1 as of March 31, 2025 and December 31, 2024.

Additionally, GP Cash Management, LLC (“GP Cash Management”) was created as a Delaware limited liability company to collectively manage and invest excess cash not required to be held at clearing brokers. The excess cash is held in a separate account in the name of GP Cash Management, LLC and custodied at State Street Bank and Trust Company. The members of GP Cash Management are the Trading Companies.

Classes of interests: The Partnership has seven classes of limited partner interests (each, a “Class” and collectively, the “Interests”), Class A, Class B, Legacy 1 Class, Legacy 2 Class, Global Alternative Markets 1 (“Global 1”) Class, Global Alternative Markets 2 (“Global 2”) Class and Global Alternative Markets 3 (“Global 3”) Class units.

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)

The GP Class was established December 31, 2022 as a non-earning equity general partner class for accounting purposes only (see Note 5). The GP Class was closed December 17, 2024.

As previously disclosed and described in the Partnership’s prospectus, all Global 3 Class units have either been exchanged to Global 1 Class units or fully redeemed. As a result, the Global 3 Class is closed effective as of February 28, 2022.

Both Class A and Class B units are traded pursuant to identical trading programs and differ only in respect to the brokerage charge and organization and offering costs payable to the General Partner.

Both Legacy 1 Class and Legacy 2 Class units are traded pursuant to trading programs pursuing a technical trend trading philosophy, which is the same trading philosophy used for the Class A and Class B units. The Legacy 1 Class and Legacy 2 Class units differ only in respect to the brokerage charge payable to the General Partner. The Legacy 1 Class and Legacy 2 Class units were offered only to investors who are represented by approved selling agents who are directly compensated by the investor for services rendered in connection with an investment in the Partnership (such arrangements commonly referred to as “wrap-accounts”).

The Global 1 Class, Global 2 Class and Global 3 Class units are traded pursuant to trading programs pursuing technical trend trading philosophies. The Global 1 Class, Global 2 Class and Global 3 Class units differ in respect to the General Partner’s brokerage charge. The Global 1 Class and Global 2 Class units were offered only to investors in wrap accounts.

The Partnership’s significant accounting policies are as follows:

Accounting principles: Pursuant to rules and regulations of the SEC, consolidated financial statements of the Partnership are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). The Partnership is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

Consolidation: The Partnership is the sole member of each of the Trading Companies. The Trading Companies, in turn, are the only members of GP Cash Management. The Partnership presents consolidated financial statements, which include the accounts of the Trading Companies and GP Cash Management. All material inter-company accounts and transactions are eliminated in consolidation.

Use of estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents: Cash and cash equivalents may include cash, overnight investments, commercial paper, U.S. treasury bills, money market funds and short-term investments in interest-bearing demand deposits with banks and cash managers with original maturities of three months or less at the date of acquisition.

Valuation of investments: All investments are used for trading purposes and recorded at their fair value, as described in Note 2. Substantially all of the Partnership’s assets and liabilities are considered financial instruments and are recorded at fair value or at carrying amounts that approximate fair value because of the short maturity of the instruments.

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)

Investment transactions, investment income and expenses: Futures contracts, forward contracts and options on futures and forward contracts and securities are recorded on a trade date basis and realized gains or losses are recognized when contracts/positions are liquidated. Unrealized gains or losses on open contracts/positions (the difference between contract trade price and market price) or securities are reported in the consolidated statement of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with FASB ASC 210-20, Balance Sheet, Offsetting. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statement of operations. Interest income and expense is recognized under the accrual basis. Dividend income is recognized on the ex-dividend date. Premiums and discounts on fixed income securities are amortized and accreted for financial reporting purposes.

Set forth in Note 10 are instruments and transactions eligible for offset in the consolidated statement of financial condition and which are subject to derivative clearing agreements with the Partnership’s clearing brokers. Each clearing broker nets margin held on behalf of the Partnership or payment obligations of the clearing broker to the Partnership against any payment obligations of the Partnership to the clearing broker. The Partnership is required to deposit margin at each clearing broker to meet the original and maintenance requirements established by that clearing broker, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each clearing broker a security interest in this margin to secure any liabilities owed to the clearing broker arising from a default by the Partnership.

Commissions: Commissions and other trading fees are expensed when contracts are opened and closed, and are reflected separately in the consolidated statement of operations.

Redemptions payable: Pursuant to the provisions of FASB ASC 480, Distinguishing Liabilities from Equity, redemptions approved by the General Partner prior to month end with a fixed effective date and fixed amount are recorded as redemptions payable as of month end.

Income taxes: No provision for income taxes has been made in these consolidated financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes.

The Partnership follows the provisions of FASB ASC 740, Income Taxes. FASB guidance requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. If a tax position does not meet the minimum statutory threshold to avoid payment of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the consolidated statement of operations in the period in which the position is claimed or expected to be claimed. As of March 31, 2025, management has determined that there are no material uncertain income tax positions and, accordingly, has not recorded a liability. The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2021.

Organization and offering costs: The General Partner has incurred all expenses in connection with the organization and the continuous public offering of partnership interests and is reimbursed by the Partnership. In addition, the General Partner continues to compensate wholesalers for services rendered to certain Limited Partners. This reimbursement is made monthly and the reimbursement amounts are listed by class in Note 5. In no event, however, will the monthly reimbursement from the Partnership to the General Partner exceed 0.083%, or 1.0% annually, of the net asset value of the Partnership. In its discretion, the General Partner may require the Partnership to reimburse the General Partner in any subsequent calendar year for amounts that exceed these limits in any prior year, provided that the maximum amount reimbursed by the Partnership will not exceed the overall limit set forth above. Amounts reimbursed by the Partnership with respect to the organization and the continuous public offering expenses are charged to expense from operations at the time of reimbursement or accrual. If the Partnership terminates prior to completion of payment of

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)

the calculated amounts to the General Partner, the General Partner will not be entitled to any additional payments, and the Partnership will have no further obligation to the General Partner. The Partnership is only liable for payment of offering costs on a monthly basis as calculated based on the limitations stated above. As of March 31, 2025, unreimbursed organization and offering costs incurred by the General Partner were approximately $71,000 and may be reimbursed by the Partnership in the future.

Foreign currency transactions: The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the consolidated statement of financial condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income currently.

The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments.

Statement of cash flows: The Partnership has elected not to provide statements of cash flows as permitted by FASB ASC 230, Statement of Cash Flows. The Partnership noted that as of and for the periods ended March 31, 2025 and 2024, substantially all investments were highly liquid in Level 1 or 2 of the fair value hierarchy as shown in Note 2, all investments are carried at fair value, the Partnership carried no debt, and the consolidated statements of changes in partners’ capital (net asset value) is presented.

Segment information: FASB ASC 280 Segment Reporting, establishes standards for reporting certain information about operating segments. Operating segments are defined as components of an entity about which separate financial information is available that is regularly reviewed by the chief operating decision maker. The Partnership conducts its business in one operating segment. The Partnership’s chief operating decision maker is the General Partner. The General Partner determines the Partnership’s investment strategy, capital allocation and expense structure, as outlined in the Partnership’s prospectus and assesses each Trading Company’s performance against the Partnership’s investment strategy.

Interim financial statements: The consolidated financial statements included herein were prepared without audit according to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP may be omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three months ended March 31, 2025 and 2024 are not necessarily indicative of the results to be expected for the full year or for any other period.

These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K previously filed with the SEC.

Note 2. Fair Value Measurements

As described in Note 1, the Partnership follows the provisions of FASB ASC 820, Fair Value Measurement. FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)

(Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below:

Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement.

Level 3. Inputs that are unobservable for the asset or liability. The Partnership does not have any assets classified as Level 3.

The following section describes the valuation techniques used by the Partnership to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

The fair value of exchange-traded futures contracts are based upon exchange settlement prices as of the last business day of the reporting period. These financial instruments are classified in Level 1 of the fair value hierarchy.

U.S. Government securities and U.S. Government-sponsored enterprise securities are valued using current market quotations provided by an independent external pricing source to determine fair value. These securities are classified in Level 2 of the fair value hierarchy.

The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2025:


Assets and Liabilities	Level 1		Level 2		Level 3		Total
Equity in brokers' trading accounts
U.S. and foreign futures contracts	$	(51,719)	$	—	$	—	$	(51,719)
Securities owned
U.S. Government-sponsored enterprises		—		809,948		—		809,948
U.S. Government securities				5,969,163				5,969,163
Total	$	(51,719)	$	6,779,111	$	—	$	6,727,392

The gross presentation of the fair value of the Partnership’s derivatives by contract type is shown in Note 10. See the consolidated condensed schedule of investments for detail by sector.

The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:


Assets and Liabilities	Level 1		Level 2		Level 3		Total
Equity in brokers' trading accounts
U.S. and foreign futures contracts	$	875,848	$	—	$	—	$	875,848
U.S. and foreign futures contracts		(33,235)		—		—		(33,235)
Securities owned
U.S. Government-sponsored enterprises		—		1,601,943		—		1,601,943
Total	$	842,613	$	1,601,943	$	—	$	2,444,556

The gross presentation of the fair value of the Partnership’s derivatives by contract type is shown in Note 10. See the consolidated condensed schedule of investments for detail by sector.

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)

The Partnership assesses the level of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among Levels 1, 2, and 3 during the three months ended March 31, 2025 and year ended December 31, 2024.

Note 3. Deposits with Brokers

The Partnership, through the Trading Companies, deposits assets with ADM Investor Services, Inc. and R.J. O’Brien & Associates, LLC subject to CFTC regulations and various exchange and broker requirements. Margin requirements may be satisfied by the deposit of U.S. Treasury bills, U.S. Government-sponsored enterprise securities and/or cash with such clearing brokers. The Partnership may earn interest income on its assets deposited with the clearing brokers.

Note 4. Commodity Trading Advisors and Cash Managers

The Partnership, through the Trading Companies, allocates assets to the commodity trading advisors. Each trading advisor that receives a direct allocation from the Partnership has entered into an advisory contract with the Partnership. As of March 31, 2025, the commodity trading advisors are EMC Capital Advisors, LLC (“EMC”), Episteme Capital Partners (UK) LLP (“Episteme”), Quantica Capital AG (“Quantica”) and Sterling Partners Quantitative Investments LLC (“Sterling”) (collectively, the “Advisors”). The Advisors are paid a quarterly consulting fee ranging from 0.2 percent to 1 percent per annum of the Partnership’s month-end allocated net assets and a quarterly or semi-annual incentive fee ranging from 0 percent to 20 percent of the new trading profits on the allocated net assets of the Advisor.

The general partner currently manages the liquid assets of the Partnership. The Partnership opened a custodial account at State Street Bank and Trust Company (“Custodian”), and the general partner makes certain investments on behalf of the Partnership. Such investments include, but are not limited to, U.S. Government-sponsored enterprise securities, U.S. Treasury securities, corporate bonds, investment grade money markets instruments and exchange-traded funds. All securities purchased on behalf of the Partnership or other liquid funds of the Partnership are held in the Partnership’s custody account at the Custodian. The Partnership incurs monthly fees, payable in arrears to the Custodian, equal to approximately 0.13% and 0.09% per annum of the Partnership’s average month-end net assets for the three months ended March 31, 2025 and 2024, respectively. The fees are netted against interest and dividend income on the consolidated statements of operations.

Note 5. General Partner and Related Party Transactions

The General Partner shall at all times, so long as it remains a general partner of the Partnership, own Units in the Partnership: (i) in an amount sufficient, in the opinion of counsel for the Partnership, for the Partnership to be taxed as a partnership rather than as an association taxable as a corporation; and (ii) during such time as the Units are registered for sale to the public, in an amount at least equal to the greater of: (a) 1 percent of all capital contributions of all Partners to the Partnership; or (b) $25,000; or such other amount satisfying the requirements then imposed by the North American Securities Administrators Association, Inc. (“NASAA”) Guidelines. Further, during such time as the Units are registered for sale to the public, the General Partner shall, so long as it remains a general partner of the Partnership, maintain a net worth (as such term may be defined in the NASAA Guidelines) at least equal to the greater of: (i) 5 percent of the total capital contributions of all partners and all limited partnerships to which it is a general partner (including the Partnership) plus 5 percent of the Units being offered for sale in the Partnership; or (ii) $50,000; or such other amount satisfying the requirements then imposed by the NASAA Guidelines. In no event, however, shall the General Partner be required to maintain a net worth in excess of $1,000,000 or such other maximum amount satisfying the requirements then imposed by the NASAA Guidelines.

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)

Ten percent of the General Partner’s limited partnership interest in the Partnership is characterized as a general partnership interest. Notwithstanding, the general partnership interest will continue to pay all fees associated with a limited partnership interest.

The Partnership pays the General Partner a monthly brokerage charge, organization and offering reimbursement and operating expenses. The annualized brokerage charge, organization and offering reimbursement and operating expenses are presented in the table below.


			Organization and Offering
	Brokerage charge*		Reimbursement*		Operating Expense*
Class A units	7.00	%	0.10	%	0.25	%
Class B units	7.45	%	0.30	%	0.25	%
Legacy 1 Class units	4.50	%	0.30	%	0.25	%
Legacy 2 Class units	4.75	%	0.30	%	0.25	%
Global 1 Class units	3.95	%	0.30	%	0.25	%
Global 2 Class units	4.20	%	0.30	%	0.25	%
Global 3 Class units	5.95	%	0.30	%	0.25	%

*The fees are calculated and payable monthly on the basis of month-end adjusted net assets. “Adjusted net assets” is defined as the month-end net assets of the particular class before accruals for fees and expenses and redemptions.

Included in the total brokerage charge are amounts paid to the clearing brokers for execution and clearing costs, which are reflected in the commissions line of the consolidated statements of operations, and the remaining amounts are management fees paid to the Advisors, compensation to the selling agents and an amount to the General Partner for management services rendered, which are reflected in the brokerage charge line on the consolidated statements of operations. The brokerage charge in the amounts of $272,155 and $384,511 for the three months ended March 31, 2025 and 2024, respectively, are shown on the consolidated statements of operations.

Ongoing organization and offering costs of the Partnership are paid for by the General Partner and reimbursed by the Partnership. The organization and offering costs in the amounts of $15,538 and $22,681 for the three months ended March 31, 2025 and 2024, respectively, respectively, are shown on the consolidated statements of operations.

Operating expenses of the Partnership are paid for by the General Partner and reimbursed by the Partnership. To the extent operating expenses are less than 0.25 percent of the Partnership’s average month-end net assets during the year, the difference may be reimbursed, at the General Partner’s discretion, pro rata to record-holders as of December 31 of each year. The operating expenses in the amounts of $14,262 and $20,417 for the three months ended March 31, 2025 and 2024, respectively, are shown on the consolidated statement of operations.

An entity owned in part and controlled by Mr. Kavanagh, who indirectly controls and is president of Dearborn Capital Management, L.L.C., the general partner of the Partnership, and in part by Mr. Al Rayes, who is a principal of the General Partner, and an entity owned in part and controlled by Mr. Meehan, the chief operating officer of the general partner, and Mr. Benitez, executive vice president, product management of the general partner, hold a minority ownership interest in EMC, which is one of the commodity trading advisors of the Partnership. The general partner, on behalf of the Partnership, pays EMC a quarterly consulting fee and a quarterly incentive fee based on new trading profits, if any, achieved on EMC’s allocated net assets at the end of each period. EMC was paid approximately $16,200 and $23,600, in consulting fees and no incentive fees for the three months ended March 31, 2025 and 2024, respectively.

The General Partner entered into an agreement with the Partnership and made a capital contribution in the amount of $1,150,000 to the Partnership related to certain U.S. Government-sponsored enterprise securities held by the Partnership as of December 31, 2022 that were initially valued using cost plus accrued interest in accordance with the Partnership’s valuation procedures at the time. The U.S. Government-sponsored enterprises decreased in value due to the

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)

significant rise in interest rates in 2022 and were written down to fair value on the Partnership’s books as of December 31, 2022, as required by GAAP, resulting in a $1,150,000 unrealized loss on these positions. The full $1,150,000 unrealized loss was allocated to the General Partner. The capital contribution was invested in the GP Class, as reflected on the consolidated statements of changes in partners’ capital. The GP Class was opened solely to absorb the losses of the specific U.S. Government-sponsored enterprise securities. The General Partner’s contribution that could be recovered was reduced monthly by a percentage of the Limited Partner’s redemptions. The agreement stated that to the extent the securities were sold or held to maturity without any realized losses, and after the monthly reduction for Limited Partner redemptions, the capital contribution would be returned to the General Partner. The agreement terminated on November 18, 2024, when all specific U.S. Government-sponsored enterprise securities matured. The General Partner elected to make a contribution to the Partnership in 2023 in the amount of $156,800 which amount represents the difference between the mark-to-market valuation and the cost plus accrued interest value for redeeming Limited Partners and certain fund expense allocations throughout 2022. As a result of these contributions, Limited Partners in the Partnership were not impacted by the valuation differences.

Note 6. Redemptions and Allocation of Net Income or Loss

Class A, Class B, Legacy 1 Class, Legacy 2 Class, Global 1 Class and Global 2 Class Limited Partners have the right to redeem units as of any month-end upon ten (10) days’ prior written notice to the Partnership. The General Partner, however, may permit earlier redemptions in its discretion. Redemptions will be made as of the last day of the month for an amount equal to the net asset value per unit, as defined, represented by the units to be redeemed. The right to obtain redemption is also contingent upon the Partnership’s having property sufficient to discharge its liabilities on the redemption date and may be delayed if the General Partner determines that earlier liquidation of commodity interest positions to meet redemption payments would be detrimental to the Partnership or nonredeeming Limited Partners.

In addition, the General Partner may at any time cause the redemption of all or a portion of any Limited Partner’s units upon fifteen (15) days’ written notice. The General Partner may also immediately redeem any Limited Partner’s units without notice if the General Partner believes that (i) the redemption is necessary to avoid having the assets of the Partnership deemed Plan Assets under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) the Limited Partner made a misrepresentation in connection with its subscription for the units, or (iii) the redemption is necessary to avoid a violation of law by the Partnership or any Partner.

In accordance with the Third Amended and Restated Limited Partnership Agreement, net income or loss of the Partnership is allocated to partners according to their respective interests in the Partnership as of the beginning of the month.

Note 7. Financial Highlights

The following financial highlights and per unit performance reflect activity related to the Partnership. The following per unit performance calculations reflect activity related to the Partnership for the three months ended March 31, 2025 and 2024. Total return is based on the change in value during the period of a theoretical investment made by a limited partner at the beginning of each calendar month during the period and is not annualized. The expense ratios below are computed based upon the weighted average net assets of the Limited Partners for the three months ended March 31, 2025 and 2024 (annualized). Individual limited partners’ ratios may vary from these ratios based on various factors, including but not limited to the timing of capital transactions.

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)


	Three Months ended March 31, 2025
	Class A			Class B			Legacy 1			Legacy 2			Global 1			Global 2
	Units			Units			Class Units			Class Units			Class Units			Class Units
Per Unit Performance
(for unit outstanding throughout the entire period):
Net asset value per unit at beginning of period	$	882.25		$	691.71		$	822.05		$	789.09		$	847.94		$	817.58
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (1)		(31.63)			(24.71)			(29.52)			(28.33)			(30.48)			(29.38)
Net investment loss (1)		(5.60)			(5.56)			(0.61)			(1.06)			0.53			0.01
Total income (loss) from operations		(37.23)			(30.27)			(30.13)			(29.39)			(29.95)			(29.37)
Redemption
Net asset value per unit at end of period	$	845.02		$	661.44		$	791.92		$	759.70		$	817.99		$	788.21

Total Return		(4.22)	%		(4.38)	%		(3.66)	%		(3.73)	%		(3.53)	%		(3.59)	%

Ratios as a percentage of average net assets
Expenses prior to incentive fees (2)		6.02	%		6.75	%		3.76	%		3.97	%		3.21	%		3.42	%
Incentive fees (3)		—	%		—	%		—	%		—	%		—	%		—	%
Total expenses		6.02	%		6.75	%		3.76	%		3.97	%		3.21	%		3.42	%
Net investment loss (2) (4)		(2.59)	%		(3.28)	%		(0.30)	%		(0.55)	%		0.25	%		—	%

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Grant Park Futures Fund Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)


	Three Months Ended March 31, 2024
	Class A		Class B		Legacy 1		Legacy 2		Global 1		Global 2
	Units		Units		Class Units		Class Units		Class Units		Class Units
Per Unit Performance
(for unit outstanding throughout the entire period):
Net asset value per unit at beginning of period	$	927.89	$	732.01	$	845.71	$	813.75	$	867.66	$	838.70
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (1)		99.71		78.76		91.04

Percent of

Partners' Capital

Fair Value

(net asset value)

Total securities owned (cost of $6,768,743)

GRANT PARK FUTURES FUND LIMITED PARTNERSHIP 10-Q