Financial Highlights

6 Months Ended

Jun. 30, 2025

Financial Highlights [Abstract]

Financial Highlights

7. Financial Highlights

The following is the per Unit operating performance calculation for the three months ended June 30, 2025 and 2024:

	Class 0			Class 2			Class 3-A			Class 3-B
Per unit operating performance
Net asset value per Unit, March 31, 2024	$	244.32		$	172.09		$	–		$	–
Initial asset value per share, June 1, 2024		–			–			–			98.41
Net (loss) income:
Net investment income		1.08			0.44			–			0.11
Net (loss) gain on investments		(3.52	)		(2.47	)		–			0.13
Net (loss) income		(2.44	)		(2.03	)		–			0.24
Net asset value per Unit, June 30, 2024	$	241.88		$	170.06		$	–		$	98.65
Net asset value per Unit, March 31, 2025	$	241.91		$	169.13		$	100.22		$	97.71
Net loss:
Net investment income		0.56			0.08			0.36			0.23
Net loss on investments		(1.36	)		(0.96	)		(0.57	)		(0.55	)
Net loss		(0.80	)		(0.88	)		(0.21	)		(0.32	)
Net asset value per Unit, June 30, 2025	$	241.11		$	168.25		$	100.01		$	97.39

The following represents ratios to average Members’ Capital and total return for the three months ended June 30, 2025 and 2024:

	Class 0						Class 2						Class 3-A					Class 3-B
	2025			2024			2025			2024			2025			2024		2025			2024*
Total return before Incentive Allocation		(0.33)	%		(1.00)	%		(0.52)	%		(1.18)	%		(0.21)	%		–		(0.32)	%	0.25	%
Incentive Allocation		0.00			0.00			0.00			0.00			0.00			–		(0.01)		0.00
Total return after Incentive Allocation		(0.33)	%		(1.00)	%		(0.52)	%		(1.18)	%		(0.21)	%		–		(0.33)	%	0.25	%
Net investment income before Incentive Allocation		0.23	%		0.44	%		0.05	%		0.26	%		0.36	%		–		0.24	%	0.11	%
Incentive Allocation		0.00			0.00			0.00			0.00			0.00			–		0.00		0.00
Net investment income after Incentive Allocation		0.23	%		0.44	%		0.05	%		0.26	%		0.36	%		–		0.24	%	0.11	%
Total expenses before Incentive Allocation		0.69	%		0.75	%		0.87	%		0.94	%		0.56	%		–		0.69	%	0.28	%
Incentive Allocation		0.00			0.00			0.00			0.00			0.00			–		0.00		0.00
Total expenses after Incentive Allocation		0.69	%		0.75	%		0.87	%		0.94	%		0.56	%		–		0.69	%	0.28	%

* For the period from June 1, 2024 through June 30, 2024.

The following is the per Unit operating performance calculation for the six months ended June 30, 2025 and 2024:

	Class 0		Class 2		Class 3-A		Class 3-B
Per unit operating performance
Net asset value per Unit, December 31, 2023	$	224.32	$	158.20	$	–	$	–
Initial asset value per share, June 1, 2024		–		–		–		98.41
Net income:
Net investment income		1.01		0.19		–		0.11
Net gain on investments		16.55		11.67		–		0.13
Net income		17.56		11.86		–		0.24
Net asset value per Unit, June 30, 2024	$	241.88	$	170.06	$	–	$	98.65
Net asset value per Unit, December 31, 2024	$	235.13	$	164.69	$	–	$	95.51
Initial subscription, January 1, 2025		–		–		97.68		–
Net income:
Net investment income (loss)		1.17		0.19		0.33		(0.05	)
Net gain on investments		4.81		3.37		2.00		1.93
Net income		5.98		3.56		2.33		1.88
Net asset value per Unit, June 30, 2025	$	241.11	$	168.25	$	100.01	$	97.39

The following represents ratios to average Members’ Capital and total return for the six months ended June 30, 2025 and 2024:

	Class 0						Class 2						Class 3-A					Class 3-B
	2025			2024			2025			2024			2025			2024		2025			2024*
Total return before Incentive Allocation		2.54	%		8.38	%		2.16	%		7.97	%		2.80	%		–		2.54	%		0.25	%
Incentive Allocation		0.00			(0.55)			0.00			(0.47)			(0.41)			–		(0.58)			0.00
Total return after Incentive Allocation		2.54	%		7.83	%		2.16	%		7.50	%		2.39	%		–		1.96	%		0.25	%
Net investment income (loss) before Incentive Allocation		0.49	%		0.93	%		0.12	%		0.56	%		0.74	%		–		0.49	%		0.11	%
Incentive Allocation		0.00			(0.51)			0.00			(0.45)			(0.40)			–		(0.54)			0.00
Net investment income (loss) after Incentive Allocation		0.49	%		0.42	%		0.12	%		0.11	%		0.34	%		–		(0.05)	%		0.11	%
Total expenses before Incentive Allocation		1.45	%		1.47	%		1.82	%		1.86	%		1.20	%		–		1.47	%		0.28	%
Incentive Allocation		0.00			0.51			0.00			0.45			0.40			–		0.54			0.00
Total expenses after Incentive Allocation		1.45	%		1.98	%		1.82	%		2.31	%		1.60	%		–		2.01	%		0.28	%

* For the period from June 1, 2024 through June 30, 2024.

Total return is calculated for Class 0, Class 2, Class 3-A and Class 3-B Units taken as a whole. Total return is calculated as the change in total Members’ Capital adjusted for subscriptions or redemptions during the period. An individual member’s return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator’s Fees, and the Incentive Allocation. The net investment income (loss) and total expense ratios (including Incentive Allocation) are calculated for Class 0, Class 2, Class 3-A and Class 3-B Units taken as a whole and include net amounts allocated from GAIT. The computation of such ratios is based on the amount of net investment income (loss), expenses, and Incentive Allocation. Net investment income (loss) and total expense ratios are computed based upon the weighted average of Members’ Capital for Class 0, Class 2, Class 3-A and Class 3-B Units of the Fund for the three and six months ended June 30, 2025 and 2024 and are not annualized.