Graham Alternative Investment Fund II Files 10-Q, Details Unit Count

TL;DR

GRAHAM ALTERNATIVE INVESTMENT FUND II LLC is a compliant, smaller reporting company with 204,328.985 units outstanding, but this filing offers no financial performance data.

AI Summary

GRAHAM ALTERNATIVE INVESTMENT FUND II LLC, operating as a Core Macro Portfolio, filed its 10-Q for the quarter ended June 30, 2025. The filing indicates the registrant is a smaller reporting company and is not an emerging growth company. As of August 1, 2025, there were 204,328.985 Units of the Core Macro Portfolio outstanding. The document confirms the company has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and has been subject to such filing requirements for the past 90 days. It also confirms electronic submission of all Interactive Data Files. No specific revenue or net income figures were disclosed in the provided excerpt, nor were explicit key business changes or strategic outlooks detailed. The primary focus of the excerpt is on the company's filing status and basic structural information.

Why It Matters

This filing provides basic operational transparency for GRAHAM ALTERNATIVE INVESTMENT FUND II LLC, a smaller reporting company. For investors, knowing the outstanding unit count of 204,328.985 as of August 1, 2025, is crucial for understanding ownership structure and potential dilution, though specific financial performance metrics are absent. The confirmation of compliance with SEC filing requirements signals good governance, which can build investor confidence. In a competitive alternative investment landscape, consistent regulatory adherence is a baseline expectation, and this filing confirms that Graham Alternative Investment Fund II meets this standard.

Risk Assessment

Risk Level: low — The risk level is low based on the provided excerpt because it primarily details compliance with SEC filing requirements and basic structural information, such as being a 'smaller reporting company' and having '204,328.985 Units' outstanding. There are no disclosed financial risks, operational challenges, or legal issues mentioned in this section of the 10-Q.

Analyst Insight

Investors should note the lack of financial performance data in this excerpt and seek the full 10-Q for revenue, net income, and balance sheet details. This filing primarily confirms regulatory compliance and unit count, which are foundational but not sufficient for investment decisions.

Key Numbers

• 204,328.985 — Units outstanding (Total units of the Core Macro Portfolio as of August 1, 2025)
• 0-53967 — Commission File Number (SEC file number for the registrant)

Key Players & Entities

• GRAHAM ALTERNATIVE INVESTMENT FUND II LLC (company) — Registrant of the 10-Q filing
• Graham Capital Management, L.P. (company) — Manager and contact for the registrant
• Brian Douglas (person) — Contact person for the registrant
• SEC (regulator) — United States Securities and Exchange Commission
• 204,328.985 (dollar_amount) — Units of the Core Macro Portfolio outstanding as of August 1, 2025
• June 30, 2025 (date) — End of the quarterly period reported
• August 12, 2025 (date) — Filing date of the 10-Q
• Delaware (location) — State of incorporation for the registrant

FAQ

Industry Context

The alternative investment fund industry, particularly those employing core macro strategies, operates within a dynamic global economic environment. These funds aim to capitalize on broad economic trends, currency movements, interest rate changes, and geopolitical events. The competitive landscape includes a variety of hedge funds and asset managers offering similar strategies, requiring strong analytical capabilities and risk management to attract and retain capital.

Regulatory Implications

As a registered investment fund, GRAHAM ALTERNATIVE INVESTMENT FUND II LLC is subject to regulations under the Securities Exchange Act of 1934. The company's confirmation of filing all required reports and adhering to filing requirements for the past 90 days indicates ongoing compliance. As a smaller reporting company, it benefits from scaled disclosure requirements, but must still maintain transparency and adhere to all applicable SEC rules.

What Investors Should Do

1. Monitor future 10-Q and 10-K filings for detailed financial performance and strategy updates.
2. Investigate the specific investment strategies and underlying assets within the Core Macro Portfolio.
3. Compare the number of outstanding units (204,328.985 as of August 1, 2025) to historical data to identify any significant capital inflows or outflows.

Key Dates

• 2025-06-30: Quarterly period ended — This is the reporting period for the 10-Q filing, providing financial and operational data up to this date.
• 2025-08-01: Units outstanding reported — Indicates the total number of units of the Core Macro Portfolio available as of this date, relevant for calculating per-unit metrics.
• 2025-08-12: 10-Q Filing Date — The date the report was officially submitted to the SEC, marking the public availability of the quarterly financial information.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive update on a company's financial performance. (This document is the primary source of information for the reporting period ended June 30, 2025.)

Core Macro Portfolio

A type of investment portfolio strategy that focuses on macroeconomic trends and events to make investment decisions across various asset classes. (This is the specific portfolio managed by GRAHAM ALTERNATIVE INVESTMENT FUND II LLC that is being reported on.)

Units outstanding

The total number of ownership units of a fund or company that are currently held by investors. (As of August 1, 2025, there were 204,328.985 units outstanding, which is a key metric for understanding the fund's size and potential per-unit performance.)

Smaller reporting company

A company that meets certain criteria for revenue, public float, and filing status, allowing for scaled disclosure requirements. (GRAHAM ALTERNATIVE INVESTMENT FUND II LLC has elected to be classified as a smaller reporting company, indicating its size and potentially less extensive disclosure obligations compared to larger filers.)

Interactive Data File

Data files submitted to the SEC in a machine-readable format (e.g., XBRL) that allows for automated analysis of financial information. (The registrant confirmed submission of all required Interactive Data Files, indicating compliance with modern SEC electronic filing standards.)

Year-Over-Year Comparison

This 10-Q filing for the period ended June 30, 2025, does not provide comparative financial data within the excerpt. Therefore, a direct comparison of revenue growth, margin changes, or new risks against the previous year's filing cannot be made based on the provided information. Future filings will be necessary to establish year-over-year performance trends.

Filing Documents

• ef20050515_10q.htm (10-Q) — 4151KB
• ef20050515_ex31-1.htm (EX-31.1) — 11KB
• ef20050515_ex31-2.htm (EX-31.2) — 10KB
• ef20050515_ex32-1.htm (EX-32.1) — 5KB
• 0001140361-25-030569.txt ( ) — 7055KB
• gaifb-20250630.xsd (EX-101.SCH) — 23KB
• gaifb-20250630_def.xml (EX-101.DEF) — 82KB
• gaifb-20250630_lab.xml (EX-101.LAB) — 158KB
• gaifb-20250630_pre.xml (EX-101.PRE) — 92KB
• gaifb-20250630_cal.xml (EX-101.CAL) — 19KB
• ef20050515_10q_htm.xml (XML) — 728KB

- Financial Information

PART I - Financial Information: Item 1.

Financial Statements

Financial Statements: Graham Alternative Investment Fund II LLC Core Macro Portfolio Consolidated Statements of Financial Condition at June 30, 2025 (Unaudited) and December 31, 2024 (Audited) 1 Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 2 Unaudited Consolidated Statements of Changes in Members' Capital for the Three and Six Months Ended June 30, 2025 and 2024 3 Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 5 Notes to Unaudited Consolidated Financial Statements 6 Graham Alternative Investment Trading LLC 16 Condensed Schedules of Investments at June 30, 2025 (Unaudited) and December 31, 2024 (Audited) 17 Unaudited Statements of Operations and Incentive Allocation for the Three and Six Months Ended June 30, 2025 and 2024 18 Unaudited Statements of Changes in Members' Capital for the Three and Six Months Ended June 30, 2025 and 2024 19 Unaudited Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 23 Notes to Unaudited Financial Statements 24 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 73 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 82 Item 4.

Controls and Procedures

Controls and Procedures 83

- Other Information

PART II - Other Information 84 Item 1.

Legal Proceedings

Legal Proceedings Item 1A.

Risk Factors

Risk Factors Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Purchases of Equity Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits 85 EX - 31.1 Certification EX - 31.2 Certification EX - 32.1 Certification Index PART I Item 1.

Financial Statements

Financial Statements Graham Alternative Investment Fund II LLC Core Macro Portfolio Consolidated Statements of Financial Condition June 30, 2025 (Unaudited) December 31, 2024 (Audited) Assets Investment in Graham Alternative Investment Trading LLC, at fair value $ 36,220,218 $ 35,478,713 Redemptions receivable from Graham Alternative Investment Trading LLC 479,785 1,365,282 Cash and cash equivalents 410,000 255,000 Total assets $ 37,110,003 $ 37,098,995 Liabilities and members' capital Liabilities: Redemptions payable $ 479,785 $ 1,365,282 Subscriptions received in advance 410,000 255,000 Total liabilities 889,785 1,620,282 Members' capital: Class 0 Units ( 89,348.971 and 92,145.410 units issued and outstanding at $ 241.11 and $ 235.13 , respectively) 21,542,667 21,665,923 Class 2 Units ( 54,634.182 and 56,059.973 units issued and outstanding at $ 168.25 and $ 164.69 , respectively) 9,192,141 9,232,454 Class 3-A Units ( 1,842.786 and no units issued and outstanding at $ 100.01 and $ – , respectively) 184,300 – Class 3-B Units ( 54,433.534 and 47,955.304 units issued and outstanding at $ 97.39 and $ 95.51 , respectively) 5,301,110 4,580,336 Total members' capital 36,220,218 35,478,713 Total liabilities and members' capital $ 37,110,003 $ 37,098,995 See accompanying notes and the attached financial statements of Graham Alternative Investment Trading LLC. 1 Index Graham Alternative Investment Fund II LLC Core Macro Portfolio Unaudited Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) gain allocated from investment in Graham Alternative Investment Trading LLC: Net realized (loss) gain on investment $ ( 828,027 ) $ ( 101,108 ) $ 355,420 $ 1,710,597 Net increase (decrease) in unrealized appreciation on investment 654,851 ( 387,489 ) 437,795 805,608 Brokerage commissions and

View Full Filing

View this 10-Q filing on SEC EDGAR