Grant Park Futures Fund Swings to Profit Amidst Capital Outflows

TL;DR

**Grant Park Futures Fund is back in the black, but massive redemptions signal investors are bailing despite the profit rebound.**

AI Summary

GRANT PARK FUTURES FUND LIMITED PARTNERSHIP reported a significant turnaround in net income for the nine months ended September 30, 2025, reaching $474,392, a substantial increase from $15,793 in the same period of 2024. This improvement was primarily driven by a reversal in net trading gains from futures, which swung from a loss of $1,708,742 in Q3 2024 to a gain of $1,893,272 in Q3 2025. Total assets decreased from $24,616,345 at December 31, 2024, to $20,535,103 at September 30, 2025, a 16.58% decline. Partners' Capital (Net Asset Value) also fell by 16.6% from $24,056,874 to $20,067,673 over the same period, largely due to significant redemptions totaling $1,713,962, $1,869,007, and $880,624 across the first three quarters of 2025. The fund's investment in U.S. Treasury bills increased substantially, with fair value rising from $1,601,943 at December 31, 2024, to $8,256,830 at September 30, 2025, now representing 41.14% of partners' capital. Net investment loss improved from $(851,095) in the nine months ended September 30, 2024, to $(360,540) in the same period of 2025, a 57.6% reduction.

Why It Matters

This filing reveals a mixed picture for investors: while the fund achieved a significant profit turnaround in 2025, it simultaneously experienced substantial capital redemptions, indicating a potential lack of investor confidence or strategic reallocations. The shift towards U.S. Treasury bills suggests a more conservative investment approach, which could appeal to risk-averse investors but might limit upside potential compared to its futures-heavy strategy. Competitively, other funds with more consistent capital inflows and higher-yielding strategies might gain an edge. Employees and customers might see this as a period of strategic adjustment, with the fund aiming for stability after a volatile prior year.

Risk Assessment

Risk Level: medium — The fund experienced significant redemptions totaling over $4.4 million in the first nine months of 2025, leading to a 16.6% decrease in Partners' Capital (Net Asset Value) from $24,056,874 to $20,067,673. While net income improved to $474,392, these sustained capital outflows indicate potential liquidity risks and investor dissatisfaction, despite the positive trading performance.

Analyst Insight

Investors should closely monitor future redemption trends and the fund's ability to attract new capital. While the improved net income is positive, the significant capital outflows suggest underlying concerns. Consider the fund's increased allocation to U.S. Treasury bills as a sign of de-risking, which may lead to lower but more stable returns.

Financial Highlights

total Assets

$20,535,103

net Income

$474,392

cash Position

$7,043,914

Key Numbers

• $474,392 — Net Income (9 months) (Increased significantly from $15,793 in 2024, indicating a strong profit rebound.)
• $1,893,272 — Net Gains from Futures Trading (Q3) (A substantial turnaround from a $1,708,742 loss in Q3 2024, driving overall profitability.)
• $20,067,673 — Partners' Capital (Net Asset Value) (Decreased by 16.6% from $24,056,874 at December 31, 2024, primarily due to redemptions.)
• $8,256,830 — Securities Owned (U.S. Treasury bills) (Increased from $1,601,943 at December 31, 2024, now representing 41.14% of partners' capital, indicating a shift to lower-risk assets.)
• $360,540 — Net Investment Loss (9 months) (Improved by 57.6% from $(851,095) in 2024, reflecting better expense management or income generation.)
• $4,463,593 — Total Redemptions (9 months) (Sum of redemptions across all classes for the nine months ended September 30, 2025, highlighting significant capital outflows.)

Key Players & Entities

• GRANT PARK FUTURES FUND LIMITED PARTNERSHIP (company) — Registrant
• Dearborn Capital Management, L.L.C. (company) — Address of Principal Executive Offices
• $474,392 (dollar_amount) — Net income for nine months ended September 30, 2025
• $15,793 (dollar_amount) — Net income for nine months ended September 30, 2024
• $1,893,272 (dollar_amount) — Net gains from futures trading for three months ended September 30, 2025
• $1,708,742 (dollar_amount) — Net losses from futures trading for three months ended September 30, 2024
• $20,535,103 (dollar_amount) — Total assets as of September 30, 2025
• $24,616,345 (dollar_amount) — Total assets as of December 31, 2024
• $20,067,673 (dollar_amount) — Total partners' capital (net asset value) as of September 30, 2025
• $24,056,874 (dollar_amount) — Total partners' capital (net asset value) as of December 31, 2024

Forward-Looking Statements

• The fund will continue to report positive net assets from operations in the next quarter. (GRANT PARK FUTURES FUND LIMITED PARTNERSHIP) — medium confidence, target: June 30, 2024

FAQ

Risk Factors

• CFTC and NFA Regulation [medium — regulatory]: The Partnership operates as a commodity investment pool and is subject to extensive regulation by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Compliance with their rules, as well as those of various commodity exchanges and futures commission merchants, is critical. Changes in these regulations could impact the Partnership's operations and trading strategies.
• Futures Trading Volatility [high — market]: The Partnership engages in speculative trading of futures and forward contracts, which are inherently volatile instruments. The significant swing from a net trading loss of $1,708,742 in Q3 2024 to a gain of $1,893,272 in Q3 2025 highlights the substantial impact of market fluctuations on profitability. This volatility poses a continuous risk to the Partnership's financial performance.
• Significant Capital Redemptions [medium — financial]: The Partnership experienced substantial redemptions totaling $4,463,593 for the nine months ended September 30, 2025. These outflows led to a 16.6% decrease in Partners' Capital from $24,056,874 to $20,067,673, impacting the fund's asset base and potentially limiting investment flexibility.
• Shift to Lower-Risk Assets [medium — financial]: The fund's investment in U.S. Treasury bills increased dramatically from $1,601,943 at December 31, 2024, to $8,256,830 at September 30, 2025, now representing 41.14% of partners' capital. While this indicates a move towards lower-risk assets, it may also signal a reduced appetite for higher-return, potentially higher-risk strategies.

Industry Context

The futures fund industry is characterized by high volatility and significant regulatory oversight from bodies like the CFTC and NFA. Investment strategies often involve complex derivatives and require sophisticated risk management. Performance is heavily influenced by market conditions, macroeconomic factors, and the skill of commodity trading advisors.

Regulatory Implications

As a commodity investment pool, Grant Park Futures Fund Limited Partnership is subject to stringent regulations by the CFTC and NFA. Changes in these regulations, or non-compliance, could lead to fines, operational restrictions, or reputational damage, impacting investor confidence and the fund's ability to operate.

What Investors Should Do

1. Monitor futures trading performance closely.
2. Evaluate the impact of capital redemptions.
3. Assess the strategic shift towards U.S. Treasury bills.

Key Dates

• 2025-09-30: Nine months ended September 30, 2025 — Reported a significant turnaround in net income to $474,392, driven by futures trading gains, but also saw substantial capital redemptions and a decrease in total assets.
• 2024-09-30: Nine months ended September 30, 2024 — Reported a net income of $15,793 and a net trading loss from futures of $1,708,742 in Q3, indicating a less profitable period compared to 2025.
• 2024-12-31: As of December 31, 2024 — Total assets were $24,616,345 and Partners' Capital was $24,056,874, serving as the baseline for the subsequent period's changes.

Glossary

Commodity Investment Pool

A pooled investment vehicle that trades in futures contracts, options on futures, and other commodity-related instruments. (This defines the Partnership's core business and its regulatory environment, including oversight by the CFTC and NFA.)

Futures Commission Merchant (FCM)

A firm that solicits or accepts orders to buy or sell futures contracts or options on futures and that accepts money or other property to margin these trades. (The Partnership trades through FCMs, making them a key counterparty and subject to their operational requirements and regulations.)

Partners' Capital (Net Asset Value)

The total value of the partnership's assets minus its liabilities, representing the equity held by the partners. (This metric decreased by 16.6% to $20,067,673, primarily due to redemptions, indicating a reduction in the fund's overall size.)

Net Unrealized Gain/(Loss) on Open Futures Contracts

The change in value of futures contracts that have not yet been settled, reflecting the current market valuation of open positions. (This figure is crucial for understanding the immediate impact of trading activities on the fund's financial condition, as seen in the swing from a loss to a gain.)

Year-Over-Year Comparison

Compared to the prior year's nine-month period, Grant Park Futures Fund Limited Partnership has demonstrated a dramatic improvement in profitability, with net income soaring from $15,793 to $474,392. This turnaround was largely fueled by a reversal in futures trading results, moving from a substantial loss to a significant gain. However, this period also saw a notable contraction in total assets and partners' capital, down by 16.58% and 16.6% respectively, primarily due to significant capital redemptions.

Filing Documents

• tmb-20250930x10q.htm (10-Q) — 3786KB
• tmb-20250930xex31d1.htm (EX-31.1) — 18KB
• tmb-20250930xex31d2.htm (EX-31.2) — 17KB
• tmb-20250930xex32d1.htm (EX-32.1) — 11KB
• 0001104659-25-112181.txt ( ) — 11594KB
• tmb-20250930.xsd (EX-101.SCH) — 53KB
• tmb-20250930_cal.xml (EX-101.CAL) — 34KB
• tmb-20250930_def.xml (EX-101.DEF) — 181KB
• tmb-20250930_lab.xml (EX-101.LAB) — 331KB
• tmb-20250930_pre.xml (EX-101.PRE) — 252KB
• tmb-20250930x10q_htm.xml (XML) — 3047KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements Consolidated Statements of Financial Condition as of September 30, 2025 (unaudited) and December 31, 2024 2 Consolidated Condensed Schedule of Investments as of September 30, 2025 (unaudited) 3 Consolidated Condensed Schedule of Investments as of December 31, 2024 5 Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited) 7 Consolidated Statements of Changes in Partners' Capital (Net Asset Value) for the nine months ended September 30, 2025 and 2024 (unaudited) 9

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 13 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 29 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 ITEM 4.

Controls and Procedures

Controls and Procedures 40

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1A.

Risk Factors

Risk Factors 41 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 ITEM 6. Exhibits 42

SIGNATURES

SIGNATURES 43 CERTIFICATIONS Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Grant Park Futures Fund Limited Partnership Consolidated Statements of Financial Condition September 30, December 31, 2025 2024 (Unaudited) Assets Equity in brokers' trading accounts: Cash $ 3,935,058 $ 3,649,470 Net unrealized gain on open futures contracts (see Note 10) 1,299,301 875,848 Net unrealized loss on open futures contracts (see Note 10) — ( 33,235 ) Total equity in brokers' trading accounts 5,234,359 4,492,083 Cash and cash equivalents 7,043,914 18,518,343 Securities owned, at fair value (cost $ 8,254,774 and $ 1,600,000 , respectively) 8,256,830 1,601,943 Interest receivable, net — 3,976 Total assets $ 20,535,103 $ 24,616,345 Liabilities and Partners' Capital (Net Asset Value) Liabilities Brokerage charge payable $ 98,200 $ 121,399 Organization and offering costs payable 4,576 5,612 Accrued operating expenses 4,276 5,127 Redemptions payable to limited partners 357,878 427,333 Other payables 2,500 — Total liabilities 467,430 559,471 Partners' Capital (Net Asset Value) General Partner Class A ( 231.29 units outstanding at both September 30, 2025 and December 31, 2024) 209,664 204,059 Legacy 2 Class ( 250.67 units outstanding at both September 30, 2025 and December 31, 2024) 206,401 197,804 Limited Partners Class A ( 3,418.31 and 3,423.64 units outstanding at September 30, 2025 and December 31, 2024, respectively) 3,098,623 3,020,494 Class B ( 12,654.71 and 17,095.89 units outstanding at September 30, 2025 and December 31, 2024, respectively) 8,949,853 11,825,466 Legacy 1 Class ( 374.12 and 427.56 units outstanding at September 30, 2025 and December 31, 2024, respectively) 321,519 351,477 Legacy 2 Class ( 140.55 units outstanding at both September 30, 2025 and December 31, 2024) 115,724 110,903 Global 1 Class ( 7,757.82 and 9,542.72 units outstanding at September 30, 2025 and December 31, 2024, r

Notes to Consolidated Financial Statements

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 bro

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