Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2025

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

	Class 0			Class 2			Class 3-A			Class 3-B
Per unit operating performance
Net asset value per Unit, June 30, 2024	$	241.88		$	170.06		$	–		$	98.65
Net loss:
Net investment income		0.90			0.33			–			0.54
Net loss on investments		(12.16	)		(8.55	)		–			(5.13	)
Net loss		(11.26	)		(8.22	)		–			(4.59	)
Net asset value per Unit, September 30, 2024	$	230.62		$	161.84		$	–		$	94.06

Net asset value per Unit, June 30, 2025	$	241.11		$	168.25		$	100.01		$	97.39
Net loss:
Net investment income		0.61			0.12			0.38			0.25
Net loss on investments		(7.15	)		(4.99	)		(2.97	)		(2.89	)
Net loss		(6.54	)		(4.87	)		(2.59	)		(2.64	)
Net asset value per Unit, September 30, 2025	$	234.57		$	163.38		$	97.42		$	94.75

The following is the per Unit operating performance calculation for the nine months ended September 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 (loss):
Net investment income		1.90			0.51			–			0.56
Net gain (loss) on investments		4.40			3.13			–			(4.91	)
Net income (loss)		6.30			3.64			–			(4.35	)
Net asset value per Unit, September 30, 2024	$	230.62		$	161.84		$	–		$	94.06

Net asset value per Unit, December 31, 2024	$	235.13		$	164.69		$	–		$	95.51
Initial asset value per share, January 1, 2025								97.68
Net loss:
Net investment income		1.79			0.31			0.71			0.22
Net loss on investments		(2.35	)		(1.62	)		(0.97	)		(0.98	)
Net loss		(0.56	)		(1.31	)		(0.26	)		(0.76	)
Net asset value per Unit, September 30, 2025	$	234.57		$	163.38		$	97.42		$	94.75

The following represents ratios to average Members’ Capital and total return for the three months ended September 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		(2.71	)%		(4.66	)%		(2.89	)%		(4.83	)%		(2.59	)%		–		(2.71	)%		(4.65	)%
Incentive Allocation		0.00			0.00			0.00			0.00			0.00			–		0.00			0.00
Total return after Incentive Allocation		(2.71	)%		(4.66	)%		(2.89	)%		(4.83	)%		(2.59	)%		–		(2.71	)%		(4.65	)%

Net investment income before Incentive Allocation		0.26	%		0.38	%		0.07	%		0.20	%		0.38	%		–		0.27	%		0.58	%
Incentive Allocation		0.00			0.00			0.00			0.00			0.00			–		0.00			0.00
Net investment income after Incentive Allocation		0.26	%		0.38	%		0.07	%		0.20	%		0.38	%		–		0.27	%		0.58	%

Total expenses before Incentive Allocation		0.72	%		0.65	%		0.91	%		0.84	%		0.60	%		–		0.73	%		0.85	%
Incentive Allocation		0.00			0.00			0.00			0.00			0.00			–		0.00			0.00
Total expenses after Incentive Allocation		0.72	%		0.65	%		0.91	%		0.84	%		0.60	%		–		0.73	%		0.85	%

The following represents ratios to average Members’ Capital and total return for the nine months ended September 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		(0.24	)%		3.36	%		(0.80	)%		2.77	%		0.15	%		–		(0.22	)%	(4.42	)%
Incentive Allocation		0.00			(0.55	)		0.00			(0.47	)		(0.41	)		–		(0.58	)	0.00
Total return after Incentive Allocation		(0.24	)%		2.81	%		(0.80	)%		2.30	%		(0.26	)%		–		(0.80	)%	(4.42	)%

Net investment income before Incentive Allocation		0.75	%		1.32	%		0.19	%		0.76	%		1.12	%		–		0.76	%	0.59	%
Incentive Allocation		0.00			(0.52	)		0.00			(0.45	)		(0.41	)		–		(0.53	)	0.00
Net investment income after Incentive Allocation		0.75	%		0.80	%		0.19	%		0.31	%		0.71	%		–		0.23	%	0.59	%

Total expenses before Incentive Allocation		2.18	%		2.12	%		2.74	%		2.70	%		1.80	%		–		2.20	%	0.89	%
Incentive Allocation		0.00			0.52			0.00			0.45			0.41			–		0.53		0.00
Total expenses after Incentive Allocation		2.18	%		2.64	%		2.74	%		3.15	%		2.21	%		–		2.73	%	0.89	%

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

GRAHAM ALTERNATIVE INVESTMENT FUND II LLC 10-Q