Derivative Instruments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Derivative Instruments |
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| Summary of Fair Values of Derivative Instruments |
| | | | | | | | | | | | | | Consolidated | | Asset | | Liability | | | | | | Statements of Financial | | Derivatives | | Derivatives | | | | Type of Contract | | Condition Location | | December 31, 2025 | | December 31, 2025 | | Fair Value | | | | | | | | | | | | | Agriculturals contracts | | Net unrealized gain (loss) on open futures contracts | | $ | 108,369 | | $ | (19,884) | | $ | 88,485 | | | | | | | | | | | | | Currencies contracts | | Net unrealized gain (loss) on open futures contracts | | | 199,573 | | | (27,740) | | | 171,833 | | | | | | | | | | | | | Energy contracts | | Net unrealized gain (loss) on open futures contracts | | | 91,788 | | | (67,259) | | | 24,529 | | | | | | | | | | | | | Interest rates contracts | | Net unrealized gain (loss) on open futures contracts | | | 178,497 | | | (76,734) | | | 101,763 | | | | | | | | | | | | | Meats contracts | | Net unrealized gain (loss) on open futures contracts | | | 2,598 | | | (710) | | | 1,888 | | | | | | | | | | | | | Metals contracts | | Net unrealized gain (loss) on open futures contracts | | | 702,874 | | | (137,794) | | | 565,080 | | | | | | | | | | | | | Soft commodities contracts | | Net unrealized gain (loss) on open futures contracts | | | 96,833 | | | (35,250) | | | 61,583 | | | | | | | | | | | | | Stock indices contracts | | Net unrealized gain (loss) on open futures contracts | | | 157,155 | | | (31,573) | | | 125,582 | | | | | | | | | | | | | Total | | | | $ | 1,537,687 | | $ | (396,944) | | $ | 1,140,743 | | | | | | | | | | | | |
| | | | | | | | | | | | | | Consolidated | | Asset | | Liability | | | | | | Statements of Financial | | Derivatives | | Derivatives | | | | Type of Contract | | Condition Location | | December 31, 2024 | | December 31, 2024 | | Fair Value | | | | | | | | | | | | | Agriculturals contracts | | Net unrealized gain (loss) on open futures contracts | | $ | 25,255 | | $ | (42,038) | | $ | (16,783) | | | | | | | | | | | | | Currencies contracts | | Net unrealized gain (loss) on open futures contracts | | | 524,044 | | | (36,955) | | | 487,089 | | | | | | | | | | | | | Energy contracts | | Net unrealized gain (loss) on open futures contracts | | | 56,754 | | | (104,935) | | | (48,181) | | | | | | | | | | | | | Interest rates contracts | | Net unrealized gain (loss) on open futures contracts | | | 330,466 | | | (199,333) | | | 131,133 | | | | | | | | | | | | | Meats contracts | | Net unrealized gain (loss) on open futures contracts | | | 56,347 | | | (6,145) | | | 50,202 | | | | | | | | | | | | | Metals contracts | | Net unrealized gain (loss) on open futures contracts | | | 162,117 | | | (141,299) | | | 20,818 | | | | | | | | | | | | | Soft commodities contracts | | Net unrealized gain (loss) on open futures contracts | | | 376,251 | | | (16,713) | | | 359,538 | | | | | | | | | | | | | Stock indices contracts | | Net unrealized gain (loss) on open futures contracts | | | 37,620 | | | (178,823) | | | (141,203) | | | | | | | | | | | | | Total | | | | $ | 1,568,854 | | $ | (726,241) | | $ | 842,613 | | | | | | | | | | | | |
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| Schedule of Effect of Derivative Instruments on the Consolidated Statement of Operations |
| | | | | | | | | | | | | | | | Years Ended December 31, | Type of Contract | | Line Item in Consolidated Statements of Operations | | 2025 | | 2024 | | 2023 | Futures contracts | | | | | | | | | | | | Agriculturals contracts | | Net gains (losses) from futures trading | | $ | (102,008) | | $ | 687,153 | | $ | (404,330) | Currencies contracts | | Net gains (losses) from futures trading | | | (193,423) | | | 301,851 | | | 283,290 | Energy contracts | | Net gains (losses) from futures trading | | | (902,820) | | | (1,284,447) | | | (579,975) | Interest rates contracts | | Net gains (losses) from futures trading | | | (1,034,372) | | | (973,813) | | | (1,240,329) | Meats contracts | | Net gains (losses) from futures trading | | | 260,243 | | | (107,458) | | | 680,609 | Metals contracts | | Net gains (losses) from futures trading | | | 2,739,756 | | | (1,296,744) | | | (147,341) | Soft commodities contracts | | Net gains (losses) from futures trading | | | (100,345) | | | 2,284,425 | | | 1,921,586 | Stock indices contracts | | Net gains (losses) from futures trading | | | 1,473,634 | | | 696,150 | | | (95,425) | Total futures contracts | | Net gains (losses) from futures trading | | | 2,140,665 | | | 307,117 | | | 418,085 | | | | | | | | | | | | |
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| Schedule of Line Item in Consolidated Statement of Operations |
| | | | | | | | | Line Item in Consolidated Statements of Operations | For years ended December 31, | | 2025 | | 2024 | | 2023 | | | | | | | | | | Net gains (losses) from futures trading | | | | | | | | | Realized | $ | 1,842,535 | | $ | 350,205 | | $ | 759,456 | Change in unrealized | | 298,130 | | | (43,088) | | | (341,371) | Total realized and change in unrealized net gains (losses) from futures trading | $ | 2,140,665 | | $ | 307,117 | | $ | 418,085 | | | | | | | | | |
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| Schedule of Offsetting of Derivative Assets |
Offsetting of Derivative Assets As of December 31, 2025 | | | | | | | | | | | | | | | | | | | Net Amount of | | | | | | | Gross Amounts | | Unrealized Gain/(Loss) | | | | | | | Offset in the | | Presented in | | | | Gross Amount of | | Consolidated | | the Consolidated | | | | Recognized | | Statements of | | Statements of | | Type of Instrument | | Assets | | Financial Condition | | Financial Condition | | | | | | | | | | | | | Total U.S. and foreign futures contracts | | $ | 1,537,687 | | $ | (396,944) | | $ | 1,140,743 | |
Offsetting of Derivative Assets As of December 31, 2024 | | | | | | | | | | | | | | | | | | | Net Amount of | | | | | | | Gross Amounts | | Unrealized Gain/(Loss) | | | | | | | Offset in the | | Presented in | | | | Gross Amount of | | Consolidated | | the Consolidated | | | | Recognized | | Statements of | | Statements of | | Type of Instrument | | Assets | | Financial Condition | | Financial Condition | | | | | | | | | | | | | Total U.S. and foreign futures contracts | | $ | 1,568,854 | | $ | (726,241) | | $ | 842,613 | |
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| Schedule of Offsetting of Derivative Liabilities |
Offsetting of Derivative Liabilities As of December 31, 2025 | | | | | | | | | | | | | | | | | | | Net Amount of | | | | | | | Gross Amounts | | Unrealized Gain/(Loss) | | | | | | | Offset in the | | Presented in | | | | Gross Amount of | | Consolidated | | the Consolidated | | | | Recognized | | Statements of | | Statements of | | Type of Instrument | | Liabilities | | Financial Condition | | Financial Condition | | | | | | | | | | | | | Total U.S. and foreign futures contracts | | $ | 396,944 | | $ | (396,944) | | $ | — | |
Offsetting of Derivative Liabilities As of December 31, 2024 | | | | | | | | | | | | | | | | | | | Net Amount of | | | | | | | Gross Amounts | | Unrealized Gain/(Loss) | | | | | | | Offset in the | | Presented in | | | | Gross Amount of | | Consolidated | | the Consolidated | | | | Recognized | | Statements of | | Statements of | | Type of Instrument | | Liabilities | | Financial Condition | | Financial Condition | | | | | | | | | | | | | Total U.S. and foreign futures contracts | | $ | 726,241 | | $ | (726,241) | | $ | — | |
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| Schedule of Derivative Assets and Liabilities and Collateral Received by Counterparty |
Derivative Assets and Liabilities and Collateral Received by Counterparty As of December 31, 2025 | | | | | | | | | | | | | | | | | | | Gross Amounts Not Offset in the Consolidated | | | | | | | | | | Statements of Financial Condition | | | | | | | Net Amount of | | | | | | | | | | | | | Unrealized Gain/(Loss) | | | | | | | | | | | | | Presented in | | | | | | | | | | | | | the Consolidated | | | | | | | | | | | | | Statements of | | Financial | | Cash Collateral | | | | | Counterparty | | Financial Condition | | Instruments | | Pledged | | Net Amount | | | | | | | | | | | | | | | | ADM Investor Services, Inc. | | $ | 349,391 | | $ | — | | $ | — | | $ | 349,391 | | R.J. O'Brien & Associates, LLC, a StoneX company | | | 791,352 | | | — | | | — | | | 791,352 | | Total | | $ | 1,140,743 | | $ | — | | $ | — | | $ | 1,140,743 | |
Derivative Assets and Liabilities and Collateral Received by Counterparty As of December 31, 2024 | | | | | | | | | | | | | | | | | | | Gross Amounts Not Offset in the Consolidated | | | | | | | | | | Statements of Financial Condition | | | | | | | Net Amount of | | | | | | | | | | | | | Unrealized Gain/(Loss) | | | | | | | | | | | | | Presented in | | | | | | | | | | | | | the Consolidated | | | | | | | | | | | | | Statements of | | Financial | | Cash Collateral | | | | | Counterparty | | Financial Condition | | Instruments | | Pledged | | Net Amount | | | | | | | | | | | | | | | | ADM Investor Services, Inc. | | $ | (33,235) | | $ | — | | $ | 33,235 | | $ | — | | R.J. O'Brien & Associates, LLC | | | 875,848 | | | — | | | — | | | 875,848 | | Total | | $ | 842,613 | | $ | — | | $ | 33,235 | | $ | 875,848 | |
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