UNL reports net loss of $282K for May 2025; NAV per share falls to $8.70

United States 12 Month Natural Gas Fund, LP

Net loss of $281,820 for month ended May 31, 2025, driven by $407,953 unrealized loss on commodity futures.
Realized trading gain of $103,632 partially offset unrealized losses; total income (loss) of ($259,979).
Total expenses $21,841 (management fees $6,339, professional fees $14,453, brokerage $187, other $862).
Ending net asset value $11,751,663 vs. $12,033,483 start-of-month; NAV per share $8.70 on 1.35M shares.

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