---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-063391"
form_type: "8-K"
ticker: "UNL"
cik: "0001405513"
company_name: "United States 12 Month Natural Gas Fund, LP"
filed_at: "2025-06-27T23:59:59+00:00"
generated_at: "2026-05-18T15:41:40.950770+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-063391
- form_type: 8-K
- ticker: UNL
- cik: 0001405513
- company_name: United States 12 Month Natural Gas Fund, LP
- filed_at: 2025-06-27T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1405513/000110465925063391/0001104659-25-063391-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1405513/000110465925063391/tm2517979d5_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-063391
- JSON: https://secwatch.observer/filing/0001104659-25-063391.json
- Plain text: https://secwatch.observer/filing/0001104659-25-063391.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.