UNL reports $4.2M net loss for February; NAV drops to $6.85/share

United States 12 Month Natural Gas Fund, LP

Net loss of $4,165,253 for February 2026; total income (loss) of $(4,145,268) including unrealized losses of $(3,778,826) on commodity futures.
Net Asset Value fell from $20.77M to $15.42M during the month; NAV per share at month-end $6.85 (2.25M shares outstanding).
Realized trading loss of $(409,914); dividend and interest income of $42,422 combined.
Total expenses $19,985, mainly professional fees ($10,522) and management fees ($7,250).
Share activity: 150k shares added ($1.03M) and 300k shares withdrawn ($2.21M).

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