---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-035719"
form_type: "8-K"
ticker: "UNL"
cik: "0001405513"
company_name: "United States 12 Month Natural Gas Fund, LP"
filed_at: "2026-03-27T23:59:59+00:00"
generated_at: "2026-05-15T08:35:18.711116+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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- Share activity: 150k shares added ($1.03M) and 300k shares withdrawn ($2.21M).

## SEC filing metadata
- accession: 0001104659-26-035719
- form_type: 8-K
- ticker: UNL
- cik: 0001405513
- company_name: United States 12 Month Natural Gas Fund, LP
- filed_at: 2026-03-27T23:59:59+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/1405513/000110465926035719/0001104659-26-035719-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1405513/000110465926035719/tm268499d5_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-035719
- JSON: https://secwatch.observer/filing/0001104659-26-035719.json
- Plain text: https://secwatch.observer/filing/0001104659-26-035719.txt

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