---
schema_version: "secwatch.filing_event.v1"
accession: "0001171200-24-000106"
form_type: "8-K"
ticker: "UNL"
cik: "0001405513"
company_name: "United States 12 Month Natural Gas Fund, LP"
filed_at: "2024-03-27T23:59:59+00:00"
generated_at: "2026-06-04T07:04:17.946560+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# UNL reports 2023 net loss of $13.3M; NAV falls to $8.58 from $17.24

## Summary
- Net loss of $13.3M vs net income of $3.6M in 2022; EPS loss of $8.66.
- NAV per share dropped 50% to $8.58 at Dec 31, 2023 from $17.24 a year ago.
- Realized loss on closed futures of $17.9M vs gain of $12.3M in 2022.
- Share count rose to 1.9M from 1.45M; net share issuances added $4.6M.
- Net expenses fell to $157K (from $320K) due to $168K expense waiver.

## SEC filing metadata
- accession: 0001171200-24-000106
- form_type: 8-K
- ticker: UNL
- cik: 0001405513
- company_name: United States 12 Month Natural Gas Fund, LP
- filed_at: 2024-03-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1405513/000117120024000106/0001171200-24-000106-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1405513/000117120024000106/i24093_unl-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171200-24-000106
- JSON: https://secwatch.observer/filing/0001171200-24-000106.json
- Plain text: https://secwatch.observer/filing/0001171200-24-000106.txt

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