---
schema_version: "secwatch.filing_event.v1"
accession: "0002071876-26-000068"
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: "2026-05-15T08:35:22.735836+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# UNL annual net loss per share widens to $0.78; NAV falls to $7.34

## Summary
- Net loss of $971K ($0.78/share) in 2025 vs $1.22M loss ($0.46/share) in 2024.
- NAV per share declined to $7.34 from $8.12 at Dec 31, 2024.
- Realized gain on closed futures contracts was $1.86M, vs a $7.41M loss in 2024.
- Expense waiver ended in 2025; net expenses rose to $236K from $294K in 2024.
- Shares outstanding increased to 2.55M from 2.30M; total partners' capital flat.

## SEC filing metadata
- accession: 0002071876-26-000068
- 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: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1405513/000207187626000068/0002071876-26-000068-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1405513/000207187626000068/i26130_unl-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0002071876-26-000068
- JSON: https://secwatch.observer/filing/0002071876-26-000068.json
- Plain text: https://secwatch.observer/filing/0002071876-26-000068.txt

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