secwatch.observer — SEC 8-K summary
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Issuer:     United States 12 Month Natural Gas Fund, LP (UNL)
CIK:        0001405513
Form:       8-K
Filed at:   2026-03-27T23:59:59+00:00
Accession:  0002071876-26-000068
Event type: other_material
Sentiment:  negative
Materiality: 0.50
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1405513/000207187626000068/0002071876-26-000068-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1405513/000207187626000068/i26130_unl-8k.htm
  HTML page:      https://secwatch.observer/filing/0002071876-26-000068

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer