---
schema_version: "secwatch.filing_event.v1"
accession: "0002071876-26-000070"
form_type: "8-K"
ticker: "USL"
cik: "0001405528"
company_name: "United States 12 Month Oil Fund, LP"
filed_at: "2026-03-27T23:59:59+00:00"
generated_at: "2026-05-15T08:35:39.039515+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# United States 12 Month Oil Fund reports $5.8M net loss for 2025; NAV falls 12.4%

## Summary
- Net loss of $5.76M in 2025 vs net income of $5.06M in 2024; diluted loss per share $4.81.
- Total partners' capital fell to $36.6M (Dec 31, 2024: $49.4M); NAV per share $33.31 (from $38.01).
- Realized loss on futures $4.5M; unrealized loss $2.55M; total trading loss $7.0M.
- Shares outstanding decreased from 1.3M to 1.1M due to redemptions of 300,000 shares.
- Cash and equivalents $39.7M at year-end, down from $49.9M in 2024.

## SEC filing metadata
- accession: 0002071876-26-000070
- form_type: 8-K
- ticker: USL
- cik: 0001405528
- company_name: United States 12 Month Oil Fund, LP
- filed_at: 2026-03-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1405528/000207187626000070/0002071876-26-000070-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1405528/000207187626000070/i26132_usl-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0002071876-26-000070
- JSON: https://secwatch.observer/filing/0002071876-26-000070.json
- Plain text: https://secwatch.observer/filing/0002071876-26-000070.txt

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