secwatch.observer — SEC 8-K summary
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Issuer:     United States 12 Month Oil Fund, LP (USL)
CIK:        0001405528
Form:       8-K
Filed at:   2026-03-27T23:59:59+00:00
Accession:  0002071876-26-000070
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1405528/000207187626000070/0002071876-26-000070-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1405528/000207187626000070/i26132_usl-8k.htm
  HTML page:      https://secwatch.observer/filing/0002071876-26-000070

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