United States 12 Month Natural Gas Fund, LP 10-Q for FY2025 Q3

United States 12 Month Natural Gas Fund, LP (UNL)

10-Q 2025-11-07 For: 2025-09-30

Added on April 11, 2026

About this 10-Q

United States 12 Month Natural Gas Fund, LP filed this 10-Q on November 7, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: -$1.28M; compared with -$494.13K a year earlier
Net loss: $1.35M; compared with a net loss of $596.14K a year earlier

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Delaware		26-0431733
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)


Title of each class:	Trading Symbol(s)	Name of each exchange on which registered:
Shares of United States 12 Month Natural Gas Fund, LP	UNL	NYSE Arca, Inc.


Large Accelerated Filer	☐	Accelerated Filer	☐

Non-Accelerated Filer	☒	Smaller Reporting Company	☒

Emerging Growth Company	☐

Part I. FINANCIAL INFORMATION	Page

Item I. Financial Statements.	3

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	20

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	39

Item 4. Controls and Procedures.	40

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	41

Item 1A. Risk Factors.	44

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	44

Item 3. Defaults Upon Senior Securities.	44

Item 4. Mine Safety Disclosures.	45

Item 5. Other Information.	45

Item 6. Exhibits.	45

Documents		Page

Statements of Financial Condition at September 30, 2025 (Unaudited) and December 31, 2024		4

Schedules of Investments at September 30, 2025 (Unaudited) and December 31, 2024		5

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024		7

Statements of Changes in Partners’ Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024		8

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024		9

Notes to Financial Statements (Unaudited) for the period ended September 30, 2025		10


	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents (at cost $9,634,263 and $17,860,450, respectively) (Notes 2 and 5)	$	9,634,263	$	17,860,450
Equity in trading accounts:
Cash and cash equivalents (at cost $1,667,644 and $–, respectively)		1,667,644		—
Unrealized gain (loss) on open commodity futures contracts		(814,334)		1,115,220
Dividends receivable		23,898		41,994
Interest receivable		11,422		27,345
Prepaid insurance		7,451		534

Total Assets	$	10,530,344	$	19,045,543

Liabilities and Partners’ Capital
Payable due to Broker	$	—	$	230,776
General Partner management fees payable (Note 3)		5,476		9,657
Professional fees payable		76,642		131,309
Brokerage commissions payable		391		391
Directors’ fees payable		426		582
License fees payable		2,288		707

Total Liabilities		85,223		373,422

Commitments and Contingencies (Notes 3, 4 & 5)

Partners’ Capital
General Partners		—		—
Limited Partners		10,445,121		18,672,121
Total Partners’ Capital		10,445,121		18,672,121

Total Liabilities and Partners’ Capital	$	10,530,344	$	19,045,543

Limited Partners’ shares outstanding		1,350,000		2,300,000
Net asset value per share	$	7.74	$	8.12
Market value per share	$	7.79	$	8.17


				Fair
				Value/Unrealized
				Gain (Loss) on
				Open
			Number of	Commodity		% of Partners’
	Notional Amount		Contracts	Contracts		Capital
Open Commodity Futures Contracts - Long
United States Contracts
NYMEX Natural Gas Futures NG November 2025 contracts, expiring October 2025	$	843,168	23	$	(83,478)	(0.80)
NYMEX Natural Gas Futures NG December 2025 contracts, expiring November 2025		958,801	23		(66,401)	(0.64)
NYMEX Natural Gas Futures NG January 2026 contracts, expiring December 2025		1,046,700	23		(85,990)	(0.82)
NYMEX Natural Gas Futures NG February 2026 contracts, expiring January 2026		1,039,169	23		(123,998)	(1.19)
NYMEX Natural Gas Futures NG March 2026 contracts, expiring February 2026		971,161	24		(101,642)	(0.97)
NYMEX Natural Gas Futures NG April 2026 contracts, expiring March 2026		908,807	23		(106,107)	(1.02)
NYMEX Natural Gas Futures NG May 2026 contracts, expiring April 2026		833,403	23		(24,263)	(0.23)
NYMEX Natural Gas Futures NG June 2026 contracts, expiring May 2026		933,662	23		(85,652)	(0.82)
NYMEX Natural Gas Futures NG July 2026 contracts, expiring June 2026		970,674	23		(77,124)	(0.74)
NYMEX Natural Gas Futures NG August 2026 contracts, expiring July 2026		988,559	23		(85,809)	(0.82)
NYMEX Natural Gas Futures NG September 2026 contracts, expiring August 2026		876,900	23		15,960	0.15
NYMEX Natural Gas Futures NG October 2026 contracts, expiring September 2026		893,500	23		10,170	0.10
Total Open Futures Contracts*	$	11,264,504	277	$	(814,334)	(7.80)


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.09%^#		3,000,000	$	3,000,000	28.72
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.05%^#		4,000,000		4,000,000	38.30
Total United States Money Market Funds			$	7,000,000	67.02


	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	(194,221)	$	(1,015,723)	$	2,119,553	$	(6,448,604)
Change in unrealized gain (loss) on open commodity futures contracts		(1,204,810)		283,345		(1,929,554)		4,274,805
Dividend income		78,338		142,649		258,899		428,525
Interest income		36,025		91,753		173,672		260,841
ETF transaction fees		700		3,850		5,600		7,000
Total Income (Loss)	$	(1,283,968)	$	(494,126)	$	628,170	$	(1,477,433)

Expenses
General Partner management fees (Note 3)	$	16,420	$	27,453	$	61,646	$	88,901
Professional fees		46,550		75,713		103,818		194,355
Brokerage commissions		639		1,556		2,918		5,965
Directors’ fees and insurance		447		1,374		2,116		8,472
License fees		409		686		4,625		2,011
Total Expenses	$	64,465	$	106,782	$	175,123		299,704
Expense waiver (Note 3)		—		(4,772)		—		(80,982)
Net Expenses	$	64,465	$	102,010	$	175,123	$	218,722
Net Income (Loss)	$	(1,348,433)	$	(596,136)	$	453,047	$	(1,696,155)
Net Income (Loss) per limited partner share	$	(0.99)	$	(0.36)	$	(0.38)	$	(0.66)
Net Income (Loss) per weighted average limited partner share	$	(0.99)	$	(0.25)	$	0.29	$	(0.76)
Weighted average limited partner shares outstanding		1,356,593		2,417,935		1,549,451		2,246,533


	Limited Partners*
	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Balances at beginning of period	$	12,224,166	$	18,218,430	$	18,672,121	$	16,295,950
Addition of 50,000, 550,000, 250,000 and 2,150,000 partnership shares, respectively		431,864		4,127,230		2,262,129		17,612,720
Redemption of (100,000), (200,000), (1,200,000) and (1,500,000) partnership shares, respectively		(862,476)		(1,556,649)		(10,942,176)		(12,019,640)
Net income (loss)		(1,348,433)		(596,136)		453,047		(1,696,155)

Balances at end of period	$	10,445,121	$	20,192,875	$	10,445,121	$	20,192,875


At September 30, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	7,000,000	$	7,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(814,334)		(814,334)		—		—


At December 31, 2024	Total		Level I		Level II		Level III
Short-Term Investments	$	11,000,000	$	11,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		1,115,220		1,115,220		—		—


	Statements of
	Financial	Fair Value at		Fair Value at
Derivatives not Accounted for as Hedging Instruments	Condition Location	September 30, 2025		December 31, 2024
Futures - Commodity Contracts	Unrealized gain(loss) on open commodity futures contracts	$	(814,334)	$	1,115,220


Natural Gas - 10 Years
	Large Cap US	US Gov’t Bonds	Global Equities			Unleaded
Correlation Matrix 10 Years	Equities (S&P 500)	(BEUSG4 Index)	(FTSE World Index)	Crude Oil	Heating Oil	Gasoline	Natural Gas
Large Cap US Equities (S&P 500)	1.000	0.148	0.979	0.360	0.189	0.414	0.097
US Gov’t Bonds (BEUSG4 Index)		1.000	0.169	(0.247)	(0.371)	(0.172)	(0.135)
Global Equities (FTSE World Index)			1.000	0.392	0.219	0.446	0.048
Crude Oil				1.000	0.767	0.749	0.007
Heating Oil					1.000	0.616	0.039
Unleaded Gasoline						1.000	(0.001)
Natural Gas							1.000
Source: Bloomberg, NYMEX


Natural Gas - 1 Year
	Large Cap US	US Gov’t Bonds	Global Equities			Unleaded
Correlation Matrix 1 Year	Equities (S&P 500)	(BEUSG4 Index)	(FTSE World Index)	Crude Oil	Heating Oil	Gasoline	Natural Gas
Large Cap US Equities (S&P 500)	1.000	0.164	0.962	0.129	0.268	(0.398)	0.058
US Gov’t Bonds (BEUSG4 Index)		1.000	0.304	(0.448)	(0.286)	(0.340)	0.323
Global Equities (FTSE World Index)			1.000	(0.012)	0.172	(0.444)	(0.045)
Crude Oil				1.000	0.802	0.690	(0.009)
Heating Oil					1.000	0.392	(0.171)
Unleaded Gasoline						1.000	(0.262)
Natural Gas							1.000
Source: Bloomberg, NYMEX


	Nine months ended			Nine months ended
	September 30, 2025			September 30, 2024
Average daily total net assets	$	13,737,510		$	17,907,165
Dividend and interest income earned on Treasuries, cash and/or cash equivalents	$	432,571		$	689,366
Annualized yield based on average daily total net assets		4.21	%		5.14	%
Management fee	$	61,646		$	88,901
Total fees and other expenses excluding management fees	$	113,477		$	210,803
Total amount of the expense waiver	$	—		$	80,982
Expenses before the allowance of the expense waiver	$	175,123		$	299,704
Expenses after the allowance of the expense waiver	$	175,123		$	218,722
Total commissions accrued to brokers	$	2,918		$	5,965
Total commissions as annualized percentage of average total net assets		0.03	%		0.04	%


	Three months ended			Three months ended
	September 30, 2025			September 30, 2024
Average daily total net assets	$	10,861,401		$	18,200,470
Dividend and interest income earned on Treasuries, cash and/or cash equivalents	$	114,363		$	234,402
Annualized yield based on average daily total net assets		4.18	%		5.12	%
Management fee	$	16,420		$	27,453
Total fees and other expenses excluding management fees	$	48,045		$	79,329
Total amount of the expense waiver	$	—		$	4,772
Expenses before the allowance of the expense waiver	$	64,465		$	106,782
Expenses after the allowance of the expense waiver	$	64,465		$	102,010
Total commissions accrued to brokers	$	639		$	1,556
Total commissions as annualized percentage of average total net assets		0.02	%		0.03	%


	Total
	Number of	Average Price Per
Period	Shares Redeemed	Share
7/1/25 to 7/31/25	100,000	$	8.62
8/1/25 to 8/31/25	—	$	—
9/1/25 to 9/30/25	—	$	—
Total	100,000

Exhibit Number		Description of Document
31.1(1)		Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2(1)		Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1(1)		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2(1)		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase.
101.DEF		XBRL Taxonomy Extension Definition Linkbase.
101.LAB		XBRL Taxonomy Extension Label Linkbase.
101.PRE		XBRL Taxonomy Extension Presentation Linkbase.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

By:	/s/ John P. Love
	John P. Love
	President and Chief Executive Officer
	(Principal executive officer)

By:	/s/ Stuart P. Crumbaugh
	Stuart P. Crumbaugh
	Chief Financial Officer
	(Principal financial and accounting officer)


Date: November 7, 2025	By	/s/ John P. Love
	Name:	John P. Love
	Title:	President and Chief Executive Officer
		United States Commodity Funds LLC,
		General Partner of United States 12 Month Natural Gas Fund, LP