United States 12 Month Natural Gas Fund, LP 10-Q for FY2025 Q2

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

10-Q 2025-08-08 For: 2025-06-30

Added on April 11, 2026

About this 10-Q

United States 12 Month Natural Gas Fund, LP filed this 10-Q on August 8, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

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

Revenue: -$2.33M; compared with $1.26M a year earlier
Net loss: $2.38M; compared with net income of $1.18M 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.	38

Item 4. Controls and Procedures.	39

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	40

Item 1A. Risk Factors.	43

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	43

Item 3. Defaults Upon Senior Securities.	43

Item 4. Mine Safety Disclosures.	44

Item 5. Other Information.	44

Item 6. Exhibits.	44

Documents		Page

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

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

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

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

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

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


	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents (at cost $11,757,207 and $17,860,450, respectively) (Notes 2 and 5)	$	11,757,207	(a)	$	17,860,450
Equity in trading accounts:
Cash and cash equivalents (at cost $103,594 and $–, respectively)		103,594			—
Unrealized gain (loss) on open commodity futures contracts		390,476			1,115,220
Dividends receivable		24,259			41,994
Interest receivable		18,973			27,345
Prepaid insurance		7,500			534

Total Assets	$	12,302,009		$	19,045,543

Liabilities and Partners’ Capital
Payable due to Broker	$	—		$	230,776
General Partner management fees payable (Note 3)		6,520			9,657
Professional fees payable		68,551			131,309
Brokerage commissions payable		391			391
Directors’ fees payable		543			582
License fees payable		1,838			707

Total Liabilities		77,843			373,422

Commitments and Contingencies (Notes 3, 4 & 5)

Partners’ Capital
General Partners		—			—
Limited Partners		12,224,166			18,672,121
Total Partners’ Capital		12,224,166			18,672,121

Total Liabilities and Partners’ Capital	$	12,302,009		$	19,045,543

Limited Partners’ shares outstanding		1,400,000			2,300,000
Net asset value per share	$	8.73		$	8.12
Market value per share	$	8.71		$	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 August 2025 contracts, expiring July 2025	$	877,604	26	$	20,956	0.17
NYMEX Natural Gas Futures NG September 2025 contracts, expiring August 2025		874,450	26		32,950	0.27
NYMEX Natural Gas Futures NG October 2025 contracts, expiring September 2025		839,215	25		59,035	0.48
NYMEX Natural Gas Futures NG November 2025 contracts, expiring October 2025		910,105	25		86,146	0.70
NYMEX Natural Gas Futures NG December 2025 contracts, expiring November 2025		1,031,565	25		108,436	0.89
NYMEX Natural Gas Futures NG January 2026 contracts, expiring December 2025		1,131,075	25		81,925	0.67
NYMEX Natural Gas Futures NG February 2026 contracts, expiring January 2026		1,128,671	25		11,829	0.10
NYMEX Natural Gas Futures NG March 2026 contracts, expiring February 2026		1,051,719	26		12,461	0.10
NYMEX Natural Gas Futures NG April 2026 contracts, expiring March 2026		990,727	25		(36,477)	(0.30)
NYMEX Natural Gas Futures NG May 2026 contracts, expiring April 2026		939,369	26		51,231	0.42
NYMEX Natural Gas Futures NG June 2026 contracts, expiring May 2026		1,016,005	25		(22,756)	(0.19)
NYMEX Natural Gas Futures NG July 2026 contracts, expiring June 2026		1,056,009	25		(15,260)	(0.12)
Total Open Futures Contracts*	$	11,846,514	304	$	390,476	3.19


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.29%^#		2,000,000	$	2,000,000	16.36
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.23%^#		5,000,000		5,000,000	40.90
Total United States Money Market Funds			$	7,000,000	57.26


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	486,028	$	(507,933)	$	2,313,774	$	(5,432,881)
Change in unrealized gain (loss) on open commodity futures contracts		(2,953,638)		1,525,812		(724,744)		3,991,460
Dividend income		70,583		142,917		180,561		285,876
Interest income		63,119		95,443		137,647		169,088
ETF transaction fees		2,100		700		4,900		3,150
Total Income (Loss)	$	(2,331,808)	$	1,256,939	$	1,912,138	$	(983,307)

Expenses
General Partner management fees (Note 3)	$	19,123	$	29,761	$	45,226	$	61,448
Professional fees		28,995		59,321		57,268		118,642
Brokerage commissions		922		1,127		2,279		4,409
Directors’ fees and insurance		516		2,266		1,669		7,098
License fees		2,030		691		4,216		1,325
Total Expenses	$	51,586		93,166	$	110,658		192,922
Expense waiver (Note 3)		—		(14,478)		—		(76,210)
Net Expenses	$	51,586	$	78,688	$	110,658	$	116,712
Net Income (Loss)	$	(2,383,394)	$	1,178,251	$	1,801,480	$	(1,100,019)
Net Income (Loss) per limited partner share	$	(1.53)	$	0.51	$	0.61	$	(0.30)
Net Income (Loss) per weighted average limited partner share	$	(1.71)	$	0.52	$	1.09	$	(0.51)
Weighted average limited partner shares outstanding		1,394,444		2,245,055		1,647,238		2,159,890


	Limited Partners*
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Balances at beginning of period	$	16,419,269	$	17,100,587	$	18,672,121	$	16,295,950
Addition of 150,000, 100,000, 200,000 and 1,600,000 partnership shares, respectively		1,319,161		792,448		1,830,265		13,485,490
Redemption of (350,000), (100,000), (1,100,000) and (1,300,000) partnership shares, respectively		(3,130,870)		(852,856)		(10,079,700)		(10,462,991)
Net income (loss)		(2,383,394)		1,178,251		1,801,480		(1,100,019)

Balances at end of period	$	12,224,166	$	18,218,430	$	12,224,166	$	18,218,430


At June 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		390,476		390,476		—		—


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	June 30, 2025		December 31, 2024
Futures - Commodity Contracts	Unrealized gain(loss) on open commodity futures contracts	$	390,476	$	1,115,220


Natural Gas - 10 Years
	Large Cap US	US Gov’t Bonds	Global Equities			Unleaded
Correlation Matrix 10 Years	Equities (S&P 600)	(BEUSG4 Index)	(FTSE World Index)	Crude Oil	Heating Oil	Gasoline	Natural Gas
Large Cap US Equities (S&P 500)	1.000	0.141	0.979	0.351	0.182	0.428	0.101
US Gov’t Bonds (BEUSG4 Index)		1.000	0.156	(0.253)	(0.379)	(0.180)	(0.142)
Global Equities (FTSE World Index)			1.000	0.386	0.215	0.463	0.053
Crude Oil				1.000	0.774	0.747	0.016
Heating Oil					1.000	0.621	0.045
Unleaded Gasoline						1.000	0.014
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	0.178	0.958	0.172	0.266	(0.351)	0.056
US Gov’t Bonds (BEUSG4 Index)		1.000	0.301	(0.367)	(0.278)	(0.307)	0.099
Global Equities (FTSE World Index)			1.000	0.023	0.151	(0.417)	(0.067)
Crude Oil				1.000	0.841	0.726	0.076
Heating Oil					1.000	0.545	(0.120)
Unleaded Gasoline						1.000	(0.148)
Natural Gas							1.000
Source: Bloomberg, NYMEX


	Six months ended			Six months ended
	June 30, 2025			June 30, 2024
Average daily total net assets	$	15,199,400		$	17,758,901
Dividend and interest income earned on Treasuries, cash and/or cash equivalents	$	318,208		$	454,964
Annualized yield based on average daily total net assets		4.22	%		5.15	%
Management fee	$	45,226		$	61,448
Total fees and other expenses excluding management fees	$	65,432		$	131,474
Total amount of the expense waiver	$	—		$	76,210
Expenses before the allowance of the expense waiver	$	110,658		$	192,922
Expenses after the allowance of the expense waiver	$	110,658		$	116,712
Total commissions accrued to brokers	$	2,279		$	4,409
Total commissions as annualized percentage of average total net assets		0.03	%		0.05	%


	Three months ended			Three months ended
	June 30, 2025			June 30, 2024
Average daily total net assets	$	12,782,273		$	18,514,342
Dividend and interest income earned on Treasuries, cash and/or cash equivalents	$	133,702		$	238,360
Annualized yield based on average daily total net assets		4.20	%		5.18	%
Management fee	$	19,123		$	29,761
Total fees and other expenses excluding management fees	$	32,463		$	63,405
Total amount of the expense waiver	$	—		$	14,478
Expenses before the allowance of the expense waiver	$	51,586		$	93,166
Expenses after the allowance of the expense waiver	$	51,586		$	78,688
Total commissions accrued to brokers	$	922		$	1,127
Total commissions as annualized percentage of average total net assets		0.03	%		0.02	%


	Total
	Number of	Average Price Per
Period	Shares Redeemed	Share
4/1/25 to 4/30/25	350,000	$	8.95
5/1/25 to 5/31/25	—	$	—
6/1/25 to 6/30/25	—	$	—
Total	350,000

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: August 8, 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