United States 12 Month Natural Gas Fund, LP 10-Q for FY2026 Q1

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

10-Q 2026-05-08 For: 2026-03-31

Added on May 08, 2026

About this 10-Q

United States 12 Month Natural Gas Fund, LP filed this 10-Q on May 8, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: -$594.35K; compared with $4.24M a year earlier
Net loss: $660.15K; compared with net income of $4.18M 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.	42

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	42

Item 3. Defaults Upon Senior Securities.	43

Item 4. Mine Safety Disclosures.	43

Item 5. Other Information.	43

Item 6. Exhibits.	44

Documents		Page

Statements of Financial Condition at March 31, 2026 (Unaudited) and December 31, 2025		4

Schedules of Investments at March 31, 2026 (Unaudited) and December 31, 2025		5

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025		7

Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2026 and 2025		8

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025		9

Notes to Financial Statements (Unaudited) for the period ended March 31, 2026		10


	March 31, 2026			December 31, 2025
Assets
Cash and cash equivalents (at cost $14,434,677 and $18,161,325, respectively) (Notes 2 and 5)	$	14,434,677	^(a)	$	18,161,325	^(a)
Equity in trading accounts:
Cash and cash equivalents (at cost $2,737,658 and $2,660,560, respectively)		2,737,658			2,660,560
Unrealized gain (loss) on open commodity futures contracts		(1,632,825)			(2,070,955)
Dividends receivable		33,663			25,402
Interest receivable		15,088			35,828
Prepaid insurance		6,376			2,971

Total Assets	$	15,594,637		$	18,815,131

Liabilities and Partners’ Capital
General Partner management fees payable (Note 3)	$	8,661		$	10,467
Professional fees payable		57,098			90,662
Directors’ fees payable		451			578
License fees payable		3,524			2,895

Total Liabilities		69,734			104,602

Commitments and Contingencies (Notes 3, 4 & 5)

Partners’ Capital
General Partners		—			—
Limited Partners		15,524,903			18,710,529
Total Partners’ Capital		15,524,903			18,710,529

Total Liabilities and Partners’ Capital	$	15,594,637		$	18,815,131

Limited Partners’ shares outstanding		2,250,000			2,550,000
Net asset value per share	$	6.90		$	7.34
Market value per share	$	6.90		$	7.38


				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 May 2026 contracts, expiring April 2026	$	1,291,405	36	$	(253,165)	(1.63)
NYMEX Natural Gas Futures NG June 2026 contracts, expiring May 2026		1,342,414	35		(290,314)	(1.87)
NYMEX Natural Gas Futures NG July 2026 contracts, expiring June 2026		1,443,089	36		(279,209)	(1.80)
NYMEX Natural Gas Futures NG August 2026 contracts, expiring July 2026		1,465,488	36		(277,488)	(1.79)
NYMEX Natural Gas Futures NG September 2026 contracts, expiring August 2026		1,401,241	36		(222,241)	(1.43)
NYMEX Natural Gas Futures NG October 2026 contracts, expiring September 2026		1,427,844	36		(224,004)	(1.44)
NYMEX Natural Gas Futures NG November 2026 contracts, expiring October 2026		1,499,897	36		(181,217)	(1.17)
NYMEX Natural Gas Futures NG December 2026 contracts, expiring November 2026		1,703,872	36		(93,952)	(0.61)
NYMEX Natural Gas Futures NG January 2027 contracts, expiring December 2026		1,691,323	36		86,357	0.56
NYMEX Natural Gas Futures NG February 2027 contracts, expiring January 2027		1,445,872	36		137,048	0.88
NYMEX Natural Gas Futures NG March 2027 contracts, expiring February 2027		1,278,270	36		(19,350)	(0.12)
NYMEX Natural Gas Futures NG April 2027 contracts, expiring March 2027		1,166,930	36		(15,290)	(0.10)
Total Open Futures Contracts*	$	17,157,645	431	$	(1,632,825)	(10.52)


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.60%^#		8,000,000	$	8,000,000	51.53
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 3.57%^#		4,000,000		4,000,000	25.77
Total United States Money Market Funds			$	12,000,000	77.30


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts		$	(1,181,469)		$	1,827,746
Change in unrealized gain (loss) on open commodity futures contracts			438,130			2,228,894
Dividend income			82,646			109,978
Interest income			64,594			74,528
ETF transaction fees			1,750			2,800
Total Income (Loss)		$	(594,349)		$	4,243,946

Expenses
General Partner management fees (Note 3)		$	25,152		$	26,103
Professional fees			34,668			28,273
Brokerage commissions			1,351			1,357
Directors’ fees and insurance			4,000			1,153
License fees			629			2,186
Total Expenses		$	65,800			59,072
Net Income (Loss)		$	(660,149)		$	4,184,874
Net Income (Loss) per limited partner share		$	(0.44)		$	2.14
Net Income (Loss) per weighted average limited partner share		$	(0.28)		$	2.20
Weighted average limited partner shares outstanding			2,350,000			1,900,556


		Limited Partners*
		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Balances at beginning of period		$	18,710,529		$	18,672,121
Addition of 250,000 and 50,000 partnership shares, respectively			1,725,554			511,104
Redemption of (550,000) and (750,000) partnership shares, respectively			(4,251,031)			(6,948,830)
Net income (loss)			(660,149)			4,184,874

Balances at end of period		$	15,524,903		$	16,419,269


At March 31, 2026		Total			Level I			Level II			Level III
Short-Term Investments		$	12,000,000		$	12,000,000		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(1,632,825)			(1,632,825)			—			—


At December 31, 2025		Total			Level I			Level II			Level III
Short-Term Investments		$	8,000,000		$	8,000,000		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(2,070,955)			(2,070,955)			—			—


	Statements of
	Financial	Fair Value at		Fair Value at
Derivatives not Accounted for as Hedging Instruments	Condition Location	March 31, 2026		December 31, 2025
Futures - Commodity Contracts	Unrealized gain(loss) on open commodity futures contracts	$	(1,632,825)	$	(2,070,955)


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	0.188	0.974	0.277	0.103	0.303	0.103
US Gov’t Bonds (BEUSG4 Index)		1.000	0.221	(0.268)	(0.389)	(0.189)	(0.133)
Global Equities (FTSE World Index)			1.000	0.290	0.111	0.310	0.041
Crude Oil				1.000	0.788	0.784	(0.001)
Heating Oil					1.000	0.683	0.061
Unleaded Gasoline						1.000	(0.023)
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	0.171	0.931	(0.352)	(0.250)	(0.577)	0.165
US Gov’t Bonds (BEUSG4 Index)		1.000	0.379	(0.661)	(0.560)	(0.551)	(0.208)
Global Equities (FTSE World Index)			1.000	(0.567)	(0.449)	(0.739)	0.023
Crude Oil				1.000	0.931	0.934	0.140
Heating Oil					1.000	0.864	0.309
Unleaded Gasoline						1.000	0.103
Natural Gas							1.000
Source: Bloomberg, NYMEX


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Average daily total net assets		$	17,004,448		$	17,643,383
Dividend and interest income earned on Treasuries, cash and/or cash equivalents		$	147,240		$	184,506
Annualized yield based on average daily total net assets			3.51	%		4.24	%
Management fee		$	25,152		$	26,103
Total fees and other expenses excluding management fees		$	40,648		$	32,969
Total commissions accrued to brokers		$	1,351		$	1,357
Total commissions as annualized percentage of average total net assets			0.03	%		0.03	%


		Total
		Number of		Average Price Per
Period		Shares Redeemed		Share
1/1/26 to 1/31/26		250,000		$	8.15
2/1/26 to 2/28/26		300,000		$	7.38
3/1/26 to 3/31/26		—		$	—
Total		550,000

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: May 8, 2026	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