United States 12 Month Natural Gas Fund, LP 10-Q for FY2025 Q1

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

10-Q 2025-05-09 For: 2025-03-31

Added on April 11, 2026

About this 10-Q

United States 12 Month Natural Gas Fund, LP filed this 10-Q on May 9, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $4.24M; compared with -$2.24M a year earlier
Net income: $4.18M; compared with a net loss of $2.28M 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.	37

Item 4. Controls and Procedures.	38

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	39

Item 1A. Risk Factors.	42

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

Item 3. Defaults Upon Senior Securities.	42

Item 4. Mine Safety Disclosures.	43

Item 5. Other Information.	43

Item 6. Exhibits.	43

Documents		Page

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

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

Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024		7

Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2025 and 2024		8

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024		9

Notes to Financial Statements (Unaudited) for the period ended March 31, 2025		10


	March 31, 2025		December 31, 2024
Assets
Cash and cash equivalents (at cost $15,009,601 and $17,860,450, respectively) (Notes 2 and 5)	$	15,009,601	$	17,860,450
Equity in trading accounts:
Unrealized gain (loss) on open commodity futures contracts		3,344,114		1,115,220
Dividends receivable		36,201		41,994
Interest receivable		24,567		27,345
Prepaid insurance		7,500		534

Total Assets	$	18,421,983	$	19,045,543

Liabilities and Partners’ Capital
Payable due to Broker	$	1,891,886	$	230,776
General Partner management fees payable (Note 3)		8,966		9,657
Professional fees payable		99,455		131,309
Brokerage commissions payable		391		391
Directors’ fees payable		656		582
License fees payable		1,360		707

Total Liabilities		2,002,714		373,422

Commitments and Contingencies (Notes 3, 4 & 5)

Partners’ Capital
General Partners		—		—
Limited Partners		16,419,269		18,672,121
Total Partners’ Capital		16,419,269		18,672,121

Total Liabilities and Partners’ Capital	$	18,421,983	$	19,045,543

Limited Partners’ shares outstanding		1,600,000		2,300,000
Net asset value per share	$	10.26	$	8.12
Market value per share	$	10.25	$	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 May 2025 contracts, expiring April 2025	$	923,786	31	$	353,104	2.15
NYMEX Natural Gas Futures NG June 2025 contracts, expiring May 2025		913,534	29		320,996	1.96
NYMEX Natural Gas Futures NG July 2025 contracts, expiring June 2025		981,447	29		316,013	1.92
NYMEX Natural Gas Futures NG August 2025 contracts, expiring July 2025		965,150	29		352,900	2.15
NYMEX Natural Gas Futures NG September 2025 contracts, expiring August 2025		960,395	29		345,765	2.11
NYMEX Natural Gas Futures NG October 2025 contracts, expiring September 2025		994,928	30		366,772	2.23
NYMEX Natural Gas Futures NG November 2025 contracts, expiring October 2025		1,083,449	30		347,551	2.12
NYMEX Natural Gas Futures NG December 2025 contracts, expiring November 2025		1,158,246	29		347,724	2.12
NYMEX Natural Gas Futures NG January 2026 contracts, expiring December 2025		1,337,905	30		295,895	1.80
NYMEX Natural Gas Futures NG February 2026 contracts, expiring January 2026		1,350,729	30		170,571	1.04
NYMEX Natural Gas Futures NG March 2026 contracts, expiring February 2026		1,171,790	29		123,930	0.75
NYMEX Natural Gas Futures NG April 2026 contracts, expiring March 2026		1,238,037	31		2,893	0.02
Total Open Futures Contracts	$	13,079,396	356	$	3,344,114	20.37


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Money Market Funds
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.27%^#		10,000,000	$	10,000,000	60.90
Total United States Money Market Funds			$	10,000,000	60.90


	Three months ended		Three months ended
	March 31, 2025		March 31, 2024
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	1,827,746	$	(4,924,948)
Change in unrealized gain (loss) on open commodity futures contracts		2,228,894		2,465,648
Dividend income		109,978		142,959
Interest income		74,528		73,645
ETF transaction fees		2,800		2,450
Total Income (Loss)	$	4,243,946	$	(2,240,246)

Expenses
General Partner management fees (Note 3)	$	26,103	$	31,687
Professional fees		28,273		59,321
Brokerage commissions		1,357		3,282
Directors’ fees and insurance		1,153		4,832
License fees		2,186		634
Total Expenses		59,072		99,756
Expense waiver (Note 3)		—		(61,732)
Net Expenses	$	59,072	$	38,024
Net Income (Loss)	$	4,184,874	$	(2,278,270)
Net Income (Loss) per limited partner share	$	2.14	$	(0.81)
Net Income (Loss) per weighted average limited partner share	$	2.20	$	(1.10)
Weighted average limited partner shares outstanding		1,900,556		2,074,725


	Limited Partners*
	Three months ended		Three months ended
	March 31, 2025		March 31, 2024
Balances at beginning of period	$	18,672,121	$	16,295,950
Addition of 50,000 and 1,500,000 partnership shares, respectively		511,104		12,693,042
Redemption of (750,000) and (1,200,000) partnership shares, respectively		(6,948,830)		(9,610,135)
Net income (loss)		4,184,874		(2,278,270)

Balances at end of period	$	16,419,269	$	17,100,587


At March 31, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	10,000,000	$	10,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		3,344,114		3,344,114		—		—


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	March 31, 2025		December 31, 2024
Futures - Commodity Contracts	Unrealized gain(loss) on open commodity futures contracts	$	3,344,114	$	1,115,220


	Total
	Number of	Average Price Per
Period	Shares Redeemed	Share
1/1/25 to 1/31/25	400,000	$	8.58
2/1/25 to 2/28/25	200,000	$	9.78
3/1/25 to 3/31/25	150,000	$	10.40
Total	750,000

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).


	Three months ended			Three months ended
	March 31, 2025			March 31, 2024
Average daily total net assets	$	17,643,383		$	17,003,459
Dividend and interest income earned on Treasuries, cash and/or cash equivalents	$	184,506		$	216,604
Annualized yield based on average daily total net assets		4.24	%		5.12	%
Management fee	$	26,103		$	31,687
Total fees and other expenses excluding management fees	$	32,969		$	68,069
Total amount of the expense waiver	$	—		$	61,732
Expenses before the allowance of the expense waiver	$	59,072		$	99,756
Expenses after the allowance of the expense waiver	$	59,072		$	38,024
Total commissions accrued to brokers	$	1,357		$	3,282
Total commissions as annualized percentage of average total net assets		0.03	%		0.08	%

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 9, 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