UNL Reports Strong Q1 2025 Recovery with Significant Income Increase Despite Rising Expenses

Company Overview
United States 12 Month Natural Gas Fund, LP (NYSEARCA: UNL) is a limited partnership focused on providing investors with exposure to natural gas prices through a portfolio of futures contracts. The investment objective is to reflect the daily percentage changes in the spot price of natural gas delivered at the Henry Hub.

Positive Aspects from Recent Income Report
- **Total Income**: $4,243,946 for Q1 2025, compared to a loss of $2,240,246 in Q1 2024, indicating significant improvement. - **Net Income**: The net income increased to $4,184,874 from a loss of $2,278,270 in the same quarter last year, demonstrating a strong turnaround. - **Net Income per Share**: Positive net income per limited partner share at $2.14 for Q1 2025 vs. $(0.81) in Q1 2024. - **Total Return**: A total return of 26.35% for the three months ended March 31, 2025, countering a loss of 9.44% in the prior year. - **Market Value**: Increased from $8.12 to $10.26 per share during the quarter, aided by favorable natural gas prices.

Negative Aspects from Recent Income Report
- **Expenses**: Total expenses amounted to $59,072 in Q1 2025, which increased compared to $38,024 after waivers in Q1 2024. This reflects higher operational costs. - **Average Daily Total Net Assets**: Although increased to $17,643,383 in Q1 2025, this shows only a slight growth, indicating potential concerns in asset management efficiency. - **Commission to Brokers**: High brokerage commission accrued at $1,357 compared to $3,282 in the previous year, although the percentage of average total net assets decreased. - **Cash and Cash Equivalents**: Cash and equivalents decreased to $15,009,601 compared to $17,860,450, reflecting a tighter liquidity position.

Key Statistics
- **Total Income Q1 2025**: $4,243,946
- **Net Income Q1 2025**: $4,184,874
- **Net Income per Share**: $2.14
- **Total Assets**: $18,421,983
- **Total Liabilities**: $2,002,714
- **Market Value per Share**: $10.25
- **Shares Outstanding**: 1,350,000

**Conclusion**: UNL has demonstrated a remarkable recovery and profitability in Q1 2025 through effective management amid fluctuating natural gas prices. However, rising expenses and reduced cash reserves remain areas of concern that investors should monitor closely.