Fri, May 9, 8:00 PM (3 days ago)
**United States 12 Month Natural Gas Fund, LP (UNL) - Q1 2025 Financial Summary** **Ticker:** UNL **Financial Health & Performance:** - **Revenue & Profit Margins:** UNL reported a total income of $4,243,946 for Q1 2025, compared to a loss of $2,240,246 in Q1 2024. Net income was $4,184,874, a significant improvement from a loss of $2,278,270 in the same period last year. - **Cash Flow:** Net cash provided by operating activities was $3,586,877, a positive change from the $4,661,246 used in Q1 2024. The net increase (decrease) in cash and cash equivalents was $(2,850,849), primarily due to the redemption of partnership shares. - **Earnings Changes:** The net income per limited partner share was $2.14, compared to a loss of $0.81 in Q1 2024. **Quarterly Performance Discussion:** - **Trends:** UNL's per share NAV increased by approximately 26.35% during Q1 2025, driven by a 27.44% increase in the average price of the Benchmark Futures Contracts. - **Uncertainties:** Market volatility, regulatory changes, and geopolitical events (e.g., Russia-Ukraine war, Middle East conflicts) pose risks to UNL's investments and operations. - **Future Operations Impact:** UNL aims to maintain its investment strategy, focusing on natural gas futures contracts and other related investments. However, it may need to adapt to market conditions, regulatory requirements, and risk mitigation measures. **Key Metrics:** - **Total Assets:** $18,421,983 (Q1 2025) vs. $19,045,543 (Q4 2024) - **Total Liabilities:** $2,002,714 (Q1 2025) vs. $373,422 (Q4 2024) - **Partners' Capital:** $16,419,269 (Q1 2025) vs. $18,672,121 (Q4 2024) - **Shares Outstanding:** 1,600,000 (Q1 2025) vs. 2,300,000 (Q4 2024) **Management's Discussion:** - UNL's investment objective is to track the average daily percentage changes in the spot price of natural gas. - The fund's strategy involves investing in natural gas futures contracts and other related investments. - UNL faces risks from market volatility, regulatory changes, and geopolitical events. - The fund's liquidity needs are met through the sale of investments and income from cash and cash equivalents. **Conclusion:** UNL demonstrated strong financial performance in Q1 2025, with significant improvements in revenue, profit margins, and cash flow. However, the fund remains subject to market risks and uncertainties that could impact its future operations. UNL's management continues to focus on its investment strategy while adapting to changing market conditions and regulatory requirements.