v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2026
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Schedule of valuation of UNL's securities using the fair value hierarchy

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)

Schedule of fair value of derivative instruments

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)

Schedule of effect of derivative instruments on the statements of operations

For the three months ended

For the three months ended

March 31, 2026

March 31, 2025

Change in Unrealized

Change in Unrealized

Derivatives not

Location of Gain 

Realized Gain (Loss)

Gain (Loss) on

Realized Gain (Loss)

Gain (Loss) on

Accounted for as

(Loss) on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

Hedging Instruments

  ​ ​ ​

Recognized in Income

  ​ ​ ​

Recognized in Income

  ​ ​ ​

Recognized in Income

  ​ ​ ​

Recognized in Income

  ​ ​ ​

Recognized in Income

Futures - Commodity 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