UNL Filers Report TMC Agreement to Go Private with Madison Dearborn

United States 12 Month Natural Gas Fund, LP filed a Form 8-K on September 25, 2026, reporting that The Marygold Companies, Inc. (TMC) has entered into a definitive agreement with Madison Dearborn Partners (MDP). Under the terms of the deal, TMC will become a privately held company in an all-cash transaction. This development directly impacts UNL, as TMC is the sole shareholder of USCF Investments, Inc., the holding company and sole member of United States Commodity Funds LLC (USCF), which serves as the general partner of the fund.

The transaction involves MDP, a private equity firm based in Chicago, acquiring TMC. Upon completion, TMC's common stock will delist from the New York Stock Exchange. The filing states that the deal is expected to close during the first half of 2027, or earlier if customary closing conditions are satisfied. These conditions include approval from TMC stockholders, regulatory approvals, and specific change-of-control approvals. The document explicitly notes that there is no guarantee the transaction will be completed within this timeframe or at all.

According to the filing, TMC and MDP have indicated that after the close of the transaction, they will execute on TMC's previously announced transformation strategy. The goal of this strategy is to refocus USCF's business. The filing was signed by John P. Love, President and Chief Executive Officer of United States Commodity Funds LLC, acting as the general partner of the fund. The report was submitted to the U.S. Securities and Exchange Commission on September 25, 2026.