United States Brent Oil Fund, LP Discloses TMC Sale to Madison Dearborn

What Happened
On September 25, 2026, The Marygold Companies, Inc. (TMC) announced a definitive agreement to be acquired by Madison Dearborn Partners (MDP) in an all‑cash transaction. TMC is the sole shareholder of USCF Investments, Inc., which is the holding company and sole member of United States Commodity Funds LLC (USCF), the general partner of United States Brent Oil Fund, LP (BNO). The Transaction is expected to close in the first half of 2027 or earlier, subject to customary closing conditions including TMC shareholder approval, regulatory approvals, and certain change‑of‑control consents. TMC stated that, after closing, MDP and TMC leadership intend to pursue TMC’s previously announced transformation strategy to refocus USCF’s business. There is no guarantee the Transaction will close as planned.

Key Details

• Announcement date: September 25, 2026.
• Buyer: Madison Dearborn Partners (MDP); transaction is an all‑cash acquisition of TMC.
• Ownership link: TMC → sole shareholder of USCF Investments, Inc. → sole member of USCF → USCF is general partner of BNO.
• Timing and approvals: Expected close in H1 2027 or earlier, pending TMC stockholder approval, regulatory approvals, and change‑of‑control approvals; TMC common stock would be delisted from the NYSE upon closing.

Why It Matters
This filing notifies investors that the owner of BNO’s general partner is being sold, which could lead to changes in strategy, governance, or operations of USCF (the general partner) after the deal closes. The filing states MDP and TMC plan to implement a previously announced transformation of USCF’s business, so investors should watch for future disclosures about any changes to fund management, fees, or policies. The Transaction is subject to customary conditions and may not close, so no immediate operational change to BNO is guaranteed. Monitor upcoming SEC filings and company notices for updates, approvals, or any required change‑of‑control consents affecting the fund.