United States 12 Month Oil Fund: Parent Announces Sale to Private Equity

What Happened

• On September 25, 2026, United States 12 Month Oil Fund, LP (USL) filed an 8-K disclosing that The Marygold Companies, Inc. (TMC) publicly 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 USL. The Transaction is expected to close in the first half of 2027 (or earlier) subject to stockholder and regulatory approvals and certain change‑of‑control consents.

Key Details

• Filing date: September 25, 2026 (Form 8-K, Item 1.01).
• Buyer: Madison Dearborn Partners (MDP); Seller/target: The Marygold Companies, Inc. (TMC).
• Transaction type: all‑cash acquisition; expected close: first half of 2027, contingent on customary closing conditions.
• Effect on TMC: will become privately held and TMC common stock will be delisted from the New York Stock Exchange after closing.
• Corporate link: TMC → USCF Investments, Inc. → United States Commodity Funds LLC (general partner) → United States 12 Month Oil Fund, LP.

Why It Matters

• The Transaction changes the ultimate owner of the entity that controls USL’s general partner. That could lead MDP and TMC leadership to implement the previously announced transformation strategy to refocus USCF’s business after closing.
• The 8‑K does not announce immediate changes to USL’s operations, management or governance; completion is subject to approvals and is not guaranteed. Investors should note the potential for strategic or operational changes if the deal closes and monitor future filings for concrete changes to the fund or its management.