United States 12 Month Natural Gas Fund, LP Discloses Parent Company Sale

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. This transaction was reported in UNL’s Form 8-K under Item 1.01 (entry into a material definitive agreement).
• TMC is the sole shareholder of USCF Investments, Inc., the holding company and sole member of United States Commodity Funds LLC (USCF), which is the general partner of United States 12 Month Natural Gas Fund, LP (UNL). TMC said the deal is expected to close in the first half of 2027, subject to stockholder approval, regulatory approvals and certain change-of-control approvals. After closing, TMC’s common stock will no longer be listed on the New York Stock Exchange.

Key Details

• Announcement date: September 25, 2026.
• Buyer: Madison Dearborn Partners (MDP); structure: all-cash acquisition of TMC.
• Expected close: first half of 2027, contingent on customary closing conditions (stockholder and regulatory approvals, change-of-control consents).
• Post-close: TMC will be privately held; MDP and TMC management plan to pursue a previously announced transformation strategy to refocus USCF’s business.

Why It Matters

• This is an ownership change at the top of the corporate chain that controls UNL’s general partner. Ownership changes can lead to changes in strategy, governance or management for the fund’s sponsor, although the 8-K does not announce any immediate changes to the fund’s operations or fees.
• The transaction is not guaranteed to close and depends on approvals and consents; investors should watch for future filings outlining any concrete changes to USCF or the fund that could affect fund strategy or governance (e.g., management, fee arrangements, or change-of-control notifications).