United States 12 Month Natural Gas Fund, LP (UNL): Entry into a Material Definitive Agreement
United States 12 Month Natural Gas Fund, LP (UNL) filed an SEC Form 8-K — Entry into a Material Definitive Agreement. Item 1.01 Entry into a Material Definitive Agreement. On September 25, 2026, The Marygold Companies, Inc. (“TMC”) publicly announced its entry into a definitive agreement with Madison Dearborn Partners (“MDP”), a leading private equity firm based in Chicago, for TMC to become a p
How this was made
The 30-second read
Why it matters
The transaction may lead to changes in fund management, fee structure, and investor composition, creating short‑term price volatility.
Market read
Investors in UNL and related energy ETFs should monitor the deal for possible price impact and regulatory outcomes.
What to watch
Regulatory approval timeline and potential alternative buyers for the fund.
Background
The filing reports the first public disclosure of a definitive agreement to take TMC private, impacting its subsidiary USCF and the United States 12 Month Natural Gas Fund, LP.
Ticker impact
SEC 8‑K filing discloses TMC’s agreement to be taken private, which may change UNL’s ownership structure and affect its share price.
Short‑term downside pressure as market assesses the transaction.
Deal introduces uncertainty about future cash flows and governance of the natural‑gas fund.
Market effects
May affect natural‑gas commodity exposure funds and related energy ETFs.
U.S. energy markets could see slight volatility due to ownership change.
Limited to investors in U.S. listed commodity funds.
Counterpoint
Deal could unlock value if private owners streamline operations, leading to upside.
Key entities
- CompanyThe Marygold Companies, Inc.
Current sole shareholder of USCF, entering a buyout agreement.
- Private Equity FirmMadison Dearborn Partners
Buyer in the all‑cash transaction.
- ETFUnited States 12 Month Natural Gas Fund, LP
Fund potentially affected by the ownership change.
