Monitor for further filings related to the TMC-MDP transaction, particularly any stockholder vote or regulatory approval updates. The change-of-control at the GP level could eventually lead to strategic shifts at USCF, but no near-term impact on BNO's trading or NAV is expected.
Price Chart
Executive Summary
United States Brent Oil Fund, LP (BNO) filed an 8-K reporting that its indirect parent, The Marygold Companies, Inc. (TMC), entered into a definitive agreement to be acquired by private equity firm Madison Dearborn Partners (MDP) in an all-cash transaction. The deal is expected to close in H1 2027, after which TMC will go private and its stock will be delisted from the NYSE. For BNO, this is a change-of-control event at the general partner level, with no direct financial impact on the fund's operations or NAV.
Key Financial Metrics
Key Facts
- TMC entered into a definitive agreement to be acquired by Madison Dearborn Partners in an all-cash transaction.
- TMC is the sole shareholder of USCF Investments, Inc., which indirectly controls USCF, the general partner of BNO.
- Transaction expected to close during first half of 2027 or earlier upon satisfaction of closing conditions.
- Closing conditions include TMC stockholder approval, regulatory approvals, and certain change-of-control approvals.
- Upon completion, TMC will become privately held and its common stock will no longer be listed on the NYSE.
- No deal value or price per share was disclosed in the filing.
Financial Impact
No financial terms disclosed; transaction value not stated.
Risk Factors
- Transaction may not close within the expected timeframe or at all.
- Post-closing strategic changes at USCF could alter fund management or fee structures.
- No deal value disclosed, limiting ability to assess materiality.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002071876-26-000217 |
| Document: 0002071876-26-000217-index-headers.html | 0002071876-26-000217 |
| Document: 0002071876-26-000217-index.html | 0002071876-26-000217 |
| Document: 0002071876-26-000217.txt | 0002071876-26-000217 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 28d ago | 8-K | $58.75 | awaiting T+60 | — | $69.67 (+18.59%) |
Sep 25, 2026 4w ago | 8-K | $60.33 | awaiting T+60 | — | $69.67 (+15.48%) |
Aug 28, 2026 8w ago | 8-K | $51.48 | awaiting T+60 | — | $69.67 (+35.33%) |
Jul 29, 2026 12w ago | 8-K | $50.43 $68.91 | ▼ −36.64% | ▼ −31.92% | $69.67 (−38.15%) |
May 28, 2026 21w ago | 8-K | $51.33 $53.80 | ▲ +4.81% | ▲ +3.08% | $69.67 (+35.73%) |
Apr 29, 2026 25w ago | 8-K | $58.81 $52.58 | ▼ −10.59% | ▼ −14.70% | $69.67 (+18.47%) |
Feb 27, 2026 34w ago | 8-K | $34.81 $53.10 | ▲ +52.54% | ▲ +43.16% | $69.67 (+100.14%) |
US Market Status
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