Monitor for TMC stockholder vote and regulatory approvals as the H1 2027 close approaches. The post-closing refocusing of USCF's business could eventually affect USL's management or strategy, but no near-term impact on USL's commodity exposure or NAV is expected.
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Executive Summary
The Marygold Companies, Inc. (TMC), the indirect parent of USL's general partner, entered into a definitive agreement to be taken private by Madison Dearborn Partners in an all-cash transaction. The deal is expected to close in H1 2027, subject to TMC stockholder approval, regulatory approvals, and change-of-control consents. This filing is an informational 8-K by USL regarding its upstream parent's going-private transaction — no direct financial impact on USL's operations or NAV.
Key Financial Metrics
Key Facts
- TMC entered into a definitive agreement with Madison Dearborn Partners to become privately held in an all-cash transaction.
- TMC is the sole shareholder of USCF Investments, Inc., which owns USCF, the general partner of USL.
- Closing expected during the first half of 2027, subject to TMC stockholder approval, regulatory approvals, and change-of-control approvals.
- Upon closing, TMC's common stock will no longer be listed on the NYSE.
- Post-closing, MDP and TMC's leaders plan to execute TMC's previously announced transformation strategy to refocus USCF's business.
Financial Impact
No deal value, premium, or financial terms disclosed in the filing. The transaction involves TMC, not USL directly, so no direct financial impact on USL's NAV or operations.
Risk Factors
- Transaction may not close within the expected timeframe or at all, per the filing's explicit disclaimer.
- Post-closing changes to USCF's business strategy could alter USL's management or operational focus, though no specifics are provided.
- No financial terms disclosed — uncertainty around deal valuation and premium.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002071876-26-000222 |
| Document: 0002071876-26-000222-index-headers.html | 0002071876-26-000222 |
| Document: 0002071876-26-000222-index.html | 0002071876-26-000222 |
| Document: 0002071876-26-000222.txt | 0002071876-26-000222 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 28d ago | 8-K | $56.26 | awaiting T+20 | — | $63.16 (+12.27%) |
Sep 25, 2026 4w ago | 8-K | $56.99 $63.47 | ▲ +11.38% | ▲ +11.41% | $63.16 (+10.83%) |
Aug 28, 2026 8w ago | 8-K | $51.26 $56.99 | ▲ +11.17% | ▲ +10.91% | $63.16 (+23.21%) |
Jul 29, 2026 12w ago | 8-K | $50.75 $50.95 | ▲ +0.39% | ▼ −4.63% | $63.16 (+24.47%) |
Jun 29, 2026 17w ago | 8-K | $45.45 $51.78 | ▲ +13.94% | ▲ +14.22% | $63.16 (+38.98%) |
May 28, 2026 21w ago | 8-K | $52.11 $44.93 | ▼ −13.77% | ▼ −10.63% | $63.16 (+21.21%) |
Apr 29, 2026 25w ago | 8-K | $53.84 $51.72 | ▼ −3.94% | ▼ −9.40% | $63.16 (+17.31%) |
US Market Status
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