United States Brent Oil Fund, LP filings document the reporting framework for a commodity fund vehicle with shares listed on NYSE Arca under BNO. Recent Form 8-K reports furnish Rule 4.22 materials under the Commodity Exchange Act, including monthly account statements presented as statements of income or loss and statements of changes in net asset value.
The filing record also includes annual financial statements for the fund and audited statements of financial condition for United States Commodity Funds LLC, the fund's general partner. These disclosures address fund-level results, NAV reporting, listed-share status, governance structure, and formal financial reporting obligations.
United States Brent Oil Fund, LP (BNO) issued its monthly account statement for the month ended August 31, 2026. It reported net income of $35,072,555, including a realized trading gain on commodity futures of $20,577,580 and an unrealized gain on their market value of $13,162,030. Total income was $35,620,919 and total expenses were $548,364.
Net asset value was $615,262,133 at the beginning of the month and $620,942,000 at month-end. Additions were $87,619,235 for 1,750,000 shares, while withdrawals were $117,011,923 for 2,250,000 shares. Net asset value per share was $52.85 on 11,750,000 shares.
United States Brent Oil Fund, LP (BNO) disclosed that The Marygold Companies, Inc. (TMC), the sole shareholder of USCF Investments, Inc., announced a definitive agreement with Madison Dearborn Partners for TMC to become privately held in an all-cash transaction. USCF Investments is the holding company and sole member of United States Commodity Funds LLC, BNO’s general partner.
The transaction is expected to close during the first half of 2027 or earlier, subject to customary closing conditions, including TMC stockholder approval, regulatory approvals and certain change-of-control approvals. If completed, TMC’s common stock will no longer be listed on the New York Stock Exchange. TMC and Madison Dearborn Partners indicated that, after closing and at the appropriate time, their leaders will execute TMC’s previously announced transformation strategy to refocus USCF’s business. They stated there is no guarantee the transaction will close within the expected timeframe or at all.
United States Brent Oil Fund, LP (BNO) reported its monthly account statement for the month ended July 31, 2026. The fund generated $128,465,895 in total income, driven mainly by realized trading gains on commodity futures of $86,247,780 and unrealized gains of $40,462,870.
Total expenses were $521,896, resulting in net income of $127,943,999 for the month. Net asset value was $543,576,722 at the beginning of July and $615,262,133 at month end, with a net asset value per share of $50.23 based on 12,250,000 shares.
Carronade Capital Management, LP and Dan Gropper report a significant ownership position in United States Brent Oil Fund, LP Shares. They report beneficial ownership of 1,350,365 Shares, including 99,200 Shares issuable upon exercise of call options.
This position represents 8.6% of the 15,750,000 Shares outstanding as of May 5, 2026, based on the issuer’s Form 10-Q. The Shares are held by certain Carronade-managed funds, and Carronade Capital Master, LP has the right to receive dividends and sale proceeds for more than 5% of the Shares. The reporting persons state that the filing should not be construed as an admission of beneficial ownership for Section 13 purposes.
United States Brent Oil Fund, LP (BNO) is a Delaware commodity pool whose objective is for daily percentage changes in its NAV to track daily percentage changes in the spot price of Brent crude oil, using a specified near-month ICE Brent futures contract (the Benchmark Futures Contract), plus interest on collateral, less expenses.
As of June 30, 2026, total assets were $544,238,529, up from $100,736,709 at December 31, 2025, with partners' capital of $543,576,722. Limited partner shares outstanding rose to 13,450,000 from 3,550,000, and NAV per share increased from $28.29 to $40.41, while the market price was $40.69. For the six months ended June 30, 2026, BNO recorded a net loss of $42,260,437, driven mainly by realized and unrealized losses on Brent futures, partly offset by $9,287,077 of dividend and interest income. Q2 2026 net loss was $208,626,364.
At June 30, 2026, BNO held 7,452 ICE Brent September 2026 futures contracts with notional value of $587,164,080 and an unrealized loss of $43,540,680, and cash equivalents of $390,700,000 in government money market funds. Despite the partnership-level loss, per-share NAV delivered a 42.84% total return for the six months, compared with a hypothetical 41.10% return from the Benchmark Futures Contract, mainly due to income on collateral and execution effects. The fund reports that over multiple periods its NAV has tracked the Benchmark Futures Contract within its plus/minus 10% tracking objective, while emphasizing risks from futures market contango/backwardation, derivatives, margining, counterparty exposure, and regulatory position limits.
United States Brent Oil Fund, LP issued its monthly account statement for the month ended June 30, 2026, presented as a Statement of Income (Loss) and a Statement of Changes in Net Asset Value pursuant to Rule 4.22 under the Commodity Exchange Act.
The fund recorded a net loss of $162,401,367, driven by a realized trading loss on commodity futures of $234,037,190, partially offset by an unrealized gain of $70,126,390, dividend income of $1,597,912, interest income of $485,099 and ETF transaction fees of $10,150. Total expenses were $583,728. Net asset value began at $765,054,342, reflected additions of $185,488,149 (3,750,000 shares) and withdrawals of $244,564,402 (5,550,000 shares), and ended at $543,576,722, or $40.41 per share based on 13,450,000 shares.
United States Brent Oil Fund, LP reported a significant trading loss for May 2026. For the month ended May 31, 2026, it recorded a net loss of $127,387,324, driven mainly by an unrealized loss on commodity futures of $265,677,650 that outweighed realized trading gains and income.
Net asset value declined from $858,516,466 at the beginning of May to $765,054,342 at month-end, while net asset value per share was $50.17 based on 15,250,000 shares. Management fees and other expenses totaled $634,117, a small portion of overall results, and the general partner affirmed the accuracy and completeness of this monthly account statement.
United States Brent Oil Fund, LP reported strong April 2026 performance in its monthly account statement. The fund generated net income of $81,162,327, driven by an unrealized gain on commodity futures of $149,818,030, which more than offset a realized trading loss of $70,459,250.
Total income was $81,772,810, supplemented by dividend income of $1,585,142, interest income of $815,938, and ETF transaction fees of $12,950, against relatively modest expenses of $610,483. Net asset value was $858,516,466 at month-end, with a net asset value per share of $58.20 based on 14,750,000 shares outstanding.
United States Brent Oil Fund files Post-Effective Amendment No. 1 to its Form S-3 pursuant to Rule 462(d), effective immediately upon filing.
The amendment consists solely of additional exhibits and Part II changes; it does not modify other parts of the registration statement. The filing lists estimated issuance expenses, including legal fees of $20,000, and restates the registrant's undertakings and indemnification provisions.
United States Brent Oil Fund, LP (BNO) reports a much larger portfolio and strong first-quarter results driven by Brent crude oil futures. Total assets rose to about $952.1 million as of March 31, 2026, up from $100.7 million at year-end, reflecting heavy share creations.
BNO generated quarterly net income of $166.4 million, compared with $4.9 million a year earlier, as realized gains on futures reached $164.7 million. Net asset value per share increased from $28.29 to $51.86, an 83.32% total return for the period, slightly outperforming its Brent Benchmark Futures Contract.
The fund expanded to 18.35 million limited partner shares outstanding, mainly through 15.85 million new shares, and held 9,154 ICE Brent crude futures contracts with roughly $949.5 million notional exposure. Over 30 valuation days, BNO’s daily NAV changes stayed within its targeted tracking band versus the Benchmark Futures Contract.