Every 10-Q that United States Brent Oil Fund, LP (BNO) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BNO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BNO filings page.
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 (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.
United States Brent Oil Fund, LP (BNO) filed its quarterly report, detailing Q3 results and portfolio positioning. BNO recorded net income of $2.7 million for the three months ended September 30, 2025, and $1.4 million for the nine-month period. Total assets were $102.25 million with partners’ capital of $101.98 million.
Per‑share NAV was $29.99 at September 30, 2025, versus $30.14 at year‑end 2024. Limited partners’ shares outstanding were 3,400,000 as of September 30, 2025. The market price was $30.05 and NAV $29.99 at period end.
BNO held 1,545 ICE Brent crude futures (notional $103.72 million) with an unrealized loss of $1.70 million, and maintained $75.0 million in U.S. government money market funds (7‑day yields cited). Cash and cash equivalents totaled $83.69 million at cost, plus $19.88 million cash in trading accounts as futures collateral. Management fees were $202,403 for Q3 and $548,355 year‑to‑date. Over the 30 valuation days ended September 30, BNO’s average daily NAV change (0.047%) remained within the stated tracking band relative to its Benchmark Futures Contract (0.036%).