United States Brent Oil Fund (BNO) nets $138.4M, NAV rises to $951.7M
Rhea-AI Filing Summary
United States Brent Oil Fund, LP reported strong March 2026 results in a monthly account statement furnished with this Form 8-K. For the month ended March 31, 2026, the fund generated $138.4 million in net income, driven mainly by a $145.4 million realized trading gain on commodity futures, partly offset by an $8.2 million unrealized loss on those positions.
Total income was $138.8 million and expenses were modest at $0.4 million, resulting in high operating leverage. Net asset value increased from $213.2 million at the start of the month to $951.7 million at month-end, helped by large capital additions and trading gains. Net asset value per share at March 31, 2026 was $51.86 based on 18.35 million shares.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Realized trading gain on commodity futures: $145,397,254
Unrealized loss on commodity futures: $8,206,570
Total income: $138,802,917
+5 more
8 metrics
Realized trading gain on commodity futures
$145,397,254
Month ended March 31, 2026
Unrealized loss on commodity futures
$8,206,570
Month ended March 31, 2026
Total income
$138,802,917
Month ended March 31, 2026
Total expenses
$397,349
Month ended March 31, 2026
Net income
$138,405,568
Month ended March 31, 2026
Net asset value beginning of month
$213,195,379
As of March 1, 2026
Net asset value end of month
$951,651,551
As of March 31, 2026
Net asset value per share
$51.86
18,350,000 shares at March 31, 2026
Key Terms
Realized Trading Gain (Loss) on Commodity Futures, Unrealized Gain (Loss) on Market Value of Commodity Futures, Net Asset Value, Regulation FD Disclosure, +2 more
6 terms
Realized Trading Gain (Loss) on Commodity Futures financial
"Income Realized Trading Gain (Loss) on Commodity Futures $ 145,397,254"
Unrealized Gain (Loss) on Market Value of Commodity Futures financial
"Unrealized Gain (Loss) on Market Value of Commodity Futures (8,206,570)"
Net Asset Value financial
"Statement of Changes in Net Asset Value Net Asset Value End of Month $ 951,651,551"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
Regulation FD Disclosure regulatory
"Item 7.01. Regulation FD Disclosure. On April 29, 2026, United States Brent Oil Fund, LP"
Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.
Commodity Exchange Act regulatory
"as required pursuant to Rule 4.22 under the Commodity Exchange Act."
A federal law that creates the rulebook for trading commodity futures and options, setting standards to prevent market manipulation, fraud, and unfair practices. It matters to investors because those rules and the government oversight that enforces them help keep prices honest, ensure transparent reporting, and reduce the risk that markets will be distorted — similar to traffic laws that make driving safer and more predictable.
limited partners financial
"To the Limited Partners of United States Brent Oil Fund, Pursuant to Rule 4.22(h)"
Limited partners are investors who provide most of the capital to an investment partnership but do not run its day-to-day business; they have liability only up to the amount they invested. Think of them as silent backers who hire a manager to make decisions and share in profits or losses; their importance to investors lies in shaping how much money a fund can deploy, the risk and return profile they receive, and the liquidity and fees associated with that investment.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did United States Brent Oil Fund (BNO) perform in March 2026?
United States Brent Oil Fund earned $138.4 million in net income in March 2026. Results were driven by strong realized trading gains on commodity futures and modest expenses, significantly increasing the fund’s net asset value during the month.
What were BNO’s realized and unrealized results on commodity futures in March 2026?
In March 2026, BNO recorded a $145.4 million realized trading gain on commodity futures and an $8.2 million unrealized loss on the market value of those futures. The net effect was a substantial positive contribution to monthly income.
What was United States Brent Oil Fund’s net asset value at March 31, 2026?
At March 31, 2026, United States Brent Oil Fund reported a net asset value of $951.7 million. This reflected the impact of net income for the month plus significant share creations and redemptions by investors.
How much new capital flowed into United States Brent Oil Fund in March 2026?
During March 2026, BNO recorded $633.3 million of additions associated with 12.9 million new shares and $33.2 million of withdrawals tied to 700,000 shares redeemed, significantly expanding the fund’s capital base.
What expenses did United States Brent Oil Fund incur in March 2026?
In March 2026, BNO’s total expenses were $397,349, including general partner management fees, professional fees, brokerage commissions, and directors’ fees and insurance. These costs were small relative to total income for the month.