Welcome to our dedicated page for United States Brent Oil Fund, LP SEC filings (Ticker: BNO), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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 furnished its audited annual financial statements for the year ended December 31, 2025. The fund reported a net loss of $4.1 million in 2025, compared with net income of $10.6 million in 2024, as losses on Brent crude oil futures outweighed dividend and interest income.
Partners’ capital declined to $100.4 million at year-end 2025 from $114.5 million a year earlier, with net asset value per share decreasing from $30.14 to $28.29. Total return for 2025 was -6.14%, versus a 10.04% gain in 2024. Weighted average shares outstanding fell as creations were more than offset by redemptions.
The fund’s portfolio at year-end 2025 consisted mainly of ICE Brent crude futures (1,651 contracts with unrealized gain of $2.3 million) and U.S. government money market funds of $62.75 million. Cohen & Company, Ltd. issued unqualified opinions on both the financial statements and internal control over financial reporting and reported no critical audit matters.
United States Brent Oil Fund, LP furnished its monthly account statement for the month ended February 28, 2026, detailing income and net asset changes. The fund reported net income of $11,581,292, driven mainly by realized trading gains of $10,766,010 on commodity futures and additional unrealized gains, dividends, interest income, and ETF transaction fees.
Net asset value increased from $135,515,192 at the beginning of the month to $213,195,379 at month end. This reflected $76,035,891 of additions from 2,300,000 shares, withdrawals of $9,936,996 from 300,000 shares, and the month’s net income. Net asset value per share at month end was $34.67 based on 6,150,000 shares.
United States Brent Oil Fund, LP filed an 8-K furnishing the audited statements of financial condition of its general partner, United States Commodity Funds LLC, as of December 31, 2025 and 2024. USCF reported total assets of $6,712,164 and member’s equity of $5,075,965 at year-end 2025, slightly lower than $7,128,612 of assets and $5,278,930 of equity in 2024. The balance sheet is dominated by $2,432,322 of investments at fair value and $1,540,906 of cash and equivalents at 2025 year-end. Notes describe related-party management fee receivables, fair value methodologies, lease obligations through March 2028, income tax positions, and multiple legal and regulatory matters. These include previously disclosed SEC and CFTC cease-and-desist orders with aggregate civil monetary penalties of $2,500,000 and several ongoing securities and derivative lawsuits where no loss accrual has been recorded.
United States Brent Oil Fund, LP (BNO) is a Delaware commodity pool whose shares trade on NYSE Arca and are designed to track, in percentage terms, the daily spot price of Brent crude oil via a short‑term ICE Futures Europe Brent contract plus interest on collateral, less expenses.
BNO invests primarily in Brent crude oil futures and other petroleum‑related derivatives, holding Treasuries, cash and cash equivalents as margin and collateral. It targets the average daily percentage change in NAV over 30 valuation days to be within plus/minus 10% of the Benchmark Futures Contract over the same period.
USCF, a registered commodity pool operator and wholly owned subsidiary of USCF Investments, manages BNO and receives a 0.75% annual management fee on average daily net assets. From inception through December 31, 2025, total expenses paid or accrued were $21.2 million, or 1.07% annualized of average daily net assets before waivers. As of June 30, 2025, shares held by non‑affiliates had an aggregate market value of $103.8 million, and BNO had 6,050,000 outstanding shares as of February 23, 2026.
United States Brent Oil Fund, LP reported a strong January 2026, generating net income of $16,379,067. Total income was $16,483,600, driven mainly by realized trading gains on commodity futures of $8,585,390 and unrealized gains on commodity futures of $7,566,180, with modest dividend and interest income.
Expenses were kept low at $104,533, resulting in a sizable increase in net asset value. Net asset value rose from $100,436,504 at the beginning of the month to $135,515,192 at month-end, helped by additions of 650,000 shares and withdrawals of 50,000 shares. Net asset value per share was $32.65 based on 4,150,000 shares.
United States Brent Oil Fund, LP furnished an update on its financial results for the month ended December 31, 2025. The fund submitted its required monthly account statement, which includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, in line with Rule 4.22 under the Commodity Exchange Act.
This information is provided as an exhibit to a current report and is treated as furnished rather than filed under securities laws. The same monthly account statement is also available on the fund’s website, giving investors another way to review the fund’s recent financial activity.
United States Brent Oil Fund, LP furnished a routine update by providing its monthly account statement for the month ended November 30, 2025. The statement includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value prepared under Commodity Exchange Act Rule 4.22. The document is attached as Exhibit 99.1 and is also available on the fund’s website at www.uscfinvestments.com. This information is being furnished under Regulation FD and is not treated as filed for liability purposes under the Securities Exchange Act.
United States Brent Oil Fund, LP reported that it has released its monthly account statement for the month ended October 31, 2025. The statement, presented as a Statement of Income (Loss) and a Statement of Changes in Net Asset Value under Rule 4.22 of the Commodity Exchange Act, provides investors with an update on the fund’s performance and capital changes for the month.
The account statement is furnished as Exhibit 99.1 to this Form 8-K and is also available on the fund’s website at www.uscfinvestments.com. The information is being furnished under Regulation FD and is not deemed “filed” for purposes of the Securities Exchange Act of 1934 or incorporated into other securities law filings unless specifically referenced.
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%).
United States Brent Oil Fund, LP (BNO) furnished a monthly account statement for the month ended September 30, 2025 under Regulation FD. The report, presented as a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, was provided as Exhibit 99.1 and is available on the sponsor’s website.
The information was furnished, not filed, under the Exchange Act and is not subject to Section 18 liabilities, nor incorporated into other filings unless specifically referenced.