Carronade Capital (BNO) discloses 1.35M-share position in United States Brent Oil Fund

Rhea-AI Filing Summary

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.

Key Figures

Shares beneficially owned: 1,350,365 Shares Percentage of class: 8.6% Shares outstanding: 15,750,000 Shares +3 more

6 metrics

Shares beneficially owned 1,350,365 Shares Beneficial ownership reported by Carronade Capital Management, LP and Dan Gropper

Percentage of class 8.6% Portion of United States Brent Oil Fund, LP Shares outstanding

Shares outstanding 15,750,000 Shares Shares outstanding as of May 5, 2026, per Form 10-Q

Shares via call options 99,200 Shares Shares issuable upon exercise of call options held by Carronade Funds

Shared voting power 1,350,365.00 Shares over which reporting persons have shared voting power

Shared dispositive power 1,350,365.00 Shares over which reporting persons have shared dispositive power

Key Terms

beneficial owner, investment adviser, shared voting power, shared dispositive power, +1 more

5 terms

beneficial owner regulatory

"may be deemed to beneficially own the shares (the "Shares") of United States Brent Oil Fund"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

investment adviser financial

"The Investment Manager is a registered investment adviser and serves as the investment manager"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

shared voting power financial

"Shared Voting Power 1,350,365.00 7 | Sole Dispositive Power 0.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 1,350,365.00 9 1,350,365.00 10"

Schedule 13G regulatory

"for the purposes of Section 13 of the Securities Exchange Act of 1934"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

FAQ

What percentage of United States Brent Oil Fund (BNO) does Carronade Capital report owning?

Carronade Capital and Dan Gropper report beneficial ownership of 8.6% of United States Brent Oil Fund, LP. This is based on 15,750,000 Shares outstanding as of May 5, 2026, per the issuer’s Form 10-Q.

How many BNO Shares are reported owned by Carronade Capital and Dan Gropper?

They report beneficial ownership of 1,350,365 Shares of United States Brent Oil Fund, LP. This total includes 99,200 Shares that are issuable upon the exercise of call options held by Carronade-managed funds.

What portion of Carronade’s BNO position comes from call options?

Out of the reported 1,350,365 Shares, 99,200 Shares are issuable upon exercise of call options. The remaining Shares are currently held outright by funds and accounts managed by Carronade Capital Management, LP.

Which Carronade fund has rights to dividends and sale proceeds over 5% of BNO?

The filing states that Carronade Capital Master, LP has the right to receive, and to direct the receipt of, dividends and sale proceeds from more than 5% of United States Brent Oil Fund, LP Shares held.

Do Carronade Capital and Dan Gropper admit full beneficial ownership of their BNO holdings?

They expressly state that the filing should not be construed as an admission that any reporting person is, for Section 13 purposes, the beneficial owner of the securities reported, despite reporting shared voting and dispositive power.

What voting and dispositive power do Carronade Capital and Dan Gropper report over BNO Shares?

Both report 0 Shares with sole voting or dispositive power and 1,350,365 Shares with shared voting and shared dispositive power, reflecting the structure through Carronade-managed funds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:11 PM Accepted by SEC EDGAR 08/14/2026 - 04:05 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

United States Brent Oil Fund, LP

(Name of Issuer)

Shares

(Title of Class of Securities)

91167Q100

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 91167Q100

1

Names of Reporting Persons

Carronade Capital Management, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,350,365.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,350,365.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,350,365.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.6 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: Includes 99,200 Shares issuable upon exercise of call options.

SCHEDULE 13G

CUSIP Number(s): 91167Q100

1

Names of Reporting Persons

Dan Gropper

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,350,365.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,350,365.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,350,365.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Includes 99,200 Shares issuable upon exercise of call options.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: United States Brent Oil Fund, LP
(b)	Address of issuer's principal executive offices: 1850 MT. DIABLO BLVD., SUITE 640, WALNUT CREEK, CA 94596
Item 2.
(a)	Name of person filing: This statement is filed by Carronade Capital Management, LP (the "Investment Manager") and Dan Gropper (the "Mr. Gropper"). The foregoing persons are hereinafter sometimes referred to as the "Reporting Persons." The Investment Manager is a registered investment adviser and serves as the investment manager to certain funds and accounts (the "Carronade Funds"), and may be deemed to beneficially own the shares (the "Shares") of United States Brent Oil Fund, LP (and the Shares issuable upon exercise of call options) held by the Carronade Funds. Mr. Gropper, as the Managing Member of Carronade Capital Management GP, LLC, the general partner of the Investment Manager, indirectly controls the Investment Manager and may be deemed to beneficially own the Shares (and the Shares issuable upon exercise of call options) held by the Carronade Funds. The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: Carronade Capital Management, LP 17 Old Kings Highway South Darien, CT 06820 Dan Gropper c/o Carronade Capital Management, LP 17 Old Kings Highway South Darien, CT 06820
(c)	Citizenship: Carronade Capital Management, LP - Delaware Mr. Gropper - United States of America
(d)	Title of class of securities: Shares
(e)	CUSIP Number(s): 91167Q100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 15,750,000 Shares outstanding as of May 5, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended March 31, 2026, filed with the Securities and Exchange Commission on May 8, 2026.
(b)	Percent of class: 8.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a). Carronade Capital Master, LP, a Carronade Fund, has the right to receive and the power to direct the receipt of dividends from, and the proceeds from the sale of, more than 5% of the Shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Carronade Capital Management, LP

Signature:	/s/ Rinarisa Coronel DeFronze
Name/Title:	Rinarisa Coronel DeFronze, Chief Compliance Officer & Counsel
Date:	08/14/2026

Dan Gropper

Signature:	/s/ Dan Gropper
Name/Title:	Dan Gropper, Individually
Date:	08/14/2026