BNO on NYSE
United States Brent Oil Fund, LP
American commodity contracts brokers and dealers company based in Walnut Creek. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
- TickerBNO on NYSE2
- IndustryCommodity Contracts Brokers & Dealers2
- HeadquartersWalnut Creek, United States2
- Incorporated inDE3
- Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, Ca 945963
- Filer categoryAccelerated filer, Smaller reporting company3
- Legal formLimited Partnership2
- Kind of organizationFund2
- LEI54930060F5YIVMD0SM622
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 47268052
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The United States Brent Oil Fund, LP (“BNO”) is a Delaware limited partnership organized on September 2, 2009. BNO maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. BNO is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). BNO’s shares began trading on June 2, 2010. It operates pursuant to the terms of the Fourth Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC (“USCF”).4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Realized gain (loss) on closed commodity futures contracts | -$6.6M | $1.2M | $5.5M |
| Change in unrealized gain (loss) on open commodity futures contracts | -$263.7K | $3.8M | -$16.4M |
| Dividend income | $2.5M | $3.5M | $4.9M |
| Interest income | $1.4M | $3.7M | $3.7M |
| ETF transaction fees | $22.8K | $19.6K | $29.8K |
| Total Income (Loss) | -$3.0M | $12.3M | -$2.3M |
| General Partner management fees (Note 3) | $728.9K | $1.1M | $1.4M |
| Professional fees | $266.9K | $412.8K | $132.2K |
| Brokerage commissions | $85.8K | $113.9K | $145.6K |
| Directors' fees and insurance | $37.1K | $50.1K | $80.2K |
| Total Expenses | $1.1M | $1.7M | $1.8M |
| Net Income (Loss) | -$4.1M | $10.6M | -$4.1M |
| Net Income (Loss) per limited partner share | -$2 | $3 | -$1 |
| Net Income (Loss) per weighted average limited partner share | -$1 | $2 | -$1 |
| Weighted average limited partner shares outstanding | 3.3M shares | 4.9M shares | 6.8M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2010-05-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents (at cost $86,504,094 and $80,077,619, respectively) (Notes 2 and 5) | $86.5M | $80.1M | $78.7M | ||
| Unrealized gain (loss) on open commodity futures contracts | $2.3M | $2.6M | |||
| Dividends receivable | $199.5K | $314.4K | |||
| Interest receivable | $101.2K | $134.9K | |||
| Prepaid insurance | $12.0K | $4.7K | |||
| Total Assets | $100.7M | $114.9M | |||
| General Partner management fees payable (Note 3) | $62.7K | $77.5K | |||
| Professional fees payable | $234.6K | $264.2K | |||
| Brokerage commissions payable | $163 | ||||
| Directors' fees payable | $2.9K | $3.9K | |||
| Total Liabilities | $300.2K | $345.7K | |||
| General Partners | $0 | $0 | |||
| Limited Partners | $100.4M | $114.5M | |||
| Total Partners' Capital | $100.4M | $114.5M | |||
| Total Liabilities and Partners' Capital | $100.7M | $114.9M | |||
| Limited Partners' shares outstanding | 3.5M shares | 3.8M shares | |||
| Net asset value per share | $28 | $30 | $27 | $28 | $50 |
| Market value per share | $28 | $30 | |||
| Restricted cash and cash equivalents | $11.6M | $31.7M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2010-05-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents (at cost $86,504,094 and $80,077,619, respectively) (Notes 2 and 5) | $86.5M | $80.1M | $78.7M | ||
| Unrealized gain (loss) on open commodity futures contracts | $2.3M | $2.6M | |||
| Dividends receivable | $199.5K | $314.4K | |||
| Interest receivable | $101.2K | $134.9K | |||
| Prepaid insurance | $12.0K | $4.7K | |||
| Total Assets | $100.7M | $114.9M | |||
| General Partner management fees payable (Note 3) | $62.7K | $77.5K | |||
| Professional fees payable | $234.6K | $264.2K | |||
| Brokerage commissions payable | $163 | ||||
| Directors' fees payable | $2.9K | $3.9K | |||
| Total Liabilities | $300.2K | $345.7K | |||
| General Partners | $0 | $0 | |||
| Limited Partners | $100.4M | $114.5M | |||
| Total Partners' Capital | $100.4M | $114.5M | |||
| Total Liabilities and Partners' Capital | $100.7M | $114.9M | |||
| Limited Partners' shares outstanding | 3.5M shares | 3.8M shares | |||
| Net asset value per share | $28 | $30 | $27 | $28 | $50 |
| Market value per share | $28 | $30 | |||
| Restricted cash and cash equivalents | $11.6M | $31.7M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$4.1M | $10.6M | -$4.1M |
| Change in unrealized (gain) loss on open commodity futures contracts | $263.7K | -$3.8M | $16.4M |
| (Increase) decrease in dividends receivable | $114.9K | $54.2K | $14.8K |
| (Increase) decrease in interest receivable | $33.6K | $84.7K | $129.5K |
| (Increase) decrease in prepaid insurance | -$7.3K | $5.9K | $3.2K |
| (Increase) decrease in ETF transaction fees receivable | $350 | ||
| Increase (decrease) in General Partner management fees payable | -$14.8K | -$10.9K | -$68.9K |
| Increase (decrease) in professional fees payable | -$29.6K | $84.5K | -$289.7K |
| Increase (decrease) in brokerage commissions payable | -$163 | $163 | |
| Increase (decrease) in directors' fees payable | -$940 | $782 | -$1.9K |
| Net cash provided by (used in) operating activities | -$3.7M | $7.0M | $12.1M |
| Addition of partnership shares | $100.8M | $208.2M | $122.8M |
| Redemption of partnership shares | -$110.8M | -$234.3M | -$223.1M |
| Net cash provided by (used in) financing activities | -$10.0M | -$26.2M | -$100.3M |
| Net Increase (Decrease) in Cash and Cash Equivalents | -$13.7M | -$19.1M | -$88.2M |
No quarter-by-quarter statement was filed.
Compare United States Brent Oil Fund, LP with another company
Leadership
Who has led United States Brent Oil Fund, LP, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
- Chief executive officerJohn P. Love Jul 24, 2015 to Jul 24, 201513
- Chief executive officerNicholas Daniel Gerber May 27, 2010 to May 27, 201014
- ChairNicholas Daniel Gerber May 27, 2010 to May 27, 201014
- PresidentJohn P. Love Jul 24, 2015 to Jul 24, 201513
- PresidentNicholas Daniel Gerber May 27, 2010 to May 27, 201014
- Chief financial officerStuart P. Crumbaugh Jun 23, 2015 to Jun 23, 201515
- Chief financial officerHoward Mah May 27, 2010 to May 27, 201016
Board members and other officers (10)
- TreasurerAndrew F. Ngim May 27, 2010 to May 27, 201017
- Chief Investment OfficerJohn T. Hyland May 27, 2010 to May 27, 201018
- Board memberKathryn D. Rooney Apr 6, 2023 to Apr 6, 202319
- Board memberMelinda Gerber Jun 30, 2015 to Jun 30, 201520
- Board memberAndrew F. Ngim May 27, 2010 to May 27, 201017
- Board memberGordon Lloyd Ellis May 27, 2010 to May 27, 201021
- Board memberHoward Mah May 27, 2010 to May 27, 201016
- Board memberMalcolm Randall Fobes Iii. May 27, 2010 to May 27, 201022
- Board memberPeter M. Robinson May 27, 2010 to May 27, 201023
- Board memberRobert Long Nguyen May 27, 2010 to May 27, 201024
Timeline
Filings
122 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 76 major events, 1 insider forms, 1 large holders, 24 other. The latest 20:
- Sep 29, 20268-K EDGAR
- Sep 25, 20268-K EDGAR
- Aug 28, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 7, 202610-Q EDGAR
- Jul 29, 20268-K EDGAR
- Jun 29, 20268-K EDGAR
- May 28, 20268-K EDGAR
- May 14, 2026POS EX EDGAR
- May 8, 202610-Q EDGAR
- Apr 29, 20268-K EDGAR
- Apr 24, 2026424B3 EDGAR
- Mar 30, 2026424I EDGAR
- Mar 27, 20268-K EDGAR
- Mar 27, 20268-K EDGAR
- Mar 20, 20268-K EDGAR
- Feb 27, 202610-K EDGAR
- Feb 27, 20268-K EDGAR
- Jan 29, 20268-K EDGAR
- Dec 29, 20258-K EDGAR
The 122 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- CARRONADE CAPITAL MANAGEMENT, LPSCHEDULE 13G, 1 filing Aug 14, 202625
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 55. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARHoward Mah, Chief financial officer
- 17SEC EDGARAndrew F. Ngim, Treasurer
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- 19SEC EDGARKathryn D. Rooney, Board member
- 20SEC EDGARMelinda Gerber, Board member
- 21SEC EDGARGordon Lloyd Ellis, Board member
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- 23SEC EDGARPeter M. Robinson, Board member
- 24SEC EDGARRobert Long Nguyen, Board member
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