The United States Brent Oil Fund, LP (BNO) reported its financial results for the third quarter of 2025, revealing a net income of $2.7 million for the three months ending September 30, 2025, compared to a net loss of $22.5 million for the same period in 2024. For the nine months ended September 30, 2025, BNO achieved a net income of $1.4 million, a significant recovery from a net loss of $1.6 million in the prior year. The fund's total income for the third quarter was $3.0 million, a stark contrast to the loss of $22.0 million reported in the previous year, driven by a realized loss on closed commodity futures contracts of $6.9 million, offset by an unrealized gain of $8.8 million on open contracts.
BNO's total assets decreased to $102.2 million as of September 30, 2025, down from $114.9 million at the end of 2024. This decline was primarily attributed to a reduction in the number of limited partner shares outstanding, which fell from 3.8 million to 3.4 million. The net asset value (NAV) per share slightly decreased to $29.99 from $30.14 at the end of 2024. The fund's average daily total net assets also decreased to $97.7 million for the nine months ended September 30, 2025, compared to $147.0 million in the same period of 2024.
Operationally, BNO held 1,545 Brent crude oil futures contracts as of September 30, 2025, with a notional value of approximately $103.7 million. The fund's investment strategy focuses on tracking the daily changes in the price of Brent crude oil through these futures contracts. The average daily change in BNO's NAV was reported to be within the targeted range of plus or minus 10% of the average daily change in the price of the Benchmark Futures Contract over the past 30 days, indicating effective management of its investment objective.
Looking ahead, BNO's management anticipates that market conditions may continue to influence its performance, particularly in light of ongoing geopolitical tensions and fluctuations in crude oil prices. The fund's strategy remains focused on maintaining liquidity and managing risks associated with commodity price volatility. BNO has not engaged in any off-balance sheet financing and continues to meet its liquidity needs through the proceeds from the sale of its investments and cash equivalents. The management remains optimistic about the potential for future performance improvements, contingent on favorable market conditions and effective execution of its investment strategy.
About United States Brent Oil Fund, LP
The United States Brent Oil Fund, LP (BNO) is a commodity pool that provides investors exposure to Brent crude oil prices through investments primarily in futures contracts and related petroleum-based fuels. Managed by USCF, it aims to track daily percentage changes in Brent crude oil's spot price, offering a cost-effective way to hedge or diversify portfolios. BNO operates via a passive, quantitative strategy focused on liquidity, risk management, and regulatory compliance.
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