United States Brent Oil Fund, LP filed its Form 10-Q for the quarterly period ended September 30, 2026 with the Securities and Exchange Commission on November 9, 2026, reporting a net asset value per share of $60.07 and total partners' capital of $642,744,404.

Key Highlights

  • Net asset value per share: $60.07 at September 30, 2026, compared with $28.29 at December 31, 2025.
  • Total partners' capital: $642,744,404 at September 30, 2026, up from $100,436,504 at December 31, 2025.
  • Shares outstanding: 10,700,000 limited partners' shares as of September 30, 2026, versus 3,550,000 at December 31, 2025; 13,300,000 shares outstanding as of November 3, 2026.
  • Total assets: $646,577,780 at September 30, 2026, compared with $100,736,709 at December 31, 2025.
  • Futures position: 6,557 ICE Brent Crude Futures CO December 2026 contracts with a notional amount of $648,816,510 and an unrealized loss of $6,033,800 (0.94% of partners' capital) at quarter end.
  • Short-term U.S. Treasury obligations: $246,721,019 at fair value, representing 38.39% of partners' capital, with maturities ranging from October 22, 2026 to December 31, 2026.
  • Market value per share: $60.09 at September 30, 2026, compared with $28.32 at December 31, 2025.

United States Brent Oil Fund Q3 2026 Balance Sheet and Portfolio Detail

According to the filing, United States Brent Oil Fund, LP (NYSE Arca:BNO) reported total assets of $646,577,780 at September 30, 2026, a substantial increase from $100,736,709 at December 31, 2025. The fund's total partners' capital stood at $642,744,404, with limited partners accounting for the entire amount. Total liabilities were $3,833,376, including a payable for shares redeemed of $3,003,473, general partner management fees payable of $414,516, and professional fees payable of $404,215.

The fund held 6,557 long ICE Brent Crude Futures CO December 2026 contracts with a notional amount of $648,816,510 at September 30, 2026, against which collateral of $113,444,521 was posted. The unrealized loss on these open commodity futures contracts was $6,033,800 at quarter end. By comparison, the fund held 1,651 ICE Brent Crude Futures CO March 2026 contracts at December 31, 2025, carrying an unrealized gain of $2,337,370.

The fund's investment portfolio at September 30, 2026 included $246,721,019 in short-term U.S. Treasury Bills at fair value (38.39% of partners' capital), with individual bill yields ranging from 3.72% to 4.01% and maturities between October 22, 2026 and December 31, 2026. Additionally, the filing disclosed holdings in United States money market funds totaling $277,700,000 (43.21% of partners' capital), split between Dreyfus Institutional Preferred Government Money Market Fund at a 7-day yield of 3.82% ($190,650,000) and Morgan Stanley Institutional Liquidity Funds - Government Portfolio at 3.81% ($87,050,000). Cash and cash equivalents outside of the trading account stood at $290,986,818.

What Was Disclosed

United States Brent Oil Fund, LP disclosed its unaudited financial condition as of September 30, 2026, including a net asset value per share of $60.07, total assets of $646,577,780, 10,700,000 limited partners' shares outstanding, and details of its Brent crude futures and Treasury holdings.