8-K: United States Brent Oil Fund Reports December 2025 Results

United States Brent Oil Fund, LP reported a net loss of $1.71 million for December 2025, with Net Asset Value reaching $100.44 million.

Summary

• The fund experienced a Net Income (Loss) of $(1,706,280) for the month ended December 31, 2025.
• Total Income (Loss) for the month was $(1,618,758), primarily driven by a Realized Trading Loss on Commodity Futures of $(6,388,420).
• An Unrealized Gain on Market Value of Commodity Futures of $4,468,840 partially offset the realized losses.
• The fund also recorded Dividend Income of $199,498, Interest Income of $100,274, and ETF Transaction Fees of $1,050.
• Total Expenses for the month amounted to $87,522, including General Partner Management Fees of $62,657.
• Net Asset Value (NAV) increased from $96,435,903 at the beginning of December 2025 to $100,436,504 at month-end.
• The increase in NAV was primarily due to additions from the issuance of 200,000 new shares, contributing $5,706,881.
• Net Asset Value Per Share at December 31, 2025, was $28.29, based on 3,550,000 shares outstanding.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a mixed report; while the fund experienced a net loss from trading activities, the overall Net Asset Value increased due to significant capital inflows from new share issuances, indicating continued investor interest.

Positives

• The fund recorded an Unrealized Gain on Market Value of Commodity Futures of $4,468,840.
• Dividend Income of $199,498 and Interest Income of $100,274 contributed positively to the fund's income.
• Net Asset Value increased by approximately $4 million during the month, primarily driven by $5,706,881 in capital additions from new share issuances.

Negatives

• The fund reported a Net Income (Loss) of $(1,706,280) for December 2025.
• A significant Realized Trading Loss on Commodity Futures of $(6,388,420) was incurred during the month.
• Total Income (Loss) for the month was negative, amounting to $(1,618,758).

Future Outlook

NA

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, certified that the information contained in the Account Statement for the month ended December 31, 2025, is accurate and complete to the best of his knowledge and belief.

Industry Context

StockSavvy.ai notes that this filing provides a snapshot of the fund's performance in the Brent oil futures market for December 2025, reflecting the inherent volatility and trading dynamics typical of commodity-linked ETFs. The fund's performance is directly tied to the price movements and roll yield of Brent crude oil futures contracts.

Comparison to Industry Standards

• StockSavvy.ai notes that the fund's performance, particularly the realized trading loss and unrealized gain, should be evaluated against the performance of the underlying Brent crude oil futures market during December 2025.
• A comparison could be made to the performance of the ICE Brent Crude Futures contract over the same period to assess how effectively the fund tracked the commodity.
• Further assessment could involve comparing the fund's Net Asset Value per share performance against other similar Brent oil ETFs, such as the United States 12 Month Oil Fund (USL), to gauge relative efficiency and tracking error.

Related Party Transactions

• General Partner Management Fees of $62,657 were incurred by United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Shareholders experienced a net loss on trading activities for the month, but the fund's overall Net Asset Value per share remained relatively stable due to new capital inflows.
• The General Partner, United States Commodity Funds LLC, received management fees for the month.

Key Dates

Recommendation

The fund reported a net loss for the month, primarily driven by realized trading losses, which is a negative. However, the Net Asset Value increased due to new share issuances, indicating continued investor interest. As a commodity-tracking ETF, its performance is largely dictated by the underlying Brent oil market, and this report reflects a specific monthly period without providing forward-looking guidance or significant strategic shifts. Investors should hold and monitor the underlying commodity market and future fund performance.

Keywords

Brent Oil, Commodity Fund, ETF, BNO, Futures, Net Asset Value, Financial Report, December 2025, Trading Loss