Fri, May 9, 7:22 PM (13 days ago)
### United States Brent Oil Fund, LP (BNO) - Q1 2025 Financial Summary **Financial Health and Performance:** - **Revenue and Profit Margins:** For Q1 2025, BNO reported total income of $5.19 million, down from $20.61 million in Q1 2024. Expenses were $0.29 million, resulting in a net income of $4.89 million, significantly lower than the $20.22 million in Q1 2024. - **Cash Flow:** Net cash provided by operating activities was $2.13 million, a decrease from $16.79 million in Q1 2024. Net cash used in financing activities was $21.36 million, compared to $16.08 million in Q1 2024. **Earnings Changes and Quarterly Performance:** - **Earnings per Share:** Net income per share was $0.99 for Q1 2025, down from $4.57 in Q1 2024. - **Share Performance:** BNO had 3,150,000 shares outstanding as of March 31, 2025, with a net asset value per share of $31.13, up from $30.14 at the end of 2024. **Trends and Uncertainties:** - **Market Conditions:** Brent crude oil futures prices were volatile, with the Benchmark Futures Contract starting at $74.64 per barrel and ending at $74.77, an increase of 0.17%. - **Regulatory and Operational Impact:** BNO faced regulatory scrutiny and legal proceedings, including settlements with the SEC and CFTC. The fund continues to monitor market risks, including contango and backwardation in crude oil futures. **Future Operations:** - **Investment Strategy:** BNO aims to track the daily changes in the spot price of Brent crude oil. The fund invests primarily in futures contracts and may use other crude oil-related investments to comply with regulatory requirements and market conditions. - **Risk Management:** BNO manages risks through diversification, regulatory compliance, and monitoring market conditions. The fund holds cash and cash equivalents to meet margin and collateral requirements. **Conclusion:** BNO's Q1 2025 performance reflects a challenging market environment with reduced earnings and increased regulatory scrutiny. The fund remains focused on its investment objectives and risk management strategies to navigate future uncertainties.