Brightline Just Cashed Out of NextDecade Completely. Here’s What Stands Out.

Brightline Capital Management, LLC recently disclosed it sold out its entire position in NextDecade Corporation, reducing exposure by approximately $12.92 million.

What happened

Brightline Capital Management, LLC eliminated its stake in NextDecade Corporation (NASDAQ:NEXT) during the third quarter, according to a filing with the Securities and Exchange Commission dated November 13, 2025. The fund sold its entire holding of 1,450,000 shares, which had been valued at approximately $12.92 million in the prior quarter, resulting in a complete exit from the position.

What else to know

The fund fully exited its NextDecade position, which had represented 5.6% of assets under management in the previous quarter; post-trade, the position accounts for 0% of AUM.

Top holdings after the filing:

• VSAT: $59.7 million (24.4% of AUM)
• SEI: $40.1 million (16.4% of AUM)
• AMTM: $28.7 million (11.8% of AUM)
• CSTM: $24.2 million (9.9% of AUM)
• FLR: $22.9 million (9.4% of AUM)

As of November 14, 2025, shares were priced at $5.98, down 22.4% year-to-date, underperforming the S&P 500 by 37 percentage points during the same period.

Company Overview

Company Snapshot

• NextDecade Corporation develops liquefied natural gas (LNG) terminal infrastructure and carbon capture and storage (CCS) projects, with a primary focus on the Rio Grande LNG facility in Texas.
• Generates revenue through the development, liquefaction, and sale of LNG, as well as offering CO2 capture and storage solutions for industrial clients.
• Targets global LNG buyers and industrial customers seeking carbon management solutions, particularly those with large-scale energy and emissions needs.

Foolish take

Brightline’s full exit from NextDecade is a notable move, especially after the stock's tough year in 2025. Shares are still down over 22% for the year, and the company’s long-term success is completely tied to the huge Rio Grande LNG project—a multiyear buildout that brings with it significant execution, cost, and regulatory risks.

Selling off a position that once made up more than 5% of the fund’s assets suggests the manager might be reallocating toward opportunities with clearer short-term catalysts or less uncertainty tied to big projects. For individual investors, the core question is whether the long-term demand for U.S. LNG and the company’s focus on carbon capture can outweigh those challenges.

NextDecade operates in a capital-intensive industry where timelines are long and sentiment can change quickly. One fund leaving doesn’t change the fundamentals, but it does highlight how sensitive early-stage LNG developers can be to market conditions and investor patience. Long-term investors should keep their eyes on project progress and contract visibility.

Glossary

Assets Under Management (AUM): The total market value of all investments managed by a fund or investment firm.
13F Report: A quarterly SEC filing by institutional investment managers disclosing their equity holdings.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or investment held in a company by an individual or institution.
Exited Position: When an investor or fund sells all holdings in a particular security, fully closing out the investment.
Terminal Infrastructure: Facilities and structures used for the storage, processing, and transfer of commodities, such as liquefied natural gas.
Liquefied Natural Gas (LNG): Natural gas cooled to a liquid state for storage and transportation.
Carbon Capture and Storage (CCS): Technology that captures carbon dioxide emissions and stores them to prevent release into the atmosphere.
Emissions: Pollutants, especially greenhouse gases like carbon dioxide, released into the air from industrial or energy processes.
TTM: The 12-month period ending with the most recent quarterly report.

Adam Palasciano has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Amentum. The Motley Fool has a disclosure policy.