Key Points
Sold all 1,450,000 shares of NextDecade, cutting position by approximately $12.92 million
Post-trade stake: zero shares; $0 position value
Position was previously 5.6% of the fund's AUM as of the prior quarter
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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
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-12) | $5.98 |
| YTD Performance | -22.4% |
| Dividend Yield | N/A |
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.
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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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
