Form 4: Bardin Hill Increases NextDecade Stake

Bardin Hill Investment Partners and affiliated entities acquired an additional 357,021 shares of NextDecade Corp common stock at an average price of $6.9825 per share.

Summary

• Bardin Hill Investment Partners LP and related entities reported the acquisition of 357,021 shares of NextDecade Corp (NEXT) common stock.
• The transaction occurred on September 16, 2025.
• Shares were purchased at an average price of $6.9825, with prices ranging from $6.92 to $7.025.
• Following this transaction, the reporting persons beneficially own a total of 9,274,894 shares.
• The beneficial ownership is held indirectly through Bardin Hill Event-Driven Master Fund LP, First Series of HDML Fund I LLC, and HCN LP.
• Reporting persons include Bardin Hill Event-Driven Master Fund LP, Bardin Hill Fund GP LLC, Bardin Hill Investment Partners LP, Avinash Kripalani, Jason Dillow, John Greene, and Pratik Desai.
• Avinash Kripalani serves on the board of directors of NextDecade Corp as Bardin Hill's representative.

Sentiment

Score: 7

Explanation: The acquisition of additional shares by a significant institutional investor and its affiliates, including a board representative, suggests continued confidence in NextDecade Corp's prospects.

Positives

• Increased beneficial ownership by a significant institutional investor, Bardin Hill Investment Partners and its affiliates, signaling confidence in NextDecade Corp.
• The acquisition of 357,021 shares adds to an already substantial holding, bringing total beneficial ownership to 9,274,894 shares.
• The transaction was executed at an average price of $6.9825, indicating a specific valuation point at which the investor found the shares attractive.

Future Outlook

Form 4 filings do not typically provide forward-looking statements or guidance.

Industry Context

This transaction reflects an institutional investor's decision to increase its stake in NextDecade Corp, a company involved in the energy sector, specifically LNG. Such investments can signal confidence in the company's strategic direction or the broader outlook for the LNG market.

Comparison to Industry Standards

• This is an insider transaction report, not a performance report, so direct comparison to industry-specific financial benchmarks or competitor results is not applicable. The significance lies in the investor's conviction rather than operational performance.

Related Party Transactions

• This filing reports an acquisition of shares by entities and individuals considered 'reporting persons' due to their relationship with the issuer (e.g., 10% owner, director by deputization). While not explicitly labeled as a 'related party transaction' in the traditional sense, it falls under insider dealings.

Stakeholder Impact

• Shareholders: May view the increased stake by a major institutional investor as a positive signal, potentially boosting investor confidence and demand for the stock.
• Management: Could interpret the increased investment as validation of their strategic direction and operational performance.

Key Dates

Recommendation

The significant increase in beneficial ownership by Bardin Hill Investment Partners and its affiliates, including a director by deputization, signals strong conviction in NextDecade Corp's future prospects. Such insider buying, particularly by a sophisticated institutional investor, often precedes positive developments or reflects a belief that the stock is undervalued, making it a compelling 'buy' signal for other investors.

Keywords

NextDecade Corp, NEXT, Bardin Hill Investment Partners, Insider Trading, Form 4, Beneficial Ownership, Stock Acquisition, Institutional Investor, LNG, Energy