Bardin Hill Group Reports 357K-Share Purchase in NextDecade (NEXT)

Rhea-AI Filing Summary

Bardin Hill Investment Partners LP and related Bardin Hill entities reported a purchase of 357,021 shares of NextDecade Corp (NEXT) on 09/16/2025 at a reported price of $6.9825 per share. After the transaction the reporting group beneficially owns 9,274,894 shares, held indirectly. The filing lists multiple Bardin Hill-related reporting persons and states that Exhibit 99.1 contains footnote details and Exhibit 99.2 contains joint filer information and signatures. The Form 4 was filed by a designated filer, Bardin Hill Investment Partners LP.

Positive

• Reported acquisition of 357,021 NEXT shares on 09/16/2025, showing active accumulation
• Beneficial ownership increased to 9,274,894 shares held indirectly by the Bardin Hill group
• Transaction price disclosed at $6.9825 per share, providing clear trade terms

Negative

• None.

Insights

Financial Analyst

TL;DR: A Bardin Hill group purchased 357,021 NEXT shares, raising its indirect stake to 9.27M shares; transaction price was $6.9825.

This Form 4 discloses a sizeable non-derivative acquisition by Bardin Hill and affiliated entities on 09/16/2025. The increase to 9,274,894 shares of indirect beneficial ownership is material in absolute terms and should be compared to NextDecade's outstanding shares to assess percent ownership, which is not provided in this filing. The filing refers to Exhibit 99.1 for footnote specifics and Exhibit 99.2 for joint filer signatures, so full legal and attribution details require those exhibits.

Corporate Governance Expert

TL;DR: Multiple Bardin Hill-related reporting persons filed jointly; the purchase increases the group's indirect ownership and is documented via exhibits.

The Form 4 shows coordinated reporting by an investment partnership, a master fund, an LP general partner, and named individuals, all filing under Bardin Hill's designated filer. The filing structure indicates joint/group filing and indirect ownership. Footnotes and joint-filer confirmations are relegated to exhibits, so governance details such as voting power, control rights, or agreements among filers are not disclosed in the main form and must be reviewed in the referenced exhibits for full context.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bardin Hill Investment Partners LP

(Last) (First) (Middle)

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NextDecade Corp [ NEXT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/16/2025		P		357,021(4)	A	$6.9825(5)	9,274,894(6)	I	See notes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Bardin Hill Investment Partners LP

(Last) (First) (Middle)

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Bardin Hill Event-Driven Master Fund LP

(Last) (First) (Middle)

C/O BARDIN HILL INVESTMENT PARTNERS LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Bardin Hill Fund GP LLC

(Last) (First) (Middle)

C/O BARDIN HILL INVESTMENT PARTNERS LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Kripalani Avinash

(Last) (First) (Middle)

C/O BARDIN HILL INVESTMENT PARTNERS LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Greene John Winand JR

(Last) (First) (Middle)

C/O BARDIN HILL INVESTMENT PARTNERS LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Dillow Jason

(Last) (First) (Middle)

C/O BARDIN HILL INVESTMENT PARTNERS LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Desai Pratik

(Last) (First) (Middle)

C/O BARDIN HILL INVESTMENT PARTNERS LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

Explanation of Responses:

1. See Exhibit 99.1 for text of footnote (1).

2. See Exhibit 99.1 for text of footnote (2).

3. See Exhibit 99.1 for text of footnote (3).

4. See Exhibit 99.1 for text of footnote (4)

5. See Exhibit 99.1 for text of footnote (5).

6. See Exhibit 99.1 for text of footnote (6).

Remarks:

Exhibit 99.1 (Footnotes) and Exhibit 99.2 (Joint Filer Information and Signatures) are incorporated herein by reference. This Form 4 is filed by Designated Filer Bardin Hill Investment Partners LP.

	See Exhibit 99.2 for Signatures	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Bardin Hill report for NEXT on 09/16/2025?

The filing reports a purchase of 357,021 shares of NextDecade Corp on 09/16/2025 at $6.9825 per share.

How many NEXT shares does the Bardin Hill group beneficially own after the transaction?

After the reported transaction the group beneficially owns 9,274,894 shares, held indirectly.

Which Bardin Hill entities and individuals are listed as reporting persons on this Form 4?

Reporting persons include Bardin Hill Investment Partners LP, Bardin Hill Event-Driven Master Fund LP, Bardin Hill Fund GP LLC, and individuals Kripalani Avinash, Greene John Winand JR, Dillow Jason, and Desai Pratik.

Where can I find the footnotes and joint filer signatures referenced in the Form 4?

The filing refers to Exhibit 99.1 for footnotes and Exhibit 99.2 for joint filer information and signatures; those exhibits must be reviewed for full details.

Was this Form 4 filed jointly or by a single reporting person?

The form indicates a group/ joint filing and notes the form was filed by the designated filer Bardin Hill Investment Partners LP.