Takeaways by Bloomberg AI
- Ridership growth on Brightline Florida’s private passenger railroad is a positive sign for its struggling bonds, according to John Miller, chief investment officer for First Eagle Investment Management’s municipal group.
- The railroad has seen a 23% year-over-year jump in short-distance ridership in December and total revenue rose 14% last year over 2024 levels, with revenue growth nudging the company into positive cash flow on an adjusted basis.
- Despite this growth, the company still faces challenges, including a potential default by January 2027, and is considering borrowing $100 million to keep running, with plans to raise an unspecified amount of equity to bolster the Florida line’s cash.
Bloomberg Markets
By Elizabeth Rembert and Martin Z Braun
February 11, 2026