Caltrain is owned and operated by the Peninsula Corridor Joint Powers Board (JPB). This board is a partnership consisting of three major transit agencies in the San Francisco Bay Area: the San Francisco Municipal Transportation Agency (SFMTA), the San Mateo County Transit District (SamTrans), and the Santa Clara Valley Transportation Authority (VTA). Each of these member agencies appoints three representatives to the nine-member JPB board to oversee the management and policy-making for the commuter rail line. While the JPB owns the right-of-way (the physical tracks and stations) between San Francisco and San Jose, they often contract out the actual day-to-day operations and maintenance of the trains to private companies, such as T客 (formerly TransitAmerica Services). In recent years, Caltrain has moved toward more financial independence through dedicated tax measures, such as Measure RR, but its governance remains firmly rooted in this multi-county partnership. This collaborative ownership model ensures that the transit needs of all three counties—San Francisco, San Mateo, and Santa Clara—are balanced as the system continues to modernize and transition to fully electric train service.