Contract Option Exercises — October 15, 2026

Blue Origin received a NASA Kennedy VADR delivery order with $99.6M obligated against a $5.0B ceiling running to 2032, with $18.5M outlayed. Incremental obligations would be a material catalyst, but Blue Origin is privately held so the signal does not map to a listed security.

Peraton received a $58.99M CMS delivery order (80% subawarded) and a $19.90M FBI BPA call with a $166.7M ceiling. Repeated awards to the same recipient across HHS and DOJ indicate sustained federal IT services demand, though Peraton's parent is private equity.

Dell Federal Systems received a $13,412,654 EPA Microsoft ELA call with $13.38M already outlayed and a parent that is a private equity firm, so public equity exposure is minimal and the award is largely a pass-through software reseller transaction.

SAIC's $76,606,535 FHWA task order is funded in tranches (partly through 10/31/2024) and $41,782,968 (about 55%) is subawarded, limiting retained economics while leaving the remaining $40M of ceiling dependent on future funding.

IBM received a GSA time-and-materials delivery order for federal procurement system O&M with 47% already outlayed, indicating continued sustainment revenue; the award is small relative to IBM's scale and not material to its results.

ECS Federal's 2012-dated EPA managed desktop award shows $68,610,159 obligated but only $635,018 outlayed and end dates in 2016-2017, implying stale or unverified status that should not be credited as current ASGN revenue.

California Institute of Technology received six NASA/JPL delivery orders totaling roughly $305M, all cost-plus and non-competed, but the recipient is a nonprofit with no public equity, so the volume signals government R&D funding flows rather than investable revenue.

StoneX Financial Ltd, a London-based foreign-owned firm, received a $32,756,349 U.S. Mint silver delivery order due 2026-10-21 with $0 outlayed, so execution and delivery acceptance are unverified.

Many large awards carry substantial unexercised option ceilings, including Blue Origin ($5.0B ceiling, ~2% obligated), Arrow Science and Technology ($5.0B ceiling, 0.72% obligated), Impulse Space ($300M ceiling, 12.5% obligated), and FEDTEC ($117.3M ceiling, 19% obligated). Realized revenue depends on future funding actions.

Several awards show $0 outlayed despite older award dates, including MSK Construction (2017 award, $0 outlayed), DPR Construction (2016 award, $0 outlayed), Ironclad Services (2023, $0), and PCI-related and Blue Cord awards, raising execution or reporting-gap questions.

Subcontracting pass-through is high on several prime awards: Peraton CMS (80% subawarded), SAIC FHWA (55%), Caltech-adjacent and Burchick (17%), Billy Jarrett VA (68%), and KEARNEY DHS (65%), concentrating delivery and margin in subcontractor bases.

Set-aside awards to SDVOSB and small businesses (VA contracts to Blue Cord, Ironclad, MDM Construction, ECKO JV, CYKOR, V. Lopez, Veteran Information Technologies, and others) concentrate VA facility and IT work in a protected pool, limiting large-cap access but also limiting competition for these small private firms.

Caltech JPL remains a sole-source NASA R&D relationship across multiple delivery orders (SKYFALL, Rosalind Franklin, RIME/JUICE, ATPO), signaling durable JPL demand, though Caltech itself is non-investable.

Launch services ceiling growth at Blue Origin ($5.0B VADR) and Arrow Science and Technology ($5.0B VADR) and Impulse Space ($300M VADR) provides large unrealized contract capacity in NASA KSC launch services.

Repeated SDVOSB set-aside VA awards (Blue Cord $12.97M, ECKO JV $12.0M, MDM $13.83M, V. Lopez $12.34M, Ironclad $22.35M, Billy Jarrett $22.06M) show durable policy-protected VA facility demand for qualifying small firms.

FAA's new FMDS system (replacing TFMS) under a $22.3M General Dynamics IT delivery order signals ongoing air traffic modernization spending that could extend to larger follow-on awards.

NASA dominates the signal set with Caltech JPL awards (roughly $305M), Blue Origin, Impulse Space, Arrow Science, and Amentum, all tied to KSC, JPL, Ames, or Stennis. Most recipients are nonprofit or private, limiting direct public-equity read-through.

Numerous SDVOSB and small-business set-aside VA construction and renovation awards (roughly $12M to $22M each) signal steady VA hospital and clinic infrastructure demand, though recipients are largely private.

IT operations, help desk, cybersecurity, and application sustainment awards across DHS, DOJ/FBI, SSA, GSA, and Treasury total well over $100M, led by Peraton, SAIC, General Dynamics IT, IBM, and FEDTEC.

{"entity" => "Peraton Inc. / Veritas Capital", "reason" => "Two large awards totaling roughly $78.9M (CMS $59.0M, FBI $19.9M with a $166.7M BPA ceiling) show concentrated HHS and DOJ IT demand, but the parent is private equity.", "trigger" => "FBI BPA call order option exercises through 2027-09-29 and CMS option period decisions beyond 2027-10-31"}

{"entity" => "Science Applications International Corp (SAIC)", "reason" => "$76.6M FHWA order is incrementally funded with 55% subawarded and roughly $40M of ceiling still unobligated.", "trigger" => "Incremental funding modifications following the 10/31/2024 tranche and option exercise before 2027-06-30"}

{"entity" => "General Dynamics Information Technology", "reason" => "$22.3M FAA FMDS hardware order signals air traffic modernization spend, with the description truncated and $0 outlayed.", "trigger" => "FAA follow-on FMDS/TFMS awards and first outlays against the 2026-09-23 order"}

{"entity" => "Blue Origin / Arrow Science / Impulse Space (NASA VADR)", "reason" => "Large ceilings ($5.0B, $5.0B, $300M) with very low obligated share indicate substantial future capacity but uncertain near-term revenue.", "trigger" => "VADR delivery order obligations and option exercises through 2032-01-27"}

{"entity" => "IBM", "reason" => "$12.45M GSA LSAM/FPDS O&M time-and-materials award with 47% outlayed and current end date 2026-10-21 signals near-term recompete risk.", "trigger" => "Follow-on or extension notice before 2026-10-21 current end date and 2027-01-19 potential end"}