General Federal Contracts — October 22, 2026

Only $22,644,780 is currently obligated against the $401,685,093 base-plus-options value, so the award's scale depends on option exercise and future funding. Recipient public status is not disclosed, limiting direct investability.

Grunley Construction ($29,213,000), CQ JV ($22,928,263) and CDEEM ($22,900,000) report $0 outlayed, so revenue realization is unproven against recent awards.

The cost-plus-fixed-fee delivery order runs through 2028-03-26 with roughly $64.8M of its $118.9M ceiling unobligated, but the recipient is a nonprofit university with no public equity exposure.

About 29% of the $146,156,020 base-plus-options value is obligated, with $26,579,293 outlayed, signaling funded and progressing nuclear security analysis work; the recipient is a nonprofit FFRDC.

HEALTHCARE MANAGEMENT SOLUTIONS has $10,107,638 outlayed against a $23,072,715 obligation under a small business set-aside, with options extending to 2029 on a $39,936,031 ceiling.

KYC Advisors LLC holds a small business total set-aside with $22,511,725 obligated of an $82,909,800 ceiling and $6,590,471 outlayed, indicating early-stage IT delivery.

Multiple recent awards have $0 outlayed, including Grunley Construction (Smithsonian, $29,213,000, end 2026-10-26), CQ JV (GSA, $22,928,263) and CDEEM CO (VA, $22,900,000, end 2026-10-16), creating timing uncertainty on revenue recognition.

Large option-dependent ceilings (UNIVERSAL PROTECTION $401,685,093; KYC Advisors $82,909,800; DYNANET $64,887,919) mean the majority of potential value is contingent on future funding and option exercise rather than committed.

Parent-level ownership is concentrated in private equity and foreign owners: GUIDEHOUSE INC. is owned by VERITAS CAPITAL, and WGL Energy Services is a subsidiary of AltaGas Limited, so federal revenue does not flow to standalone public equities.

WGL Energy Services' NIH delivery order has NAICS/PSC codes (natural gas extraction, electric utilities) inconsistent with the stated NIH facility scope, raising questions about award classification and scope clarity.

Aerospace Corporation holds a non-competed, cost-plus-fixed-fee DOE/NNSA delivery order with a potential ceiling of $146,156,020, a sole-source position that is protest-resistant.

Set-aside awards to small and disadvantaged firms (HEALTHCARE MANAGEMENT SOLUTIONS at $23,072,715, KYC Advisors at $22,511,725, CDEEM at $22,900,000 under SDVOSB) show continued federal reliance on small business vehicles.

Civilian construction and facilities awards (USDA APHIS $32,885,020, Smithsonian $29,213,000, VA $22,900,000) indicate ongoing federal facilities investment for construction-focused contractors.

Construction and facilities awards account for several of the largest civilian obligations, including Dean Snyder ($32,885,020 USDA APHIS), Grunley ($29,213,000 Smithsonian) and CDEEM ($22,900,000 VA emergency generators).

IT and management consulting awards across HHS, DHS and DOT (HEALTHCARE MANAGEMENT SOLUTIONS, KYC Advisors, DYNANET, SALIENSE, GUIDEHOUSE) total roughly $118M of obligations on time-and-materials or hybrid pricing.

Large research and nuclear security awards flow to nonprofits (Caltech/JPL $54,049,346, Aerospace Corp $41,772,736), cost-plus, with limited public-market transmission.

{"entity" => "UNIVERSAL PROTECTION SERVICE, LIMITED PARTNERSHIP", "reason" => "$22,644,780 current obligation against a $401,685,093 ceiling makes this the largest option-dependent award; public parent status is undisclosed.", "trigger" => "Option exercise decisions and outlay activity after the 2026-08-01 start date"}

{"entity" => "Grunley Construction Co., Inc.", "reason" => "$29,213,000 firm fixed price Smithsonian award shows $0 outlayed and ends 2026-10-26.", "trigger" => "Outlay disclosures and any modification before the 2026-10-26 end date"}

{"entity" => "The Aerospace Corporation", "reason" => "Non-competed DOE/NNSA order with $26,579,293 outlayed against $41,772,736 obligated and a $146M ceiling.", "trigger" => "Option exercise and incremental obligations toward 2027-05-31 current end date"}

{"entity" => "HEALTHCARE MANAGEMENT SOLUTIONS, LLC", "reason" => "44% outlay on a small business CMS order with options extending to 2029-08-28.", "trigger" => "CMS option exercise decision around the 2027-08-28 current end date"}