Significant Contract Modifications ($10M+) — February 19, 2026

Four contracts worth $1.36B to LDRM, Mantech, Guidehouse, Acuity for visa, protective tech, mgmt, security through 2026-2027 with $184M-$270M options upside.

VES secures $327M across two Region 2 awards, with $213M outlayed signaling revenue realization and Veteran Owned edge for follow-ons.

$428M NASA obligations to Caltech (4 awards), Columbus, Peraton, Lockheed highlight 5-10yr commitments in astrophysics, Venus mission, hardware.

GEO's $773M DOJ through 2030 and Acuity's $100M State (up to $323M) via FFP wins position for steady disbursements post-low outlays.

MITRE's $1.7B FAA (up to $19B) underscores non-competitive aviation support, stable but no equity play.

Low outlays vs obligations (avg ~25%, e.g., $243M/$1.7B MITRE, $89M/$773M GEO) signal delayed funding pace across 16/19 contracts.

FFP structures in 10 contracts (e.g., GEO, VES, MLU) expose to cost overruns over 4-23yr terms amid inflation/labor risks.

Long horizons to 2027-2034 (12 contracts) vulnerable to policy shifts (e.g., detention policy, NASA budgets).

$2.5B+ unexercised options (e.g., MITRE $17B ceiling, Columbus $1B, Acuity $224M) across 15 contracts warrant tracking exercises.

Small/8(a)/Woman/Vet-owned wins (LDRM, Columbus, MLU, VES) total $761M signal set-aside pipeline in State, NASA, VA, DHS.

Remaining $3B+ disbursements post-low outlays in long-term awards (e.g., PGIM $74M, Peraton $13M tail) for steady revenue.

7 NASA-linked awards ($429M obligations, $1.3B+ ceilings) to Caltech, Columbus, Peraton emphasize astrophysics, missions through 2028-2030.

$1.36B mods for facilities mgmt, engineering, security via set-asides/open comp to 2027.

$872M to GEO, Acuity, T-Mobile for 2030+ services amid low early outlays.

{"entity"=>"MITRE Corporation", "reason"=>"$1.7B obligation / $19B ceiling dominates dataset; FFRDC extensions signal aviation spend.", "trigger"=>"option exercises >$1B or outlay acceleration"}

{"entity"=>"GEO Group", "reason"=>"$773M through 2030 with $683M remaining; FFP detention lock-in.", "trigger"=>"outlays >$200M in next FY or policy scrutiny"}

{"entity"=>"Columbus Technologies", "reason"=>"$77M funded / $1.1B ceiling NASA small biz set-aside to 2030.", "trigger"=>"option funding announcements"}

{"entity"=>"VES (Veterans Evaluation Services)", "reason"=>"$327M VA cluster with 99% outlay on recent award.", "trigger"=>"new region awards or Vet-owned preference expansion"}

{"entity"=>"Caltech (NASA cluster)", "reason"=>"4 awards $301M through 2028; tracks JPL R&D pipeline.", "trigger"=>"new mission funding (e.g., VERITAS/OCO-3)"}