Mega Contracts Monitor ($100M+) — February 25, 2026

$217M obligation (base + options $229M) over 19 years via GSA for federal deep retrofits in Region 5.

$124M obligated ($165M base+options) from CMS with $80M outlayed and potential extension to 2029.

$120M fully obligated with 97% ($116M) outlayed, ending Apr 2026 for DC building modernization.

$139M obligated ($146M base+options) with 47% outlayed through Mar 2026 amid high subawards.

Firm fixed price structures in three contracts risk cost overruns on long-duration projects amid inflation or delays.

High subawards (56% or $78M via 952 subs) create subcontractor dependency in NASA deal.

$60M+ in unexercised options across contracts, plus extensions to 2029/2043.

97% outlay completion enables strong near-term cash flow in Grunley USDA project.

GSA's $217M award underscores National Deep Energy Retrofit Program expansion.

CMS $124M commitment to Medicare Secondary Payer services signals ongoing audit demand.

NASA ($139M), USDA ($120M) awards highlight steady demand for logistics, support, and construction.

{"entity"=>"Ameresco Inc.", "reason"=>"Largest award with 19-year horizon dominates period value at 36%.", "trigger"=>"Option exercises adding $12M or retrofit program expansions"}

{"entity"=>"Performant Financial Corporation", "reason"=>"64% outlay on $124M CMS deal with 2+ year extension potential.", "trigger"=>"Performance period extension to 2029"}

{"entity"=>"Grunley Construction Co., Inc.", "reason"=>"Near-completion (97% outlay) offers cash flow visibility to 2026.", "trigger"=>"Final outlays or USDA follow-on awards"}