All HHS Contracts — March 23, 2026

Only $9.5M disbursed of $217M obligated under Time & Materials structure, positioning for near-term revenue recognition and follow-on potential in HHS medical staffing.

55% outlayed with $317M remaining as 2025-02-03 end approaches, risking de-obligation or minimal one-day extension.

Low outlays average 32% of obligations ($406M disbursed of $931M total), indicating potential delays or de-obligations in child services and medical staffing.

Nonprofit (Family Endeavors) claims 77% of value, muting sector equity exposure to border-related child services volatility.

$81M unexercised options for Family Endeavors plus Spectrum's demonstrated HHS staffing wins position both for follow-ons.

HHS backlog in medical staffing (NAICS 621111) and child services (NAICS 624110) signals sustained demand post-2022/2025.

77% of value in ORR unaccompanied children program via nonprofit firm fixed price structure.

Long-term Time & Materials awards with minimal outlays highlight federal healthcare labor commitments.

{"entity"=>"Spectrum Healthcare Resources", "reason"=>"$208M obligation tailwind and full competition win signal follow-on potential.", "trigger"=>"outlay acceleration >20% or new HHS awards"}

{"entity"=>"Family Endeavors", "reason"=>"Nearing expiration with $317M un-outlayed and $81M options risks de-obligation.", "trigger"=>"extension beyond 2025-02-04 or options exercise"}