{ "schema_version": "1.0.0", "edition": "2026-10-22", "title": "Texas Infrastructure Ownership Atlas", "author": "Sulayman Bowles", "license": "CC BY 4.0 for original database selection and commentary; underlying documents retain their own terms.", "source_revision": "96a6bc20cf2e3269683e1e743fc071704a4240ab", "scope": "Ten selected toll-road systems, portfolios and concessions. This is not a complete inventory of Texas infrastructure.", "entities": [ { "id": "texas", "name": "State of Texas / TxDOT", "kind": "public" }, { "id": "ttc", "name": "Texas Transportation Commission", "kind": "public" }, { "id": "ntta", "name": "North Texas Tollway Authority", "kind": "public" }, { "id": "NTTA_SYSTEM", "name": "North Texas Tollway System enterprise fund", "kind": "reporting_entity" }, { "id": "harris", "name": "Harris County", "kind": "public" }, { "id": "HCTRA", "name": "Harris County Toll Road Enterprise Fund / HCTRA", "kind": "reporting_entity" }, { "id": "CTRMA", "name": "Central Texas Regional Mobility Authority", "kind": "public" }, { "id": "CTTS", "name": "Central Texas Turnpike System enterprise fund", "kind": "reporting_entity" }, { "id": "ttfc", "name": "Texas Transportation Finance Corporation", "kind": "public" }, { "id": "nteco", "name": "NTE Mobility Partners, LLC", "kind": "project_company" }, { "id": "lbjco", "name": "LBJ Infrastructure Group, LLC", "kind": "project_company" }, { "id": "nte35co", "name": "NTE Mobility Partners Segments 3, LLC", "kind": "project_company" }, { "id": "sh130co", "name": "SH 130 Concession Company, LLC", "kind": "project_company" }, { "id": "btg", "name": "Blueridge Transportation Group, LLC", "kind": "project_company" }, { "id": "ferrovial", "name": "Ferrovial / Cintra affiliate", "kind": "financial_sponsor" }, { "id": "meridiam", "name": "Meridiam-managed investor affiliates", "kind": "financial_sponsor" }, { "id": "apg", "name": "APG-managed investor affiliates", "kind": "financial_sponsor" }, { "id": "svp", "name": "Strategic Value Partners-managed investors", "kind": "financial_sponsor" }, { "id": "usdot", "name": "U.S. Department of Transportation / federal interest", "kind": "public_creditor" }, { "id": "bonds", "name": "Bondholders (creditor class; individual holders unverified)", "kind": "creditor_class" } ], "assets": [ { "id": "ntta-system", "number": "01", "name": "North Texas Tollway System", "short": "NTTA", "sector": "toll_roads", "region": "dfw", "classification": "public", "record_type": "system", "financial_entity_id": "NTTA_SYSTEM", "summary": "A public authority’s pooled system; a TollTag bill does not establish ownership of other roads.", "scope": "Eight System facilities including Dallas North Tollway, PGBT and Sam Rayburn Tollway. Third-party service revenues are excluded.", "title_qualification": "NTTA holds project and financial interests. Sam Rayburn uses a public-public operating right with reversion; parcel-level title is not established here.", "financing": "NTTA System revenue bonds; common trust accounts. Debt is not allocated to individual roads.", "concession_end_year": null, "concession_end_precision": null, "source_ids": [ "ntta_acfr2025", "txdot_acfr2025" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "dfw", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } }, { "id": "hctra-system", "number": "02", "name": "Harris County toll-road enterprise", "short": "HCTRA", "sector": "toll_roads", "region": "houston", "classification": "public", "record_type": "system", "financial_entity_id": "HCTRA", "summary": "County roads, public control, and a county enterprise fund.", "scope": "Harris County toll-road enterprise, including Sam Houston, Hardy and Harris County portions of Westpark and other facilities.", "title_qualification": "Harris County public project interests; special intergovernmental arrangements such as Katy Managed Lanes require their own title analysis.", "financing": "County toll-road revenue/tax bonds and commercial paper. Revenues support the enterprise and permitted county transportation transfers.", "concession_end_year": null, "concession_end_precision": null, "source_ids": [ "hctra_fs2025_official", "txdot_acfr2025" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "houston", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } }, { "id": "ctrma-portfolio", "number": "03", "name": "Central Texas Mobility Authority portfolio", "short": "CTRMA", "sector": "toll_roads", "region": "austin", "classification": "public", "record_type": "portfolio", "financial_entity_id": "CTRMA", "summary": "One authority, two financial boundaries: MoPac is outside the System bond indenture.", "scope": "Authority-wide financial reporting includes System and non-System MoPac. 183A, 290, 71, 45SW and 183 projects are not separately capitalized in this Atlas.", "title_qualification": "Public authority project and toll rights; underlying right-of-way and individual deeds have not been adjudicated here.", "financing": "System bonds and loans differ from the non-System MoPac note and CAMPO obligations. Authority-wide debt must not be assigned to one road.", "concession_end_year": null, "concession_end_precision": null, "source_ids": [ "ctrma_acfr2025_revised" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "austin", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } }, { "id": "ctts", "number": "04", "name": "Central Texas Turnpike System", "short": "CTTS", "sector": "toll_roads", "region": "austin", "classification": "public", "record_type": "system", "financial_entity_id": "CTTS", "summary": "The publicly operated northern SH 130 is financially separate from the southern concession.", "scope": "SH 130 Segments 1–4, SH 45 North, SH 45 Southeast and Loop 1 north of Parmer Lane.", "title_qualification": "State of Texas / TxDOT public highway project and enterprise fund.", "financing": "Texas Transportation Commission CTTS revenue bonds; pledged System revenue. Latest debt maturity is not a promise of toll removal.", "concession_end_year": null, "concession_end_precision": null, "source_ids": [ "ctts_fs2025", "txdot_hb803_2025", "austin_billing" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "austin", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } }, { "id": "grand-parkway", "number": "05", "name": "Grand Parkway System", "short": "Grand Parkway", "sector": "toll_roads", "region": "houston", "classification": "public", "record_type": "system", "financial_entity_id": null, "summary": "A TxDOT-reported financing system, not every section of SH 99.", "scope": "TxDOT HB 803 Grand Parkway System perimeter; separately reported county toll projects are excluded.", "title_qualification": "Public state-highway project structure. This record does not certify parcel title across all SH 99 segments.", "financing": "Public toll-revenue financing. FY2025 reported debt service is a flow; 2053 is the reported final maturity, not a concession expiry.", "concession_end_year": null, "concession_end_precision": null, "source_ids": [ "txdot_hb803_2025" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "houston", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } }, { "id": "north-tarrant-express", "number": "06", "name": "North Tarrant Express 1 & 2W", "short": "NTE", "sector": "toll_roads", "region": "dfw", "classification": "concession", "record_type": "concession", "financial_entity_id": "nteco", "summary": "Private toll economics on a publicly owned corridor.", "scope": "I-820 and SH 121/183 concession Segments 1 and 2W; distinct from NTE 35W.", "title_qualification": "State of Texas / TxDOT retains public title; NTE Mobility Partners holds finite concession rights.", "financing": "Project bonds and financing are separate from NTTA System debt. Public sharing and distribution restrictions precede equity cash.", "concession_end_year": 2061, "concession_end_precision": "year", "source_ids": [ "nte_agreements", "ferrovial2026", "txdot_hb803_2025" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "dfw", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } }, { "id": "lbj-express", "number": "07", "name": "LBJ Express", "short": "LBJ", "sector": "toll_roads", "region": "dfw", "classification": "concession", "record_type": "concession", "financial_entity_id": "lbjco", "summary": "The concession company is the operating business; NTTA provides billing.", "scope": "I-635/LBJ and associated I-35E managed-lane concession, not the whole interstate corridor.", "title_qualification": "State of Texas / TxDOT public title; LBJ Infrastructure Group holds the concession.", "financing": "Project PABs, taxable bonds, TIFIA and a capital facility. Individual bondholder identities are not verified.", "concession_end_year": 2061, "concession_end_precision": "year", "source_ids": [ "lbj_agreements", "ferrovial2026", "txdot_hb803_2025" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "dfw", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } }, { "id": "nte-35w", "number": "08", "name": "North Tarrant Express 35W", "short": "NTE 35W", "sector": "toll_roads", "region": "dfw", "classification": "concession", "record_type": "concession", "financial_entity_id": "nte35co", "summary": "A separate project company and capital stack from NTE 1 & 2W.", "scope": "I-35W Segments 3A, 3B and 3C. Staged works do not imply three independent concessions.", "title_qualification": "State of Texas / TxDOT public title; NTE Mobility Partners Segments 3 holds concession rights.", "financing": "Project bonds, TIFIA and facilities. Revenue sharing and financing restrictions constrain shareholder distributions.", "concession_end_year": 2061, "concession_end_precision": "year", "source_ids": [ "nte_agreements", "ferrovial2026", "txdot_hb803_2025" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "dfw", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } }, { "id": "sh130-south", "number": "09", "name": "SH 130 Segments 5 & 6", "short": "SH 130 South", "sector": "toll_roads", "region": "austin", "classification": "concession", "record_type": "concession", "financial_entity_id": "sh130co", "summary": "The 2017 restructuring changed financial claims while the concession continued.", "scope": "Mustang Ridge / SH 45SE to I-10 near Seguin; separate from CTTS Segments 1–4.", "title_qualification": "State holds roadway and right-of-way title. SH 130 Concession Company operates the southern concession.", "financing": "USDOT reports subordinated debt and equity received in 2017. Current total project debt and exact current equity percentages remain unverified.", "concession_end_year": 2062, "concession_end_precision": "year", "source_ids": [ "sh130_agreements", "sh130_company", "sh130_usdot", "txdot_hb803_2025" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "austin", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } }, { "id": "sh288-managed-lanes", "number": "10", "name": "SH 288 managed lanes", "short": "SH 288", "sector": "toll_roads", "region": "houston", "classification": "public-transition", "record_type": "facility", "financial_entity_id": null, "summary": "A private concession ended in 2024. Public tolling continued.", "scope": "Former Harris County SH 288 concession; does not include Brazoria County’s separate tolled section.", "title_qualification": "State of Texas / TxDOT public title and returned control; TTFC is authorized to develop and operate.", "financing": "State Highway Fund lending financed termination. Historical private TIFIA and shareholder claims must not be presented as the current capital stack.", "concession_end_year": null, "concession_end_precision": null, "source_ids": [ "sh288_agreements", "sh288_minutes", "txdot_hb803_2025" ], "reviewed_on": "2026-10-22", "geography": { "type": "regional_locator", "precision": "approximate region only", "region_id": "houston", "route_geometry": null, "note": "Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary." } } ], "relationships": [ { "id": "r001", "asset_id": "ntta-system", "from_entity_id": "ntta", "relationship_type": "public_project_interest", "to_id": "ntta-system", "to_type": "asset", "label": "Public project / financial interest; see title qualification", "source_id": "ntta_acfr2025", "source_locator": "PDF p45, Note 1; public project interests, not parcel-title opinion", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r002", "asset_id": "ntta-system", "from_entity_id": "ntta", "relationship_type": "operator", "to_id": "ntta-system", "to_type": "asset", "label": "Public operator", "source_id": "ntta_acfr2025", "source_locator": "PDF p45, Note 1; public project interests, not parcel-title opinion", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r003", "asset_id": "ntta-system", "from_entity_id": "bonds", "relationship_type": "creditor_claim", "to_id": "ntta-system", "to_type": "asset", "label": "Debt creditors; revenue security does not confer road title", "source_id": "ntta_acfr2025", "source_locator": "Debt notes; individual holders not verified", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r004", "asset_id": "hctra-system", "from_entity_id": "harris", "relationship_type": "public_project_interest", "to_id": "hctra-system", "to_type": "asset", "label": "Public project / financial interest; see title qualification", "source_id": "hctra_fs2025_official", "source_locator": "PDF p25, Note 1", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r005", "asset_id": "hctra-system", "from_entity_id": "HCTRA", "relationship_type": "operator", "to_id": "hctra-system", "to_type": "asset", "label": "Public operator", "source_id": "hctra_fs2025_official", "source_locator": "PDF p25, Note 1", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r006", "asset_id": "hctra-system", "from_entity_id": "bonds", "relationship_type": "creditor_claim", "to_id": "hctra-system", "to_type": "asset", "label": "Debt creditors; revenue security does not confer road title", "source_id": "hctra_fs2025_official", "source_locator": "Debt notes; individual holders not verified", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r007", "asset_id": "ctrma-portfolio", "from_entity_id": "CTRMA", "relationship_type": "public_project_interest", "to_id": "ctrma-portfolio", "to_type": "asset", "label": "Public project / financial interest; see title qualification", "source_id": "ctrma_acfr2025_revised", "source_locator": "PDF p34, Note 1; project rights", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r008", "asset_id": "ctrma-portfolio", "from_entity_id": "CTRMA", "relationship_type": "operator", "to_id": "ctrma-portfolio", "to_type": "asset", "label": "Public operator", "source_id": "ctrma_acfr2025_revised", "source_locator": "PDF p34, Note 1; project rights", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r009", "asset_id": "ctrma-portfolio", "from_entity_id": "bonds", "relationship_type": "creditor_claim", "to_id": "ctrma-portfolio", "to_type": "asset", "label": "Debt creditors; revenue security does not confer road title", "source_id": "ctrma_acfr2025_revised", "source_locator": "Debt notes; individual holders not verified", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r010", "asset_id": "ctts", "from_entity_id": "texas", "relationship_type": "public_project_interest", "to_id": "ctts", "to_type": "asset", "label": "Public project / financial interest; see title qualification", "source_id": "ctts_fs2025", "source_locator": "PDF p32, Note 1", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r011", "asset_id": "ctts", "from_entity_id": "texas", "relationship_type": "operator", "to_id": "ctts", "to_type": "asset", "label": "Public operator", "source_id": "ctts_fs2025", "source_locator": "PDF p32, Note 1", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r012", "asset_id": "ctts", "from_entity_id": "bonds", "relationship_type": "creditor_claim", "to_id": "ctts", "to_type": "asset", "label": "Debt creditors; revenue security does not confer road title", "source_id": "ctts_fs2025", "source_locator": "Debt notes; individual holders not verified", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r013", "asset_id": "ntta-system", "from_entity_id": "texas", "relationship_type": "reversion_right", "to_id": "ntta", "to_type": "entity", "label": "Sam Rayburn: public-public reversion scheduled in FY2058; not System-wide expiry", "source_id": "txdot_acfr2025", "source_locator": "PDF p125, Note 20", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r014", "asset_id": "ntta-system", "from_entity_id": "ntta", "relationship_type": "billing", "to_id": "ntta-system", "to_type": "asset", "label": "TollTag collection for NTTA System", "source_id": "ntta_acfr2025", "source_locator": "PDF p45, Note 1", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r015", "asset_id": "hctra-system", "from_entity_id": "HCTRA", "relationship_type": "billing", "to_id": "hctra-system", "to_type": "asset", "label": "EZ TAG collection", "source_id": "hctra_fs2025_official", "source_locator": "Note 1", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r016", "asset_id": "ctrma-portfolio", "from_entity_id": "CTRMA", "relationship_type": "billing", "to_id": "ctrma-portfolio", "to_type": "asset", "label": "Authority billing plus interoperable tags", "source_id": "ctrma_acfr2025_revised", "source_locator": "Note 1", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r017", "asset_id": "ctts", "from_entity_id": "HCTRA", "relationship_type": "billing", "to_id": "ctts", "to_type": "asset", "label": "Collection service provider; ownership unchanged", "source_id": "austin_billing", "source_locator": "Austin-area toll road billing guidance", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r018", "asset_id": "grand-parkway", "from_entity_id": "texas", "relationship_type": "public_control", "to_id": "grand-parkway", "to_type": "asset", "label": "TxDOT public project / system control", "source_id": "txdot_hb803_2025", "source_locator": "Tables 1 and 3; project perimeter", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r019", "asset_id": "grand-parkway", "from_entity_id": "texas", "relationship_type": "financing_structure", "to_id": "grand-parkway", "to_type": "asset", "label": "Public system financing reported by TxDOT; security-level issuance inventory pending", "source_id": "txdot_hb803_2025", "source_locator": "Table 1 and public financing perimeter", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r020", "asset_id": "north-tarrant-express", "from_entity_id": "texas", "relationship_type": "legal_title", "to_id": "north-tarrant-express", "to_type": "asset", "label": "Public highway title retained by Texas", "source_id": "nte_agreements", "source_locator": "Executed facility agreement; project title and handback provisions", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r021", "asset_id": "north-tarrant-express", "from_entity_id": "nteco", "relationship_type": "concession", "to_id": "north-tarrant-express", "to_type": "asset", "label": "Finite concession and toll-revenue rights", "source_id": "nte_agreements", "source_locator": "Executed agreement and amendments; termination year separately sourced", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r022", "asset_id": "north-tarrant-express", "from_entity_id": "nteco", "relationship_type": "operator", "to_id": "north-tarrant-express", "to_type": "asset", "label": "Operation and maintenance under concession", "source_id": "nte_agreements", "source_locator": "Executed agreement", "equity_percent": null, "effective_from": null, "effective_to": null, "status": "active", "snapshot_date": "2026-10-22" }, { "id": "r023", "asset_id": "north-tarrant-express", "from_entity_id": "ttc", "relationship_type": "public_contract_control", "to_id": "north-tarrant-express", "to_type": "asset", "label": "Public agreement oversight; 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MD&A p26 includes CAMPO contribution in operating costs and totals $134.991m; retain basic-statement classification.", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m019", "entity_id": "HCTRA", "fiscal_year": 2023, "period_end": "2023-09-30", "metric": "toll_revenue_net", "value": 896351094.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "hctra_fs2023_current", "locator": "PDF p23", "note": "", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m020", "entity_id": "HCTRA", "fiscal_year": 2023, "period_end": "2023-09-30", "metric": "operating_revenue", "value": 896351094.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "hctra_fs2023_current", "locator": "PDF p23", "note": "", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m021", "entity_id": "HCTRA", "fiscal_year": 2023, "period_end": "2023-09-30", "metric": "operating_expense", "value": 445876113.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "hctra_fs2023_current", "locator": "PDF p23", "note": "", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m022", "entity_id": "HCTRA", "fiscal_year": 2024, "period_end": "2024-09-30", "metric": "toll_revenue_net", "value": 874474774.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "hctra_fs2024", "locator": "PDF p23", "note": "", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m023", "entity_id": "HCTRA", "fiscal_year": 2024, "period_end": "2024-09-30", "metric": "operating_revenue", "value": 874474774.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "hctra_fs2024", "locator": "PDF p23", "note": "", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m024", "entity_id": "HCTRA", "fiscal_year": 2024, "period_end": "2024-09-30", "metric": "operating_expense", "value": 465244688.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "hctra_fs2024", "locator": "PDF p23", "note": "", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m025", "entity_id": "HCTRA", "fiscal_year": 2025, "period_end": "2025-09-30", "metric": "toll_revenue_net", "value": 1027573290.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "hctra_fs2025_official", "locator": "PDF p23", "note": "", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m026", "entity_id": "HCTRA", "fiscal_year": 2025, "period_end": "2025-09-30", "metric": "operating_revenue", "value": 1027573290.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "hctra_fs2025_official", "locator": "PDF p23", "note": "", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m027", "entity_id": "HCTRA", "fiscal_year": 2025, "period_end": "2025-09-30", "metric": "operating_expense", "value": 542673604.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "hctra_fs2025_official", "locator": "PDF p23", "note": "", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m028", "entity_id": "CTTS", "fiscal_year": 2023, "period_end": "2023-08-31", "metric": "operating_revenue", "value": 345176000.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "ctts_fs2023_commission", "locator": "PDF p26", "note": "TxDOT enterprise fund only; fees and other sales are not toll revenue. Transfers in can include noncash assets and SBITA funding.", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m029", "entity_id": "CTTS", "fiscal_year": 2023, "period_end": "2023-08-31", "metric": "operating_expense", "value": 234217000.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "ctts_fs2023_commission", "locator": "PDF p26", "note": "TxDOT enterprise fund only; fees and other sales are not toll revenue. Transfers in can include noncash assets and SBITA funding.", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m030", "entity_id": "CTTS", "fiscal_year": 2024, "period_end": "2024-08-31", "metric": "operating_revenue", "value": 372071000.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "ctts_fs2024_current", "locator": "PDF p27", "note": "TxDOT enterprise fund only; fees and other sales are not toll revenue. Transfers in can include noncash assets and SBITA funding.", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m031", "entity_id": "CTTS", "fiscal_year": 2024, "period_end": "2024-08-31", "metric": "operating_expense", "value": 285365000.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "ctts_fs2024_current", "locator": "PDF p27", "note": "TxDOT enterprise fund only; fees and other sales are not toll revenue. Transfers in can include noncash assets and SBITA funding.", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m032", "entity_id": "CTTS", "fiscal_year": 2025, "period_end": "2025-08-31", "metric": "operating_revenue", "value": 337636000.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "ctts_fs2025", "locator": "PDF p27", "note": "TxDOT enterprise fund only; fees and other sales are not toll revenue. Transfers in can include noncash assets and SBITA funding.", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m033", "entity_id": "CTTS", "fiscal_year": 2025, "period_end": "2025-08-31", "metric": "operating_expense", "value": 244833000.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "ctts_fs2025", "locator": "PDF p27", "note": "TxDOT enterprise fund only; fees and other sales are not toll revenue. Transfers in can include noncash assets and SBITA funding.", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m034", "entity_id": "CTTS", "fiscal_year": 2025, "period_end": "2025-08-31", "metric": "toll_revenue_net", "value": 311477000.0, "unit": "USD", "basis": "audited accrual; entity perimeter retained", "source_id": "ctts_fs2025", "locator": "PDF p27", "note": "TxDOT enterprise fund only; fees and other sales are not toll revenue. Transfers in can include noncash assets and SBITA funding.", "verification": "Rechecked current source / retained primary extraction; see source ledger" }, { "id": "m035", "entity_id": "NTTA_SYSTEM", "fiscal_year": 2025, "period_end": "2025-12-31", "metric": "debt_carrying", "value": 8854178927, "unit": "USD", "basis": "audited System bond carrying amount including unamortized premium", "source_id": "ntta_acfr2025", "locator": "PDF p57–58, debt roll-forward; includes unamortized premium", "note": "Reporting perimeter differs. No road-level debt allocation; no valuation multiple is implied." }, { "id": "m036", "entity_id": "HCTRA", "fiscal_year": 2025, "period_end": "2025-09-30", "metric": "debt_carrying", "value": 3142855398, "unit": "USD", "basis": "audited bond carrying amount plus commercial paper; not face principal", "source_id": "hctra_fs2025_official", "locator": "PDF p36, Note 6; bonds plus commercial paper", "note": "Reporting perimeter differs. No road-level debt allocation; no valuation multiple is implied." }, { "id": "m037", "entity_id": "CTRMA", "fiscal_year": 2025, "period_end": "2025-06-30", "metric": "debt_carrying", "value": 2612986634, "unit": "USD", "basis": "audited authority-wide notes and bonds, including unamortized premium; System plus MoPac", "source_id": "ctrma_acfr2025_revised", "locator": "PDF p50, Notes and Bonds Payable including premium; authority-wide", "note": "Reporting perimeter differs. No road-level debt allocation; no valuation multiple is implied." }, { "id": "m038", "entity_id": "CTTS", "fiscal_year": 2025, "period_end": "2025-08-31", "metric": "debt_carrying", "value": 2662859000, "unit": "USD", "basis": "audited revenue-bond carrying amount; excludes $6.094m right-to-use subscription obligations", "source_id": "ctts_fs2025", "locator": "PDF p39, Note 4 debt roll-forward; USD thousands converted to dollars", "note": "Reporting perimeter differs. No road-level debt allocation; no valuation multiple is implied." }, { "id": "m039", "entity_id": "nteco", "fiscal_year": 2025, "period_end": "2025-12-31", "metric": "sponsor_project_debt", "value": 1600000000, "unit": "USD", "basis": "sponsor-reported project debt, rounded USD millions", "source_id": "ferrovial2026", "locator": "Slide 43", "note": "Historical 2025 balance; not current outstanding debt or directly comparable to public carrying amounts." }, { "id": "m040", "entity_id": "lbjco", "fiscal_year": 2025, "period_end": "2025-12-31", "metric": "sponsor_project_debt", "value": 2038000000, "unit": "USD", "basis": "sponsor-reported project debt, rounded USD millions", "source_id": "ferrovial2026", "locator": "Slide 44", "note": "Historical 2025 balance; not current outstanding debt or directly comparable to public carrying amounts." }, { "id": "m041", "entity_id": "nte35co", "fiscal_year": 2025, "period_end": "2025-12-31", "metric": "sponsor_project_debt", "value": 1598000000, "unit": "USD", "basis": "sponsor-reported project debt, rounded USD millions", "source_id": "ferrovial2026", "locator": "Slide 45", "note": "Historical 2025 balance; not current outstanding debt or directly comparable to public carrying amounts." } ], "events": [ { "id": "e001", "asset_id": "sh130-south", "date": "2016-03-02", "date_precision": "day", "title": "Chapter 11 filing", "detail": "The concession company entered reorganization. This was not a bankruptcy of the State of Texas.", "source_id": "sh130_usdot" }, { "id": "e002", "asset_id": "sh130-south", "date": "2017-06-28", "date_precision": "day", "title": "Reorganization effective", "detail": "USDOT received subordinated debt and equity; concession operation continued.", "source_id": "sh130_usdot" }, { "id": "e003", "asset_id": "sh288-managed-lanes", "date": "2016-03-04", "date_precision": "day", "title": "CDA executed", "detail": "TxDOT executed the private project agreement.", "source_id": "sh288_agreements" }, { "id": "e004", "asset_id": "sh288-managed-lanes", "date": "2024-07-30", "date_precision": "day", "title": "Termination authorized", "detail": "Minute Order 116738 states $1,731,730,721 less permitted adjustments; this is a termination payment, not construction cost.", "source_id": "sh288_minutes" }, { "id": "e005", "asset_id": "sh288-managed-lanes", "date": "2024-10-08", "date_precision": "day", "title": "Public control returned", "detail": "The concession terminated. TTFC was authorized to develop and operate the project.", "source_id": "sh288_agreements" } ], "sources": [ { "id": "ntta_acfr2025", "title": "NTTA FY2025 audited financial report", "url": "https://www.ntta.org/sites/default/files/2026-06/06-25-2026_Digital-Annual-Report_2025.pdf", "locator": "", "reviewed_on": "2026-10-22", "review_status": "Original PDF retrieved and checked in this release", "period_end": "2025-12-31" }, { "id": "hctra_fs2025_official", "title": "Harris County Toll Road Enterprise Fund FY2025 financial report", "url": "https://auditor.harriscountytx.gov/Portals/auditor/documents/ACFRs/TR%20Final%209-30-25.pdf", "locator": "", "reviewed_on": "2026-10-22", "review_status": "Prior primary-document extraction rechecked; original PDF could not be refreshed in this session", "period_end": "2025-09-30" }, { "id": "ctts_fs2025", "title": "CTTS FY2025 audited financial report", "url": "https://ftp.txdot.gov/pub/txdot-info/fin/investor/ctts/audited_financial/ctts-afr-fy25.pdf", "locator": "", "reviewed_on": "2026-10-22", "review_status": "Prior primary-document extraction rechecked; original PDF returned 503 in this session", "period_end": "2025-08-31" }, { "id": "ctrma_acfr2025_revised", "title": "CTRMA FY2025 revised audited financial report", "url": "https://www.mobilityauthority.com/wp-content/uploads/2025/11/FY-2025-CTRMA-Annual-Comprehensive-Financial-Report-revised_LR.pdf", "locator": "", "reviewed_on": "2026-10-22", "review_status": "Primary PDF reviewed through indexed document; revenue and debt rechecked", "period_end": "2025-06-30" }, { "id": "txdot_hb803_2025", "title": "TxDOT FY2025 HB 803 toll-project report", "url": "https://www.txdot.gov/content/dam/docs/division/gov/hb-803-report-fy-2025.pdf", "locator": "", "reviewed_on": "2026-10-22", "review_status": "Original PDF retrieved and checked in this release", "period_end": "2025-08-31" }, { "id": "ntta_acfr2023", "title": "NTTA ACFR2023", "url": "https://www.ntta.org/sites/default/files/2024-06/06-26-2024_Annual-Report-2023_Digital_0.pdf", "locator": "", "reviewed_on": "2026-10-21", "review_status": "Carried forward from the published primary-source extraction; not refreshed this release", "period_end": "2023-12-31" }, { "id": "ntta_acfr2024", "title": "NTTA ACFR2024", "url": "https://www.ntta.org/sites/default/files/2025-06/06-27-2025_Annual-Report_2024_Digital.pdf", "locator": "", "reviewed_on": "2026-10-21", "review_status": "Carried forward from the published primary-source extraction; not refreshed this release", "period_end": "2024-12-31" }, { "id": "hctra_fs2023_current", "title": "HCTRA FS2023 CURRENT", "url": "https://auditor.harriscountytx.gov/Portals/auditor/documents/ACFRs/Toll%20Road%209-30-23%20Financials.pdf", "locator": "", "reviewed_on": "2026-10-21", "review_status": "Carried forward from the published primary-source extraction; not refreshed this release", "period_end": "2023-09-30" }, { "id": "hctra_fs2024", "title": "HCTRA FS2024", "url": "https://auditor.harriscountytx.gov/Portals/auditor/documents/ACFRs/TR%20Final%209-30-24.pdf", "locator": "", "reviewed_on": "2026-10-21", "review_status": "Carried forward from the published primary-source extraction; not refreshed this release", "period_end": "2024-09-30" }, { "id": "ctts_fs2023_commission", "title": "CTTS FS2023 COMMISSION", "url": "https://ftp.dot.state.tx.us/pub/txdot/commission/2024/0117/12c6.pdf", "locator": "", "reviewed_on": "2026-10-21", "review_status": "Carried forward from the published primary-source extraction; not refreshed this release", "period_end": "2023-08-31" }, { "id": "ctts_fs2024_current", "title": "CTTS FS2024 CURRENT", "url": "https://www.txdot.gov/content/dam/docs/division/fin/ctts/2024-central-texas-turnpike-system-annual-financial-report.pdf", "locator": "", "reviewed_on": "2026-10-21", "review_status": "Carried forward from the published primary-source extraction; not refreshed this release", "period_end": "2024-08-31" }, { "id": "ctrma_fs2023", "title": "CTRMA FS2023", "url": "https://www.mobilityauthority.com/wp-content/uploads/2024/02/CTRMA_FY23_Audited_AFR.pdf", "locator": "", "reviewed_on": "2026-10-21", "review_status": "Carried forward from the published primary-source extraction; not refreshed this release", "period_end": "2023-06-30" }, { "id": "ctrma_fs2024", "title": "CTRMA FS2024", "url": "https://www.mobilityauthority.com/wp-content/uploads/2024/11/2024-CTRMA-AFR-Final.pdf", "locator": "", "reviewed_on": "2026-10-21", "review_status": "Carried forward from the published primary-source extraction; not refreshed this release", "period_end": "2024-06-30" }, { "id": "ferrovial2026", "title": "Ferrovial Fact Book 2026, July 31 amendment (SEC exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/1468522/000162828026051353/ferrovial-factbook2026xs.htm", "locator": "Slides 32 (equity and terms), 43–45 (financing). Sponsor disclosure, not a public-authority audit.", "reviewed_on": "2026-10-22", "review_status": "Primary source reviewed", "period_end": "2025-12-31" }, { "id": "nte_agreements", "title": "TxDOT North Tarrant Express executed agreements", "url": "https://www.txdot.gov/business/road-bridge-maintenance/alternative-delivery/north-tarrant-express/executed-agreements.html", "locator": "Separate Segments 1/2W and Segments 3A/3B/3C documents", "reviewed_on": "2026-10-22", "review_status": "Primary source reviewed", "period_end": null }, { "id": "lbj_agreements", "title": "TxDOT LBJ-635 executed agreements", "url": "https://www.txdot.gov/business/road-bridge-maintenance/alternative-delivery/i635/executed-agreements.html", "locator": "CDA and amendments; counterparty LBJ Infrastructure Group", "reviewed_on": "2026-10-22", "review_status": "Primary source reviewed", "period_end": null }, { "id": "sh130_agreements", "title": "TxDOT SH 130 executed agreements", "url": "https://www.txdot.gov/business/road-bridge-maintenance/alternative-delivery/sh130/executed-agreements.html", "locator": "Facility concession agreement and amendments", "reviewed_on": "2026-10-22", "review_status": "Primary source reviewed", "period_end": null }, { "id": "sh130_company", "title": "SH 130 Concession Company: company history and ownership FAQ", "url": "https://mysh130.com/about/company/", "locator": "Ownership and Financial Restructuring; titleholder FAQ. Sponsor statement; exact current equity percentages are not supplied.", "reviewed_on": "2026-10-22", "review_status": "Primary source reviewed", "period_end": null }, { "id": "sh130_usdot", "title": "U.S. DOT Build America Bureau: SH 130 Segments 5 and 6", "url": "https://www.transportation.gov/buildamerica/projects/sh-130-segments-5-and-6", "locator": "Financial Status: plan effective June 28, 2017; USDOT received subordinated debt and equity. Original financing is historical.", "reviewed_on": "2026-10-22", "review_status": "Primary source reviewed", "period_end": null }, { "id": "sh288_agreements", "title": "TxDOT SH 288 executed agreements and termination record", "url": "https://www.txdot.gov/business/road-bridge-maintenance/alternative-delivery/sh288-toll-lanes/executed-agreements.html", "locator": "Termination for convenience, October 8, 2024; TTFC authorized to develop and operate", "reviewed_on": "2026-10-22", "review_status": "Primary source reviewed", "period_end": null }, { "id": "sh288_minutes", "title": "Texas Transportation Commission July 30, 2024 minutes", "url": "https://www.txdot.gov/content/dam/docs/commission/2024/0730/minutes.pdf", "locator": "Minute Order 116738: stated payment less permitted adjustments", "reviewed_on": "2026-10-22", "review_status": "Primary source reviewed", "period_end": null }, { "id": "sh288_usdot", "title": "U.S. DOT Build America Bureau: SH 288 financing and termination", "url": "https://www.transportation.gov/buildamerica/projects/state-highway-sh-288-toll-lanes-project", "locator": "Termination proceeds repay debt including TIFIA before residual to shareholders", "reviewed_on": "2026-07-23", "review_status": "Carried forward from original published ownership research; not refreshed this release", "period_end": null }, { "id": "austin_billing", "title": "TxDOT Austin-area toll roads", "url": "https://www.txdot.gov/discover/toll-roads-managed-lanes/txdot-toll-roads/austin-area-toll-roads.html", "locator": "Facility boundaries and HCTRA billing; does not establish title", "reviewed_on": "2026-10-21", "review_status": "Carried forward from published primary-source extraction", "period_end": null }, { "id": "txdot_acfr2025", "title": "TxDOT FY2025 audited financial report", "url": "https://ftp.txdot.gov/pub/txdot-info/library/reports/gov/finance/txdot-acfr-fy25.pdf", "locator": "Note 20, public-public arrangements and concession accounting", "reviewed_on": "2026-10-21", "review_status": "Carried forward from published primary-source extraction", "period_end": null }, { "id": "texas_boundary", "title": "TxDOT Texas state boundary GIS layer", "url": "https://services.arcgis.com/KTcxiTD9dsQw4r7Z/ArcGIS/rest/services/Texas_State_Boundary_Detailed/FeatureServer/0", "locator": "WGS84; agency geometry generalized by service at 0.01 degrees. Context only. TxDOT TPP-GIS attribution.", "reviewed_on": "2026-10-22", "review_status": "Primary source reviewed", "period_end": null } ], "regions": [ { "id": "dfw", "label": "Dallas–Fort Worth", "coordinates": [ -97.1, 32.9 ] }, { "id": "austin", "label": "Austin / Central Texas", "coordinates": [ -97.7, 30.3 ] }, { "id": "houston", "label": "Greater Houston", "coordinates": [ -95.4, 29.8 ] } ], "same_basis": [ { "asset_id": "ctts", "period_end": "2025-08-31", "revenue": 337640000, "operations": 101870000, "maintenance": 65140000, "debt_service": 160340000, "remainder": 10290000, "source_id": "txdot_hb803_2025", "locator": "Table 1, PDF p3" }, { "asset_id": "grand-parkway", "period_end": "2025-08-31", "revenue": 393320000, "operations": 59110000, "maintenance": 18970000, "debt_service": 175380000, "remainder": 139860000, "source_id": "txdot_hb803_2025", "locator": "Table 1, PDF p3" } ], "gaps": [ "Parcel-level title and concession route geometry are not verified. All map markers are regional locators.", "Current SH 130 equity percentages, full ultimate investor chain and current debt remain unverified.", "Bondholder identities and full management / maintenance contractor inventories are not established.", "Only four public reporting entities have multi-year financial observations. Missing concession metrics remain absent.", "HCTRA and CTTS original PDFs could not be refreshed in this session; prior primary text was rechecked and the access limits are recorded.", "An inherited CTRMA FY2025 operating-cash observation differs from the revised PDF. Operating-cash data are excluded pending reconciliation." ] }