{
  "title": "Texas toll-road research: original unresolved records",
  "cutoff": "2026-07-11",
  "items": [
    {
      "title": "Ownership figures that remain uncertain",
      "items": [
        "**SH 130 exact current cap table:** the supplied report’s 2Q 2024 diligence estimates approximately 65% SVP-controlled vehicles, 32% U.S. DOT / Build America, and 4% other holders; rounding produces 101%. Current company material reconfirms only an SVP-controlled majority and federal minority. The exact current percentages remain unverified.",
        "**SH 130 legal holding vehicles and governance:** the public record reviewed does not identify the exact federal equity vehicle, class of equity, voting provisions, distribution preferences, or transfer rights. The federal Build America page confirms both subordinated debt and equity.",
        "**DFW direct legal holder names:** Ferrovial’s 2026 filing confirms current economic percentages. Exact intermediate legal names for the Meridiam and APG interests were not established from a current shareholder register. Use “affiliate” unless a TxDOT consent record or project cap table is obtained.",
        "**APG ultimate beneficiary:** APG manages pension capital, but the specific pension client behind each project interest was not confirmed. Do not automatically label the stake as ABP-owned.",
        "**Current SH 130 operating subcontractor:** SH 130 Concession Company is contractually responsible. Louis Berger Services was identified after restructuring in the 2024 pension material, but a current 2026 subcontractor appointment was not confirmed."
      ]
    },
    {
      "title": "Financial figures not located",
      "items": [
        "Current SH 130 audited revenue, EBITDA, cash available for debt service, reserve balances, debt principal, interest rate, and maturity schedule.",
        "A complete SH 288 termination closing statement showing debt payoff by class, swap or hedge closeouts, fees, reserves released, and distributions to every shareholder.",
        "Cumulative invested capital and distributions for each original and later SH 288 sponsor, which are needed to calculate stakeholder-level returns.",
        "Stand-alone revenue, maintenance, and debt allocation for every individual road inside NTTA, HCTRA, CTRMA, CTTS, and Grand Parkway system pledges.",
        "Current market prices and trading yields for each project bond. Those change daily and should be refreshed immediately before publication if the article discusses security-level returns."
      ]
    },
    {
      "title": "Documents unavailable or not fully retrievable",
      "items": [
        "The SH 130 Chapter 11 confirmed plan, disclosure statement, and equity-allocation exhibits were listed through the claims agent but were not directly retrievable in the research session. The federal financing record and public pension memorandum were used to establish the restructuring outcome.",
        "Current private shareholder registers, transfer notices, and TxDOT consent documents for the DFW projects and SH 130 were not publicly located.",
        "A fully parsed final official statement for the late-2025 TTFC SH 288 toll-revenue/refunding bonds should be added before publishing detailed debt-service projections."
      ]
    },
    {
      "title": "Calculations based on inference",
      "items": [
        "SH 288’s approximately $2.70 billion implied 100% equity value and $3.35 billion indicative enterprise value at Abertis entry.",
        "SH 288 termination multiples of 19.2x revenue and 26.2x adjusted EBITDA.",
        "SH 288 estimated $1.08 billion gross equity pool after subtracting approximately $650 million of debt, before all closing adjustments.",
        "SH 288 payment of approximately $39.9 million per remaining concession year and 4.6x original project equity. Neither is a return metric.",
        "DFW revenue per transaction, operating margins, net debt/adjusted EBITDA, and cumulative distributions divided by original equity.",
        "Approximate remaining concession lives at the July 11, 2026 cutoff."
      ]
    },
    {
      "title": "Facts suited to a Texas Public Information Act request",
      "items": [
        "Current certified cap tables, direct legal shareholders, and all TxDOT-approved ownership transfers for NTE, LBJ, NTE 35W, and SH 130.",
        "SH 130’s current annual financial statements, debt schedule, TxDOT revenue-share payments, O&M subcontract, and documents defining the U.S. DOT equity interest.",
        "SH 288’s termination-value calculation, final sources-and-uses statement, payment waterfall, equity distributions, and any settlement or release agreements.",
        "TTFC’s current SH 288 traffic, toll-rate, operating, maintenance, reserve, and debt-service model.",
        "Project-level revenue-share and refinancing-gain calculations for the DFW concessions, including the contractual revenue bands used in 2025.",
        "Release tests and consent requirements that would apply if a road were removed from a public system pledge or concessioned."
      ]
    }
  ]
}