$100,766

$4,678,712
Form 1065, 2024
$314,168
6.7%
$63,051
Form 1065, item F
32.1%
100,766 / 314,168

$89.6B
USTelecom, 2024
11.8M
FBA / RVA, 2025
$42.45B
NTIA BEAD
$97B
BEAD + RDOF + CPF + others
180,000
Fiber Broadband Association
Charter / Spectrum$54.8B$11.7B
AT&T
Verizon
Brightspeed

~20
~30
~6,600
99,900+

96
7
96
Siteline, 2025
83
PwC
5%
Siteline, 2025
2024: $4,678,712
2023: $2,157,003

01
02
03
04
05

$2.02B
Dycom Industries$5,546,000,000$1,261,246,575FY2026, +17.9%
MasTec Communications$3,339,100,000$759,200,822FY2025, +32.3%
$8,885,100,000$2,020,447,397

$1.17B
$1.64B
1.53
$1M / $653,738
$5.7M

100%

~$38,000
~$380
3.0% / 30d$6,000
2.0% / 30d$4,000
1.5% / 30d$3,000
0.9% / 30d$1,800

1.25% / 30d1.50% / 30d
65%80%
75 60
SOFR + 700SOFR + 600
0.75%0.35%
$39,541,667$57,254,902
$277,967$739,663
14.3%37.0%

0.35%
1.64%
4.7x
14.3%

Dycom Industries, FY2026 Q4 and annual resultsContract revenues $5.546B, backlog $9.542B, FY2027 outlook
MasTec, Q4 and full year 2025 resultsCommunications segment $3,339.1M, backlog $5,483M
Charter Communications, full year 2025 resultsRevenue $54.8B, capex $11.7B, line extensions $3.9B
USTelecom, 2024 Broadband Capex Report$89.6B invested in 2024, $2.2T cumulative since 1996
Fiber Broadband Association / RVA, 2025 Deployment SurveyRecord 11.8M new passings, 98.3M total
NTIA, BEAD Program FAQ v18$42.45B, Benefit of the Bargain restructuring
Siteline, 2025 Construction Payments Report96 day average wait, 5% paid on time
Fiber Broadband Association, OpTIC Path workforce program180,000 additional technicians needed
O*NET / BLS, Telecommunications Line Installers and Repairers99,900 employed, 2024 base year
Crestmont Capital, invoice factoring rates 2026Construction 2 to 5% per 30 days, advance 70 to 85%
Andreessen Horowitz, negotiating your first warehouse facilityAdvance 80 to 95%, originator first loss 5 to 20%
Federal Reserve Bank of New York, SOFR3.62% as of 2026-07-22
Venable LLP, state commercial financing disclosure laws10 states, 7 reach factoring, Utah registration
Levelset, supply chain finance for contractorsReverse factoring priced off the buyer credit
Constrafor, $100M+ raise for Early Pay ProgramComparable, plus $264M Series A in 2024
Billd, Predictable Pay with general contractorsGC sponsored early pay, launched September 2025
American Bar Association, pay-if-paid clausesUnenforceable in CA, NY, MD, VA and others
BDO, FASB ASU 2022-04 supplier finance disclosureDisclosure required, classification not addressed
NextGen Fiber LLC, Form 1065 (2024) and Texas Franchise Tax 05-169 (2023)