Seemingly like the other SA. If you are on HOLD, you have been deemed qualified should a slot be available for you. Conceivably, you are rank ordered based on the USMMA equivalent of Whole Candidate Score. This provides the school a rank ordered list of qualified students. Do not expect them to go in the exact order of the list... because the school still has diversity targets it is aiming for to shape the class. These could be gender, race, geography, prior military, etc. However, I would expect them to stay fairly close to the order --- because that is why they make a list in the first place.
With ~300 members in the class, USMMA is not authorized or funded to give an appointment to every Congressional District like the DoD SA who has ~1000 seats in the class. As a result, USMMA had to devise a plan that generated an outcome generally agreed to be fair to all applicants. Information on their process is found in the court case I and others have posted about. I am not an expert on USMMA admissions, but I would summarize their process (as I understand it) to be two part:
Part 1: Before 1 April, Admissions offers are sent out based on their table of target State representation.
they wait and see how many students accept and compare that to how many they can bring into INDOC.
Part 2: After 1 April, they are allowed to disregard geography and go for best candidates available off their HOLD list.
they wait and see how many students accept and compare that to how many they can bring into INDOC.
1 May has historically been the Acceptance deadline. By this time, some applicants who were either undecided or accepted may decline if they find themselves in a situation where they were accepted to a different SA and elect to decline USMMA.
they see how many remaining seats are open, and go down the HOLD list.... This occurs right up until INDOC.