Distress reaches the docket last.
It reaches the government record first.
Lost recompetes, options not exercised, enforcement actions, exclusions, payment suspensions, government claims, and the capital that sometimes steps in, keyed to the company, so you can see the government side of a stressed credit before the market does, and inside the case once it is filed.
Stress is in the record before it is in the price.
A recompete that was not re-awarded, an option year left unexercised, an exclusion, a payment suspension, a consent decree: each is a public act with a date and a company behind it. The situation board reads them together, one row per credit, and tells you which state the credit is in today and what moved it there.
The cliff has a date. The runway has a length.
For a company that sells to a government, the biggest credit event is often an award it did not win. The screen puts the dated recompete, the unexercised option, the funding lapse, and the rate change on the same line as the company's runway and its concentration, and ranks the book by the gap.
runway ends before the option date
runway ends before the rate cut
runway outlasts the expiry
runway outlasts the lapse
One action is noise. Three in a window is a pattern.
Exclusions, inspector general actions, environmental and safety enforcement, settlements, payment suspensions, warning letters, consent decrees, terminations for default. Each lives in its own record. The stack reads them on one name inside one window and flags the name when they pile up.
The docket says who filed. The record says what the government holds.
Once a business files, the case is public. The module reads the docket for the government's position in it and joins it to the record it already holds on the debtor: every contract and its agency, every claim a government can make, every exclusion and every enforcement act. You see the case from the government's side of the table.
Joined to the record · by registered identifier
Government claims the record supports
Contracts in the case
The government is in the capital structure. Draw it there.
On a government facing credit the public side is a customer, a creditor, a guarantor, and sometimes a rescuer at once. The company page gains a section that sizes each of those from the record, so a memo can say what the government holds, what it is owed, and what it could put in.
Some borrowers are the government.
Municipalities, hospital districts, transit agencies, universities, utilities, and the concessions and revolving fund borrowers around them. Their stress is disclosed in their own records: material event notices, rating actions, covenant tests, state fiscal signals. The corporate distress desks skip them. This module reads them on the same board.
A state is a record, not an opinion.
Every move on the ladder is made by a dated public act keyed to the company. The module never moves a credit on a price, a headline, or a model.
Objects left. Links center. Evidence right.
Select a situation and the picture redraws around it: the agencies it sells to, the contracts and their option years, the enforcement acts, the docket entries where the government appears, the other lenders on the name, and the programs it could qualify for. The dossier serves the state, the cliff, and the claims.
State
Government in the structure
Other lenders
court record 2026-10 · award record 2026-10 · enforcement records 2026-10
runway is the filed figure · every date is the record's
Build the case by dragging. Every card fills itself from the record.
Drop a situation, an agency, a case, a lender, or a program onto the board. Ties carry the figure, the basis, and the n. A state move carries the act that made it and its date, never a probability the module invented.
Seven layers on every figure.
Nothing on a ledger, a board, or a memo is computed on the fly from a model. It is served from the record, with its basis and its n. The standard is the same across every module, and in a distressed credit it is the whole point.
The same workbench, other domains.
Each module binds its own objects and link rules to the same investigation surface. Pin, link, board, memo: the grammar carries across. Private Credit Intelligence and Borrower Watch feed this module directly.
Bring a situation. Leave with the government's side of it.
The module is in build. Design partners get the first seats, a monthly call with the founder, and a say in what the workbench serves first. Bring three names you are in today to the walkthrough.