Why it matters

Security being granted to several lenders in quick succession means leverage is building faster than any one relationship will carry. Measured walk-forward this is the hottest credit cohort on the register: 17.6× the refinance base rate, 12.3× on non-bank credit. It cuts both ways — appetite this strong is also how spirals look.

The play

For a lender: price it, or decline it — but see it early either way. For distress buyers: the companies that overshoot land here first.

How it's kept honest

The badge is recomputed nightly across the whole index, and re-evaluated live the moment a company files — so a match is always a statement about the current register, not a stale list. Like every signal the scout raises: a prompt to look closer, never a verdict.