1st Quarter 2020 Chapter 11, Healthcare and Real Estate Distress Indices

In the first quarter of 2020, overall Chapter 11 distress increased quarter-over-quarter and year-over-year, though it remained approximately 45% below benchmark levels from 2010. Real estate distress rose both quarterly and annually but continued to track well below historical benchmarks despite three consecutive quarters of increasing filing share. Health care services distress increased modestly from the prior quarter and, while lower than a year ago, remained significantly elevated relative to long-term benchmarks, continuing a multi-year trend of outsized distress compared to other sectors.