1st Quarter 2023 Chapter 11, Healthcare and Real Estate Distress Indices

In the first quarter of 2023, overall Chapter 11 distress increased modestly from the prior quarter and year-over-year, though it remained well below historical benchmark levels. Real estate distress rose on both a quarterly and annual basis but continued to track significantly below long-term norms. Health care services distress declined modestly from the prior quarter and year-over-year, moving closer to historical benchmarks as the share of health care filings continued to decrease.