In the first quarter of 2022, overall Chapter 11 distress continued to decline on both a quarterly and year-over-year basis, reaching levels well below historical benchmarks. Real estate distress edged down slightly from the prior quarter and remained significantly lower than both year-ago and long-term benchmark levels, despite a notable increase in filing share. Health care services distress rose for a second consecutive quarter but remained lower than a year earlier, with filing activity increasing to its highest level since mid-2020.