Continuing the trends from the 4th quarter, the indices once again diverged in the 1st quarter of 2022.

Bankruptcy filings in the United States continued at a slow pace in the first quarter of 2022.

The Polsinelli|TrBK Healthcare Research Index increased 25 points in the first quarter of 2021 to 221.67. This index remains well below pre-pandemic levels. The Polsinelli|TrBK Chapter 11 Research Index decreased more than 9 points in the first quarter bringing it to its lowest level since the index was developed. The Polsinelli|TrBK Real Estate Distress Research Index was down slightly from 20.17 in the fourth quarter to 19.70 in the first quarter of 2022.

The indices are contrarian indicators of economic performance, so that a low index value is likely to occur in a strong economy, and a higher index value is likely to occur when financial distress is escalating.

Polsinelli|TrBK Distress Indices released the 1st Quarter 2022 Report on May 9, 2022. The indices use filtered Chapter 11 filings as a proxy for distress in the overall U.S. economy and certain sub-sectors. A summary of the data for the first quarter of 2022 is shown below.