On this slide, we look at the distressed loan market in the United States. On the right-hand side, we show distressed loan volume, which is the largest volume of loans at a distressed level since the peak of the pandemic in June 2020. At the sector level, we see the greatest stress in the health care-related industries. Labor costs have been particularly acute in health care due to the flurry of retirements and job churn we saw begin during the pandemic. Margins have also been negatively impacted by steep medical costs and higher operating costs rise.