Bankruptcy Filings Reported to be Evenly Distributed Across Senior Living and Care Sector

A new report covered by McKnight’s Senior Living, drawing on analysis from National Investment Center and Gibbins Advisors, shows that bankruptcy filings across senior living, skilled nursing, and CCRCs have been relatively evenly distributed since 2019.

Reviewing Chapter 11 cases with at least $10 million in liabilities, the data reveals senior living operators accounted for 38% of filings, followed by skilled nursing facilities at 32% and CCRCs at 30%. Despite some year-to-year variability, particularly in skilled nursing, the overall volume of filings has remained consistent, averaging between 10 and 15 cases annually (excluding 2020).

The findings suggest financial stress has been broadly shared across the sector rather than concentrated in any single segment, with smaller operators (under $500 million in liabilities) making up the vast majority of filings.