Drew Baglino

There was all this excitement, I think, about New Shepard, especially because Katy Perry went to space and for civilians who maybe want to have that moment like Mark Bezos had.

So do you think you'll go back to that at some point?

Is it really just a pause?

So it really is a space race right now.

Yeah, that's exactly right.

So these are private firms.

They are owned by private equity firms, which obviously borrowed in order to buy them.

So these are companies, software firms, that have bonds and loans outstanding.

Now, a lot of debt tied to software has sold off in recent weeks, particularly software as a service, because investors are very worried about the threat of AI disruption potentially supplanting some of those tasks.

So we have seen billions of dollars of loans tied to U.S.

software and U.S.

tech slipping into distressed territory.

Now, amid all of this concern, we have had a couple of private software firms actually opening their earnings books a little bit early to investors in a bid to calm nerves, to say that our earnings and our revenue are trucking along just fine.

So we had the likes of McAfee, which showed that it's

Fourth quarter revenue held steady at about 626 million compared to the year earlier.

We had rocket software, which actually saw a 5% increase in 2025 revenue.

And we had Perforce software, which actually saw a slight decline, but it was just a slight decline.

So the aim here is to say we're software firms, but we are actually benefiting or we are handling or we are dealing with the AI threat.

Right.

Well, I mean, a lot of this debt is actually senior secured, which means it is backed by collateral.