Weekly insights and analysis on the latest developments in military technology, strategy, and foreign policy.
The U.S. Air Force has confirmed it has come up with a new set of requirements as it continues to look for a successor to its hard-working MQ-9 Reaper fleet. In contrast to the Reaper, the replacement aircraft is likely to be more flexible in terms of mission spectrum. At the same time, the service wants to use new manufacturing technologies to ensure that it can be built at scale and at a lower price point than the MQ-9. This would allow it to be bought in larger numbers and risked more freely in contested environments.
All this reflects the continued high utility placed on the MQ-9 fleet, as well as its considerable loss rates sustained against mid-tier and lower-tier adversaries. It also points away from filling the MQ-9’s role with a far more exquisite, costly, but more survivable asset, which seemed to have been the direction the Air Force was heading, at least in part, for many years now. With this in mind, this new direction appears to accept that many losses will occur in future combat scenarios and embraces that reality to leverage quantity over quality for whatever eventually takes over from the MQ-9.
Testifying before a Senate Armed Services Committee hearing yesterday, Maj. Gen. Christopher Niemi, the acting head of Air Force Futures, said that a new requirements document for an MQ-9 replacement had been approved. Aviation Weekwas first to report the development.
U.S. Air Force Maj. Gen. Christopher J. Niemi, seen in June 2025, when he was the U.S. Air Force Warfare Center commander. U.S. Air Force photo by Airman 1st Class Jennifer Nesbitt Airman 1st Class Jennifer Nesbitt
The approval clears the path for the Air Force to begin a new acquisition process for an uncrewed aircraft system (UAS) that will assume the MQ-9’s role. A medium-altitude, long-endurance (MALE) system, the Reaper is primarily used for intelligence, surveillance, and reconnaissance (ISR) and strike missions.
Niemi told the Senate Armed Services Committee that improvements in technology since the MQ-9 was developed mean the service now considers it possible for a new drone to be “more flexible,” leaning upon open architectures.
At the same time, modern production methods mean the new drone will be easier and cheaper to produce “in mass numbers,” Niemi said. The result should be a drone that the Air Force can “use in a more attritable way.”
A U.S. Air Force MQ-9 Reaper, assigned to the 432nd Wing, sits on the flightline while being prepared for takeoff at Creech Air Force Base, Nevada, June 2, 2025. U.S. Air Force photo by Senior Airman Renee Blundon
Interestingly, within the Air Force, there has in recent years been a shift away from the term attritable — meaning inexpensive enough to be willing to lose on high-risk missions while being capable enough to be relevant for those missions — to “affordable mass.” This is something TWZpreviously highlighted was already happening back in 2021.
This change came about as a way of helping define the kinds of advanced drones that the Air Force is planning to acquire in the coming years, reflecting that their capabilities will necessarily come at a cost that will make them less than “attritable.”
Last month, the Air Force published a market survey notice, requesting information from industry on a new attritable ISR drone.
This notice included some key performance parameters for the drone, including a range of up to 932 miles and a 20-hour endurance. The attritable nature of the drone was reflected in a requirement for it to fly 100 missions with a “low-to-medium acquisition” cost.
The basic Reaper can fly for more than 20 hours unarmed, or more than 12 hours with weapons. In the case of the MQ-9B version, with an extended wingspan, flight endurance can be increased to more than 40 hours.
An aerospace ground equipment specialist assigned to the 174th Attack Wing, New York Air National Guard, checks data on an MQ-9 Reaper, armed with Hellfire missiles, during Exercise Sentry South 26-2 in Gulfport, Mississippi, March 3, 2026. U.S. Air National Guard photo by Staff Sgt. Dylan McCrink
“Operators desire low-cost, fast-to-field, fast-to-deploy airborne ISR mass to increase mission flexibility and mission surging,” the market survey notice added.
The process of figuring out what to replace the Reaper with has been ongoing for many years now. However, the latest effort is noteworthy for its emphasis on a lower-cost, more attritable platform.
Back in 2020, the Air Force published a request for information for a program dubbed MQ-Next, also seeking an MQ-9 successor. This was focused on ISR and strike capabilities, but also stated a desire for reduced operating costs and greater persistence, survivability, and range.
By 2021, the Air Force was concentrating more on a family of systems — the so-called Next-Generation Multi-Role Unmanned Aerial System Family of Systems (Next-Gen Multi-Role UAS FoS) — including a growing emphasis on low-observable (stealth) technologies. The same year, the service said it was seeking a replacement for the MQ-9 that could possibly include defensive counter-air capabilities to protect high-value manned aircraft, such as tankers, as well as potentially fly red air aggressor missions. Fast forward to today, and it’s clear that these higher-performance air-to-air focused missions could be taken over, at least in part, by the current Collaborative Combat Aircraft program. As a result, whatever replaces the MQ-9 is unlikely to have such broad requirements.
The Next-Gen Multi-Role UAS FoS included scope for platforms that could be survivable and reusable, or ones that would be attritable or expendable. This was not a single platform solution, either. It would likely need to include a mix of systems.
A Northrop Grumman concept for a possible stealthy MQ-Next. Northrop Grumman
The 2021 document also stipulated that the MQ-9’s successor should be tailored for Great Power Competition, pointing to a drone ecosystem suitable for the kinds of highly contested environments that would be encountered during a conflict with a peer rival such as China or Russia. At the same time, the solution was also intended to fly missions in more permissive environments, like the MQ-9.
Around this same time, the Air Force also said it wanted to leverage advances in development and manufacturing, meaning that smaller numbers of manned aircraft could be produced quickly to meet dynamically evolving threats. This reflected the Air Force’s “Digital Century Series” that was in vogue at that time, and which led to talk about “throwaway” technology and essentially “disposable” aircraft. Some of this appears to have made it into these new requirements, which stipulate that the aircraft needs to be able to fly just 100 missions.
Meanwhile, the latest statements from the service describe a drone with increased flexibility achieved through open architecture, rather than building bespoke batches of drones for particular requirements. Previous statements from the service outlined an aspiration to have its new drone capable of accommodating rapidly reconfigurable payloads, something that open architecture would expedite.
An MQ-9 Reaper assigned to the 174th Attack Wing flies over Hancock Field Air National Guard Base, Syracuse, New York, following a routine training flight, October 31, 2024. U.S. Air National Guard photo by Senior Airman Dylan McCrink Staff Sgt. Dylan McCrink
Above all else, the MQ-9 successor will still have to operate in contested environments.
In his testimony yesterday, Niemi presented a vision of a new drone, the design of which would stress being attritable, rather than survivable.
The Pentagon has long worked on the basis that a future conflict with a peer rival, and especially with China in the Pacific, would see it facing highly robust anti-access/area-denial (A2/AD) scenarios. With that in mind, previous Reaper replacement studies had suggested that low observability would need to be incorporated into the design.
An MQ-9 armed with an AIM-9X Sidewinder air-to-air missile. U.S. Navy
The latest thinking seems to reject that, or at least reorient the program toward a lower-cost platform of the kind that the Air Force would be able to field in mass, as well as to absorb the anticipated attrition in a high-end conflict. This does not preclude this airframe from featuring low-observable elements. In fact, it most likely will. But those would be more aggressively balanced against cost.
Concerns over the MQ-9’s vulnerability to air defenses have been ongoing for years now, although usually the nuances of this issue are not portrayed accurately in the media. Regardless, many MQ-9s were lost over Yemen, against a bottom-tier force. The war with Iran earlier this year underlined both the great utility and vulnerabilities of the platform. At least 24 Air Force Reapers were destroyed during the war, but these aircraft were pushed deep into Iran, loitered there for hours on end, and did some of the most important air-to-ground strike and surveillance work during the air campaign. While the Air Force says it plans to “buy back” some of the losses from that conflict, that will come with a hefty price tag, something that the service will want to avoid with its next ISR/strike drone. Furthermore, production of the MQ-9A model has now ended in favor of the MQ-9B.
The assumption that the MQ-9 replacement will be acquired in significant numbers is also noteworthy in terms of the current Air Force Reaper fleet, which includes more than 130 MQ-9As, according to Aviation Week.
MQ-9 Reapers assigned to the 49th Aircraft Maintenance Squadron parked on the flightline for display during the Legacy of Liberty Air Show at Holloman Air Force Base, New Mexico, April 18, 2026. U.S. Air Force photo by Airman Jose Veras
What appears to be missing at this stage, or at least obscured, is an acquisition strategy for the new drones. As well as the aerial platforms, the MQ-9 successor will require suitable new ground control systems, sensors, and data exploitation technologies, all of which are compatible with open-architecture standards. These systems will also have to leverage the latest technologies to allow the drones to be more effective and more survivable over the battlefield.
Since MQ-Next, the U.S. drone landscape has changed considerably in terms of manufacturers. A few years ago, Northrop Grumman, Lockheed Martin, and General Atomics would have been seen as the front-runners for the MQ-9 replacement. Now, there are more contenders, often with a founding focus on rapidly scaling up production at low cost. Still, these firms have much to prove, especially considering the risk in replacing an aircraft as important as the MQ-9. At the same time, in the more advanced drone space, the legacy defense “prime” contractors are also making major progress in leveraging new technologies to reduce production costs and migrating away from exquisite, very expensive drones as their default offerings.
A rendering General Atomics released in 2021 of a concept for MQ-Next. General Atomics
Back in 2021, the Air Force was promoting a “Speed to Ramp” initiative for its MQ-Next, which would see the first iterations of this capability fielded before “the 2026/2027 timeframe.” Other solutions under the same effort would begin to be fielded “in the 2030 timeframe,” the Air Force said.
While the latter timeline might still be somewhat achievable, it will require a considerable effort and investment and, not least, the firming up of the requirements for exactly what the Air Force wants its MQ-9 replacement to look like.
What we do know is that, while the Reaper’s replacement might not be as survivable as once envisioned, it will certainly be tailored to the increasingly harsh realities of a conflict against an advanced peer-state adversary.
VATICAN CITY — The Vatican raised the “need to work tirelessly in favor of peace” in talks Thursday with U.S. Secretary of State Marco Rubio, who came to Rome on a fence-mending visit after President Trump’s criticisms of Pope Leo XIV over the Iran war.
Both the Vatican and the U.S. State Department stressed that Rubio’s meetings with Leo and the Vatican’s top diplomat underscored strong bilateral ties. Those relations, though, have been strained over Trump’s repeated broadsides about Leo’s calls for peace and dialogue to end the U.S.-Israeli war.
Rubio, a practicing Catholic, has often been called on to tone down or explain Trump’s harsh rhetoric. He had an audience first with Leo, which was complicated at the last minute by Trump’s latest criticism of the Chicago-born pope. During a 2½-hour visit, Rubio then met with the Vatican secretary of state, Cardinal Pietro Parolin, who on the eve of his visit had strongly defended Leo and criticized Trump’s attacks.
“Attacking him like that or criticizing what he does seems a bit strange to me, to say the least,” Parolin said Wednesday.
After the meetings, the U.S. State Department said that Rubio and Parolin discussed “ongoing humanitarian efforts in the Western Hemisphere and efforts to achieve a durable peace in the Middle East. The discussion reflected the enduring partnership between the United States and the Holy See in advancing religious freedom.”
In a separate statement about the audience with Leo, U.S. State Department spokesperson Tommy Pigott said that the two discussed the situation in the Middle East and the Western Hemisphere. “The meeting underscored the strong relationship between the United States and the Holy See and their shared commitment to promoting peace and human dignity,” he said.
The Vatican, for its part, said that during Rubio’s meetings with both Leo and Parolin, “the shared commitment to fostering good bilateral relations between the Holy See and the United States of America was reaffirmed.”
It said the two sides exchanged views on the current events “with particular attention to countries marked by war, political tensions, and difficult humanitarian situations, as well as on the need to work tirelessly in favor of peace.”
Rubio also has meetings Friday with Italian Premier Giorgia Meloni and Foreign Minister Antonio Tajani. Those meetings might not be much easier for Washington’s top diplomat, given both have strongly defended Leo against Trump’s attacks and have criticized the Iran war as illegal — drawing the president’s ire.
A mission to smooth ties
The tensions began when Trump lashed out at Leo on social media last month, saying the pope was soft on crime and terrorism for comments about the administration’s immigration policies and deportations as well as the Iran war. Leo then said that God doesn’t listen to the prayers of those who wage war.
Later, Trump posted a social media image appearing to liken himself to Jesus Christ, which was deleted after a backlash. He has refused to apologize to Leo and has sought to explain away the post by saying that he thought the image was a representation of him as a doctor.
Rubio said that Trump’s recent criticisms of Leo were rooted in his opposition to Iran potentially obtaining a nuclear weapon, which he said could be used against millions of Catholics and other Christians.
Leo has never said Iran should obtain nuclear weapons and that the Catholic Church “for years has spoken out against all nuclear weapons, so there is no doubt there.”
“The mission of the church is to preach the Gospel, to preach peace. If someone wants to criticize me for announcing the Gospel, let him do it with the truth,” Leo said late Tuesday, after Trump again accused him of being “OK” with Iran having a nuclear weapon.
By Thursday, tensions seemed to have eased.
Rubio gave Leo a small crystal football paperweight. He acknowledged Leo’s known allegiance to the Chicago White Sox, saying “you’re a baseball guy,” but noted that the football had the seal of the State Department on it.
“What to get someone who has everything?” Rubio joked as he gave Leo the paperweight.
Leo, for his part, gave Rubio a pen apparently made of olive wood — “olive being of course the plant of peace,” Leo said — with his coat of arms on it and a picture book of Vatican artworks.
Trump also has criticized Meloni and other NATO allies for a lack of support for the Iran war, recently announcing plans to withdraw thousands of American troops from Germany in the coming months.
Vatican seen as willing to have dialogue
Giampiero Gramaglia, former head of the ANSA news agency and its onetime Washington correspondent, said that he didn’t expect much to come out of Rubio’s visit for Italian or Vatican relations. He, and other Italian commentators, believe Rubio instead was looking to smooth over relations with the pope for his own political ambitions, as well as the upcoming midterm U.S. congressional elections and 2028 presidential race.
“I doubt Rubio has the role of conciliator for Trump,” he told Italy’s Foreign Press Association. “I have the perception that Rubio’s mission is more about himself” and his political ambitions as a prominent Catholic Republican.
The Rev. Antonio Spadaro, undersecretary in the Vatican’s culture office, said that Rubio’s mission wasn’t to “convert” the pope to Trump’s side. Rather, Washington “has come to acknowledge — implicitly but legibly — that (Leo’s) voice carries weight in the world that cannot simply be dismissed.”
“The situation created by President Trump’s remarks required a high-level, direct intervention, conducted in the proper language of diplomacy: a semantic corrective to a narrative of frontal conflict with the church,” he wrote in an essay this week.
Cuba is also on the agenda
Rubio said that topics other than the Iran war were on the agenda for the Vatican visit, including Cuba. The Holy See is particularly concerned about the Trump administration’s threats of potential military action there following its January ouster of Venezuelan President Nicolás Maduro.
Trump has said frequently that Cuba could be “next,” and even suggested that once the Iran war is over, naval assets deployed in the Middle East could return to the United States by way of Cuba.
Rubio is the son of Cuban immigrants and a longtime Cuba hawk.
“We gave Cuba $6 million of humanitarian aid, but obviously they won’t let us distribute it,” Rubio said. “We distributed it through the church. We’d like to do more.”
Winfield and Lee write for the Associated Press. Lee reported from Washington.
Private credit faces mounting stress from liquidity mismatches, fraud concerns, and macro pressures, even as bullish sentiment persists.
Private credit has avoided a “Lehman moment,” but pressure is building across liquidity, leverage, and transparency—raising doubts about how long the asset class can withstand its visible cracks.
Some investors have had enough. Consider the surge in redemption requests at firms like Morgan Stanley, Apollo Global Management, BlackRock and Blue Owl Capital. Each firm capped withdrawals at 5% per fund, and saw their stock prices plummet. At a glance, this exodus of money signals that an endgame could be near.
Larry Fink, the billionaire CEO of BlackRock, attempted to quell fears on an earnings call last week, insisting that institutional demand is accelerating. Meanwhile, financial regulators are raising red flags. Financial Stability Board Chair Andrew Bailey warned in an April letter to the G20 that geopolitical tensions, such as the ongoing conflict in the Middle East, could reduce asset quality and further strain private credit funds.
The dichotomy has finance pros scratching their heads, wondering what to make of a key part of the $15 trillion private markets ecosystem. If data from U.K.-based data company Preqin is correct, private credit could exceed $30 trillion by 2030. Even with solid fundamentals, private credit’s mounting liquidity concerns, leverage risks and macroeconomic pressures are testing its resilience.
The Liquidity Mismatch Problem
“This is not a single-firm story,” Former Nasdaq Vice Chairman David Weild told Global Finance. “It is sector-wide.”
Fink may be right; private credit offers compelling risk-adjusted returns, Weild, now an advisor at private-credit platform KoreInside, said. “However, if the claim is that you can deliver those returns inside a vehicle that promises quarterly or monthly liquidity to retail investors, one will inevitably discover that in times of market stress, the demand for liquidity will exceed the short-term supply of liquidity.”
Recent turmoil in private credit has raised questions about whether 2026 could bring a broader retrenchment. The industry faces growing scrutiny over fraud risks, regulatory pressure, and the impact of AI-driven disruption. Transparency concerns are also weighing on investor confidence, highlighted by automotive parts supplier First Brands Group, which has filed for bankruptcy protection and has allegedly concealed billions of dollars in debt from lenders, including exposure in private credit accounts held by BlackRock.
Software lending has come under particular focus, given its large share of private credit portfolios. AI-driven disruption is now raising concerns about future credit losses.
“The combination of AI-driven disruption in enterprise software valuations, tighter lending standards, and redemption pressure on the very BDC vehicles that would normally provide refinancing capacity creates a compounding problem,” Weild said. “Some private credit funds are already turning away software companies outright, given the impact of AI on that industry.”
What Needs To Change
Private credit bulls need to rethink “real structural challenges,” such as how capital is raised, how vehicles are structured, and what level of education advisors need going forward, said Prath Reddy, President of Percent Securities. A lack of accessible data, limited liquidity, and insufficient options for tailored exposure also give him pause.
“We are certainly in a stress scenario now,” said Reddy. “Leaving [these issues] unaddressed leaves a tremendous amount of capital on the table from wealth management channels.”
Private credit might be under the microscope, but some private equity players continue to cash in. Ares Management raised $9.8 billion for an opportunistic credit strategy, Adams Street Partners closed its $7.5 billion Private Credit III fund, and Carlyle Group raised $1.5 billion in initial funding for a new asset-backed finance vehicle.
“For private credit to keep working at this scale, liquidity structures, leverage levels, and repayment timelines all need to remain aligned as exits take longer and refinancing becomes more selective,” said Jun Li, EY’s Global and Americas Wealth & Asset Management Leader. Stress arises when those assumptions break down simultaneously.
“A true stress scenario would likely involve refinancing risk colliding with slower exits and shifting liquidity expectations, particularly if capital is locked up longer than anticipated and operating models are not built to absorb that pressure,” Li added.
Banks Reprice The Relationship
Jun Li, EY
Big banks—both competitors and partners to nonbank lenders—are trying to project calm.
JPMorgan Chase CEO Jamie Dimon, for example, downplayed concerns about the private credit sector on an April 14, 2026, earnings call. That’s in stark contrast to his take last year, when Dimon referred to the bankruptcy proceedings of First Brands and TriColor—two companies that relied on private credit—as “cockroaches.“
JPMorgan Chase is now tightening certain relationships with private credit funds to limit exposure amid volatility. Goldman Sachs and Barclays are taking a similar risk-management stance.
“On one side, fundamentals still look supportive with institutional capital stepping in as banks pull back,” Li said. On the other hand, pressures are building around liquidity, leverage, and refinancing, which naturally raises systemic questions.
As Li put it: “This doesn’t look like an endgame, but it does look like a decisive moment.”
What’s Next
From here, Li is predicting that private credit will separate into managers who can operate through longer cycles, tighter liquidity, and greater scrutiny, and those who cannot.
“Some strategies may struggle, but the broader market is still evolving rather than unwinding,” Li added. “The outcome will depend less on a single shock and more on how well firms adapt to a more demanding environment.”
Other observers are more bullish. Attorney Derek Ladgenski, a partner specializing in private credit at Katten Muchin Rosenman, argued that experienced market participants will ultimately work through the sector’s challenges.
“The Avengers are closer to an endgame than private credit,” said Ladgenski. “The tombstone for private credit has been written many times before.”
Ladgenski said that while cyclical pressures exist across all asset classes, the deeper challenge in private credit is liquidity mismatch—an outcome, in part, of significant investor inflows chasing its strong historical track record and forward-looking returns.
Still, any “stickiness” will ultimately strengthen the sector, he added. “And the current sound bites and headlines regarding any death knells will be forgotten soon enough.”
Save stress and time if your holiday is due to start in the early hours of the morning
It’s one less thing you have to stress about when getting to the airport at 4am(Image: Joan Valls/Urbanandsport/NurPhoto via Getty Images)
People can start their holiday quicker than others when flying with Jet2 and taking advantage of a little-known service that lets families skip the queues. Planning this ahead of time can make early morning flights feel “a whole lot easier”.
On its website, Jet2 claims the Twilight Check-in service can be used by any passengers booked to fly on a service due to leave the airport before midday. Later flights in the afternoon or evening cannot benefit from this perk.
A spokesperson said: “Your morning flight is about to get a whole lot easier. With our free Twilight Check-in service, you can drop your bags off at your UK departure airport between 4.30pm and 9pm the evening before your morning flight.
“Thanks to Twilight Check-in, when you arrive at departures the next day, your luggage is already sorted. If you live near the airport or are staying at a nearby hotel, it’ll make your morning a little easier.”
Flights leaving before midday are extremely common at UK airports. People tend to opt for these early departures to make the most of their holiday time rather than leaving the UK later.
The following UK airports offer the free Jet2 Twilight Service:
Birmingham
Bristol
East Midlands
Edinburgh
Glasgow International
Leeds Bradford
Liverpool
London Gatwick
London Luton
London Stansted
Manchester
Newcastle
The process of pre-checking luggage the night before can save time and hassle on the morning of the trip. Jet2 claims that people don’t need to book this service specifically in advance, but people do need to check in online “no later than 24 hours before their flight”.
Some UK airports offer discounted or free limited-time parking to customers who use Twilight Check-in. The Jet2 website lists 10 that offer this for customers, but stresses that travellers should check for themselves using the Airport Information page on its website.
People who want to use this service will need to remember to bring their boarding passes and passports along with bags (excluding hand luggage). After completing everything, get some rest and, on the day of the flight, Jet2 claims people can simply “bypass check-in and head to security”.
It only takes one person from your group to check in and drop off bags for up to six people travelling on the same booking reference. For full details of how the free service works, click here.