CuriosityStream Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
CURI$2.51-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001628280-26-035211
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001628280-26-056713
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 87 previous paragraphs and 83 current paragraphs.
48 unchanged; 26 reworded; 9 added; 13 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current report
During the second quarter of 2026, the Company disposed of its educational lifelong-learning, faith-based, and audio-format content brands (Curiosity University, Catholic Stream and Curiosity Audio, respectively) to an unrelated third party, concurrently entering into a long-term content license agreement with the buyer to continue monetizing the underlying content library, alongside a Distribution and Services Agreement under which the Company receives a fee equal to 10% of the buyer's net revenue for providing ongoing operational and distribution services. This transaction reflects the Company's ongoing strategy to concentrate its resources on its core streaming and technology platform, including the continued expansion of its AI content and technology licensing initiatives, while divesting non-core brand assets that are not central to this strategic focus. See Note 16 — Disposition of Curiosity Brands, LLC and Related Agreements to the Unaudited Condensed Consolidated Financial Statements for further discussion.
Current report
For the three months ended June 30, 2026, the Company reported operating income and net income of $9.2 million and $8.9 million, respectively, compared to operating income and net income of $0.5 million and $0.8 million, respectively, for the three months ended June 30, 2025. This improvement in results was attributable to a $4.2 million, or 22%, increase in total revenue, driven by higher licensing revenue and a $4.5 million, or 24%, decrease in total operating expenses, driven by a reduction in costs across all operating expense categories.
Current report
For the six months ended June 30, 2026, the Company reported operating income and net income of $7.6 million each, compared to operating income and net income of $0.6 million and $1.1 million, respectively, for the same period in 2025. This improvement in results was attributable to a $4.3 million, or 13%, increase in total revenue, driven by higher licensing revenue, and a $2.8 million, or 8%, decrease in total operating expenses, reflecting lower cost of revenues and advertising and marketing, partially offset by higher general and administrative expenses.
Current report
Cost of revenues decreased $2.6 million, or 29%, and $3.0 million, or 19%, for thethree and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily driven by a decrease in distribution costs, principally reflecting the timing of AI revenue share expenses. These increases were partially offset by an increase in Other, primarily driven by higher storage and other technology costs reflecting the investment in our data library for AI training. We expect these costs to decline in the second half of 2026.
Current report
For thethree and six months ended June 30, 2026, advertising and marketing expenses decreased $1.4 million, or 42%, and $0.8 million, or 13%, respectively, compared to the same periods in 2025. The decreases were primarily driven by more efficient marketing spend.
Current report
For the three months ended June 30, 2026, general and administrative expenses decreased $0.5 million, or 8%, compared to the same period in 2025, primarily driven by a $0.4 million decrease in stock-based compensation expense resulting from the RSUs granted in July 2025 and a $0.2 million decrease in professional services, reflecting our ongoing commitment to disciplined expense management and operational efficiency.
Current report
For the three and six months ended June 30, 2026, the Company recorded income tax provision of $0.4 million and$0.5 million, respectively, compared to income tax benefits of $0.1 million each for the same periods in 2025. The change in the income tax provision was primarily driven by changes in our estimated annual effective tax rate, reflecting projected full-year valuation allowance utilization and state income tax liabilities.
Current report
For the six months ended June 30, 2026 and 2025, net cash used in financing activities was $11.6 million and $14.0 million, respectively. The decrease in cash used was primarily driven by a $2.8 million decrease in dividends paid and a $0.6 million decrease in payments related to tax withholding, partially offset by $0.9 million used for repurchases of common stock in 2026, with no comparable activity in 2025.
Removed paragraphs (13)
Previous report
For the three months ended March 31, 2026, the Company reported an operating loss of $1.5 million, compared to an operating income of $0.1 million for the three months ended March 31, 2025. This $1.6 million decrease in operating results was primarily driven by a $1.7 million, or 11%, increase in total operating expenses, largely due to higher stock-based compensation charges.
Previous report
The Company recognized a net loss of $1.3 million for the three months ended March 31, 2026, compared to net income of $0.3 million in the prior year period, resulting in a year-over-year decrease of $1.6 million. The decrease in our net result of $1.6 million, was primarily due to higher general and administrative expenses of $1.5 million.
Previous report
Since the Company was founded in 2015, we have generated the majority of our revenues from consumers directly accessing our content in the form of monthly or annual subscription plans.
Previous report
For thethree months ended March 31, 2026, total revenue increased slightly by $0.1 million compared to the same period in 2025, as a $0.6 million increase in Licensing revenue was offset by a $0.5 million decline in Subscription revenue.
Previous report
Other
Previous report
We provide advertising and sponsorship services by developing integrated digital brand partnerships designed to offer CuriosityStream content in a variety of forms. These include short- and long-form program integration, branded social media promotional videos, and broadcast advertising spots within our video and audio programs. Our services are made available via our linear programming channels, in front of the paywall, and through an increasing focus on digital display ads. Additionally, we deliver content through advertising-based video-on-demand (AVOD) and free advertising-supported streaming television (FAST) platforms. This includes our dedicated YouTube channels (Curiosity and Curiosity University), where we generate advertising revenue from our digital content without transactional video-on-demand (TVOD) components. We continue to expand these offerings across YouTube and other similar ad-supported distribution channels to maximize our brand reach and digital ad inventory.
Previous report
In the future, we intend to continue developing integrated digital brand partnerships with advertisers. These sponsorship campaigns offer companies the chance to be associated with CuriosityStream content in the forms described above. We believe the impressions accumulated in these multi-faceted campaigns would result in verifiable metrics for the clients.
Previous report
Our primary operating costs relate to the cost of producing and acquiring our content, the costs of advertising and marketing our service, personnel costs, and distribution fees.
Previous report
For the three months ended March 31, 2026, and 2025, our operating expenses were $16.7 million and $15.0 million, respectively, an increase of $1.7 million, or 11%.
Previous report
Cost of revenues decreased to $6.7 million for thethree months ended March 31, 2026, a 6% decrease from$7.1 million for the same period in 2025. These decreases were primarily driven by a $1.3 million, or 45% decreases in distribution costs, resulting from reductions in music licensing fees and AI revenue share costs compared to the same period in 2025. These decreases were partly offset by $0.7 million, or 93% increase in Other for thethree months ended March 31, 2026, primarily due to higher storage costs and web service costs directly related to the delivery and management of data assets under our increased AI licensing agreements.
Previous report
Subsequent to March 31, 2026, in April 2026, the minority partners of the Spiegel Venture exercised their respective put options. As a result, the Company is committed to acquiring the remaining 68% ownership interest for an aggregate purchase price of approximately $1.9 million, based on the formula set forth in the relevant Share Purchase Agreement. The Company expects to finalize this transaction in mid-2026 and intends to fund the acquisition using existing cash on hand. Upon closing, the Company will own 100% of the Spiegel Venture and will begin consolidating its financial results.
Previous report
We cannot predict when or if we will repurchase any additional shares of common stock as this stock repurchase program will depend on a number of factors, including constraints imposed by applicable federal securities laws, price, general business and market conditions, and alternative investment opportunities. This program does not obligate us to acquire any particular amount of common stock. The program has no expiration date and may be modified, suspended or discontinued at any time at our discretion.
Previous report
For the three months ended March 31, 2026 and 2025, net cash used in financing activities was $5.2 million and $2.6 million, respectively, reflecting an increase of $2.5 million primarily due to dividends paid.
Reworded paragraphs (26)
Previous wording
CuriosityStream’s award-winning content library features 14,000 programs that explore topics ranging from space engineering to ancient history to the rise of Wall Street, and includes shows and series from leading nonfiction producers. Each week we launch new video titles, which are available on demand in high- or ultra-high definition. Through new and long-standing international partnerships, substantial portions of our video library have been localized from English into eleven different languages. The Company also aggregates rights to millions of video and audio programs, course materials and other assets to utilize on our own services as well as license to other media and technology companies.
Current wording
CuriosityStream’s award-winning content library features 15,000 programs that explore topics ranging from space engineering to ancient history to the rise of Wall Street, and includes shows and series from leading nonfiction producers. Each week we launch new video titles, which are available on demand in high- or ultra-high definition. Through new and long-standing international partnerships, substantial portions of our video library have been localized from English into eleven different languages. The Company also aggregates rights to millions of video and audio programs, course materials and other assets to utilize on our own services as well as license to other media and technology companies.
Previous wording
The financial data in the following table sets forth selected financial information derived from our Unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2026, and 2025, and includes our results of operations as a percentage of revenue or as a percentage of costs, as applicable, for the periods indicated:
Current wording
The financial data in the following table sets forth selected financial information derived from our Unaudited Condensed Consolidated Financial Statements for the three and six months ended June 30, 2026, and 2025, and includes our results of operations as a percentage of revenue or as a percentage of costs, as applicable, for the periods indicated:
Previous wording
Our future operating results and cash flows are dependent upon a number of opportunities, challenges, and other factors, including our ability to efficiently grow our subscriber base, increase our prices and expand our service offerings to maximize subscriber lifetime value.
Current wording
Our future operating results and cash flows are dependent upon a number of opportunities, such as our AI licensing initiatives and other factors, including our ability to efficiently grow our subscription business.
Previous wording
The Company continually evaluates pricing structures to align with market conditions, including price adjustments for legacy subscribers initiated in March 2023 as well as March 2026. Alongside standard subscriptions, the Company offers the “Smart Bundle” service, which includes access to Tastemade, Kidstream, SOMM TV, and Curiosity University.
Current wording
The Company continually evaluates pricing structures to align with market conditions, including price adjustments for legacy subscribers initiated in March 2026. Alongside standard subscriptions, the Company offers the “Smart Bundle” service, which includes access to Tastemade, Kidstream, SOMM TV, and Curiosity University.
Previous wording
For the three months ended March 31, 2026, direct business revenue decreased due to a lower overall subscriber count. However, this portion of our business benefited from a strategic price increase implemented in March 2026, which applied to our subscription offerings across our direct business platforms. Additionally, new partnerships and revised affiliate agreements drove a net increase in wholesale distribution revenue for the quarter.
Current wording
For the three and six months ended June 30, 2026, subscription revenue decreased due to a lower overall subscriber count, partially offset by an increase in average monthly revenue per paying subscriber reflecting the strategic price increases implemented in March 2026, which applied to our subscription offerings across our direct business platforms.
Previous wording
Through our Licensing business, we license collections of existing titles from our content library to various media companies. These transactions include traditional cash licenses as well as non-cash barter arrangements (whereby we license out our content in exchange for new programming to expand our library while preserving liquidity). Additionally, we license and sublicense high volumes of content and data assets to organizations developing large language models (LLMs) and other artificial intelligence (AI) products.
Current wording
Through our licensing business, we deliver content and data assets across two primary models: traditional cash licensing and non-cash barter arrangements. Under our cash licensing arrangements, we license titles from our library to various media companies. We also license and sublicense high volumes of content and data assets to technology organizations developing artificial intelligence technologies, such as large language models (LLMs), small language models (SLMs), and physical AI applications. Under our non-cash barter arrangements, we exchange existing titles from our library for new programming, which allows us to expand our content offerings while preserving liquidity.
Previous wording
The growth in licensing was primarily driven by expanded barter activity. Under these non-cash arrangements, the Company acquires additional content to expand its content library, which consequently required the concurrent recognition of licensing revenue at the estimated fair value of the content received. The volume of these transactions varies based on the timing of content exchanges between the Company and its partners.
Current wording
Licensing growth during the period was driven by an increase in traditional cash licensing, including the long-term content license agreement with Curiosity Brands, as well as expanded barter activity. Because acquiring content under non-cash barter transactions requires the concurrent recognition of licensing revenue at the estimated fair value of the assets received, increased barter volume directly impacts recognized revenue. The frequency and timing of these arrangements fluctuate based on when content exchanges are executed with our partners.
Previous wording
The following table details cost of revenues for the three months ended March 31, 2026, and 2025:
Current wording
The following table details cost of revenues for the three and six months ended June 30, 2026, and 2025:
Previous wording
Our advertising and marketing expenditures are a primary operating cost for our business, focused specifically on the acquisition and retention of Direct subscribers. While these costs may fluctuate based on our specific outreach objectives, we prioritize the allocation of marketing dollars toward efficient customer acquisition methods for our streaming service. For thethree months ended March 31, 2026, advertising and marketing expenses increased by $0.6 million, compared to the same period in 2025. The increase primarily reflects expanded digital advertising efforts targeted at high-growth strategic initiatives. We continue to optimize our marketing mix to balance efficient spending with the maintenance of a robust market presence.
Current wording
Our advertising and marketing expenditures are a primary operating cost for our business, focused specifically on the acquisition and retention of Direct subscribers. While these costs may fluctuate based on our specific outreach objectives, we prioritize the allocation of marketing dollars toward efficient customer acquisition methods for our streaming service.
Previous wording
The following table details general and administrative costs for the three months ended March 31, 2026, and 2025:
Current wording
The following table details general and administrative costs for the three and six months ended June 30, 2026, and 2025:
Previous wording
For the three months ended March 31, 2026, general and administrative expenses increased to $6.5 million from $5.0 million for the same period in 2025. The increase of $1.5 million, or 31% was primarily driven by $1.4 million higher stock-based compensation expense from the RSUs granted in July 2025 and during the period, and $0.3 million higher payroll and related primarily due to increased accruals for full-year incentive compensation. These increases were partially offset by a $0.1 million decrease in Professional services, mainly due to lower legal expense.
Current wording
For the six months ended June 30, 2026, general and administrative expenses increased $1.0 million, or 9%, from the same period in 2025, primarily driven by a $1.0 million increase in stock-based compensation expense resulting from the RSUs granted in July 2025, and a $0.2 million increase in payroll and related expenses primarily due to a higher accrual for annual incentive compensation, partially offset by a $0.3 million decrease in professional services.
Previous wording
The fair value of the Company's warrant liability was estimated using the Black-Scholes valuation model, which took into account a number of economic assumptions, including the market price of the Company's common stock and its expected volatility. Changes in these inputs from period to period significantly affected the reported changes in fair value during the periods the warrants were outstanding. As of March 31, 2026, there were no warrants outstanding, and the Company no longer carried a warrant liability on its consolidated balance sheet.
Current wording
As of June 30, 2026, there were no warrants outstanding, and the Company no longer carried a warrant liability on its consolidated balance sheet.
Previous wording
Interest and other income for the three months ended March 31, 2026, was $0.2 million compared to $0.4 million for the same periods in 2025. The decrease in 2026 was primarily due to less interest income earned resulting from an overall decrease in investment balance starting in 2025 and continued through the first quarter of 2026.
Current wording
Interest and other income for the three and six months ended June 30, 2026, was $0.1 million and $0.3 million, respectively, compared to $0.4 million and $0.9 million for the same periods in 2025. The decrease in 2026 was primarily due to less interest income earned resulting from an overall decrease in investment balance starting in 2025 and continued through the first half of 2026.
Previous wording
For the three months ended March 31, 2026, the Company recorded an immaterial income compared to a loss of $0.2 million for the same period in 2025. The Company no longer recognizes its share of losses from the Spiegel Venture, as the investment balance was fully reduced in 2024 due to cumulative losses. The Company continues to record its share of income and losses from Nebula.
Current wording
For the three and six months ended June 30, 2026, the Company recorded immaterial income compared to losses of $0.2 million and $0.3 million for the same periods in 2025, respectively. The Company no longer recognizes its share of losses from the Spiegel Venture, as the investment balance was fully reduced in 2024 due to cumulative losses. The Company continues to record its share of income and losses from Nebula.
Previous wording
For the three months ended March 31, 2026 and 2025 income tax expense was immaterial. Our provision for income taxes differs from the federal statutory rate primarily due to the Company being in a full valuation allowance position and not recognizing a tax benefit attributable to generated losses for either federal or state income tax purposes.
Current wording
Our provision for income taxes differs from the federal statutory rate primarily due to the Company being in a full valuation allowance position and not recognizing a tax benefit attributable to generated losses for either federal or state income tax purposes.
Previous wording
As of March 31, 2026, the Company’s cash, cash equivalents and restricted cash totaled$17.0 million, with an additional$6.5 million held in investments in debt securities that can be readily converted to cash to support ongoing cash flow needs.
Current wording
As of June 30, 2026, the Company’s cash, cash equivalents and restricted cash totaled$5.4 million, with an additional$5.4 million held in investments in debt securities.To support ongoing working capital and operational needs, the Company plans to leverage cash generated from operations, as well as potential drawdowns on our credit facility if needed.
Previous wording
For the three months ended March 31, 2026, the Company generated $1.2 million of net cash from operating activities. Additionally, the Company generated $2.5 million in net cash from investing activities, mainly related to maturities of investments in debt securities. Net cash used in financing activities was $5.2 million, mainly due to dividends paid and repurchase of treasury stock.
Current wording
For the six months ended June 30, 2026, the Company used $3.0 million of net cash in operating activities. Additionally, the Company generated $1.6 million in net cash from investing activities, mainly related to maturities of investments in debt securities. Net cash used in financing activities was $11.6 million, mainly due to dividends paid and repurchase of treasury stock.
Previous wording
As of March 31, 2026, we principally use cash to promote our services through advertising and marketing and to provide working capital for our operations. While we have experienced net losses since inception, we have generated positive cash flow from operating activities in 2024 and 2025 and expect this trend to continue. We believe that our current cash levels and investments, supplemented by anticipated operating cash flows and the availability under our new Credit Facility will be adequate tosupport our ongoing operations, capital expenditures, dividend payments, and working capital for at least the next twelve months from the date of this filing.
Current wording
As of June 30, 2026, we principally use cash for advertising and marketing, working capital, and quarterly dividend payments. While we generated positive cash flow from operating activities in 2024 and 2025, we experienced negative cash flows from operations for the three and six months ended June 30, 2026. Although we continue to focus on operational efficiency, operating cash flows may fluctuate in future periods. We believe that our current cash levels and investments, supplemented by anticipated operating cash flows, will be adequate tosupport our ongoing operations, capital expenditures, dividend payments, and working capital needs for at least the next twelve months from the date of this filing.
Previous wording
We have used, and expect to continue to use, cash on hand to fund our quarterly dividend, subject to Board approval and market conditions. As of March 31, 2026, we continue to utilize trade and barter transactions, a strategy initiated in 2023, to exchange content assets through licensing agreements. These transactions allow us to acquire high-quality, monetizable content while preserving our cash liquidity.
Current wording
We have used, and expect to continue to use, cash generated from operations and cash on hand to fund our quarterly dividend, subject to Board approval and market conditions. As of June 30, 2026, we continue to utilize trade and barter transactions, a strategy initiated in 2023, to exchange content assets through licensing agreements. These transactions allow us to acquire high-quality, monetizable content while preserving our cash liquidity.
Previous wording
On June 10, 2024, our Board of Directors authorized and approved a share repurchase program for up to $4.0 million of the then-outstanding shares of our common stock. Under the stock repurchase program, we may repurchase shares through open market purchases, privately negotiated transactions, block purchases, or otherwise in accordance with applicable federal securities laws. On March 10, 2026, the Board authorized an additional$2.0 million for the purchase of the Company’s common stock under this existing program, increasing the total authorized amount to$6.0 million. Since the program’s inception through March 31, 2026, we had repurchased$0.6 million of common stock under this program. As of March 31, 2026, $5.4 million remains available for future repurchases under the Board-authorized program.
Current wording
On June 10, 2024, our Board of Directors authorized and approved a share repurchase program for up to $4.0 million of the then-outstanding shares of our common stock. Under the stock repurchase program, we may repurchase shares through open market purchases, privately negotiated transactions, block purchases, or otherwise in accordance with applicable federal securities laws. On March 10, 2026, the Board authorized an additional$2.0 million for the purchase of the Company’s common stock under this existing program, increasing the total authorized amount to$6.0 million. Since the program’s inception through June 30, 2026, we had repurchased$1.1 million of common stock under this program. As of June 30, 2026, $4.9 million remains available for future repurchases under the Board-authorized program.
Previous wording
The following table presents our cash flows from operating, investing and financing activities for the three months ended March 31, 2026, and 2025:
Current wording
The following table presents our cash flows from operating, investing and financing activities for the six months ended June 30, 2026, and 2025:
Previous wording
Cash flows from operating activities primarily consist of net (loss) income, changes to our content assets (including additions and amortization), and other working capital items.
Current wording
Cash flows from operating activities primarily consist of net income, changes to our content assets (including additions and amortization), and other working capital items.
Previous wording
For the three months ended March 31, 2026, our net cash from operating activities was $1.2 million compared to $1.9 million for the same period in 2025.
Current wording
For the six months ended June 30, 2026, our net cash used in operating activities was $3.0 million compared to $4.7 million for the same period in 2025.
Previous wording
For the three months ended March 31, 2026, net loss was $1.3 million. Operating cash flows reflected non-cash adjustments, including $3.7 million of amortization of content assets, $2.2 million of stock-based compensation and $0.2 million of other depreciation, amortization and non-cash items. Cash used during the quarter primarily consisted of a $4.0 million of additions to content assets acquired primarily through barter activities, and $0.6 million inflow from changes in operating assets and liabilities.
Current wording
For the six months ended June 30, 2026, net income was $7.6 million. Operating cash flows reflected non-cash adjustments, including $8.0 million of amortization of content assets, $4.1 million of stock-based compensation and $0.4 million of other depreciation, amortization and non-cash items, which do not represent cash inflows or outflows and are added back in reconciling net income to operating cash flow. Additions to content assets of $9.5 million, acquired primarily through barter activities, were similarly non-cash and are excluded from operating cash flow. Cash used during the period primarily consisted of a $13.1 million net use of cash from changes in operating assets and liabilities.
Previous wording
For the three months ended March 31, 2026 and 2025, we recorded a net cash inflow in investing activities of $2.5 million and $2.1 million, respectively, mainly due to maturities of investments in debt securities.
Current wording
For the six months ended June 30, 2026 and 2025, we recorded a net cash inflow in investing activities of $1.6 million and $8.3 million, respectively. The 2026 inflow was primarily driven by $6.5 million of maturities and $1.0 million of sales of investments in debt securities, partially offset by $3.9 million of purchases of investments in debt securities and a $2.0 million deposit paid in advance of the closing of our acquisition of Spiegel Venture, which closed on July 1, 2026 (see Note 17 — Subsequent Events). The 2025 inflow was primarily driven by $17.5 million of maturities and $2.0 million of sales of investments in debt securities, partially offset by $11.1 million of purchases of investments in debt securities.
Previous wording
Going forward, we expect to continue making expenditures for purchases of property and equipment. The amount, timing and allocation of capital expenditures are largely discretionary and within management’s control. Depending on market conditions, we may choose to defer a portion of our budgeted expenditures until later periods to achieve the desired balance between sources and uses of liquidity and prioritize capital projects that we believe have the highest expected returns and potential to generate cash flow. Subject to financing alternatives, we may also increase our capital expenditures significantly to take advantage of opportunities we consider to be attractive.
Current wording
Going forward, we expect to continue making expenditures for purchases of property and equipment, which we expect to remain minimal. The amount, timing and allocation of capital expenditures are largely discretionary and within management's control. Depending on market conditions, we may choose to defer a portion of our budgeted expenditures until later periods to achieve the desired balance between sources and uses of liquidity and prioritize capital projects that we believe have the highest expected returns and potential to generate cash flow. Subject to financing alternatives, we may also increase our capital expenditures significantly to take advantage of opportunities we consider to be attractive.