The Peeps are still taking heavier losses, but remember that they have all those battleships. They may be too small for proper ships of the wall, but they provide a rear area coverage the Manties can't match without diverting dreadnoughts or superdreadnoughts, which frees a higher percentage of the Peeps' ships of the wall for front-line use. Put simply, the Peeps still have more ships to lose than Manticore does, and the war is slowing down, Your Grace. Peep resistance is stiffening, and the Manties are transferring more and more of their own strength to the front in an effort to hang onto their momentum."

"How bad is it?" Benjamin asked intently.

"As I say, their losses are climbing. They've already reduced their Home Fleet to barely a third of its prewar strength, and it's not enough. I think they know it, too, but they also know the Peeps are going to bring them more or less to a halt in another few months. They're trying to push as hard as they can before that happens, to get as deep into the People's Republic as possible before the Peeps can start thinking about counterattacks. That means they're going to start calling in every ship they can spare, maybe even a few more than they can withdraw with complete safety. Given that the last of our own SD’s recommissions in January, Yeltsin's Star is certainly one place they can trust to look after itself. In light of that, I'm astonished they haven't already pulled out the last of their capital units. Certainly no strategist worth his salt will leave them here much longer, Your Grace. They can't."

Benjamin rubbed his chin again. "I knew things were slowing down, but I hadn't realized how drastically. What's changed, Wesley?"

"That's hard to say, Your Grace, but I've been in correspondence with Admiral Caparelli, and Admiral Givens at the Manties' ONI confirms that this Committee of Public Safety that's running the PRH has consolidated all previous security organs under one new, monster umbrella.