Jared Kushner's investment firm has made large gains from Israeli defense companies while he helps run US negotiations over Gaza — a direct conflict of interest, and a bad look for the credibility of American diplomacy.

• Kushner's Affinity Partners, funded mainly by Saudi money, is the biggest shareholder in a Tel Aviv firm that holds big stakes in Israel's arms makers, including Elbit Systems.
• The stake was doubled just before Trump returned to office, and Affinity recently sold part of it for five times what it paid.
• The defense companies involved all rose in value last year, with several linking the demand to the war in Gaza.
• Kushner is classed as a volunteer rather than a government employee, so he files no financial disclosures — the investments only surfaced through Israel's transparency rules.
• He is simultaneously a lead negotiator on Gaza and a member of the so-called Board of Peace.

Outlook: Expect more scrutiny of Kushner's dual role, but with no disclosure rules binding him, nothing is likely to force him out.