Kushner's private equity firm has profited heavily from Israeli defense stocks while he negotiates Gaza's future, a glaring conflict of interest for Palestinians at the table.

• Kushner's Affinity Partners is the largest shareholder in Phoenix Financial, a Tel Aviv firm with big holdings in Israeli weapons makers.
• Phoenix has poured money into Elbit Systems, Israel's largest arms maker, plus at least eight other military suppliers making drones, warships, and demolition machinery.
• All nine of those companies saw their stock climb last year, with many crediting demand created by the war in Gaza.
• Affinity cashed out a quarter of its Phoenix stake in July for more than five times what it paid, and Kushner has called Phoenix his best investment.
• He avoids financial disclosure rules because he is classified as an unpaid volunteer rather than a government employee — the filings that exposed this came from Israel's own transparency laws.

Outlook: Expect more scrutiny of Kushner's role on the Gaza "Board of Peace," but no disclosure requirement forcing him to unwind the position.