Evidence-based questions regarding government-backed funding, sovereign capital, health insurance, and conflicts of interest, covering the period from June 2015 to September 24, 2026.

The finding

In 2025, 26.7 million Americans had no health insurance for the entire year. In the same year Oscar Health, a public insurer over which Joshua Kushner and Thrive Capital held 67.9 percent of voting power at year end, reported $13.0796 billion in direct policy premiums received from the federal Centers for Medicare and Medicaid Services. The premium receipts financed insured members’ coverage; they were not Joshua Kushner’s personal income. The contrast nevertheless poses a public accountability question: how does a system route billions through politically connected private enterprises while millions of people remain outside health coverage? [17][19]

The family’s financial paths extend beyond health care. Kushner Companies obtained nearly $850 million in 2019 mortgage financing backed by Freddie Mac; two family connected property entities obtained $5,083,741 in principal under forgivable pandemic loans; Jared Kushner’s post government investment manager attracted a $2 billion commitment from the Saudi Public Investment Fund and subsequently fees from foreign clients. The facts establish overlapping financial interests and political access. They do not by themselves establish that a specific public decision was purchased. [8][9][11][12][13][21]

Evidence standard and money categories

This investigation separates an executed contract from a proposed deal; financing principal from subsidy; investment capital from management fees; a company’s revenue from an individual’s profit; and a contract ceiling from an obligated award. “Documented” means a named primary record or a cited original investigation supports the statement. “Question” identifies a testable matter for which decision records remain unavailable. Countries without a documented economic connection to the family are excluded.

Amount	Recipient and date	What the number actually means
$849.5 million	Kushner Companies, 2019	Approximately $786 million plus $63.5 million in Freddie Mac backed loans; repayable debt, not a grant. [8][9]
$5,083,741	Princeton Forrestal and Esplanade Livingston, 2020 to 2021	Principal of four pandemic loans recorded as forgiven. [12][13]
$13.0796 billion	Oscar Health, 2025	Direct policy premiums received from CMS; neither a net profit nor solely Medicare Advantage contracting. [17]
$2 billion	Saudi PIF to Affinity, after 2021	Committed investment capital managed by Jared Kushner’s firm; not Jared’s personal proceeds. [21][23]
Up to $157 million	Affinity, through mid 2024	Foreign client fees cited by Senate Finance, including $87 million attributed to Saudi Arabia. [22]
Up to $20 billion	Anduril, March 2026	Ten year US Army contractual maximum, expressly not funds obligated. Thrive invested in Anduril. [26][41]
$55 billion	Electronic Arts acquisition completed August 2026	Enterprise value of the entire PIF, Silver Lake and Affinity consortium transaction. [31][32]

Part One The political timeline and the family business

June 2015 to January 2017 An established empire gains political access

Donald Trump announced his candidacy on June 16, 2015. This is the investigation’s starting date, not the founding date of the Kushner businesses. Charles and Jared already had a real estate portfolio; Joshua had established Thrive Capital and helped found Oscar Health. A before and after inquiry must ask whether the identity of lenders, deal terms, sovereign investors and public decisions changed with access to presidential power. It cannot label every post 2015 receipt a presidential benefit. [1][17]

The family’s leveraged investment at 666 Fifth Avenue was already a major source of financing pressure. The commercial test is whether public office subsequently altered the pool of potential rescuers or the price and timing of capital, not whether the preexisting debt itself was a violation. [4][5]

2017 Jared resigns as chief executive while financial interests remain

Jared joined the White House as senior adviser and stepped down as Kushner Companies chief executive, but members of Congress pointed to continuing financial holdings in the business. The distinction matters: executive resignation does not eliminate economic exposure to a refinancing, rising valuation or successful acquisition by a company in which the official retains an interest. The ownership chart and recusals applicable on each deal date remain the central evidence. [3][8]

China Investor visas and the family name

In May 2017 Nicole Kushner Meyer marketed the One Journal Square development to investors in China through the EB 5 immigrant investor route. Promotional material described a target of approximately $150 million from 300 investors. Her reference to Jared and his departure from management created a question about whether the prestige of the presidency was being used to market investment attached to a federal immigration pathway. The company said she meant to clarify that he was no longer running the project. The $150 million was a fundraising target, not verified receipts. Investor subscriptions, the original Chinese language sales presentation and immigration filings would settle the amount and the exact pitch. [34]

The route matters because EB 5 links an investor’s capital to a possible immigration benefit conferred by the United States. A developer can lawfully seek such funding, but a presidential family’s participation changes what prospective investors may infer about political access. The evidence does not establish that any visa was improperly awarded. The investigative test is narrower and more powerful: compare the original Chinese marketing with the English translation, identify any references to White House standing, and account for how much of the proposed investment was actually accepted. [34]

Anbang Insurance Group also explored a proposed transaction involving 666 Fifth Avenue. Congressional investigators questioned the prospective terms and the Chinese insurer’s state connections. A proposed Anbang transaction is not entered in this investigation as a completed financing. [35]

2017 Gulf policy and the beginnings of a later funding network

Trump’s May 2017 visit to Saudi Arabia included White House announcements describing approximately $110 billion in prospective defense capabilities. This is a US Saudi policy and sales announcement, not a Kushner family receipt. Jared’s political engagement with Saudi and Emirati leaders is relevant because the Saudi sovereign wealth fund became the lead investor in his later private fund. US records from June 2017 also document Trump discussing the Gulf dispute with the Qatari ruler and Saudi crown prince. These are dates for testing a possible relationship between diplomacy and later business, not proof of one. [42][25]

One consequence of the first term was a dense personal network: Saudi Crown Prince Mohammed bin Salman, Emirati leaders and officials, Qatar’s ruling circle and Israeli Prime Minister Benjamin Netanyahu all participated in regional agendas on which Jared worked. Avi Berkowitz, a former White House adviser, and Miguel Correa, formerly an American military attaché in the Emirates, subsequently appeared in the circle described around Affinity. Identifying these people is not an allegation of wrongdoing against them. It explains how a government relationship could later be presented to sovereign investors as fund manager access or geopolitical expertise. [25]

2017 Maryland properties and housing vouchers

Members of the Maryland congressional delegation documented that tenants in Kushner Companies properties used Housing Choice vouchers and requested housing assistance contracts, maintenance records and tenant complaints. Voucher payments support an eligible tenant’s rent; they are not a competitive federal procurement contract awarded to a developer. A verified property level payment series split before and after June 2015 has not been obtained, so no aggregate is assigned here. [10]

Part Two Private finance public guarantees and the Qatar intersection

2017 to 2018 Apollo and Citigroup loans after White House meetings

Congress investigated a reported $184 million Apollo loan to refinance a Chicago property after meetings involving Apollo cofounder Joshua Harris, and a $325 million Citigroup financing for Brooklyn properties after interactions with chief executive Michael Corbat. Additional responses suggested broader borrower relationships, including more than $250 million owed to Apollo and more than $600 million to Citibank, and a Jared interest in properties receiving Citi financing. Apollo said its lending conformed to market terms and that its founder had not discussed loans with Jared. Citigroup also denied discussing its financing at the White House meeting. These are private loans, not government contracts. The unanswered question concerns terms, approvals and whether political access affected either lender’s commercial judgment. [2][3]

2018 Brookfield Qatar and the distressed Fifth Avenue property

A congressional chronology places Charles Kushner in Brookfield discussions on February 14, 2018. On April 10, 2018, Trump publicly received Qatar’s Emir Tamim bin Hamad Al Thani in Washington. In August, a Brookfield vehicle entered a 99 year lease concerning 666 Fifth Avenue; a Senate inquiry described approximately $1.28 billion of deal value and substantial relief for maturing family debt. The Qatar Investment Authority held an interest in a Brookfield real estate structure. Public characterizations of the immediate payment differ from the total lease transaction, so the report uses the Senate’s approximately $1.28 billion deal figure and does not depict it as a direct Qatari remittance to Jared. [4][5][6]

The conjunction is serious: a financially stressed family asset, a US official active on Gulf policy, an investor structure exposed to Qatari sovereign capital and a shift in White House rhetoric concerning Qatar. Temporal sequence alone cannot establish that a foreign government financed the specific lease to change American policy, or that a US policy change purchased the lease. The decisive documents would be Brookfield investment committee approvals, source of funds, beneficial ownership of the relevant vehicle and contemporaneous White House communications. [4][5]

A congressional inquiry found the fund structure difficult to scrutinize and asked how Brookfield financed its participation and how the Qatari investor was exposed. One must distinguish the Canadian asset manager, its property partnership and any individual fund used for the transaction. A minority ownership interest in Brookfield Property Partners does not automatically mean Qatari officials instructed the specific transaction. Equally, an indirect structure should not end scrutiny if the party whose participation relieved the family’s debt was a sovereign investor able to influence the manager’s capital. Source of funds, voting rights and side letters are all relevant. [4][5]

2018 to 2020 Cadre and Opportunity Zones

Ivanka Trump and Jared Kushner were associated publicly with promotion of Opportunity Zone tax policy while Jared retained an interest, reportedly valued at $25 million to $50 million, in a holding company invested in the property platform Cadre. An Associated Press correction expressly withdrew the claim that Ivanka jointly owned this Cadre interest: the cited holding belonged to Jared. The existence of the interest establishes an exposure to policy that might benefit real estate investors, but it does not prove that Cadre claimed a particular tax reduction or that the couple chose the zones. Jared subsequently sold the stake. The fund’s project list and tax filings would determine realized benefits. [36][37]

2019 The Freddie Mac financing terms

Kushner Companies financed acquisition of more than 6,000 apartments across properties in Maryland and Virginia using Berkadia mortgages backed by Freddie Mac. The first group totalled approximately $786 million; two subsequent mortgages added $63.5 million, taking the reported total to about $849.5 million. This is repayable borrowing backed by a government sponsored enterprise, not a grant or demonstrated taxpayer loss. [8][9]

ProPublica compared the mortgages with agency loans and reported unusually favorable repayment and leverage features, accompanied by optimistic operating projections that the underlying properties did not meet in the first measured period. Its obtained transaction chronology placed Jared’s sister Nicole Kushner Meyer in discussions with Freddie Mac. Senators Elizabeth Warren and Tom Carper requested the underwriting record and noted that they then had no specific indication that Freddie Mac had committed wrongdoing. The material issue is what exceptions or comparables decision makers used, and whether Jared’s retained financial position and Nicole’s involvement were documented at approval. [8][9]

The deal also poses a resident level question. Acquiring a large apartment portfolio with cheap or highly leveraged financing can place pressure on owners to maximize rents and fee collection, but no available transaction record proves that this financing caused the later Westminster tenant violations. The correct test maps each 2019 financed property to every subsequent rent schedule, fee complaint and court finding. An agency guarantor should likewise disclose whether loan documents or inspections flagged property conditions. Without that matching, the finance transaction and the tenant judgment must remain related lines of inquiry rather than a falsely proven causal chain. [9][10][15]

2020 and 2021 Four forgiven pandemic loans

SBA derived PPP records identify Princeton Forrestal LLC loans of $1,569,977 approved April 13, 2020, and $2,000,000 approved March 24, 2021; both are recorded as forgiven. Esplanade Livingston LLC received $630,735 approved April 14, 2020, and $883,029 approved February 2, 2021; both are recorded as forgiven. The principal totals $3,569,977 and $1,513,764 respectively, or $5,083,741 combined. ProPublica tied Princeton Forrestal to family ownership; Charles Kushner’s financial disclosures show Esplanade Livingston within his property structures. [11][12][13][40]

The record of forgiveness establishes public relief, not fraud. The inquiries concern employee counts across affiliated entities, reported payroll, workforce retention, use of the proceeds, certification and forgiveness review. The Joseph Kushner Hebrew Academy independently received a $1,995,000 forgiven PPP loan. It is a nonprofit named for a family member and supported by the family, but its borrowing must not be added to Charles’s or Jared’s personal receipts solely because of the name. [11][14]

Two program years require two separate eligibility tests. The first and second loans for each company were approved on different dates and forgiven on later dates. A careful audit would compare overlapping business locations, parent company payroll, employees transferred between affiliates and whether any principal that was forgiven duplicated reimbursement from another relief program. None of those potential problems is established by the searchable award index. Recording the exact approval and forgiveness dates makes an administrative review possible without suggesting that the borrowers were convicted of misusing relief. [12][13]

Part Three Housing accountability and direct effects on residents

Maryland’s 2022 settlement with Westminster Management and related property companies addressed allegations of improper fees and maintenance conditions. The announced amount was $3.25 million; the company said the settlement did not admit liability or wrongdoing. In July 2026 a separate class action produced a Maryland court award of $4.17 million plus interest reported to exceed $2 million for more than 17,000 tenants over fees the court found unlawful. The settlement and judgment are distinct liabilities, not public money paid to the family. [15][16]

The public interest is unusually concrete here: some family properties participated in a housing voucher program, while a related management company faced a settlement and then a large judgment affecting residents. It would overstate the present record to assert that each voucher supported the very units in the later class action without matching property names, dates and ownership. A property by property HUD payment register and the case exhibits would answer that question. [10][15]

The legal distinction between these two Maryland results matters to tenants: the 2022 agreement resolved state allegations without an admission of liability, whereas the 2026 class judgment was a court determination on unlawful charges in a separate proceeding. The class judgment included a permanent bar on collecting outstanding illegal fees, according to counsel for the plaintiffs. These developments are not incidental background; they reveal the actual conduct and costs associated with part of a business that also operated within public housing assistance markets. A public facing account should track whether restitution has reached residents and whether any appeal changed the amount before publication. [15][16]

Part Four A Gulf investment fund after public service

2021 to 2022 Saudi PIF investment and the overruled objections

After leaving office Jared founded Affinity Partners and approached the Saudi Public Investment Fund. A reported internal PIF review questioned the lack of quantifiable fund performance, the balance of risk and proposed management fees. The fund nonetheless approved a $2 billion commitment; Mohammed bin Salman chairs PIF. The existence of internal objections makes the rationale for their override a matter of serious public interest, but the committee record does not itself establish a bribe or retrospective reward. [21][23][25]

The Senate Finance Committee stated that Affinity charged Saudi PIF a 1.25 percent annual management fee on the $2 billion commitment. Multiplication produces $25 million a year on that specified base; actual timing, contractual adjustments, operating expenses and Jared’s personal compensation require separate evidence. Senate investigators later reported up to $157 million in fees from foreign clients through mid 2024, including $87 million attributed to Saudi Arabia, with no distributed investor returns at that point. This is corporate fee revenue, not a personal income statement. [21][22]

Fund investors may accept years without distributions. That ordinary feature of private equity is exactly why the other terms must be scrutinized: are fees charged on committed capital or capital actually put to work; when can an investor withdraw; can a sponsor request more capital at a politically sensitive moment; and who ultimately pays management compensation? The Senate said initial investment agreements could be renegotiated or the money withdrawn when a five year period ended in August 2026. A sovereign ability to change the financial position of a person participating in American diplomacy is a present incentive whether or not anyone ever makes an explicit request. [21]

The 2018 Saudi policy decision and the later economic interest

After journalist Jamal Khashoggi was killed, Trump’s November 2018 statement defended maintaining relations with Saudi Arabia, invoking strategic and economic considerations including arms sales. Jared’s close role with Saudi leadership during the administration and the later PIF commitment create a chronological conflict question: was any future private opportunity discussed while policy was being made? No released communication in this investigation proves that the 2018 decision was exchanged for the later investment. Official communications, fund committee files and intermediary contacts would test that proposition. [7][21][25]

United Arab Emirates and Qatar fund Affinity

Reporting and congressional questions identified approximately $200 million initial investments from each of the UAE and Qatar. Later reporting described approximately $1.5 billion of additional capital from Gulf investors associated with Qatar and the UAE before the November 2024 election, with Abu Dhabi based Lunate and the Qatar Investment Authority among the entities warranting entity level diligence. Without subscription agreements the $1.5 billion should not be allocated in full to either state. Saudi PIF capital, UAE and Qatari capital and Qatar’s indirect exposure to Brookfield are three different relationships and must be tracked separately. [24][25]

The next chronological inflection was the US election. Reporting places the new Gulf capital before the November 2024 vote while public discussion of the enlarged commitments followed it. That sequence does not establish an investor bargain for a new administration. It does establish that the investors faced a realistic prospect of negotiating with the same politically connected fund sponsor after his family returned to power. Named investors should be asked what due diligence was performed, what comparable managers were rejected and whether access to American decision makers featured in the investment thesis. [24][25]

Foreign agents concerns and what has not been adjudicated

Senator Ron Wyden and Representative Jamie Raskin requested a special counsel examination of possible unregistered foreign agent activity and described the foreign fee structure as a potential way to confer compensation on a politically exposed person. Their request is an allegation and referral, not a criminal finding, indictment or judicial determination that Affinity violated the Foreign Agents Registration Act. A publishable investigation should attribute that concern to its authors and publish Affinity’s response alongside any new allegation. [22]

Part Five The American health insurance divide

Oscar direct CMS contracts versus subsidized premiums

Oscar’s 2021 SEC report says the insurer entered CMS contracts under Medicare Advantage to furnish benefits for Medicare beneficiaries in exchange for a risk adjusted per member monthly amount; named health system arrangements launched in 2020 and 2021. The company also sells policies through Affordable Care Act marketplaces, where the federal government pays advance premium tax credits toward eligible customers’ premiums. These are distinct financial channels and should never be labelled one Medicare contract. [17][18]

In its 2025 SEC annual report Oscar states that direct policy premiums it received from CMS were $5.5219 billion in 2023, $9.5123 billion in 2024 and $13.0796 billion in 2025. Joshua and Thrive, as described by Oscar’s ownership disclosure, held 14.5 percent of capital and 67.9 percent of voting power at December 31, 2025. Oscar also disclosed a $443.151 million net loss attributable to the parent in 2025 and an 87.4 percent medical loss ratio. Consequently the figure cannot honestly be represented as Joshua’s personal profits. It does establish unusual voting concentration at a private participant in a vast public financing channel. [17]

Twenty six point seven million outside the system

The Census Bureau reported on September 15, 2026 that 26.7 million residents, or 7.9 percent, lacked any health coverage for all of 2025. CMS projected for eligible HealthCare.gov enrollees that the average lowest cost plan premium after tax credits would be $50 monthly in 2026, up $13 from 2025. Its illustrative 50 year old at twice the poverty line would have 81 percent of a benchmark premium covered by credits in 2026 compared with 93 percent in 2025. The examples do not establish every family’s premium or prove that Oscar sought the reduction in enhanced support. [19][20]

The moral and economic contrast is testable: federal appropriations and tax credits can generate extraordinary gross premium flows through private insurers while tens of millions remain uninsured and some insured households face greater costs. The available records do not show that either Kushner brother caused those coverage gaps. To test whether a policy was shaped for Oscar, an investigator needs lobbying records, CMS meetings, actuarial rate approvals, bidding and enrollment data, claims denials, access to care metrics and precise beneficial holdings on the policy decision date. [17][19][20]

The pressure on the insured family is not captured by the premium alone. Deductibles, out of pocket maximums, available clinicians and denied or delayed claims can turn nominal coverage into a costly product. Oscar’s reported medical loss ratio shows substantial spending on medical costs at the company level, but it does not disclose whether a particular low income member could get an appointment or afford a procedure. A genuinely citizen centered comparison would compare Oscar plan prices and networks against alternatives by county and income band, measure complaints and appeals, and examine which consumers left coverage as enhanced credits expired. The company’s gross CMS revenue cannot answer those questions by itself. [17][20]

Part Six Joshua Kushner and federal contractors held through Thrive

Anduril The twenty billion dollar ceiling

The US Army announced a ten year enterprise contract to Anduril in March 2026 with maximum potential value up to $20 billion and explicitly warned that the ceiling was not an obligated amount. In May 2026 Thrive and another investment firm led a reported Anduril funding round. In June the Air Force selected Anduril for FQ 44 Collaborative Combat Aircraft development and production and a mission autonomy procurement pool. On September 1 the Army announced a specific $65 million TITAN production order to Anduril, alongside $127 million to Palantir. The March contract precedes the announced May round; this timing rules out portraying that round as the cause of the March award. Anduril, not Thrive or Joshua personally, is the contractor. [26][27][28][41]

Databricks A smaller documented direct procurement

USAspending identifies a roughly $1.8 million GSA award to Databricks Federal LLC. Databricks publicly identified Thrive as a lead investor in its financing. This is an indirect portfolio exposure. The ownership percentage, award decision communications and any resulting change in Thrive’s valuation are not quantified by the contract record. [29][30]

A separate original 2026 investigation examined procurement official Josh Gruenbaum, who had invested in a Thrive fund and discussed government contracting involving Thrive backed businesses. He said he disclosed the investment, consulted ethics officials and recused himself. These are reported allegations and responses, not an adjudicated finding against Thrive, Databricks, Joshua or Gruenbaum. In particular, a proposed approximately $25 million contract for Thrive backed Ramp was reportedly blocked and must not appear in a list of awards obtained. The procurement file and contemporaneous ethics recusal records are the evidentiary threshold. [44]

Part Seven Diplomatic roles and new government linked projects

Charles Kushner becomes an ambassador

The US Senate confirmed Charles Kushner as ambassador to France and Monaco on May 19, 2025. His disclosures identify multiple property entities and illustrate why ethics undertakings, recusal decisions and continued beneficial ownership now matter in his own right. Confirmation does not document a French procurement award to a Kushner firm. [33][40]

Albania Strategic investor status on Sazan

Albania approved a luxury resort development on Sazan Island for Atlantic Incubation Partners, linked to Jared’s investment operations, assigning strategic investor treatment. Reporting described approximately EUR 1.4 billion of proposed development and identified Prime Minister Edi Rama and a state investment body in the approvals. Further reporting records local objections concerning property rights, protected areas, public access and transparency, and Ivanka Trump’s public role in project discussions. EUR 1.4 billion is a proposed project amount, not a verified payment from Albania to Jared or a verified ownership share for Ivanka. The state decision, investor share register, infrastructure subsidies and land title are essential documents. [25][38]

Reporting on the wider Albanian proposals also discusses the Zvërnec peninsula, protected coastal lands and local business owners whose interests in related structures have not been fully identified. Those questions are distinct from the approved Sazan investor status; a reader should not be led to think that every portion of a much larger coastal concept received the same approval on the same date. The actionable questions are which private entity owns each parcel, which piece of infrastructure will be paid for by the state and whether an open competition was held before strategic status was granted. [25][38]

Serbia A proposed project that did not become realized income

Jared and associates, with Richard Grenell identified in reporting, pursued a proposed approximately $500 million redevelopment of Belgrade’s former General Staff site. The heritage status prompted protests and criminal proceedings against Serbian officials over alleged documentation irregularities; those officials denied wrongdoing. Reporting in 2026 said Jared withdrew. No record in this investigation establishes criminal conduct by Jared’s team, a completed development or $500 million paid to the family. [25][39]

Electronic Arts Saudi sovereign investor and Jared as deal partner

On September 29, 2025 Electronic Arts announced an approximately $55 billion enterprise value acquisition by a consortium of Saudi PIF, Silver Lake and Affinity linked investment funds. EA announced completion on August 4, 2026. SEC material describes equity contributions, PIF rollover of existing shares and substantial committed bank debt. The $55 billion is the transaction enterprise value of the entire consortium, not Jared’s income or Affinity’s cash contribution. The pivotal public interest is that Jared’s sovereign fund client was also his partner in a US transaction requiring sensitive regulatory review while Jared returned to diplomatic discussions. The beneficial stake and review communications are necessary to assess any particular interference; completion alone is not proof. [31][32][25]

The people and institutions who can clarify this transaction include EA chief executive Andrew Wilson, the PIF investment leadership, Silver Lake cochief executive Egon Durban, Affinity’s deal team, banks committing debt and Treasury led interagency review staff. A consolidated purchase price says little about who supplied the equity, who bears debt service or whether one partner received advisory or deal fees. For the public, a foreign sovereign controlling a major games company raises an additional policy question about user data and future governance; those are review questions, not proven harms arising from this deal. [31][32][25]

2025 to 2026 Gaza Iran and contemporaneous fundraising

Original September 2026 reporting describes Jared’s participation alongside Steve Witkoff in Middle East diplomacy, including Gaza and Iran, while Affinity continued to manage Gulf capital. The reporting says he was attempting to raise another $5 billion in the Middle East during Iran diplomacy. That is reported fundraising, not an independently verified $5 billion closing. The same account describes a proposed $112 billion Gaza reconstruction vision and a Board of Peace role; neither a development plan nor a board appointment establishes that Affinity received a Gaza construction contract. The central conflict question is whether someone negotiating US policy simultaneously sought investments or renewals from governments affected by that policy. [25]

The reporting identifies Qatar as a venue for Gaza negotiations and Saudi and Turkish officials as participants in related diplomacy. It also identifies political figures in Israel and the United States whose decisions affected talks. These meetings are relevant to a conflict map only where a counterparty can affect Affinity’s revenue or investments. They are not proof that a proposed Gaza coastline development will be awarded to the family. Officials should release role descriptions, ethics advice and any project related financial recusals so that the public can assess the overlap before contracts are signed. [25]

Part Eight Effects on Americans and findings requiring records

American interest	Documented outcome	Unresolved causal test
Health coverage	26.7 million uninsured all year in 2025; Oscar received $13.0796 billion CMS direct policy premiums. [17][19]	No proof the Kushners caused the uninsured population or the 2026 change in premium assistance.
Housing and tenant rights	Westminster $3.25 million settlement; distinct $4.17 million class judgment plus interest. [15][16]	Match HUD assisted units with specific plaintiff properties; audit fee practices and benefit recipients.
Credit and public risk	Approximately $849.5 million Freddie Mac backed debt. [8][9]	Independent underwriting comparison, risk guarantee and any exception approvers.
Pandemic relief	$5,083,741 forgiven principal across two family connected entities. [12][13]	Applications, affiliates, payroll and SBA forgiveness review.
Foreign policy and independence	$2 billion Saudi PIF commitment; up to $157 million foreign client fees to Affinity through mid 2024. [21][22]	Investor rights and timing versus US decisions and any recusals.
Defense procurement	Anduril ceiling $20 billion, distinct $65 million order. [26][27]	Holdings at each award date, conflicts disclosed to acquisition authorities.

No one has to prove that the premium paid by an uninsured family was transferred to the Kushners to ask why private political access correlates with access to public guarantees and sovereign clients. Conversely, publication should never substitute that systemic question for a claim of bribery unsupported by a decision record. The stronger indictment is the persistent absence of transparent, transaction level documentation where public duties and private incentives overlap.

Records to request and right of reply

• Freddie Mac and FHFA: provide complete 2019 credit committee minutes, exception logs, original debt service projections, related borrower ownership disclosures, lender communications and comparable 2019 approvals.
• Berkadia and Kushner Companies: identify each borrowing LLC, original terms, distributions, collateral, ultimate ownership on approval date and any communications with White House employees.
• SBA and the two PPP borrowers: provide each application, employment counts, affiliate calculations, loan disbursement and forgiveness support; identify which costs went to employees.
• HUD and Maryland housing authorities: list assistance payment contracts and amounts by property and month, then match them to settlement and class action properties.
• CMS and Oscar: distinguish Medicare Advantage contracting from ACA advance premium tax credits, provide plan identifiers, paid amounts, medical loss ratio reconciliation and coverage complaints.
• Saudi PIF and Affinity: provide investment committee objections and override decision, fee letter, paid management fees, capital calls, withdrawals, renewals and Jared’s actual compensation.
• Qatar Investment Authority, Brookfield and Lunate: disclose the ultimate funding and investment decision for the Fifth Avenue lease separately from Affinity subscriptions.
• White House and ethics offices: identify Jared’s status and recusal obligations for each period of his first and second term political work, including unpaid service.
• US Treasury and CFIUS: disclose permissible procedural information on EA review, conflicted officials and recusal records, without assuming approval was improper.
• Albanian authorities and project companies: disclose strategic investor decision, public land concessions, subsidies, domestic owners and environmental assessments.
• DoD, GSA, Thrive and contractors: identify acquisition decisions and Thrive’s beneficial ownership on each contract date.

Every implicated person and entity should be offered the precise underlying findings and an opportunity to answer before publication. The report distinguishes previously reported denials and explanations from unresolved questions; an absence of a published response is not an admission.

Source register

The bracketed source numbers in the text map to the following public records and original investigations. URLs are provided for checking the exact record and should be retained in any published version.

[1] Trump campaign announcement, June 16, 2015. https://www.presidency.ucsb.edu/documents/trump-campaign-press-release-donald-j-trump-declares-candidacy-for-president-the-united

[2] House Oversight, Citigroup and Apollo loan inquiry. https://oversightdemocrats.house.gov/news/press-releases/warren-cummings-carper-peters-press-citigroup-and-apollo-on-concerns-about

[3] House Oversight, initial Citigroup and Apollo inquiry. https://oversightdemocrats.house.gov/news/press-releases/warren-cummings-carper-and-peters-press-citigroup-and-apollo-on-loans-to-kushner

[4] Senate Finance, Brookfield and Qatar inquiry. https://www.finance.senate.gov/ranking-members-news/wyden-castro-launch-investigation-into-kushner-conflicts-of-interest-influence-on-us-foreign-policy

[5] Senate Finance and House Oversight, Brookfield chronology. https://www.finance.senate.gov/chairmans-news/senate-finance-and-house-oversight-committees-seek-documents-from-state-and-defense-departments-on-kushners-conflicts-of-interest-improper-influence-on-us-foreign-policy

[6] White House archive, Trump and Qatar Emir, April 2018. https://trumpwhitehouse.archives.gov/briefings-statements/remarks-president-trump-amir-tamim-bin-hamad-al-thani-state-qatar-bilateral-meeting/

[7] White House archive, Trump statement on Saudi Arabia, November 2018. https://trumpwhitehouse.archives.gov/briefings-statements/statement-president-donald-j-trump-standing-saudi-arabia/

[8] Senators Warren and Carper, Freddie Mac loan inquiry. https://www.warren.senate.gov/newsroom/press-releases/warren-carper-demand-answers-on-freddie-mac-guaranteed-800-million-loan-to-kushner-companies/

[9] ProPublica original Freddie Mac mortgage analysis. https://www.propublica.org/article/the-kushners-freddie-mac-loan-wasnt-just-massive-it-came-with-unusually-good-terms-too

[10] Maryland congressional delegation, housing vouchers and properties. https://www.vanhollen.senate.gov/news/press-releases/2017/08/18/van-hollen-maryland-congress-members-investigate-reports-of-kushner-companies-engaging-in-abusive-rental-practices

[11] ProPublica, PPP loans linked to Kushner family entities. https://www.propublica.org/article/trump-friends-and-family-cleared-for-millions-in-small-business-bailout

[12] SBA data indexed by ProPublica, Princeton Forrestal PPP. https://projects.propublica.org/coronavirus/bailouts/search?q=princeton+forrestal+llc

[13] SBA data indexed by ProPublica, Esplanade Livingston PPP. https://projects.propublica.org/coronavirus/bailouts/search?q=esplanade+livingston+llc

[14] SBA data indexed by ProPublica, Joseph Kushner Hebrew Academy. https://projects.propublica.org/coronavirus/bailouts/search?q=joseph+kushner+hebrew+academy+inc

[15] Public Justice Center, Westminster judgment July 2026. https://www.publicjustice.org/en/news/court-awards-over-4-million-to-tenants-charged-illegal-late-fees-by-westminster-management/

[16] ProPublica, Maryland Westminster settlement 2022. https://www.propublica.org/article/kushner-apartments-lawsuit-baltimore-maryland-settlement

[17] Oscar SEC 2025 annual report, CMS premiums, voting, medical loss and net results. https://www.sec.gov/Archives/edgar/data/1568651/000156865126000011/oscr-20251231.htm

[18] Oscar SEC 2021 annual report, Medicare Advantage CMS contracts. https://www.sec.gov/Archives/edgar/data/1568651/000156865122000011/oscr-20211231.htm

[19] US Census Bureau, 2025 insurance and poverty report, September 2026. https://cdn.www.census.gov/newsroom/press-releases/2026/income-poverty-health-insurance-coverage.html

[20] CMS, 2026 Marketplace Plans and Prices Fact Sheet. https://www.cms.gov/newsroom/fact-sheets/plan-year-2026-marketplace-plans-prices-fact-sheet

[21] Senate Finance, Affinity fees and foreign sovereign clients September 2024. https://www.finance.senate.gov/chairmans-news/wyden-investigation-of-kushner-firm-continues-new-letter-outlines-affinity-partners-fee-structure-lack-of-return-to-investors-questionable-deals-with-foreign-governments

[22] Senate Finance, request for special counsel October 2024. https://www.finance.senate.gov/chairmans-news/wyden-raskin-call-for-department-of-justice-to-appoint-a-special-counsel-to-investigate-jared-kushner-for-acting-as-an-unregistered-foreign-agent

[23] House Oversight, Saudi PIF investment investigation. https://oversightdemocrats.house.gov/news/press-releases/chairwoman-maloney-launches-probe-of-saudi-government-s-2-billion-investment-in

[24] Reuters original reporting, additional UAE and Qatar Gulf investment in Affinity. https://www.reuters.com/business/finance/kushners-affinitys-assets-jump-48-billion-after-gulf-cash-injection-2025-03-28/

[25] The New Yorker, original reporting Jared Kushner Dollar Diplomacy September 2026. https://www.newyorker.com/magazine/2026/09/21/jared-kushners-dollar-diplomacy

[26] US Army, Anduril contract maximum March 2026. https://www.army.mil/article/291074/u_s_army_awards_enterprise_contract_for_it_commercial_solutions

[27] US Army, TITAN delivery orders September 2026. https://cpeisw.army.mil/2026/09/01/army-announces-move-to-production-for-titan/

[28] US Air Force, Collaborative Combat Aircraft award June 2026. https://www.usafe.af.mil/News/Article-Display/Article/4520575/air-force-advances-future-of-air-superiority-with-cca-contracts/

[29] USAspending, Databricks Federal GSA award. https://www.usaspending.gov/award/CONT_AWD_47QPCA26F0011_4732_47QTCA25D00D3_4732

[30] Databricks, investment round led by Thrive. https://www.databricks.com/company/newsroom/press-releases/databricks-raising-10b-series-j-investment-62b-valuation

[31] Electronic Arts, August 2026 acquisition completion. https://www.ea.com/en/news/ea-announces-completion-of-acquisition

[32] Electronic Arts SEC acquisition announcement and financing terms. https://www.sec.gov/Archives/edgar/data/712515/000114036125036416/ef20056167_defa14a.htm

[33] US Senate confirmation of Charles Kushner as ambassador. https://www.senate.gov/legislative/LIS/roll_call_votes/vote1191/vote_119_1_00261.htm

[34] Associated Press, Nicole Kushner Meyer and EB5 fundraising. https://toronto.citynews.ca/2017/05/07/jared-kushners-sister-woos-chinas-golden-visa-investors/

[35] House Oversight, prospective Anbang transaction. https://oversightdemocrats.house.gov/news/press-releases/members-of-congress-raise-concerns-about-kushner-companies-unusually-favorable

[36] Associated Press correction on Cadre beneficial owner. https://www.ksl.com/article/46446203

[37] Associated Press, Cadre stake sale and divestiture. https://www.courthousenews.com/kushner-sells-stake-in-opportunity-zone-firm/

[38] Reuters, Albanian strategic investor approval and project. https://www.reuters.com/business/albania-approves-luxury-resort-project-linked-jared-kushners-company-2025-01-16/

[39] Associated Press, Serbian heritage proceeding. https://apnews.com/article/1e66fb69d2d7c319e32894f0e71aaacf

[40] ProPublica, Charles Kushner financial disclosures and entity structures. https://projects.propublica.org/trump-team-financial-disclosures/appointees/kushner-charles/

[41] Reuters, Anduril financing round led by Thrive. https://www.reuters.com/legal/transactional/us-defense-firm-anduril-raises-5-billion-doubling-its-valuation-61-billion-2026-05-13/

[42] White House archive, Saudi defense agreement May 2017. https://trumpwhitehouse.archives.gov/articles/president-trump-king-salman-sign-arms-deal/

[43] SBA source indexed by ProPublica, school PPP record. https://projects.propublica.org/coronavirus/bailouts/search?q=joseph+kushner+hebrew+academy+inc

[44] Wall Street Journal, original investigation into Thrive fund investor and GSA procurement official. https://www.wsj.com/politics/doge-official-discussed-contracts-for-companies-backed-by-firm-he-invested-in-748c1b76