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USA Conference
Event Details
At the USA Conference distinguished investment experts will present current topics related to US Real Estate investments.
- Conference: Thursday, 5 March - Friday, 6 March 2026
- Location: Hilton Hotel Gravenbruch, Neu-Isenburg (near Frankfurt)
- Pre-Event Dinner: Wednesday, 4 March 2026 for investors and sponsors only
- Participation forms: on site event
- Conference language: English
- Participants: investors, fund/asset manager, project developer
- Ticket price: from 2,190 Euro (free of charge for institutional investors)
- Important Links: Registration | Program
Content & Goal
USA Conference
The USA Conference brought together participants from Germany, Europe and the USA. Among them were institutional investors, managers and consultants. In presentations and discussion panels, investment opportunities in the USA were presented and different investment strategies of investors were discussed.
The USA Conference 2026 is beeing prepared. Interested companies are asked to contact us if they want to contribute and actively participate.
USA Conference
Chairman of the Conference and the Advisory Board
David Rueckel
Managing Partner
PIA Pontis Institutional Advisors
David Rueckel founded PIA in 2015 and manages all aspects of the business. PIA is a leading German and European placement advisor for real estate and infrastructure investment managers to create real estate club structures, predominantly for family offices. David chairs the USA Conference and Real Estate Debt Conference and is Chairman of the Supervisory Board of the German American Exchange.
USA Conference 2026
Advisory Board
USA Conference
Keynote Highlights 2026
Expert knowledge
Speakers

Kelsea Alexander
Director Industrial Development & Aquisition
Crow Holdings Capital
Kelsea Alexander is a Director in the Industrial Group of Crow Holdings Capital, where she focuses on development and acquisition opportunities in the Southeast and Central regions of the United States. Since joining the firm in 2017, Kelsea has also been involved in the leasing, asset management, and disposition of industrial investments across various CHC real estate funds.

Margaret Anadu
Senior Partner and Head of Real Estate
The Vistria Group
Margaret is a Senior Partner at Vistria where she leads Real Estate including their workforce/affordable housing strategy which, with $4 billion in Assets Under Management, is today one of the fastest-growing residential funds. Prior to Vistria, Margaret was a Partner at Goldman Sachs where she was Global Head of Sustainability & Impact and led a team that invested $2bn+ annually in workforce housing.

Melissa Anezinis
Global Head Real Estate Client Strategy
J.P. Morgan Asset Management
Melissa Anezinis ist Managing Director und Head of Client Strategy Real Estate. In dieser Funktion leitet sie ein globales Team, das für die Kapitalbeschaffung, Kundenberatung und Produktmanagement über die gesamte Real Estate Investmentplattform von J.P. Morgan Asset Management hinweg verantwortlich ist.

Peter Braffman
Managing Director
Grosvenor Capital Management
Mr. Braffman leads GCM Grosvenor’s real estate practice, overseeing investment activities, product development, and growth. Previously, he was a Senior Vice President at Zurich Alternative Asset Management, and a Vice President at Goldman Sachs. Mr. Braffman holds an MBA from Kellogg School of Management, a JD from Northwestern University School of Law, and a BA from the University of Rochester.

Matt M. Bronfman
Chief Executive Officer
Jamestown LP
Matt Bronfman is a Principal and the Chief Executive Officer of Jamestown. Mr. Bronfman joined the company as General Counsel in 1998 before becoming Managing Director and Chief Operating Officer in 2002. He became CEO in 2012 and is responsible for managing Jamestown’s global operations and overseeing corporate strategy and execution.

Daryl Carter
Chairman & CEO
Avanath Capital Management
Daryl J. Carter is the Founder, Chairman, and CEO of Avanath Capital Management, LLC, a California-based investment firm that acquires, renovates, develops, and operates apartment properties. Since its formation in 2008, Avanath has acquired $4 billion worth of properties in 15 states in the US, comprising 16,000 apartment units. Mr. Carter has 43 years of experience in the commercial real estate industry.

Prof. Dr. Andreas Dombret
Senior Advisor Oliver Wyman,
frmr. Board Member Deutsche Bundesbank,
frmr. Advisory Board Member ECB
Andreas Dombret worked from 1987-1991 at Deutsche Bank, from 1992-2002 at JP Morgan, from 2002-2005 at Rothschild and from 2005-2009 at Bank of America. From 2010-2018 he served on the Deutsche Bundesbank Board and from 2014-2018 on the ECB Supervisory Board. Andreas now teaches at Columbia University and acts, amongst others, as Global Senior Advisor to Oliver Wyman.

Hubert Eisenack
Partner
Ernst & Young GmbH
Hubert Eisenack is a tax partner at EY Munich and leads EY Germany’s US real estate tax team. Hubert is specialized in advising German institutional investors on US real estate investments, from both a US as well as a German tax perspective. Hubert is admitted as a German Rechtsanwalt and Steuerberater, as well as an Attorney-at-Law in New York.

Dr. Bernhard Eschweiler
Senior Advisor
beta economics
Bernhard Eschweiler holds a doctorate in economics and has been advising financial institutions on economic and strategic issues for 16 years. His clients are banks as well as asset and currency managers. Previously, Mr. Eschweiler worked at JPMorgan for 18 years with positions in New York, London, Frankfurt and Singapore, where he was Chief Economist and Head of Market Research for Asia.

Guillaume Esnou
CTO
Invisible Technologies
Guillaume Esnou is Field CTO for Invisible Technologies in EMEA, leading AI deployment strategy and technical delivery for enterprise clients. He previously built and scaled AI solutions at McKinsey across real estate and PE, and held quantitative roles at Exane, CME, and Bank of America. Most recently, he led Engineering, Insights & Analytics at Citadel’s Surveyor Capital.

Paul Galiano
Senior Managing Director
Tishman Speyer
Paul Galiano is jointly responsible for Tishman Speyer’s acquisition program throughout the United States, as well as its global debt & global equity capital markets, and joint venture programs. He is a member of the company’s Investment Committee. Prior to joining Tishman Speyer in 1993, Paul was with Arthur Andersen & Co. for seven years, where he specialized in real estate taxation.

Rob Goodman
Chairman & CEO
The Resmark Companies
Robert N. Goodman is the Chairman and CEO of The Resmark Companies. The founder of Resmark, Mr. Goodman has an extensive background in the real estate industry, with over 50 years of experience in corporate finance, real estate finance, and asset management. Since founding Resmark in 1995, he has guided 300+ investments totaling over 100,000 single-family, BTR, and multifamily units.

Wenzel Hoberg
Global Head of Real Estate
Fiera Real Estate
As Global Head of Real Estate, Wenzel leads the growth of Fiera Real Estate’s Canadian and European platforms, with a focus on delivering attractive returns to our investors, supporting capital raising efforts and business partnerships. Wenzel holds a Master of Science in Real Estate and Urban Land Economics from the University of Wisconsin and an MBA in International Real Estate from the University of Regensburg.

Ben Hodges
Managing Partner
FBH Geostrat
Lieutenant General Ben Hodges was the Commander of the US Army in Europe (2014-2017). The West Point graduate's assignments included deployments to South Korea, Afghanistan, Iraq, Turkey, and Germany. Today, he works with NGOs, has a regular presence in the international media, and advises companies on Europe and NATO. Hodges is co-author of the book „Future War and the Defense of Europe“.

Sebastiaan Kho
Senior Portfolio Manager
a.s.r. real assets investment partners
Sebastiaan Kho is a senior portfolio manager at a.s.r. real assets investment partners. He oversees the indirect real estate investments in North America on behalf of European institutional investors. Sebastiaan has almost a decade of experience in international investments and participates in various advisory councils.

Shawn Lese
CIO Americas
Nuveen Asset Management
Shawn serves as the Chief Investment Officer and Head of Funds Management for Nuveen Real Estate’s ~$100 billion Americas platform. He leads a team of seasoned portfolio managers in driving investment performance and partnering with our clients on their current and prospective real estate investments. In addition, as Chief Investment Officer, Americas Shawn oversees the end-to end investment process.

Barbara Maltha
Managing Director
Hodes Weill & Associates
Barbara Maltha is a Managing Director with Hodes Weill, based in Amsterdam, with responsibility for European institutional investor coverage and business development for global real estate and infrastructure investments. Prior to joining Hodes Weill, Mrs. Maltha worked at CBRE Capital Advisors, Bouwinvest REIM and Deloitte Real Estate. Mrs. Maltha received an Msc. and a Bsc. from Delft University of Architecture.

Brian Minnehan
Principal
Blue Vista Management
Brian Minnehan is a Principal and Head of Acquisitions at Blue Vista Capital Management, a Real Estate Investment Manager based in Chicago, IL. In this role, Brian is responsible for sourcing, structuring and closing residential equity investments with a focus on the US student housing sector. In 15 years at Blue Vista, Brian has closed over $2.0 billion USD in student housing transactions.

Peter Morgan
Head of Real Estate
PFA Pension

Bahram Motamedian
Senior Managing Director
Affinius Capital
Mr. Motamedian is responsible for evaluating and initiating new investment strategies and vehicles as well as overseeing separately managed accounts. He is the Portfolio Manager of Digital Economy Partners Fund investing in data centers. Bahram chairs Affinius Capital’s Strategy Advisory Group and is a member of the firm's Investment Committee.

Adam Naparsteck
Managing Director, Partner
High Street Logistics Properties
Mr. Naparsteck leads High Street’s capital markets and investor relations efforts. He previously oversaw all Midwest acquisitions, development, and asset management, deploying $1B across 10MSF. He joined in 2018 after 12 years in brokerage and is active in NAIOP, AIRE, and ULI.

Brad Olsen
President
Atlantic Partners LTD
Brad Olsen has been active in international real estate for more than 40 years. He established Atlantic Partners, Ltd. in 1995. The firm assisted its clients in developing and implementing cross-border real estate strategies. He retired in 2021 but continues to advise a developer based in Raleigh, North Carolina. Brad is a graduate of Princeton University and Harvard Law School.

David Pahl
Managing Director
GTIS Partners
David Pahl joined GTIS Partners in 2015. As Managing Director, he is responsible for investment strategies for primarily German investors in the residential, industrial, office and retail sectors. In more than 30 years, Mr. Pahl has realized over 170 transactions with a volume of USD 7 billion. Previously, David worked with PGIM and TMW Real Estate Investors.

Soultana Reigle
US Head of Equity
PGIM Real Estate
Soultana Reigle is a managing director and head of U.S. Equity for the real estate business of PGIM. She is responsible for the performance and growth of PGIM's U.S. real estate equity strategies and operations, including direct oversight of portfolio management, transactions and asset management. Soultana is also the senior portfolio manager for PGIM's U.S. value-add real estate strategies.

David Rueckel
Managing Partner
PIA Pontis Institutional Advisors
David Rueckel founded PIA in 2025 and manages all aspects of the business. PIA is a leading German and European placement advisor for real estate and infrastructure investment managers. PIA also creates real estate club structures, predominantly for family offices. He chairs the USA Conference and Real Estate Debt Conference and is Chairman of the Supervisory Board of the German American Exchange.

Michael Sauer
COO US Real Estate
BVT Equity Holdings, Inc.
Michael Sauer joined BVT in Atlanta in 2001 (and remained there until 2013), where he was responsible for acquiring and structuring project developments in the US multi-family segment, encompassing several thousand residential units. In 2013, he moved to the Milestone Group in Dallas, working in the Value Add division. Since June 2025, Mr. Sauer has returned to BVT as Chief Operating Officer.

Sven Schaltegger
Executive Director
UBS Asset Management Switzerland
Sven Schaltegger is Senior Portfolio Manager & member of the IC at UBS Unified Global Alternatives – Real Estate. He has over 25 years of experience and holds a Master in Finance from the University of Zurich and is a CFA & CAIA Charterholder. He built and headed the Multi-Manager Real Estate team at Credit Suisse before its merger with UBS and worked at PwC and Partners Group earlier in his career.

Walter Schmidt
Senior Partner
Harrison Street Asset Management
Mr. Schmidt has 40 years of experience in the real estate industry. In addition, Mr. Schmidt is a member of various Investment and Portfolio Management Committees. During his tenure with the firm he served in lead acquisition and asset management roles. Mr. Schmidt began his career in 1984 with Touche Ross & Co (currently Deloitte).

Michel Schram
Senior Director Private Real Estate
PGGM
Michel is a senior director at PGGM Private Real Estate focusing on JV’s and fund investments in the US. PGGM is pension fund investment advisor with EUR 250 billion AUM. Michel serves on several Executive and Advisory Boards like AFIRE and PREA and is a member of PGGM’s Private Real Estate Investment Committee. Michel is active in real estate since 1997 and has master degrees in Economic Geography and Real Estate.

Cheyenne Sparrow
Managing Director
Morgan Stanley Real Estate
Cheyenne is a Managing Director in Morgan Stanley’s Real Estate Investing group and Deputy Portfolio Manager of Prime Property Fund. In its 52nd year of operation, PRIME is one of the oldest and largest core U.S. real estate funds in the ODCE Index. Cheyenne has been with Morgan Stanley Real Estate and working on PRIME in various capacities for the last 15 years.

Nick Stein
Managing Director
Sentinel Real Estate Corporation
Nicholas Stein is a Managing Director and Portfolio Manager at Sentinel. He is a member of the Investment Committee and chairs the ESG Committee. Prior to joining Sentinel in 2007, he was an Associate at White & Case, LLP. Mr. Stein received a BS degree from Georgetown University and a JD degree from Georgetown University Law Center. He is a member of the New York State Bar.

Phil Stone
Managing Director
BGO
Phil Stone is Managing Director, Head of Canada Research and Strategy, and Portfolio Manager at BGO. Based in Toronto, he helps guide strategy and execution for over $29 billion of AUM that BGO manages in Canada across both debt and equity. He has 18 years of commercial real estate experience across research, valuation, and asset and portfolio management, and he is a Counselor of Real Estate (CRE).

Oliver Strumpf
Initiator of the USA Conference
FondsForum-Platform
Oliver Strumpf studied business information management and real estate economics at the European Business School. In addition to start-ups, he gained professional experience at international fund and consulting companies. Since 2002, he has initiated various platforms and event formats in the institutional real estate sector. He joined HEICO Group in 2015 and was managing partner of the investment section until May 2021.

Jonathan Turnbull
Managing Director
Harrison Street Real Estate Capital LLC
Jonathan is the Head of Canada at Harrison Street, where he leads Canadian transaction sourcing, joint venture partnerships, and the development of uniquely tax-efficient investment strategies for both global and domestic investors. Based in Toronto, he has overseen the growth of Harrison Street's industry leading Canadian alternative real estate platform to over $2 billion gross AUM since inception 5-years ago.

Bas van den IJssel
Partner & Founder
Almazara Real Assets Advisory
Bas van den Ijssel is Partner and Founder at Almazara, an independent boutique advisory firm supporting European institutional investors with advice on global non-listed real estate.

Max von Below
Managing Director
Affinius Capital
Max von Below serves as Managing Director for Affinius Capital. He is based in Amsterdam and responsible for establishing and maintaining relationships with institutional investors, their managers, advisors and consultants both domestically and internationally. Prior joining Affinius Capital he worked in similar positions on the Manager but as well on the Investor side and brings close to 20 years of work experience.

Duncan Woodard
Managing Director
Boston Capital Real Estate Partners
Mr. Woodard is responsible for the funds’ portfolio management, and contributes to BCRE’s acquisition efforts. In addition, Mr. Woodard is involved in fundraising and investor relations. Prior to BCRE, Mr. Woodard was a Vice President at Spaulding & Slye, and Director of Acquisitions at Colony Capital. Mr. Woodard holds an MBA from the U. of WA, and a B.A. in Economics from Lafayette College.

Garrett Zdolshek
CIO
IDR Investment Management
Garrett Zdolshek serves as Chief Investment Officer of IDR and Accordant. He serves as Portfolio Manager of the IDR ODCE Index Fund, Accordant ODCE Index Fund and Accordant Real Estate Growth Fund. He has over 24 years of experience in private real estate fund investments, investment banking and consulting. He led development of the first and only Index Fund for the private real estate industry.
USA Conference 2026
Registration
Participation in the conference is possible from 2,190 Euro plus VAT (free of charge for institutional investors).
Pre-Event Dinner 4 March 2026
for Investors and Sponsors only
Program 5 March 2026
I. Macroeconomics & Real Estate Fundamentals
US Economy, Real Estate Market Fundamentals, State of the US Real Estate Market, US Market-the ODCE Universe
II. Geopolitics, Financial Markets & the forgotten Sectors
Geopolitics, US Security and Financial Market Position, Office & Retail-Case Studies & Discussion
III. AI, Data Centers and the Industrial Sector
Operationalizing AI, Data Centers, Industrial Real Estate Market, US Investor Perspective
IV. Living Sector and Special Guest
30 years of Living Sectors in the US, US Multifamily Market, Special Guest
Reception and Conference Dinner
Program 6 March 2026
V. Manager Universe, Capital Flows and Specialty Sectors
From Deals to Platforms, Affordable, Workforce and Manufacturing Housing, US Student Housing, Cold storage, Other Specialty Sectors
VI. Tax, Canada and European Investor Perspective
U.S. Tax Structuring, The Other North American Powerhouse, Canada as part of a North America Allocation, Investor Panel
End of the USA Conference 2026 and Lunch
Meeting Point
Conference Location
Hilton Frankfurt Gravenbruch, near Frankfurt
The Hilton Frankfurt Gravenbruch offers modern comfort and elegance just outside Frankfurt’s city center. With spacious rooms, versatile event spaces, and excellent dining options, it is perfect for business and leisure travellers. Convenient transport links and exceptional service ensure every guest enjoys a seamless, comfortable, and memorable stay at this outstanding hotel.
Hilton Frankfurt Gravenbruch
Graf zu Ysenburg-Buedingen Platz 1, 63263 Neu-Isenburg
Phone: +49 6102 50 50
Website>
Overnight Stay
Hilton Frankfurt Gravenbruch
Book HERE>>
Review 2025
Feedback
Excellent content, speakers, atmosphere and location!
Gijs Plantinga, Director Strategic Business Development, Bouwinvest
Best format for US Real Estate Investments in Germany.
Benedikt Gabor, Head of Real Estate,
Nordrheinische Ärzteversorgung
It was another successful event with a clear focus and exciting participants.
Bianca Kraus, Head of Investor Relations DACH, AEW
The conference was amazing on all levels, much because of the event team.
Paul J. Amrich, Vice Chairman, CBRE
We were honored to be part of the USA Conference and were able to actively contribute.
Thomas Baur, Senior Director, GTIS Germany GmbH
Thank you for including me in the USA Conference, it was a great event, well organized and I enjoyed the fast pace and broad topic coverage.
Ryan Krauch, Senior Managing Director,
Affinius Capital
Thank you again for running a wonderful conference. This has become one of the required events for attendance, great mix of investors, speakers and good tool. It was a great use of time and resources.
Steve Chase, Managing Principal, Investor Solutions, Blue Vista
Review 2025
VideoStatements
Contact
Event Manager
Kim Riedel
Strumpf Eventmanagement
Niederseelbacher Straße 24
65527 Niedernhausen
Phone: +49 6127 999 363 24
E-Mail: info(at)usa-conference.com
Nuveen Real Estate is one of the largest investment managers in the world with $139 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to a broad range of real estate investing opportunities.
BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of December 31, 2024) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
BGO is a part of SLC Management, theinstitutional alternatives and traditional asset management business of Sun Life.
| J.P. Morgan Asset Management, with assets under management of $4 trillion (30 September 2025), is a global leader in investment management. Clients include institutions, retail investors and high net worth individuals in every major market throughout the world. JPMAM offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. |
| Founded in 1966, Heitman is a global real estate investment management firm with over $48 billion in assets under management as of 30 September 2025. The firm manages assets across three complementary business units: Private Real Estate Equity, Real Estate Debt and Real Estate Securities. Heitman’s global client base includes clients from institutions, pension plans, foundations, and corporations. |
The BVT Group, headquartered in Munich and Atlanta, is a bank-independent asset manager. For 50 years now it has been paving the way for German private investors and institutional capital investors to a wide range of opportunities offered by international tangible asset investment. The focus is on the asset classes of real estate in the USA and Germany, energy and infrastructure. |
| Jamestown is a design-focused, vertically integrated real estate investment manager and service provider with over 40 years of experience and a mission to create places that inspire. As of September 30, 2025, Jamestown has assets under management of $14.4 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe. |
Sentinel Real Estate Corporation, founded in 1969, is an independent investment firm specializing in U.S. multifamily and Australian build-to-rent. As of September 30, 2025, it manages $9.5B in assets for 120 clients. Headquartered in NYC with global offices in Europe and Australia, Sentinel operates a vertically integrated platform with 29,000 apartment units and 5.2M sq ft of commercial space.
Madison International Realty is a leading liquidity provider to real estate investors worldwide. The firm provides equity for recapitalizations, partner buyouts and capital infusions and acquires joint venture, limited partner and co-investment interests as principals. Madison also provides strategic growth capital to established, middle-market real estate operating platforms. |
Boston Capital Real Estate Partners has been focused on market-rate rental housing since 2002. BCRE specializes in originating value-driven equity investments across the U.S. via discretionary funds, separate accounts, and strategic joint ventures. Serving domestic and global investors, including pensions, foundations, and family offices, BCRE pursues diverse acquisition strategies across multiple market cycles.
PGIM, the global asset management business of Prudential Financial, Inc., manages about US$1.5 trillion across public and private markets. With 150 years of strength and disciplined risk management, PGIM offers strategies in fixed income, equities, and real estate - spanning equity and debt investments across the risk-return spectrum, and serving institutional and retail clients worldwide.
Affinius Capital® is an integrated institutional real estate investment firm focused on value-creation and income generation. With a 40-year track record and $61 billion in gross assets under management, Affinius has a diversified portfolio across North America and Europe providing both equity and credit to its trusted partners and on behalf of its institutional clients globally
HAMBURG TEAM deckt mit den drei Geschäftsfeldern Projektentwicklung, Investment Management sowie Property Management die gesamte Wertschöpfungskette im Immobilienbereich ab. Im Fokus stehen die Schaffung und Verbesserung zukunftsfähiger Lebens- und Arbeitswelten in urbanen Lagen. Die 1997 gegründete Unternehmensgruppe betreut deutschlandweit ein Projekt- und Immobilienvermögen von über € 4,0 Mrd.
Resmark is a leading residential real estate investment manager that provides equity capital to premier homebuilders, land developers, BTR developers and multifamily developers nationwide. The firm has invested in more than 300 investments encompassing over 100,000 residential units. Headquartered in Los Angeles, Resmark operates nationwide in select strategic markets.
IMMOTISS is Germany’s leading advisory and asset management firm specialising in healthcare and senior living properties. We combine market intelligence, operational expertise and investment know-how to create sustainable value. Our holistic approach to real estate, operations and market dynamics ensures the resilience and high performance of healthcare assets.
Since its inception in 1991, The Dermot Company has focused on multifamily operations and investments across the US. Dermot has managed, acquired, and/or built approximately $7.0 billion of multifamily real estate alongside institutional investors and family offices. The firm is widely known for managing highly-amenitized properties in New York and Florida.
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 bn of essential real estate and infrastructure projects.
Blue Vista has been investing in US real estate for the past 24 years with a focus on niche property types including student housing, self-storage, infill industrial, and build-to-rent housing. We manage a vertically integrated student housing platform through which we acquire, develop, and manage purpose-built student housing at leading universities in the US and Canada.
At Morgan Stanley Investment Management, our goal is to provide strong long-term performance to a diverse client base of governments, institutions, corporations, advisors and individuals worldwide. Our investment solutions include a broad range of alternative investments, active investment strategies, customization strategies, sustainability expertise and tax-management solutions
Invesco Real Estate is a global leader in real estate investment management, overseeing USD 87.2bn in AUM with 601 employees and 21 offices worldwide. With 40+ years of experience across the full risk/return spectrum, it manages 205 assets in 14 European countries, representing USD 19.5bn across commercial, residential and hotel sectors as of June 30, 2025. .
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