Invesco DB Commodity Index Tracking Fund
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
DBC$31.54+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067157
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105193
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 96 current paragraphs.
66 unchanged; 14 reworded; 16 added; 5 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Returns for the Three and Six Months Ended June 30, 2025 and 2024
Current report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $22.52 per Share to $21.81 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $20.17 per Share (-10.44%) on April 8, 2025, and a high of $23.26 per Share (+3.29%) on June 20, 2025. The total return for the Fund on a market value basis was -3.15%.
Current report
Commodities declined in the second quarter of 2025, primarily driven by losses in energy and sugar. Crude oil struggled, with Brent and WTI each down more than 8% amid geopolitical volatility and the accelerated return of OPEC+ production. Natural gas also reversed its strong first quarter performance, falling by over 7% due to mild weather and boosted supplies. NY Harbor ultra-low sulfur diesel was the bright spot in energy, supported by shrinking inventories. Sugar was the weakest agricultural component, with front month prices down 18%, pressured by ample global supplies and increased output projections in Brazil. Gold was the top performer, gaining on heightened geopolitical tensions in the Middle East and robust exchange-traded product (“ETP”) inflows. In industrial metals, aluminum benefited from tightening inventories and resilient demand and copper rallied on front loading activity ahead of anticipated tariffs.
Current report
For the three months ended June 30, 2024, the NYSE Arca market value of each Share increased from $22.97 per Share to $23.25 per Share. The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on
Current report
March 31, 2024 was as follows: Shares traded at a low of $22.71 per Share (-1.13%) on June 4, 2024, and a high of $23.94 per Share (+4.22%) on May 28, 2024. The total return for the Fund on a market value basis was +1.22%.
Current report
Commodities performance was mixed in the second quarter of 2024, with the Fund’s performance ending close to flat. Agricultural and energy commodities were both pressured while metals managed to shine. In grains, while renewed weather concerns did take the market by surprise in April and May, sending wheat prices skyrocketing, the rally was short-lived. Sugar also continued its decline, pressured by improving global production prospects. In energy, crude oil and refined products all moved lower. While some of that decline was driven by broader risk off moves due to higher-for-longer Federal Reserve rhetoric, other drivers included fading geopolitical risk premium, U.S. crude inventory builds, and OPEC announcing plans to bring back barrels later in the year. Both precious and industrial metals moved higher over the quarter; tight concentrate supplies in Zinc and Copper threatened to curtail refined metal production while optimism for gold continued despite Federal Reserve developments. Zinc was the top contributor for the quarter, while corn detracted the most from the Fund’s returns.
Current report
For the three months ended June 30, 2025, the NAV of each Share decreased from $22.50 per Share to $21.80 per Share. Falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Sugar, Wheat and Zinc were partially offset by rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Silver, Soybeans and Ultra-Low Sulphur Diesel during the three months ended June 30, 2025, contributing to an overall 3.90% decrease in the level of the Index and to a 2.86% decrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was
Current report
Net income (loss) for the three months ended June 30, 2025 was $(51.2) million, primarily resulting from $12.4 million of income, net realized gain (loss) of $(39.3) million, net change in unrealized gain (loss) of $(21.7) million and net operating expenses of $2.5 million.
Current report
Net income (loss) for the three months ended June 30, 2024 was $19.4 million, primarily resulting from $22.9 million of income, net realized gain (loss) of $(39.6) million, net change in unrealized gain (loss) of $39.9 million and net operating expenses of $3.7 million.
Current report
FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024
Current report
Fund Share Price Performance
Current report
Commodities delivered mixed performance through the first half of 2025, but the Fund ended slightly positive with strength in the first quarter mostly offset by weakness in the second quarter. Metals and natural gas were the top contributors year-to-date while crude oil and agricultural commodities pulled Fund performance lower. In metals, gold was in the lead, rallying in both the first and second quarters, supported by heightened macroeconomic and geopolitical uncertainty, robust ETP demand, and U.S. dollar weakness. Copper also benefited from tariff-related frontloading. Despite falling over 7% in the second quarter as mild temperatures and rising inventories weighed on prices, natural gas was higher for the period after rising 10% on the back of frigid winter weather and strong liquified natural gas export demand in the first quarter. Energy was the laggard, turning sharply lower in the second quarter, with Brent and WTI each down more than 8% amid geopolitical volatility and accelerated OPEC+ production. In agriculture, grains and sugar were both pressured by ample global supplies and favorable weather.
Current report
Fund Share Net Asset Performance
Current report
For the six months ended June 30, 2025, the NAV of each Share increased from $21.35 per Share to $21.80 per Share. Rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Natural Gas, Silver, Soybeans and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, RBOB Gasoline, Sugar, Wheat and Zinc during the six months ended June 30, 2025, contributing to an overall 0.48% increase in the level of the Index and to a 2.65% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +2.11%.
Current report
Net income (loss) for the six months ended June 30, 2025 was $18.0 million, primarily resulting from $26.4 million of income, net realized gain (loss) of $(43.9) million, net change in unrealized gain (loss) of $40.7 million and net operating expenses of $5.3 million.
Current report
Net income (loss) for the six months ended June 30, 2024 was $88.4 million, primarily resulting from $45.0 million of income, net realized gain (loss) of $(42.2) million, net change in unrealized gain (loss) of $92.7 million and net operating expenses of $7.1 million.
Removed paragraphs (5)
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
Broad-based commodities ended the first quarter of 2025 higher, largely driven by gains in energy and metals with the top two contributors being Natural Gas and Gold. Front month Natural Gas futures ended the quarter 10% higher as frigid winter weather drove up heating demand, leading to notable inventory draws in the U.S. A bright outlook for U.S. Liquified Natural Gas (LNG) exports also supported the commodity. Gold continued its breakneck rally through the first quarter of 2025 as drastic policy changes under the new U.S. administration fueled macroeconomic uncertainty and rerouted investors toward haven assets. U.S. dollar weakness was also a tailwind. Other positive contributors were Copper and Silver; Copper rallied on Chinese restocking, stimulus optimism and frontloading to the U.S. in anticipation of tariffs, while Silver saw equivalent front month gains to Gold, supported by tailwinds from both precious and industrial metals. On the other hand, Grains were the laggards of the group, with prices moving lower as weather turned more favorable and fears grew that both U.S. and retaliatory tariffs could hurt U.S. exports.
Previous report
Net income (loss) for the three months ended March 31, 2025 was $69.2 million, primarily resulting from $14.0 million of income, net realized gain (loss) of $(4.6) million, net change in unrealized gain (loss) of $62.4 million and net operating expenses of $2.7 million.
Previous report
Net income (loss) for the three months ended March 31, 2024 was $69.0 million, primarily resulting from $22.1 million of income, net realized gain (loss) of $(2.6) million, net change in unrealized gain (loss) of $52.8 million and net operating expenses of $3.4 million.
Reworded paragraphs (14)
Previous wording
The Fund may invest directly in United States Treasury Obligations. The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”). The Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Current wording
The Fund may invest directly in United States Treasury Obligations. The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”). The Fund may hold as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Previous wording
Net cash flow provided by (used in) operating activities was $2.9 million and $36.2 million for the three months ended March 31, 2025 and 2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Current wording
Net cash flow provided by (used in) operating activities was $76.5 million and $30.9 million for the six months ended June 30, 2025 and 2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Previous wording
During the three months ended March 31, 2025, $0 was paid to purchase United States Treasury Obligations and $0 was received from sales and maturing United States Treasury Obligations. During the three months ended March 31, 2024, $0 was paid to purchase United States Treasury Obligations and $100.0 million was received from sales and maturing United States Treasury Obligations. $282.0 million was received from sales of affiliated investments and $205.1 million was paid to purchase affiliated investments during the three months ended March 31, 2025. $324.6 million was received from sales of affiliated investments and $425.2 million was paid to purchase affiliated investments during the three months ended March 31, 2024. During the three months ended March 31, 2025, net deposits to/from the Commodity Broker was $143.3 million. There were no net deposits to/from the Commodity Broker during the three months ended March 31, 2024.
Current wording
During the six months ended June 30, 2025, there were no purchases of United States Treasury Obligations and $400.0 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2024, $681.6 million was paid to purchase United States Treasury Obligations and $800.0 million was received from sales and maturing United States Treasury Obligations. $479.1 million was received from sales of affiliated investments and $604.9 million was paid to purchase affiliated investments during the six months ended June 30, 2025. $1,022.4 million was received from sales of affiliated investments and $1,161.2 million was paid to purchase affiliated investments during the six months ended June 30, 2024. During the six months ended June 30, 2025, net deposits to/from the Commodity Broker was $205.1 million. There were no net deposits to/from the Commodity Broker during the six months ended June 30, 2024.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(12.2) million and $(36.2) million during the three months ended March 31, 2025 and 2024, respectively. This included $58.7 million and $78.1 million from Shares purchased by Authorized Participants and $70.8 million and $113.7 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2025 and 2024, respectively. No distributions were paid to Shareholders during the three months ended March 31, 2025. During the three months ended March 31, 2024, distributions paid to Shareholders were $0.6 million.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(85.8) million and $(30.9) million during the six months ended June 30, 2025 and 2024, respectively. This included $153.1 million and $156.6 million from Shares purchased by Authorized Participants and $238.9 million and $187.0 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively. No distributions were paid to Shareholders during the six months ended June 30, 2025. During the six months ended June 30, 2024, distributions paid to Shareholders were $0.6 million.
Previous wording
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Current wording
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous wording
The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Opt Yield Diversified Comm Index ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.
Current wording
The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Opt Yield Diversified Comm Index ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous wording
This Report covers the three months ended March 31, 2025 and 2024. Past performance of the Fund is not necessarily indicative of future performance.
Current wording
This Report covers the three and six months ended June 30, 2025 and 2024. Past performance of the Fund is not necessarily indicative of future performance.
Previous wording
The section “Summary of the DBIQ-OY Diversified TR™ and Underlying Index Commodity Returns for the Three Months Ended March 31, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY Diversified TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Diversified TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Current wording
The section “Summary of the DBIQ-OY Diversified TR™ and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY Diversified TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Diversified TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Previous wording
For the three months ended March 31, 2025, the NAV of each Share increased from $21.35 per Share to $22.50 per Share. Rising commodity futures contracts prices for Brent Crude Oil, Copper Grade A, Gold, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Silver, Soybeans, Sugar and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contracts prices for Aluminum, Corn, Wheat and Zinc during the three months ended March 31, 2025, contributing to an overall 4.56% increase in the level of the Index and to a 5.67% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +5.39%.
Current wording
For the three months ended June 30, 2024, the NAV of each Share increased from $22.98 per Share to $23.25 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude Oil, Copper Grade A, Gold, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Silver and Zinc were partially offset by falling commodity futures contracts prices for Corn, Soybeans, Sugar, Ultra-Low Sulphur Diesel and Wheat during the three months ended June 30, 2024, contributing to an overall 0.07% increase in the level of the Index and to a 1.42% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +1.17%.
Previous wording
For the three months ended March 31, 2025, the NYSE Arca market value of each Share increased from $21.38 per Share to $22.52 per Share. The Share price low and high for the three months ended March 31, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $21.48 per Share (+0.47%) on January 3, 2025, and a high of $22.98 per Share (+7.48%) on February 20, 2025. The total return for the Fund on a market value basis was +5.33%.
Current wording
For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $21.38 per Share to $21.81 per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $20.17 per Share (-5.66%) on April 8, 2025, and a high of $23.26 per Share (+8.79%) on June 20, 2025. The total return for the Fund on a market value basis was +2.01%.
Previous wording
For the three months ended March 31, 2024, the NYSE Arca market value of each Share increased from $22.06 per Share to $22.97 per Share. The Share price low and high for the three months ended March 31, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $21.76 per Share (-1.36%) on February 23, 2024, and a high of $22.97 per Share (+4.13%) on March 18, 2024. The total return for the Fund on a market value basis was +4.13%.
Current wording
For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $22.06 per Share to $23.25 per Share. The Share price low and high for the six months ended June 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $21.76 per Share (-1.36%) on February 23, 2024, and a high of $23.94 per Share (+8.52%) on May 28, 2024. The total return for the Fund on a market value basis was +5.39%.
Previous wording
Overall, commodities performed positively in the first quarter of 2024 supported by an improving macro backdrop – a resilient US economy and expected Federal Reserve easing boosted investor risk appetite. Energy commodities were the top contributors, supported by rising geopolitical tensions in both the Middle East and Ukraine. Natural gas continued to be the laggard in energy due to high inventories and reduced heating demand. Precious metals, especially gold, performed strongly underpinned by expectations that the Federal Reserve would start easing interest rates imminently, strong central bank demand, robust Asian consumer demand, and increased haven demand from the escalating conflicts. Industrial metals did make a bit of a comeback towards the end of the period as low prices started to feed into margins, forcing supply curtailments, though the impact was still playing out. Grains were the other weak links aside from natural gas, with prices remaining under pressure on ample global supplies and lacking US competitiveness.
Current wording
Overall, commodities performed positively in the first half of 2024, broadly supported by an improving macro backdrop – a resilient US economy and expected Federal Reserve easing boosted investor risk appetite. However, this tailwind turned into somewhat of a headwind in the second quarter with the Federal Reserve sticking to its higher-for-longer rhetoric amid persistent inflation. Sector-wise, energy was the top contributor, supported by rising geopolitical tensions in both the Middle East and Ukraine, and demand optimism ahead of the summer driving season. Natural gas continued to be the laggard in energy due to higher-than-normal inventories and reduced heating demand. However, it did make a very strong comeback in the second quarter on forecasted heatwaves (i.e., higher cooling demand). Precious metals also saw strong performance underpinned by eventual Federal Reserve rate cuts, strong central bank demand, robust Asian consumer demand, and the increased calls for haven assets due to the escalating conflicts. Industrial metals also made a comeback as tight concentrate supplies and low refined metals prices started feeding into profit margins, threatening supply curtailments. Grains were the weak links, with prices remaining under pressure on ample global supplies and well-progressing harvests/plantings.
Previous wording
For the three months ended March 31, 2024, the NAV of each Share increased from $22.05 per Share to $22.98 per Share. Rising commodity futures contracts prices for Brent Crude Oil, Copper Grade A, Gold, Light Sweet Crude Oil, RBOB Gasoline, Silver, Sugar and Ultra-Low Sulphur Diesel were partially offset by falling commodity prices for Aluminum, Corn, Natural Gas, Soybeans, Wheat and Zinc during the three months ended March 31, 2024, contributing to an overall 3.13% increase in the level of the Index and to a 4.52% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +4.22%.
Current wording
For the six months ended June 30, 2024, the NAV of each Share increased from $22.05 per Share to $23.25 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude Oil, Copper Grade A, Gold, Light Sweet Crude Oil, RBOB Gasoline, Silver, Ultra-Low Sulphur Diesel and Zinc were partially offset by falling commodity futures contracts prices for Corn, Natural Gas, Soybeans, Sugar and Wheat during the six months ended June 30, 2024, contributing to an overall 3.21% increase in the level of the Index and to a 6.00% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +5.44%.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Returns for the Three Months Ended March 31, 2025 and 2024