Trump Signs 2025 Annual OGE 278e Disclosing $1.6B+ in Assets, $600M+ Income, $57M WLFI Token Sales, Direct Dar Al Arkan Licensing from Saudi Arabia, Dubai, and Oman

On June 13, 2025, Donald J. Trump signed his first OGE Form 278e annual public financial disclosure as the 47th President. The White House released it publicly on or about June 16, 2025, pursuant to a 30-day filing extension granted by the Office of Government Ethics. The disclosure covered calendar year 2024 income and assets held as of the filing date — a reporting period that begins before Trump’s second inauguration and runs through the months during which World Liberty Financial was launched, Dar Al Arkan began executing its Saudi licensing agreements, and TMTG completed its post-merger lock-up structure.

Reuters calculated total assets of at least $1.6 billion; the OGE line-item ranges support an asset total between $1.4 billion and $2.1 billion. Disclosed 2024 income exceeded $600 million. The disclosure is the most operationally significant document about the Trump financial architecture to emerge from Trump 2, because it provides named counterparties for flows previously visible only in aggregate.

The WLFI Ownership Chain

The disclosure documents a newly-visible direct-ownership chain for World Liberty Financial:

• DT Marks Defi LLC (F/K/A DT Tower II LLC) owns 75 percent of WLF Holdco LLC
• WLF Holdco LLC holds the sole membership interest in World Liberty Financial, Inc. (a Delaware nonstock corporation)
• Trump reports $57 million in WLFI Token Sales income directly
• 15,750,000,000 governance tokens are held through DTTM Operations LLC
• The aggregate WLFI position is disclosed at $50 million or more

The 75-percent ownership figure is the most consequential single line in the disclosure. It means that when the UAE-linked MGX fund (chaired by Sheikh Tahnoon bin Zayed Al Nahyan) purchased 49 percent of WLFI governance tokens on January 17, 2026 for $500 million (see 2025-01-17–tahnoon-uae-buys-49-percent-wlfi-500m), the counterparty acquiring that position was a firm whose sole member was a Holdco three-quarters-owned by a Trump-family LLC. The Tahnoon transaction is not an arm’s-length investment in a crypto project — it is a payment into a structure where the Trump family retains supermajority control.

Dar Al Arkan and DAMAC: Licensing Trump Personally, Not Just the Organization

The disclosure lists three direct licensing arrangements between Trump-family LLCs and Saudi/Gulf-state developers:

• DT Marks KSA LLC — Licensee “Dar Al Arkan Properties LLC.” $16,000,000 in 2024 income
• DT Marks Dubai DG LLC — Licensee “Dar Al Arkan Property Development SPC.” $5,000,000 in 2024 income
• DT Marks Oman LLC — Licensee Dar Al Arkan. $1,000,000 in 2024 income

Separately:

• DT Dubai Golf Manager LLC — Licensee DAMAC Crescent Properties
• DT Marks Dubai LLC — DAMAC-related Dubai licensing

The $22 million in direct Dar Al Arkan licensing income is the largest documented Gulf-state income flow to Donald Trump personally since the beginning of Trump 2. It is also structurally distinct from Trump Organization licensing — these are Trump’s personal DT Marks LLCs receiving fees from a publicly-traded Saudi developer that has been expanding aggressively across the Gulf under a brand-only licensing model with Dar Global plc (its London-listed subsidiary). The $10 billion Saudi slate announced January 11, 2026 (see 2026-01-11–trump-organization-dar-global-10b-saudi-slate) is the forward-looking pipeline of the same relationship.

Trump Media & Technology Group: $50M+ Lock-Up Position

Trump reports 114,750,000 TMTG shares held through a revocable trust, disclosed at $50 million or more. The share count includes an additional 553,176 shares released from escrow in March 2025 and transferred into the brokerage account. The position is subject to lock-up restrictions carried over from the DWAC-TMTG SPAC merger. At the disclosure filing date, TMTG stock traded in a range implying a market value substantially above the disclosure floor.

Blue Owl Capital: Direct Holding Confirmed

Trump’s disclosure lists Blue Owl Capital Inc. Class A common stock directly — both “BLUE OWL CAP INC CLASS A” and “BLUE OWL CAP INC COMCL A” appear. The aggregate position is disclosed at $5 million to $25 million. This is the position referenced in The RAMM’s April 21, 2026 investigation The Blue Owl System(https://theramm.substack.com/p/the-blue-owl-system-the-1195-million) — Trump personally held stock in Blue Owl Capital at the moment its subsidiary BIGTRPA001 LLC sold DHS the Tremont, PA warehouse on January 29, 2026 for $119.5 million. The disclosure confirms Trump is #1 on the list of 33 Trump administration officials documented to hold Blue Owl positions.

CIC Ventures and CIC Digital: The Trump-Brand Merchandise Engine

CIC Ventures LLC — book and merchandise royalties:

• Save America (book): $3,030,887
• Trump Watches: $2,800,000
• Sneakers and Fragrances: $2,500,000
• “God Bless the USA” / Greenwood Bible: $1,303,000
• Letters to Trump: additional royalty income
• Our Journey Together: additional royalty income

CIC Digital LLC — NFT and digital-collectible royalties:

• NFT INT LLC licensing income: $1,100,000 + $100,000
• Ethereum cold wallet: $1M–$5M

These are not aggregated — each book title, each merchandise line, and each NFT series is a separate royalty stream operated through a Trump-owned Delaware LLC. The disclosure reveals that Trump’s post-presidency merchandise architecture was not a set of one-off deals but a continuously operating royalty-extraction system.

Trump Endeavor 12 LLC (Trump National Doral Miami)

• 2024 revenue: approximately $110,400,000
• Single-largest property-level revenue in the disclosure
• Home to major Saudi-funded LIV Golf tournaments

Mar-a-Lago Club and Trump National Bedminster

• Mar-a-Lago: $50,128,000 in revenue
• Bedminster: $37,227,000 in revenue
• Both operated through The Trump Organization LLC

40 Wall Street and the Ladder Capital Loan

• 40 Wall Street LLC: held through Trump Organization
• Ladder Capital Finance loan: $50 million or more outstanding
• Ladder Capital has been one of Trump’s principal non-bank lenders since Deutsche Bank wound down its Trump exposure post-2016

Book Advances, Speaking Engagements, and Miscellaneous

• Log Cabin Republicans speaking engagement: $237,500
• Additional Log Cabin Republicans payment: $475,000
• MKT World LLC (Melania Trump entity): “Melania” book royalties
• Hung Yen Hospitality (Vietnam licensing): $5 million
• Reliance Industries Mumbai development fee: $10 million

Litigation Liabilities

Trump reports two appeal bonds as liabilities at $50 million or more each:

• New York Attorney General civil fraud judgment appeal bond
• E. Jean Carroll defamation/sexual abuse judgment appeal bond

Municipal Bond and Investment-Account Holdings

The disclosure lists hundreds of individual municipal bond holdings, corporate bonds, equity positions, and money-market positions across multiple brokerage accounts held through revocable trust structures. These holdings are largely ordinary-course wealth-management positions but include stakes in firms that interact with federal policy — Blue Owl among them.

Why This Disclosure Matters Operationally

Four prior timeline entries become more interpretable with the disclosure in hand:

1. 2024-12-20–kushner-affinity-gets-1-5b-qia-lunate — the QIA + Lunate capital into Affinity Partners now sits alongside Dar Al Arkan’s $22M direct licensing of Trump, documenting a two-channel Gulf capital pipeline (Kushner-channel + Trump-personal-channel) operating simultaneously.
2. 2025-01-17–tahnoon-uae-buys-49-percent-wlfi-500m — the Tahnoon $500M WLFI purchase is now visible as a payment into a structure Trump-family LLCs 75-percent-own.
3. 2026-01-11–trump-organization-dar-global-10b-saudi-slate — the Saudi $10B slate is the forward pipeline of the $22M-in-2024 Dar Al Arkan relationship the disclosure documents.
4. 2026-01-29–dhs-purchases-blue-owl-tremont-warehouse — Trump’s Blue Owl stock holding is confirmed. He is #1 on the list of 33 administration officials with Blue Owl positions at the time of the $119.5M Tremont warehouse transaction.

The disclosure is the single most detailed public document on the Trump-family financial architecture in the Trump 2 era. It is also the starting point for emoluments analysis: every income line associated with a foreign government, foreign state-owned entity, or foreign-government-adjacent LLC creates a Foreign Emoluments Clause question. At $22 million from Dar Al Arkan alone — a firm with deep Saudi sovereign-wealth-fund linkages — the disclosure raises these questions in quantities no prior presidential disclosure has.

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