Pete Hegseth’s newly released 2025 annual financial disclosure lists at least $3.1 million in cash, retirement investments, and bitcoin, according to the Office of Government Ethics filing. According to CNBC, the Secretary of War’s paperwork also shows a large jump in one cash account, compared with the range he reported a year earlier.
In his 2024 nominee filing, an account described as “U.S. bank #2” was listed between $15,001 and $50,000. The new disclosure lists an account under the same description as worth more than $1 million.
The household reported three cash accounts in all, the documents show. Bitcoin was listed at between roughly $16,000 and $65,000.
Retirement accounts and ETF purchases make up most of the reported holdings
Five retirement accounts contain investments worth roughly $2.05 million to $4.35 million, according to the filing. Hegseth’s three accounts accounted for about $500,000 to $1.25 million of that total.
Jennifer Hegseth reported roughly $1.55 million to $3.1 million in two rollover individual retirement accounts. Because the forms use broad ranges rather than exact figures, the documents do not indicate whether the family’s overall reported wealth rose or fell from the prior year.
Hegseth’s December 2024 nominee disclosure listed roughly $1.4 million to $3.4 million in financial assets. Such large undisclosed sums can raise questions about financial transparency, as when Trump bought up to $500,000 in Boeing stock on June 18, and the Navy awarded Boeing an $880 million contract that same day.
The 2025 filing shows at least $3.1 million, with no matching upper limit because one bank account is reported only as “worth more than $1 million.”
Hegseth and his family made 16 purchases of exchange-traded funds in 2025 worth between about $1.41 million and $3.05 million, according to a CNBC analysis of the reported ranges. Those buys came after the family sold more than two dozen individual stocks.
The sales included shares of Lockheed Martin and Northrop Grumman. Each of those holdings was sold in February 2025 for between $1,001 and $15,000, the filing shows.
Hegseth’s ethics agreement required him to consult with ethics officials over potential conflicts. It did not specifically direct him to sell those two defense-contractor holdings.
The disclosure lists two mortgages valued at between $1 million and $5 million each. One of those loans was taken out in 2025 on his personal residence and carries an 8.5% interest rate, according to the filing.
Hegseth, a former Fox News host, was confirmed as the Defense Secretary in January 2025. Later that year, his title was updated to Secretary of War. Members of his own party have called for his impeachment over his handling of the war with Iran, the report stated.
Published: Sep 27, 2026 12:00 pm