Who paid.
What they got.

The Trump Organization licensed its name to the developers; The Wall Street Journal, as reported by JAMnews, said Georgian investors signed the branding agreement with Eric Trump at Mar-a-Lago in May 2026. The Journal reported that the developers bought the site in 2023 from a fund controlled by the family of Bidzina Ivanishvili, the Georgian Dream founder whom the U.S. sanctioned in 2024, and, citing Georgian corporate records, that the deal was worth up to $85 million and was completed in July 2026. The Daily Beast, citing the Journal, identified the seller as the Cartu Foundation and reported that Ivanishvili is not officially involved with it and that the family members who run it are not under sanctions.

The project was launched in Tbilisi on September 15, 2026 at an event attended by Georgian government and ruling-party officials, the president of the National Bank and the prosecutor general. Prime Minister Irakli Kobakhidze said it would draw $2 billion in investment, with a 62-floor tower due in 2031 (JAMnews). The Trump Organization announced the tower in April 2026 as 70 stories (Eurasianet).

Archi Group’s founder, Ilia Tsulaia, is a former Georgian Dream member of parliament (Eurasianet). The Journal reported that he joined a 2025 Georgian delegation to Washington seeking better relations with the new administration and discussing sanctions (JAMnews).

The Ledger has not seen the Georgian corporate records or the licensing terms.

The Trump Organization says its business is run independently of the administration and denies any conflict of interest (The Wall Street Journal, via JAMnews). In a video address to the launch, Eric Trump said his father supports the project (JAMnews). The cited September reports include no White House response.

Per the president’s disclosure as analyzed by CNBC: $23 million from the UAE (through deals with two developers, per Forbes), $10 million from India, $9 million from Saudi Arabia and $5 million from Qatar. Forbes calculated the foreign licensing business grew about 900 percent as Trump returned to power; CREW counts 23 Trump-branded foreign projects in development during the presidency.

Licensing fees are paid to Trump-owned entities for the use of the name. Per CNBC, the Trump Organization signed its Qatar and Oman licensing agreements with private developers rather than directly with foreign governments, but both projects rely on state-controlled land, investment or partners.

The Trump Organization told CNBC it operates “completely separate from the presidency,” complies with ethics and conflict-of-interest laws and uses an outside ethics adviser. It did not respond to CNBC’s questions about specific projects or to Forbes’s questions. White House deputy press secretary Anna Kelly told Forbes, “There are no conflicts of interest.”

Fortune, citing the president’s financial disclosure released by the Office of Government Ethics: $635 million-plus in memecoin royalties, about $600 million through World Liberty Financial, $197 million to DT Marks SC, more than $150 million in income from ether, more than $56 million from USDC, more than $33 million from bitcoin, and a stake in Michael Saylor’s Strategy.

Forbes put Trump’s net worth at $6.3 billion in early 2026, up about 60 percent from before his return to office.

Trump told The New York Times in January 2026: “I found out that nobody cared, and I’m allowed to,” which the AP said alluded to the president’s exemption from the federal conflict-of-interest statute.

Forbes’s 2026 Forbes 400 estimate, published September 15, 2026, put Trump’s net worth at $7 billion, $300 million less than a year earlier, estimated that the $TRUMP memecoin delivered more than $600 million to him in trading fees and token sales, and said his liquid assets rose from $1.1 billion to $1.9 billion after taxes. On September 15, 2026 the Senate failed to reach the 60 votes needed to advance the Clarity Act (National Law Review). CoinDesk reported on September 14 that the bill’s ethics section would impose restrictions on crypto ties for many federal officials, including the president, and that White House crypto adviser Patrick Witt said Trump had accepted further limits that could force him to put his investments into blind trusts; Senate Banking Committee Democratic staff said the new version left Trump’s appointees, especially the attorney general, too much authority to shut down enforcement of the ethics section.

The White House says Trump acts in an “ethically-sound manner” and that contrary suggestions are ill-informed or malicious.

ProPublica reported, citing records and three people familiar with the event, that Kremlev paid for part of Donald Trump Jr.’s May 2026 wedding weekend in the Bahamas, including rental of one of the two private islands, where the reception was held, and a fireworks show, and that his team helped plan the event. Trump Jr. and his wife confirmed that Kremlev hosted two nights of celebrations after the ceremony and described it as a wedding gift. ProPublica reported that Putin awarded Kremlev the Order of Friendship the month before the wedding, that Ukraine has sanctioned him over his closeness to Putin, and that the IBA has been financed by Russia’s state-owned Gazprom. Kremlev does not appear on public U.S. sanction lists, ProPublica said.

ProPublica reported that the reception island can rent for around $100,000 a night and that the fireworks company charges around $70,000 for such a show. Kremlev did not attend the ceremony, held on the first day of the three-day event, which had 18 guests, according to Trump Jr.’s spokesperson; ProPublica dated the last night of the celebrations to May 24.

Trump Jr. shared a stage with Kremlev at an IBA panel in Istanbul in September 2025; his spokesperson told ProPublica he was not paid for the appearance. In January 2025 Kremlev sent an open letter asking President Trump to look into the International Olympic Committee’s actions against the IBA.

Reported September 14, 2026. Month-precision date (first of the month). The Ledger has not seen the payment records ProPublica reviewed.

A spokesperson for Trump Jr. did not dispute the payments, described Kremlev as a personal friend met through a mutual friend in the hunting world, and said the two have no business relationship. Trump Jr. and Bettina Trump said in an Instagram statement that the celebrations were a generous wedding gift from a friend and objected to the event being recast as political. Kremlev’s press office said the two have a friendly relationship, that he has never discussed political matters with Trump Jr., that the IBA itself did not incur wedding expenses and that its Gazprom sponsorship expired long ago. The White House did not respond to ProPublica.

The company is seeking contracts with the Pentagon and with Gulf states under attack by Iran and dependent on the U.S. military, according to AP.

Month-precision date. The Ledger will add the company name when a cited source supplies it.

Asked about potential conflicts after the drone deal was announced, Eric Trump said, “I am incredibly proud to invest in companies I believe in.” A spokesman for Donald Trump Jr. said he doesn’t “interface” with the government on companies in his portfolio. The White House told AP that Trump has “no involvement” in family business deals.

A Red Sea resort branded Trump Plaza, then a January 2026 collaboration for mansions, a hotel and a golf course outside Riyadh with a sovereign-wealth-fund company.

Month-precision date for the Riyadh announcement.

Asked about Trump Plaza and its other foreign projects, the Trump Organization told AP it had done no deals with governments so far, noting that the Saudi company was private. Asked whether the Riyadh project broke its pledge not to strike deals with foreign governments, it said it does not “conduct business with any government entity” but did not address that project specifically.

The Washington Post reported on a November 3, 2025, analysis by the watchdog group Public Citizen, which found that two-thirds of the 24 known corporate donors received federal contracts worth a combined $279 billion over the previous five years, and that 14 of the 24 face federal enforcement actions or had such actions suspended by the Trump administration. Fortune later reported that a Public Citizen analysis found 14 of 27 known corporate donors received more than $50 billion in new or expanded federal contracts in the six months after demolition of the East Wing began, led by Lockheed Martin (about $43.8 billion), with Palantir (over $1 billion) and Amazon ($255.7 million) among them.

The East Wing was demolished to make room for the 90,000-square-foot ballroom. Fox News reported in January 2026 that corporations including Microsoft and Amazon, responding to inquiries from Senator Elizabeth Warren and other lawmakers, described how fundraisers approached them about donations. The report did not give donation amounts.

NBC News reported on September 14, 2026 that the administration’s latest cost estimate is at least $400 million, that the White House has named no donors beyond its October 2025 list of 37 (Nvidia and Vantive Healthcare acknowledged donations on their own), and that donations are routed through the Trust for the National Mall, a tax-exempt nonprofit. NBC also cited the Public Citizen contracts analysis described above; the Ledger has not reviewed that analysis. The Supreme Court ruled 5-4 in late August 2026 to let the project move forward, NBC reported. The White House declined to comment to NBC.

Trump has said the ballroom is privately funded by himself and donors at no cost to taxpayers, CNN and CNBC reported. White House spokesman Davis Ingle told Fortune that critics are “alleging fake conflicts of interests” and that the donors are “contributing to make the People’s House better for generations to come.”

Eric Trump and Donald Trump Jr. back the mining and treasury company, formed by combining most of Hut 8’s mining business with American Data Centers. The listing came months after the president signed an order creating a national bitcoin reserve.

The stock later fell about 90 percent from its highs. Month-precision date.

The Trump Organization told AP it is “fully compliant with all applicable ethics and conflicts of interest laws” and that “the implication that politics has enriched the Trump family is unfounded.” The White House said the president has “no involvement” in family business deals. Fortune reported in September 2025 that Eric Trump has disputed concerns raised by ethicists and Democrats about the family’s crypto ventures and has said he does not talk with his father about his business ventures. Fortune’s February 2026 report includes no response.

Three companies paid to end Trump’s suits, including the ABC and “60 Minutes” suits, which most legal experts cited by NPR and CBS News considered weak: ABC over a George Stephanopoulos statement (December 2024), Meta over the 2021 account suspensions (January 2025; $22 million to the library), and Paramount over a “60 Minutes” edit (July 2025), while Paramount awaited federal approval of its merger with Skydance.

None of the settlements included an apology from Paramount or Meta; ABC posted an editor’s note expressing regret. CBS News reported that two Florida nonprofits were set up for library donations; the second, the Donald J. Trump Presidential Library Foundation, lists Trump’s son Eric, son-in-law Michael Boulos and a lawyer who once represented Trump as its trustees.

Paramount said the lawsuit was “completely separate from and unrelated to the Skydance transaction and the FCC approval process,” and co-CEO George Cheeks told shareholders that legal costs, the risk of an adverse judgment and possible business disruption were reasons to settle, NBC News reported. CBS News reported that Paramount had maintained the suit was without merit. ABC News said it was “pleased that the parties have reached an agreement to dismiss the lawsuit,” the Associated Press reported. Meta did not comment but confirmed the Wall Street Journal’s report of the settlement, which said Meta did not admit wrongdoing, Forbes reported.

Trump is the largest shareholder of Trump Media, through a trust. CNBC called the bitcoin buildup the latest marker of the Trump family’s embrace of cryptocurrency, a pivot it said continues to grow his net worth while in office as he pursues pro-crypto policies, including a strategic bitcoin reserve. By July 2025 the company held about $2 billion in bitcoin.

Shares fell about 10 percent on the announcement. Custody was placed with Anchorage Digital and Crypto.com, which also partnered with the company on exchange-traded funds.

Trump Media described the treasury as a defense against discrimination by financial institutions.

The Pentagon accepted the 13-year-old royal-family jet a week after reports that Qatar was offering it for Trump’s use. Trump said in May 2025 that the plane would go to his presidential library after his term, AP reported. In August 2026, a White House official told ABC News “no final decision has been made yet” on its future after he leaves office.

The Air Force said it would award a classified contract to convert the jet. Democrats in Congress questioned whether the gift was lawful under the Emoluments Clause, NPR and Defense News reported. Lawmakers of both parties raised security concerns; Republican Sen. Ted Cruz said on CNBC that the plane posed “significant espionage and surveillance problems.”

Trump called the gift “a great thing” and, before it was accepted, said it “helps us out” because the presidential planes he flies on are decades old. The Defense Department said it accepted the aircraft in accordance with federal rules.

The investment in Binance was settled in USD1, the stablecoin issued by the Trump family’s World Liberty Financial, which earns yield on the reserves backing the tokens. Binance’s founder later received a pardon (see the Pardon Ledger).

The value of USD1 in circulation reached about $2.1 billion on April 30, 2025, Reuters reported, citing CoinMarketCap data. Month-precision date. MGX and Binance announced the $2 billion investment in March 2025, CNBC reported; World Liberty co-founder Zach Witkoff announced in May 2025 that it would be closed in USD1, Reuters reported.

World Liberty dismissed the notion of a conflict, saying the UAE deal had no connection to the president’s chips policy, AP reported. Zhao’s lawyer denied any link between Binance’s business ties and the pardon.

AP, citing The New York Times, reported Vietnam’s government pushed farmers off land for the project. Reuters reported Vietnam fast-tracked approvals as it negotiated a trade deal with Washington.

Reuters reported that Vietnamese authorities approved the project in May 2025, the week before Vietnam’s prime minister and Eric Trump held a groundbreaking ceremony on May 21. Month-precision date (first of the month).

The Trump Organization denied direct business with the government.

One of eight foreign deals the Trump Organization completed in just over a year of the second term, against zero in the first term.

AP reported the project is being developed in part by a company owned by the Qatari government. CNBC reported that the Trump Organization’s licensing agreement was with a private developer and that Dar Global and Qatari Diar announced the project on April 30, 2025.

The Trump Organization says it has no direct deals with foreign governments.

Sun spent $75 million on the tokens between the election and the inauguration. A federal securities lawsuit against Sun was paused after the inauguration and later settled for a $10 million fine.

Co-founders are Trump, his three sons, Steve Witkoff and Witkoff’s two sons. Fortune also reported nearly $197 million to Trump through DT Marks SC, which owns 38.5 percent of Stablecoin Holdco. Month-precision date: World Liberty said in March 2025 that its token sales had reached $550 million (CNBC).

CoinDesk reported on September 14, 2026 that onchain records show a wallet that moved 15.75 billion WLFI into a vesting contract on May 19, 2026 kept 14.175 billion after a required 10 percent burn, the amount disclosed as Trump’s founder allocation, and that the contract sets a two-year cliff followed by three years of vesting, so none of it can unlock before May 2028. CoinDesk valued the stake at about $800 million at the current WLFI price; it identified the wallet by that match and said the owners of the other five participating wallets could not be identified from blockchain data. A World Liberty spokesman told CoinDesk that co-founders face the strictest conditions and the longest vesting schedule of any holders. Forbes reported on September 15, 2026 that World Liberty sold nearly $2 billion of tokens and equity in 2025, sending nearly $800 million of proceeds to the president.

The Trump Organization says it is fully compliant with ethics and conflict-of-interest laws and that the implication that politics has enriched the Trump family is unfounded. Sun said “today’s resolution brings closure”; the SEC said he and his companies did not admit or deny wrongdoing (Reuters).

The token launched days before the inauguration. AP reported about $320 million generated in the first four months and a gala dinner for the biggest holders, at which Sun, a foreign citizen, got access to Trump.

The token later fell roughly 90 percent from its highs. Trump announced a further dinner for top holders in 2026.

The White House spokesperson said “there are no conflicts of interest” and that assets sit in a trust managed by Trump’s children.

Signed by Eric Trump four days before the inauguration and not disclosed until The Wall Street Journal reported it on January 31, 2026. Half was paid up front, sending about $187 million to Trump-family-controlled entities and tens of millions more to co-founders including relatives of envoy Steve Witkoff.

Executives of G42 helped manage the vehicle and took World Liberty board seats. Within months the administration committed to granting the UAE access to hundreds of thousands of advanced AI chips a year.

Fortune, citing the president’s disclosure, reported nearly $263 million net to Trump from the sale.

World Liberty said the deal had “no connection” to chips policy. The White House says there are no conflicts of interest and that Trump has no involvement in family business deals.

Agreed weeks after Bezos dined with the president-elect at Mar-a-Lago and after Amazon gave $1 million to the inaugural committee, while Amazon was defending the Federal Trade Commission’s 2023 antitrust suit. Rolling Stone reported that Amazon Web Services is a giant federal contractor and that Bezos’s Blue Origin has NASA contracts worth billions. Melania Trump is an executive producer, NBC News reported.

The film was directed by Brett Ratner. Month-precision date; the deal was reported in January 2025. Donald Trump’s annual financial disclosure report covering 2025 listed $10.71 million in income to Melania Trump from the documentary, Business Insider reported. Earlier, Rolling Stone, citing The Wall Street Journal, reported that she kept roughly 70 percent of the fee, about $28 million.

Amazon described the film as an unprecedented look at the first lady’s life. An Amazon MGM Studios spokesperson told Rolling Stone the studio had no ulterior motive. “We licensed the film for one reason and one reason only,” the spokesperson said, “because we think customers are going to love it.”