Defense Secretary Pete Hegseth Reports Over $3.1 Million in Assets in 2025 Financial Disclosure
Quick Look
- Defense Secretary Pete Hegseth disclosed at least $3.1 million in cash, retirement investments, and Bitcoin in his 2025 annual financial filing, including over $1 million in a single bank account.
- His wife reported retirement investments between $1.55 million and $3.1 million.
- The couple made 16 ETF purchases worth $1.41 million to $3.05 million in 2025 following sales of defense contractor stocks, and reported two mortgages each valued between $1 million and $5 million, one with an 8.5% interest rate taken out in 2025.
AI-generated summary
Why It Matters
Pete Hegseth, a former Fox News host, was confirmed as U.S. Defense Secretary in January 2025. His financial disclosures are routinely reviewed by the Office of Government Ethics to assess potential conflicts of interest, especially for officials overseeing defense contracts.
Defense Secretary Pete Hegseth reported at least $3.1 million in cash, retirement investments and Bitcoin in his newly released 2025 annual financial disclosure, including more than $1 million held in a single bank account.
The Office of Government Ethics filings provides the latest look at the finances of the former firebrand Fox News host, who was confirmed as defense secretary in January 2025. Hegseth is currently facing calls to be impeached from members of his own party related to his handling of the war in Iran.
Hegseth reported five retirement-fund holdings worth between roughly $500,000 and $1.25 million. His wife, Jennifer Hegseth, reported retirement investments worth roughly $1.55 million to $3.1 million, including broad U.S. stock and small-cap funds.
The household also reported three cash accounts, including one worth more than $1 million, and Bitcoin valued at between roughly $16,000 and $65,000.
That's a substantial increase in cash from Hegseth's nominee disclosure from December 2024. At the time, an account listed as "U.S. bank #2" held between $15,001 and $50,000. His new filing lists an account under the same description at more than $1 million.
The disclosure also shows a broad reshuffling of the family's investments after Hegseth joined the administration, typical of new cabinet secretaries to avoid the appearance of conflicts of interest.
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 purchases followed sales of dozens of individual stocks, including shares of defense contractors Lockheed Martin and Northrop Grumman, each sold in February for between $1,001 and $15,000. Hegseth's ethics agreement required him to consult with ethics officials over potential conflicts but did not specifically direct him to sell those holdings.
Hegseth also reported two mortgages valued at between $1 million and $5 million each, including one taken out in 2025 carrying an 8.5% interest rate.
What to Watch
AI outlook — possibilities, not facts
Congressional Republicans will continue to push for investigations or hearings regarding Hegseth's conduct as defense secretary.
Likely · Within weeks
The Office of Government Ethics may review Hegseth's 2025 disclosure for compliance with conflict-of-interest rules.
Very likely · Within days
Open Questions
- What specific ETFs were purchased in 2025?
- Has Hegseth faced any formal ethics investigations related to these transactions?
- What are the exact interest rates and terms of both mortgages?
- How do Hegseth's current holdings compare to those of previous defense secretaries?
