Annual Report on Form 10-K for the year ended December 31, 2025

U.S. Securities and Exchange CommissionTrump Media & Technology Group Corp.2026-02-27

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documented
Trump Media's 2025 Form 10-K states that Trump Plaza, owned by Donald Trump at the time, filed for Chapter 11 bankruptcy in 1992.
Risk Factors, lines discussing prior Trump-associated business bankruptcies
Trump Plaza casino followed the Taj Mahal into Chapter 11 · Historical Chapter 11 filing
documented
Trump Media's 2025 Form 10-K states that the Trump Taj Mahal was built and owned by Donald Trump and filed for Chapter 11 bankruptcy in 1991.
Risk Factors, lines discussing prior Trump-associated business bankruptcies
Trump Taj Mahal entered Chapter 11 one year after opening · Historical Chapter 11 filing
documented
Trump Media's 2025 Form 10-K states that Trump's Castle, owned by Donald Trump at the time, filed for Chapter 11 bankruptcy in 1992.
Risk Factors, lines discussing prior Trump-associated business bankruptcies
Trump's Castle filed for Chapter 11 in 1992 · Historical Chapter 11 filing
documented
Trump Media's 2025 Form 10-K states that the Plaza Hotel, owned by Donald Trump at the time, filed for Chapter 11 bankruptcy in 1992.
Risk Factors, lines discussing prior Trump-associated business bankruptcies
Trump's Plaza Hotel filed for Chapter 11 in 1992 · Historical Chapter 11 filing
documented
Trump Media’s 2025 Form 10-K states that Donald Trump built and owned the Trump Taj Mahal before its 1991 bankruptcy.
Risk factors: historical Trump-associated business bankruptcies, Trump Taj Mahal paragraph.
Trump Taj Mahal Associates paid a $477,000 reporting-violation penalty · Civil penalty paid; original 1998 amount corrects later $477,700 transcription
documented
Trump Hotels & Casino Resorts, a company founded by Donald Trump, and certain subsidiaries voluntarily commenced Chapter 11 proceedings on November 21, 2004 and emerged on May 20, 2005 as Trump Entertainment Resorts.
Risk Factors, prior bankruptcy history
Trump Hotels & Casino Resorts filed Chapter 11 in 2004 · Reorganization completed in 2005
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Trump Entertainment Resorts, the renamed successor to Trump Hotels & Casino Resorts, a company founded by Donald Trump, and certain subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of New Jersey on February 17, 2009.
Risk Factors, prior bankruptcy history and renamed successor
Renamed casino company returned to Chapter 11 in 2009 · Historical Chapter 11 filing
documented
Trump was sentenced to an unconditional discharge on January 10, 2025, and a May 19, 2026 Appellate Division order states that his appeal from the judgment had been perfected.
Risk Factors — President Donald J. Trump's criminal conviction in New York
Thirty-four felony convictions, now on direct appeal · Convicted and sentenced; direct appeal perfected
documented
After the affordability promise, the Trump-controlled issuer put company cash and equity into volatile digital assets and later booked a $403.22 million related accounting loss. Shareholders carried that corporate risk; their aggregate realized losses are not established.
Consolidated Statements of Operations; risk factors on volatility, dilution, dividends, and beneficial ownership
The DJT Bagholder Test — Audit finding · Cited analysis
documented
Trump Media closed a purchase in which it transferred company shares and cash to Foris Holdings US for Cronos tokens, after separately accumulating Bitcoin in the third quarter.
Consolidated Statements of Operations; risk factors on volatility, dilution, dividends, and beneficial ownership
The DJT Bagholder Test — The record · The record
documented
The SEC filing identifies Donald Trump as indirect beneficial owner through his revocable trust.
Consolidated Statements of Operations; risk factors on volatility, dilution, dividends, and beneficial ownership
The DJT Bagholder Test — The record · The record
reported
AP reported that Crypto.com gave $1 million to Trump's 2025 inaugural committee in December 2024 and $10 million to MAGA Inc. in February 2025, before the Securities and Exchange Commission formally dismissed its investigation on March 27. Crypto.com later entered the Trump Media CRO treasury agreement, which the parties terminated in August 2026; AP did not establish that the contributions caused the regulatory or commercial outcomes.
Director and beneficial-ownership sections identifying Donald Trump Jr.'s Trump Media role
Crypto.com gave $1 million to Trump's inauguration and $10 million to MAGA Inc. before an SEC dismissal · Donations and enforcement closure reported; CRO business combination terminated August 7, 2026
documented
Company-level digital-asset losses do not establish aggregate realized shareholder losses or a transfer of that amount to Trump; holder cost bases, trades, and the later value of the assets differ.
Consolidated Statements of Operations; risk factors on volatility, dilution, dividends, and beneficial ownership
The DJT Bagholder Test — Evidentiary limit · Evidentiary limit
documented
The issuer reported $403.22 million in realized and unrealized digital-asset losses for 2025; its filing warns that investors may receive no return unless they sell above their acquisition price.
Consolidated Statements of Operations; risk factors on volatility, dilution, dividends, and beneficial ownership
The DJT Bagholder Test — Outcome · Outcome
documented
An August 2025 filing proposed funding Trump Media Group CRO Strategy with $1 billion in CRO, $200 million in cash, $220 million in cash-in mandatory-exercise warrants, and a potential $5 billion equity line of credit from YA II PN, Ltd. Trump Media's August 7, 2026 Form 8-K says the parties mutually terminated the business combination agreement due to market conditions; Trump Media's annual report identifies Donald Trump Jr. as a director.
Director and beneficial-ownership sections identifying Donald Trump Jr.'s Trump Media role
Trump Media and Crypto.com terminated their proposed $1 billion CRO treasury venture · Business combination agreement mutually terminated effective August 7, 2026