Brendan Rogers (Asst SecNav) — Loan Receivables from CBRE Logistics Partners AND JLL Partners Fund IX
The Conflict
Brendan Rogers ($22M), Assistant Secretary of the Navy for Energy, Installations, and Environment, discloses:
- Loan receivable from CBRE U.S. Logistics Partners — CBRE’s logistics real estate arm owes Rogers money
- Loan receivable from JLL Partners Fund IX LP — JLL’s private equity arm also owes Rogers money
- Blue Owl Cap Inc. (OWL) stock
Rogers’s command oversees Navy installations — the physical infrastructure side of the department that administers WEXMAC-TITUS, the military contracting vehicle through which all ICE warehouse purchases flow.
Why Loan Receivables Are Worse Than Stock
Stock holdings create a general interest in a company’s performance. Loan receivables create a direct creditor relationship — the company literally owes the official money. Rogers has a financial interest in the solvency and profitability of both CBRE and JLL, the two largest commercial real estate brokers involved in federal facility transactions.
- CBRE brokered the Williamsport, MD warehouse sale to DHS ($102.4M)
- JLL Capital Markets arranged the Goldman Sachs $352.7M refinancing of the Fundrise portfolio that included the Williamsport warehouse
- Both firms are among the largest CRE brokerages in the world
Combined Rogers Exposure
| Holding | Connection to ICE Warehouses |
|---|---|
| CBRE U.S. Logistics Partners (loan receivable) | CBRE brokered Williamsport sale |
| JLL Partners Fund IX (loan receivable) | JLL arranged Goldman $352.7M refi |
| Blue Owl Capital (stock) | Blue Owl sold Tremont PA ($119.5M) |
Three financial ties to three entities involved in ICE warehouse transactions — while his department administers the contract vehicle those transactions flow through.
Sources
- ProPublica Trump Team Financial Disclosures (April 8, 2026)