Maryland Gov. Hogan maintains stake in dozens of real estate entities; lists Ravens jersey as most valuable gift

Maryland Gov. Larry Hogan has divested from five companies he previously held an interest in, but maintains an interest in dozens of real estate companies, according to his annual financial disclosure filing.

The Republican governor operated his real estate firm, Annapolis-based Hogan Cos., for decades before winning his first four-year term in 2014.


Since 2015, a trust has handled the governor’s business assets, while his brother, Timothy Hogan, handles the day-to-day affairs of Hogan Cos.

While Hogan is not directly involved in management decisions, he is allowed to receive updates from the trust. Once a year, the trust sends the governor a list of entities the Hogan Cos. owns so he can include it in his disclosure filing, said Mike Ricci, a Hogan spokesman.


Hogan’s filing on April 4, covering 2019, showed the governor’s trust having 100% ownership of The Hogan Group, plus significant shares in the subsidiaries of the Hogan Cos., Hogan Cos. Residential, Hogan Holding Co. and Becker Building Co. The trust also owns half of Hogan Development, which in turn has partial ownership in 32 limited liability corporations.

The purpose for each entity isn’t clear, but real estate companies and developers often start new limited liability corporations for individual development projects.

Five LLCs listed on the 2018 disclosure report do not appear on the 2019 filing.

One, the Diamondback Investment Co., was behind a contested proposal in Anne Arundel County called the Enclave at Crofton. The development was denied approval by county officials last year. An attorney for the Hogan Cos. told The Capital newspaper that the company divested from Diamondback in 2019.

Two other LLCs that Hogan held an interest in, Herringbone Development and Holomatz Development, were dissolved in 2019, according to state records.

The other two LLCs no longer associated with the governor are Free State Realty Partners and Legacy Investments.

The governor has weathered criticism about his business dealings, with some questioning whether he has a conflict of interest, particularly when it comes to his role in approving transportation projects near his company’s properties.

During his 2018 reelection campaign, Hogan released tax returns showing he and his wife, Yumi, earned a combined $2.4 million during his first three years as governor. In addition to his business profits, the governor earns a $180,000 annual state salary.


Hogan has maintained that he has followed state ethics laws and the guidance of the state’s Ethics Commission, which recommended setting up the trust.

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Complaints about Hogan have been filed with the state Ethics Commission, but no decisions against the governor have been made public.

Hogan also reported on his financial disclosure that he owns a property in Ocean City as a second home. He bought it in 2008.

And he listed dozens of gifts he received in 2019, including T-shirts, hats and mugs. The most valuable gift was a jersey from the Baltimore Ravens football team worth $325.

Hogan filed his disclosure about a month before it was due May 1.

Republican Lt. Gov. Boyd Rutherford, meanwhile, reported on April 29 ownership of his home in Howard County. He also acquired additional shares last year of certain stocks he owned through the companies’ dividend reinvestment plans.


He also listed ownership of a company called KMC Realty Ventures. Rutherford has a minority interest in the firm, which owns a building where Rutherford once had an office, said Mark Newgent, the lieutenant governor’s deputy chief of staff. Rutherford is not involved in the day-to-day management of the company, Newgent said.

Rutherford listed dozens of gifts, most of nominal value. An award from the Capital Region Minority Supplier Development Council, worth $200, was the most valuable gift Rutherford reported receiving.