The Federalist’s funding remains opaque, but its ties to Real Clear are detailed in public documents. Two top executives at Real Clear Politics were named in disclosures filed by Federalist entities. Mr. McIntyre, the Real Clear co-founder, is listed as a director of The Federalist’s umbrella corporation on a filing with the Securities and Exchange Commission that also bears his signature.

The Real Clear publisher David DesRosiers was listed as a director with The Federalist’s nonprofit foundation. And as reported by BuzzFeed and others, The Federalist has used the same address that Real Clear Politics uses as the location of its Chicago office.

Despite the dominance of pro-Trump outlets in conservative media, others that are more critical of the president, like The Bulwark and The Dispatch — both formed by alumni of The Weekly Standard — have expanded their audiences. Both were wary of a financial model that could open the door to meddling by donors.

At The Dispatch, for instance, no single outside investor can own more than roughly 5 percent of the company.