The Republican nominee has more debt today than he did during his first presidency, according to a report. Forbes analysis.

_{With DanAlexanderForbes Staff}

D.Donald Trump likes to downplay the amount of money he owes. “My debt on buildings like this building is very low,” he said earlier this year in the lobby of 40 Wall Street, which appeared to be under water due to its $118 million mortgage; Of these, 1.8 billion dollars.

After leaving the White House, Trump reorganized his balance sheet and paid off more than a half-dozen loans. But the combined total of three major court decisions added an estimated $574 million in debt to its balance sheet. It has about $410 million in cash and more than $9 billion in other assets, including about $6 billion in shares in a (very unstable) social media startup, and could theoretically liquidate them to pay off creditors.

Trump’s Chief Legal Officer Alan Garten, who was presented with a list of responsibilities, stated that the former president objected to the legal decisions and objected to this decision. Forbes‘ figures, he noted, including debts against buildings in which Trump is a limited partner and therefore would not be personally liable in the event of default. Garten also appeared to suggest, absurdly, that debts owed to Trump’s club members should not be included in the tally because Trump would repay them with future income.

Meanwhile, campaign spokesman Steven Cheung praised Trump’s career accomplishments and suggested the former president was beholden to fewer Washington insiders than other politicians: “He came to the White House as a non-establishment outsider because of his love for America.” He decided to run.” Whether or not this is true, there is no doubt that Trump owes money to many creditors. Under, Forbes It sums it all up by explaining when the debts will come due, how expensive the interest will be, and who will collect the money.

business case

Amount: $482 million

Payee: New York attorney general

Situation: On appeal

Interest rate: 9%

The biggest liability on Trump’s balance sheet is also the biggest question mark. After the New York attorney general filed a lawsuit against Trump for lying about his wealth, the judge ordered the former president to pay $454 million. Trump is appealing the decision, which involved a large amount of money. As the case plays out in the courts, interest is accruing at a rate of 9 percent annually, adding more than $3 million a month to Trump’s liabilities. But if Trump wins the appeal, he could save hundreds of millions.

555 California Street

Amount: $360 million

Payee: JPMorgan Chase

Maturity: May 2028

Interest rate: EST. 6.9% (variable)

The former president and his publicly traded Vornado Realty Trust partner refinanced their three-building complex in San Francisco shortly after Trump left office, replacing a $533 million loan with a $1.2 billion loan. As part of the deal, Trump received an estimated $160 million in cash. But the partners preferred the variable interest rate, and Trump did not hedge—at least initially.Leaving him vulnerable when the Federal Reserve started raising interest rates To fight inflation. Trump’s share of the project is now barely enough to cover interest expenses, according to an analysis of investor filings. The good news for Trump: He’s a limited partner in the deal, meaning he won’t be personally liable in the event of a default.

1290 Avenue of the Americas

Amount: $285 million

Lenders: JPMorgan Chase, Bank of Montreal, Citigroup

Maturity: November 2028

Interest rate: 2.62%. Variable after November 2025.

Trump and Vornado also refinanced a tower in New York City, also with a variable interest rate. The partners were able to hedge by purchasing what is known as an interest rate cap in November 2023, doling out $63 million to cap interest rates at 2.62% through November 2025. But they hedged at the wrong time and fixed rates exactly as they were. It’s finally starting to fall. As a limited partner, Trump does not control the day-to-day operations of the project and will be at less of a disadvantage if things go wrong.

USA golf courses

Amount: EST. 200 million dollars

Creditors: club members

Maturity: EST. 2024-2041

Interest rate: 0%

As his casinos in Atlantic City struggled under waves of debt, Donald Trump took advantage of a different type of financing by accepting interest-free deposits from people who joined his private clubs. The deposits left no paper trail in public records, allowing Trump to pretend he owed nothing; a ruse his team continues to this day. “Deposits made to club members are paid when new memberships are sold, and all new memberships are non-refundable,” Trump Chief Legal Officer Alan Garten said in an email after the incident. Forbes He sent him his $200 million estimate. “So this is completely wrong, because the new membership resets the old membership.” However, just because the borrower plans to repay the debt with future income does not mean that the obligation is over.

Trump National Doral

Amount: EST. $135 million

Payee: Axos Bank

Maturity: 2032

Interest rate: 4.9%

As Deutsche Bank distances itself from Trump, the real estate mogul has found a new lender of choice: a California-based bank called Axos. The $125 million loan to Trump National Doral seemed a bit risky at first, as the golf resort has struggled in recent years. But business is booming, as operating profits exceed interest expenses by nearly $19 million a year. Trump’s lawyer claims the former president owes only $125 million to the golf resort, but Trump appears to have some membership deposits at the resort.

40 Wall Street

Amount: $118 million

Payee: Staircase Capital

Maturity: July 6, 2025

Interest rate: 3.665%

Trump’s most troublesome credits lie in Lower Manhattan; where he holds a leasehold interest in 40 Wall Street worth an estimated $116 million; That’s less than the building’s $118 million outstanding debt. Covid-19 has negatively impacted New York City’s office market, and more challenges lie ahead. The $2.5 million in ground rent Trump pays annually could skyrocket to $16 million in 2033, potentially wiping out all profits.

Trump Tower

Amount: 100 million dollars

Payee: Axos Bank

Maturity: 2032

Interest rate: 4.25%

Then-President Trump had only $93 million in cash on his balance sheet in 2020 and a $100 million loan to Trump Tower that was due within two years. The Trump Organization chose to refinance the debt rather than pay it in cash. But doing so came with complications because Gucci, the sole tenant, was providing roughly two-thirds of the rent in the building, and its lease was scheduled to expire in 2026. The Trump Organization cut an estimated $7 million from Gucci’s rent. Rent while guaranteeing a 12-year extension. This obviously made Axos Bank comfortable enough to replace the $100 million expiring loan with a loan of the same size. It matures in 2032.

personal disputes

Amount: $92 million

Payee: E. Jean Carroll

Situation: On appeal

Interest rate: Approximately 4.75%

Writer E. Jean Carroll accused Trump of raping her in a store. Trump has repeatedly denied the claim. “Number one, he’s not my type,” Trump said. said Top. “Number two, this never happened. That never happened, okay?” Carroll sued and a jury found him liable for defamation and battery and awarded him $5 million in damages. In the second trial, Carroll won $83.3 million. Trump is appealing both cases while interest accrues .

Mar-a-Lago

Amount: EST. 30 million dollars

Payee: club members

Maturity: EST. 2024-2040

Interest rate: 0%

Trump accepted more than $38 million in membership deposits at Mar-a-Lago; this was more than four times the $8 million he originally paid for the palace. The deposits functioned as zero-interest loans and had to be repaid 30 years after the member became a member, but only if the person resigned from the club. Since Trump entered politics, his starting income has skyrocketed, meaning he should have little trouble paying off his debt to any of the tired old timers out there.

1125 Southern Ocean Boulevard

Amount: $10 million

Payee: Professional Bank

Maturity: June 1, 2048

Interest rate: 4.5%

In 2018, Trump bought a mansion across the road from Mar-a-Lago from his sister, a federal judge named Maryanne Trump Barry, who inherited a fortune from her father, Fred Trump. The former president, who apparently purchased no other real estate while in office, purchased the property for $18.5 million and financed the deal with a 30-year, $11 million mortgage from Professional Bank.

Trump International Hotel and Tower (New York)

Amount: 6 million dollars

Payee: Staircase Capital

Maturity: 6 August 2026

Interest rate: 4.05%

The real estate mogul took out five loans from Ladder Capital, which employs Jack Weisselberg, the son of former Trump Organization Chief Financial Officer Allen Weisselberg. “Depending on the agreement, I may have approached him or he may have approached me,” the younger Weisselberg told the court last year. Some of the debt has been paid off, but loans to 40 Wall Street and Trump International Hotel & Tower remain on Trump’s balance sheet.

Seven Bows

Amount: EST. 5 million dollars

Payee: Bryn Mawr Trust Company

Maturity: 2029

Interest rate: 4.5%

Trump has a small mortgage against his property in Bedford, New York, which is the oldest bank loan in his portfolio. Previously scheduled to mature in 2019, the Trump Organization extended the loan for another 10 years toward the end of Trump’s presidency as part of a renegotiation that increased the interest rate from 4% to 4.5%.

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