Donald Trump’s debt is estimated at $1.8 billion.

The GOP candidate owes more money today than at any time during his first presidency, according to data. Forbes analysis.

_{TO Dan AlexanderForbes staff}

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DOnald Trump likes to downplay the amount of money he owes. “I have very low debt on buildings like this building,” he said earlier this year in the lobby of 40 Wall St., a property that appears to be under water under a $118 million mortgage. dollars – just one liability in a portfolio with $1.8 billion of them.

Trump has reworked his balance sheet since leaving the White House, paying off more than a half-dozen loans. But three major court decisions combined added about $574 million in liabilities to its balance sheet. He holds roughly $410 million in cash and more than $9 billion in other assets, including nearly $6 billion worth of shares in his (highly volatile) social media venture that he could theoretically liquidate to pay off creditors.

Received a list of commitments, Trump’s legal director, Alan Garten, noted that the former president was appealing court decisions and disagreed with Forbesfigures, noting that they include debt on buildings in which Trump is a limited partner and therefore would not be personally liable in the event of a default. Garten also seemed to absurdly suggest that money owed to members of Trump’s clubs should not be included in the count because Trump would repay it with future earnings.

Meanwhile, campaign spokesman Stephen Chung touted Trump’s career success and suggested that the former president owes less to Washington insiders than other politicians: “Because of his love for America, he decided to run for the White House as an outsider, not associated with the establishment.” . Whether this is true or not, there is no doubt that Trump owes money to multiple creditors. Below, Forbes breaks it all down, explaining when the obligations will come due, how expensive the interest will be, and who will be able to get the cash.

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Business disputes

Quantity: $482 million

Creditor: New York Attorney General

Status: Under appeal

Interest rate: 9%

The biggest liability on Trump’s balance sheet is also his biggest question mark. A judge ordered the former president to pay $454 million after New York’s attorney general sued Trump for lying about his net worth. Trump is appealing the decision, risking big money. While the lawsuit winds its way through the courts, interest accrues at a rate of 9% per year, adding more than $3 million a month to Trump’s liabilities. However, if Trump wins his appeal, he could save hundreds of millions.

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555 California Street

Quantity: $360 million

Creditor: JP Morgan Chase

Maturity: May 2028

Interest rate: EST. 6.9% (variable)

The former president and his partner, publicly traded Vornado Realty Trust, 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 about $160 million in cash. But the partners chose a variable interest rate, and Trump did not hedge – at least initially –leaving him vulnerable when the Federal Reserve began raising rates to fight inflation. Trump’s stake in the project is now barely enough to cover his interest expenses, according to an analysis of investor filings. Good news for Trump: He is a limited partner in the deal, meaning he won’t be personally liable if he defaults.

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1290 Avenue of America

Quantity: $285 million

Creditors: 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, again using a variable interest rate. The partners ultimately began hedging in November 2023 by purchasing a so-called interest rate cap, committing $63 million to cap their interest rate at 2.62% until November 2025. finally begins to decline. As a limited partner, Trump has no control over the day-to-day running of the project and has fewer losses if the project is transferred.

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golf courses in the USA

Quantity: EST. $200 million

Creditors: Club members

Maturity: EST. 2024-2041

Interest rate: 0%

While his casinos struggled with waves of debt in Atlantic City, Donald Trump took advantage of a different kind of financing, accepting interest-free deposits from people joining his private clubs. Because the deposits left no paper trail in public records, they allowed Trump to act as if he didn’t owe any money at all, a ploy his team appears to maintain to this day. “Member deposits are paid upon the sale of new memberships, and all new memberships are non-refundable,” Trump general counsel Alan Garten said in an email after Forbes sent him an estimate of $200 million. “So it’s just wrong because the new membership nullifies the old membership.” But the fact that the borrower plans to pay off the obligation with future income does not mean that the obligation ceases to exist.

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Trump National Doral

Quantity: EST. $135 million

Creditor: Axos Bank

Maturity: 2032

Interest rate: 4.9%

As Deutsche Bank backed away from Trump, the real estate mogul found a new favorite lender: a California bank called Axos. The $125 million loan secured by Trump National Doral initially looked a bit risky as the golf resort had struggled in recent years. However, business is now booming, with operating income exceeding interest expense by about $19 million a year. Trump’s lawyer claims the former president only owes $125 million on the golf resort, although Trump appears to have some membership deposits at the property.

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40 Wall Street

Quantity: $118 million

Creditor: Ladder Capital

Maturity: July 6, 2025

Interest rate: 3.665%

Trump’s most problematic loan is in Lower Manhattan, where he owns the lease on 40 Wall St., which is valued at $116 million, less than the $118 million in outstanding debt on the building. Covid-19 has hit the New York City office market, and more challenges lie ahead. The $2.5 million ground rent Trump pays annually could soar to $16 million in 2033, potentially wiping out all profits.

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Trump Tower

Quantity: 100 million dollars

Creditor: Axos Bank

Maturity: 2032

Interest rate: 4.25%

In 2020, then-President Trump had just $93 million in cash on his balance sheet and a $100 million loan on Trump Tower was due in two years. Instead of paying off the debt with cash, the Trump Organization chose to refinance. However, this was fraught with difficulties as the sole tenant, Gucci, provided approximately two-thirds of the building’s rent and its lease was due to expire in 2026. The Trump Organization ended up cutting Gucci about $7 million. lease with simultaneous extension for 12 years. This apparently allowed Axos Bank to replace its expiring $100 million loan with a loan of the same size. Ripens in 2032.

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Personal disputes

Quantity: $92 million

Creditor: E. Jean Carroll

Status: Under appeal

Interest rate: About 4.75%

Writer E. Jean Carroll accused Trump of raping her in a department store. Trump has repeatedly denied this claim. “First of all, she’s not my type,” Trump said Hill. “Secondly, this never happened. This never happened, okay? Carroll sued and a jury found him liable for libel and battery, awarding him $5 million. In the second trial, Carroll won $83.3 million. Trump is appealing both cases while interest accrues.

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Mar-a-Lago

Quantity: EST. $30 million

Creditor: Club members

Maturity: EST. 2024-2040

Interest rate: 0%

Trump accepted more than $38 million in membership dues at Mar-a-Lago — more than four times the $8 million he originally paid for the palace. The deposits were interest-free loans that had to be repaid 30 years after the member joined the club, but only if he left the club. Since Trump entered politics, starting income has skyrocketed, meaning he should have no problem compensating any of the old-timers who are tired of the place.

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1125 South Ocean Blvd.

Quantity: 10 million dollars

Creditor: Professional bank

Maturity: June 1, 2048

Interest rate: 4.5%

Trump bought the mansion across the street from Mar-a-Lago in 2018 from his sister, a federal judge named Maryanne Trump Barry, who also inherited a fortune from her father, Fred Trump. The former president, who apparently did not purchase any other property while in office, bought the property for $18.5 million, financing the deal with an $11 million, 30-year mortgage from Professional Bank.

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Trump International Hotel & Tower (New York)

Quantity: $6 million

Creditor: Ladder Capital

Maturity: August 6, 2026

Interest rate: 4.05%

The real estate mogul received five loans from Ladder Capital, which employed Jack Weisselberg, the son of former Trump Organization CFO Allen Weisselberg. “Depending on the deal, I could turn to him or he could turn to me,” the younger Weisselberg testified in court last year. Some of the debt has been repaid, but loans secured by 40 Wall Street and Trump International Hotel & Tower remain on Trump’s balance sheet.

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Seven springs

Quantity: EST. 5 million dollars

Creditor: Bryn Mawr Trust Company

Maturity: 2029

Interest rate: 4.5%

Trump has a small mortgage on his estate in Bedford, New York, the oldest bank loan in his portfolio. The loan was previously scheduled to mature in 2019, but the Trump Organization extended the loan for an additional 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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