Late on Friday, the U.S. Office of Government Ethics released a 98-page financial disclosure form according to which President Trump reported income of at least $594 million for the period from 2016 and through April 2017 and assets worth at least $1.4 billion; he also had personal liabilities of at least $315.6 million to German, U.S. and other lenders as of mid-2017 implying a net worth of just over $1.1 billion. The disclosure form was Trump’s first since taking office.
“President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form,” the White House said in a statement, adding that the form was “certified by the Office of Government Ethics pursuant to its normal procedures.”
On the income side, the largest component was $115.9 million listed as golf-resort related revenues from Trump National Doral in Miami, down from $132 million a year ago. Income from his other hotels and resorts largely held steady according to Reuters. Revenue from Trump Corporation, his real-estate management company, nearly tripled, to $18 million, and revenue from Mar-a-Lago grew by 25%, to $37.25 million helped perhaps by the doulbing of the club’s initiation fee to $200,000 after Trump’s election.
While royalties for his book “Art of the Deal” at least doubled, revenues for condo sales in his properties decreased. At Trump Park Avenue, for example, condo sales in 2015 totaled $44.3 million. Last year, those sales only reached $29.9 million, a 33% drop.
Trump had roughly $20 million in income from his new marquee Washington hotel, which opened just down the street from the White House last September. The president also earned $11 million from the Miss Universe pageant, after selling the beauty contest back in 2015, while revenue from television shows like “The Apprentice” tumbled to $1.1 million, down from $6 million a year earlier.
The disclosure reflects income of between $2.5 million and $15.5 million from stocks, bonds and mutual funds. Trump sold all of his stocks in June 2016, a spokesman said in December.
In 2015, Trump’s airline — Tag Air — which leases a 757 from one of his businesses, earned $3.7 million in revenue. The next year, it reported earning $7.7 million in revenue and travel reimbursements. Trump used Tag Air to travel during the campaign, according to The Hill. The president also disclosed $10.8 million from two entities affiliated with the Trump International Hotel in Las Vegas, which he co-owns with entrepreneur Phil Ruffin. The figures, described as development fees and a sponsor fee, are attributed to companies for which the previous disclosures show no income. There has been an uptick in hotel condo purchases at the tower by limited liability corporations during the past year, where Trump and Ruffin still own more than 300 units.
On the liability side, Trump reported debt of at least $130 million to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG. Of this, Trump disclosed a liability to Deutsche exceeding $50 million for the Old Post Office, a historic Washington property where he has opened a hotel. Trump also reported liabilities of at least $110 million to Ladder Capital Corp , a commercial real estate lender with offices in New York, Los Angeles and Boca Raton, Florida. In total, Trump has five liabilities worth $50 million or more, such as the lease on his Washington D.C. hotel.
His assets were reported to exceed $1.4 billion because the disclosure form provided ranges of values. Last May, Trump released a disclosure form that his campaign at the time said showed his net worth was $10 billion, a number many said was overblown. Trump also disclosed three checking and savings accounts holding a total of at least $57 million.
Furthermore, The document showed Trump held officer positions in 565 corporations or other entities before becoming U.S. president. His tenure in most of those posts ended on Jan. 19, the day before his inauguration, and in others in 2015 and 2016. According to a Reuters breakdown, most of the entities involved were based in the United States, with a handful in Scotland, Ireland, Canada, Brazil, Bermuda and elsewhere.
Meanwhile, Trump has refused to release his tax returns, which would give a much clearer indication of his wealth and business interests; they would likely also indicate his extensive use of NOLs to minimize his tax liability. Trump has, however, submitted federal forms disclosing the ranges of his and his family’s income, assets and liabilities.
The full filing is below (pdf link):
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