President Donald Trump seemed to agree in October that he is in debt $400 million, but according to Forbes, the president actually owes more than $1 billion to creditors.
The loans are spread out over more than a dozen different assets—hotels, buildings, mansions and golf courses. Most are listed on the financial disclosure report Trump files annually with the federal government. Two, which add up to an estimated $447 million, are not.
It is important to note, as Trump did Thursday night, that he also has significant assets. Forbes values them at $3.66 billion, enough to make his net worth an estimated $2.5 billion. He is not broke, despite what many critics claim.
Despite the frequent assertion that Deutsche Bank has been the only financial institution willing to lend Trump money, Forbes reported that the president has loans with at least six other lenders.
The confusion around Trump’s debt situation is understandable, Forbes wrote, because “Trump’s loans are not fully transparent.”
It’s still unclear to whom he owes an estimated $162 million against his skyscraper in San Francisco, for example. The loan against 1290 Avenue of the Americas is also something of a mystery. And it’s difficult to pin down the amount the president owes on a loan tied to his Bedford, New York, mansion. When asked about all of this, the Trump Organization did not respond.
Here is a partial list of the Trump debts Forbes put together:
1290 Avenue of the Americas
Trump owes $285 million on 1290 Avenue of the Americas, which comes due in November 2022.
Donald Trump owns a 30% interest in 1290 Avenue of the Americas, which might explain why he does not list its debt on the financial disclosure report he files annually with federal ethics officials.
Trump’s share of the debt on the building appears to be the largest liability in his entire portfolio. In 2012, he and his business partner, Vornado Realty Trust, got a $950 million loan from four financial institutions: Deutsche Bank, UBS, Goldman Sachs and the state-owned Bank of China. It is not clear exactly who holds the debt today. The Bank of China told Politico that it had sold off its portion of the loan.
Trump International Hotel Washington, D.C.
Trump owes an estimated $170 million on Trump International Hotel in Washington D.C., which comes due sometime in 2024.
It’s possible that Trump does not still owe all of that money today—the New York Times, which has access to Trump’s tax-return data, recently reported that the loan has a balance of $160 million. Regardless of the exact amount of principal outstanding, it doesn’t appear that the hotel is doing well enough to cover the interest expenses with profits from the business.
555 California Street
Trump also owns a 30% stake alongside Vornado in 555 California Street, a skyscraper in downtown San Francisco. The partners have been paying down the loan, but they might make changes to it soon.
In June, Vornado announced that it was considering whether to recapitalize 555 California Street and 1290 Avenue of the Americas. Any transaction involving those two buildings could have a huge effect on Trump’s business, given that his stakes in the two properties are his most valuable assets.
40 Wall Street
Trump still owes $138 million after borrowing $160 million when he refinanced his skyscraper in downtown Manhattan not long after announcing his presidential candidacy.
This debt comes due in July 2025, according to Forbes.