President Trump retains control of assets that as of April 15 were worth at least $1.4 billion and had generated nearly $600 million in gross revenues in the previous 15½ months, according to a new financial disclosure released Friday.
The report, which the president voluntarily filed with the Office of Government Ethics, underscores the unprecedented financial interests Trump has brought with him to the Oval Office, an arrangement that has generated sharp criticism and spurred legal challenges.
The new 98-page disclosure, released by the ethics office, shows that Trump has held onto the vast majority of his assets since his last disclosure in May 2016, which indicated that his holdings were worth at least $1.5 billion.
However, he shed his stocks and securities, the report indicates. The disclosure does not reveal when the investments were sold. However, a Trump spokesman said in December that he had liquidated his entire stock portfolio in June 2016, around the time he began pouring millions into his presidential campaign.
Since this January, all of Trump’s business assets have been in a trust managed and controlled by his sons Donald Jr. and Eric, as well as longtime Trump Organization executive Allen Weisselberg. Dcuments released in April show that Trump is the beneficiary of the trust and is allowed to draw money from it at any time.
The president was not required to file a new finanical disclosure with the Office of Government Ethics until next spring, but Trump decided to voluntarily submit an updated report in his first year in office, following the tradition of past presidents including Barack Obama and George W. Bush.
The disclosure reports provide only a rough financial picture of the president’s holdings. The income listed for Trump enterprises generally represent gross revenue, not net revenue. And because the form only requires officials to report wide ranges of income and debt, it is impossible to use it to precisely gauge someone’s net worth.
The report also does not require officials to report their exact income or tax rate or charitable giving — unlike a tax return, which the president has refused to release.
The new filing shows that Trump had at least $310 million in liabilities spread across 16 loans, most of them mortgages, an amount similar to what he reported in his prior financial disclosure. The liabilities include debts on Trump properties such as Trump National Doral and 40 Wall Street.
The liabilities are likely much larger because five of the debts were worth over $50 million. Documents for those individual loans suggest Trump actually has a minimum of $500 million in debt.
For the first time, Trump reported earning income from Trump Tower in Kolkata, India, where he holds a licensing agreement with local developers. He said he received more than $100,001 from the deal.
Likewise, he reported income for the first time from his new hotel and condominium tower in Vancouver, which opened in February. Trump reported that he earned more than $5 million from the project, which was developed by the son of one Malaysia’s richest men.
And he reported that his trust owns a new company called Storage 106 LLC that was incorporated in Delaware in January. It is worth between $5 million and $25 million and produced more than $100,001 in income, the report shows. New York property records indicated that the corporation owns a series of storage units and commercial condos in the Trump Parc building on Central Park South in New York City.
Trump’s refusal to divest his holdings before taking office have triggered a cascade of complaints related to the use of government resources to promote properties such as Mar-a-Lago in Florida, allegations that he is violating the Constitution’s foreign emoluments clause and questions about how he is being used to promote the Trump Organization’s projects abroad.
Earlier this week, the Democratic attorneys general in Maryland and the District of Columbia and nearly 200 Democratic members of Congress filed separate lawsuits alleging that payments to Trump businesses violated the Constitution’s anti-corruption clauses.
But Trump’s tax attorney, Sheri Dillon, told reporters in January that by setting up a trust, he was taking “all steps realistically possible to make it clear that he is not exploiting the office of the presidency for his personal benefit.”
She said the agreement governing the trust required that the Trump Organization would ink no new foreign deals while Trump was in office and that he would be provided limited information about his business’ progress — he would not be told, she said, how individual units of the business were doing, only provided periodic profit-and-loss statements for the entire enterprise.
Trump’s diclosure reflected the apparent demise of his wife Melania’s high-end skincare line, which included anti-aging products made with caviar. The “Melania Marks” skincare company is no longer listed as one of her assets.
The first lady drew wide criticism earlier this year when she claimed in a libel lawsuit that a defamatory story in the Daily Mail had squandered her “once-in-a-lifetime opportunity” to launch a broad commercial brand and bring in multimillion-dollar business opportunities.
Melania Trump previously reported between $15,001 and $50,000 in income from her accessories line. But during the past year, she listed no income from the brand.
Amy Brittain, Tom Hamburger, Michael Kranish, Steven Mufson and Steven Rich contributed to this report.