- Questions remain on net worth, definition of Trump’s income
- Filing shows $557 million in income, Republican candidate says
Since declaring his presidential candidacy last June, Donald Trump found time to do something else: take positions in 48 additional companies, partnerships or corporations, according to his latest financial disclosure.
Trump’s filing to the Federal Election Commission emerged Wednesday, adding new details about the presumptive Republican nominee’s financial portfolio. Yet the 104-page disclosure may not shed much light on the presumptive Republican nominee’s income, or net worth.
Trump, a billionaire businessman, listed positions as president, chairman, member, director or trustee in 542 entities, up from 515 that he listed in an earlier filing. He also removed a number of business entities that had been listed earlier. Two of the new companies generated between $2 million and $10 million in royalty income from licensing deals with a Jakarta-based company, according to the disclosure.
Trump released a statement Tuesday saying his net worth had increased to more than $10 billion since his previous filing in July 2015 -- though news reports have questioned that amount. Bloomberg News last year estimated his net worth at $2.9 billion. “They don’t know what they’re talking about,” Trump told CNN last July in response to that estimate.
Because the form requires reporting the value of assets in broad ranges, it doesn’t specify any value higher than $50 million. Trump’s new report includes several such entities.
In his press release Tuesday, Trump also claimed the filing would show more than $557 million in income from Jan. 1, 2015 to May 16. Trump’s income disclosures list such items as “rent,” “golf-related revenue” and “land sales,” which may conflate income and revenue. His campaign manager, Corey Lewandowski, on Tuesday declined to address the difference. Trump’s campaign didn’t respond immediately to a request for comment Wednesday.
At least two companies that weren’t disclosed in the original filing are already generating revenue for Trump.
DT Marks Bali LLC and DT Marks Lido LLC each received royalties between $1 million and $5 million, the filing shows. Those royalties come from a pair of hotel licensing deals between the Trump Hotel Collection and MNC Group, a Jakarta-based media company, which were announced in August and September of last year. MNC, with a market capitalization of about $2.5 billion, derives 89 percent of its revenue from television, according to data compiled by Bloomberg.
Many of Trump’s recent endeavors involve licensing his name to properties outside the U.S. that he neither built nor owns. These projects typically involve an upfront fee, as well as future payments as the project is developed, according to the filing, “with the majority of payment back-loaded towards project completion.”
Revenue at several of Trump’s golf courses has increased over 2014, the filing shows. That doesn’t mean they’re profitable. A Bloomberg report in February showed that at least two of the companies, Trump International Golf Links Scotland and Trump International Golf Links Ireland, reported losses in 2014. That was the third consecutive annual loss for the Scottish entity, documents show.
The filing shows $49.3 million in revenue from Miss Universe LP, which Trump sold in September. He had previously disclosed revenue of $3.4 million for the entity.
One other new item: a $170 million Deutsche Bank loan for a hotel Trump is developing in Washington. The loan, made in 2015, wasn’t disclosed in the previous filing because Trump had not yet drawn down on it, and it therefore wasn’t yet a liability, Lewandowski said in a January phone call.