Donald Trump’s Financial Disclosure — What We Learned

Republican Donald Trump’s federal financial disclosure provides a window into his sprawling network of real-estate and entertainment companies, marking his first-ever public tally of his holdings. Here are some things we learned:

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Trump Is a Billionaire—But How Much of One?

Ahead of the filing’s release, Mr. Trump issued a statement saying the disclosure form wasn’t suited to his “massive wealth” and said he had a net worth of “TEN BILLION DOLLARS,” capitalization his. Mr. Trump, in at least one aspect, was correct: The filing, which allows candidates to disclose their wealth in broad ranges is a poor vehicle for breaking down his assets. His report shows he has assets valued between $1.5 billion and $2.1 billion. But included in that are 23 assets whose value is labeled “over $50 million.”

With Great Wealth…Comes Great Liabilities.

Mr. Trump has between $265 million and $450 million worth of liabilities, including three mortgages and one loan valued at over $50 million. He has 12 mortgages total, seven of which are set to mature by 2020.

Trump Likes Trump.

In the disclosure, Mr. Trump lists over 500 entities in which he is a trustee, president, chairman or member. Many of the listed entities are limited liability corporations attached to Mr. Trump’s real-estate holdings, including properties in Panama, Istanbul, Mumbai, Puerto Rico and Dubai. Of those, at least 391 entities that have the word “Trump” or his initials in them.

He Has Income From Skating, Modelling and Pageants…

Mr. Trump reported earning $8.6 million from operating a New York City municipal ice skating rink. (For comparison purposes, that’s 25 times the amount Republican rival Marco Rubio earned in all of 2014.) He also earned more than $588,000 from operating a carousel in New York City.

Income from Trump Model Management brought him $2.2 million, according to the form. Mr. Trump reported receiving $3.4 million in revenue stemming from the Miss Universe beauty pageant. That revenue going forward could be impacted by Univision’s decision last month to stop carrying the pageant this year in protest for Mr. Trump’s comments about Mexican immigrants.

… And From Books and Speeches.

Mr. Trump reported receiving $1.9 million in income from seven paid speeches since February 2014. He gave three $450,000 speeches before ACN Inc., a multilevel marketing company. The form also lists 14 books he has published since 1987. “Time to Get Tough,” which he published in 2011, had the highest royalties listed, at $50,000 to $100,000. “The Art of the Deal,” a book from 1987 that Mr. Trump’s is most known for, received $15,000 to $50,000 in royalties.

Trump Likes Blue-Chip Stocks — And Has Big Bank Accounts.

Through several brokerage accounts, he has had major holdings in dozens of individual stocks, mostly big-name blue chips. Some of the largest holdings are: AT&T, GE, Conoco Phillips, Verizon, Wal-Mart, Apple, Bristol Myers Squibb, Altria, J.P. Morgan Chase , Caterpillar, Morgan Stanley. He also has between $5 million and $25 million in his Capital One checking and savings account, and another $1 million to $5 million in J.P. Morgan Chase accounts.

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