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2020-11-15 — bloomberg.com

Trump and the patchwork of businesses he houses inside the Trump Organization are saddled with more than $1 billion in debt, which Dan Alexander of Forbes has helpfully tallied. A portion of that total has been divulged over the past few years in the president's personal financial disclosures, on file with the Office of Government Ethics. The New York Times recently revealed that Trump has personally guaranteed at least $421 million of the debt, with more than $300 million coming due within four years.

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In other words, Trump is on the hook for a lot of money that he may have to scramble to repay in a Covid-19-battered economy in which his industries -- hotels, leisure, urban real estate -- have been particularly pummeled. Forbes estimates his assets are worth $3.7 billion; Bloomberg News pegs them at about $3.2 billion. He's not going broke. But if the economy continues to struggle in coming months, those valuations will be tested. And much of what Trump holds isn't liquid, meaning he may be hard-pressed to sell assets quickly if he needs to raise funds. Among Trump's most valuable holdings, for example, are minority stakes in two properties controlled by Vornado Realty Trust. Rumors of fire sales might further depress the value of his portfolio.

Another thing that would weaken Trump's ability to negotiate sweetheart financial deals or forgiveness: leaving the presidency.

On the legal side of the ledger, Trump, his children and their company face aggressive investigations into their finances, accounting practices and tax payments.

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