Dan Alexander @DanAlexander21 Twitter profile

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Dan Alexander

@DanAlexander21

4 years

Donald Trump suggested last night that he has $400 million in debt. He does not. He owes more than $1 billion. We have the documents, and you can see them here.

Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested

The president’s liabilities are spelled out in dozens of documents, published here.

www.forbes.com

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Dan Alexander

@DanAlexander21

4 years

1/ The New York Times #TrumpTaxReturns story is terrific. I had about a million thoughts as I was reading though. I'll be annotating those here, in this thread, for the next few hours.

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

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Dan Alexander

@DanAlexander21

7 months

Hey @realDonaldTrump , if you want to point out a single false fact in any of the articles I've published about you--or in the book I wrote about you--feel free. In the meantime, I'm going to keep reporting--and carefully fact-checking every word I publish.

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Dan Alexander

@DanAlexander21

7 years

Someone left this voicemail at Forbes' front desk last night. For the record, there is no conspiracy. We just count the numbers.

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Dan Alexander

@DanAlexander21

4 years

Trump will have $900 million of loans coming due in his second term if he's reelected.

Trump Will Have $900 Million Of Loans Coming Due In His Second Term If He’s Reelected

The president would likely have to engage in a series of high-stakes transactions that could produce unfathomable conflicts of interest.

www.forbes.com

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Dan Alexander

@DanAlexander21

3 years

@donwinslow You can find the answers inside my book, “White House, Inc.” In all, Trump takes in an estimated $191M of rent annually, and I’ve identified about $177M of it.

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Dan Alexander

@DanAlexander21

1 year

Scoop: Trump owed hidden debt while in office.

Trump Owed Hidden Debt While In Office

Donald Trump’s business attracted so much scrutiny during his time in office that it would be easy to conclude that all information about its foreign entanglements must be out by now. It is not.

www.forbes.com

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Dan Alexander

@DanAlexander21

1 year

New investigation out this morning, with revelations that suggest Trump Tower is—and always was—something of a fraud.

Donald Trump Has Been Lying About Trump Tower For Decades

As the former president tries to fend off authorities, new revelations about Trump Tower suggest that the building is—and always was—something of a fraud.

www.forbes.com

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Dan Alexander

@DanAlexander21

7 months

1/ I am in court watching the New York attorney general's fraud case against Trump and his associates, including longtime CFO Allen Weisselberg, who just returned to the stand.

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Dan Alexander

@DanAlexander21

4 years

13/ Trump has other small loans against a golf club in DC, one in New Jersey and a couple of mansions. Those add up to about another $35M or so in additional debt. The total accounted for still rounds to $1.1 billion. A lot of that, as the NYT story says, is coming due soon.

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Dan Alexander

@DanAlexander21

4 years

12/ In Chicago, Trump lists two loans on his financial disclosure report. One for $25-50M and one for $50M+. These are complex liabilities that I won't go too much into right now, but that's another $75M+ in debt. Total debt accounted for so far: $1.1 billion.

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Dan Alexander

@DanAlexander21

7 months

1/ I'm back inside the New York court today to watch more of the attorney general's fraud case against Donald Trump and his associates, who are accused of lying about his net worth to financial institutions for years. Follow along here for the latest.

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Dan Alexander

@DanAlexander21

4 years

4/ We'll start at Trump's old home, Trump Tower, where he owes $100M. This document shows that it has a $100M loan against it, with a 4.2% interest rate, due 9/6/2022. Trump, as you can see, has not paid down a dime of the principal.

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Dan Alexander

@DanAlexander21

4 years

14/ Going to to take a break to write a story. I'll be back when I'm done, with a LOT more to say about this great reporting from the New York Times.

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

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Dan Alexander

@DanAlexander21

7 years

Here's how money that outsiders gave to Donald Trump's charitable foundation apparently ended up as revenue for the Trump Organization.

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Dan Alexander

@DanAlexander21

7 years

This is the security guy at Trump's Westchester course, holding a photo of me, who he was instructed not to let in.

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Dan Alexander

@DanAlexander21

4 years

11/ At Trump Park Ave, where Ivanka and Jared used to live (in a condo owned by Donald), there's another loan, which was at $15.3M in 2010, according to the doc below. Trump has been paying that one down. Probably closer to $10M now. Total debt accounted for so far: $1 billion.

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Dan Alexander

@DanAlexander21

4 years

3/ Then we get to this part about the current state of his business, which highlights the amount of debt that Trump has coming due. We actually already know a lot about his debt -- far more than most people who follow the news might think. Let's pause here and dig into it.

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Dan Alexander

@DanAlexander21

4 years

5/ Then we'll go to 40 Wall Street, where he owes $139M, split into several chunks. You can see the interest rate on all are 3.665%, and all of those come due on 7/6/25. Total debt accounted for so far: $239M million.

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Dan Alexander

@DanAlexander21

4 years

2/ Story starts with this bombshell, that Trump paid just $750 in taxes in 2016 and another $750 in 2017. Shocking numbers for someone who we estimate is worth $2.5B. (Yes, you can still be really rich and disclose a tiny income or even huge losses. More on his net worth later.)

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Dan Alexander

@DanAlexander21

4 years

8/ Now let's look at Doral, Trump's golf resort in Miami. It has 2 mortgages against it, totaling $125M. Both mature in 2023 and have variable interest rates. You can see the first pages of the mortgages, with the amounts circled, here. Total debt accounted for so far: $812M

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Dan Alexander

@DanAlexander21

4 years

6/ We'll next look at 1290 Ave. of the Americas, in which Trump owns a 30% interest alongside publicly traded Vornado. VNO discloses that there's $950M of debt against it in doc below. Due in Nov 2022. Trump's 30% share then equals $285M. Total debt accounted for so far: $524M.

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Dan Alexander

@DanAlexander21

6 months

1/ I’m back in Lower Manhattan, where Donald Trump is on trial for alleged fraud. Michael Cohen, his former attorney, is expected to show up 10 a.m. Should be an interesting day. Follow along here for updates.

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Dan Alexander

@DanAlexander21

4 years

7/ Then we'll consider 555 California St., in which Trump also owns a 30% interest alongside Vornado. VNO discloses there's $543M against that building, with a 5.1% interest rate, due Sep 2021. Trump's 30% share is then 0.3 * 543 = $163M. Total debt accounted for so far: $687M.

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Dan Alexander

@DanAlexander21

4 years

9/ There's also a loan against the DC hotel. The mortgage, which you can see below, lists it at $170M. The NYT reports that the balance is $160M. Trump may have paid down some principal here. We'll use the NYT figure for our tally. Total debt accounted for so far: $972M.

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Dan Alexander

@DanAlexander21

4 years

10/ In New York, Trump owes a combined of $20M against a two smaller properties, Trump Plaza ($13.2M) and Trump International Hotel & Tower ($6.5M). Total debt accounted for so far: $992M

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Dan Alexander

@DanAlexander21

7 months

This is the evidence Forbes has that Trump’s former CFO lied under oath.

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Dan Alexander

@DanAlexander21

6 months

4/ Eric Trump is back on the stand after lunch, and this is getting ugly. The AG's office is juxtaposing a series of documents with what Eric said during his sworn deposition and what is saying now. There seems to be contradiction after contradiction.

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Dan Alexander

@DanAlexander21

2 years

VERY bad news for Donald Trump: A federal grand jury sitting in the Southern District of New York has issued a subpoena to the Trump Media & Technology Group and "certain current and former TMTG personnel."

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Dan Alexander

@DanAlexander21

6 years

If even half of the accusations are legitimate, Wilbur Ross, the current United States secretary of commerce, could rank among the biggest grifters in American history:

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Dan Alexander

@DanAlexander21

6 months

New story: "Ivanka Trump Helped Her Dad Lie About His Net Worth."

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Dan Alexander

@DanAlexander21

5 months

1/ "I WILL NOT BE TESTIFYING ON MONDAY," Donald Trump says in an all-caps statement posted on his social-media platform, Truth Social. He'd been slated to retake the stand in his fraud trial against the New York attorney general. I have a lot of thoughts on this development.

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Dan Alexander

@DanAlexander21

7 months

2/ The judge says, "I'll remind the witness, as I always do, that he's still under oath."" When Weisselberg was on the stand on Tuesday, he was also under oath. He lied during that testimony, as I reported this morning.

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Dan Alexander

@DanAlexander21

6 months

4/ Trump team displays misleading information in the court room, referring to 40 Wall Street as a "72 story" building. It's 63 stories, according to a bond prospectus filed with the SEC and an NYC tax document. More detail here:

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Dan Alexander

@DanAlexander21

6 months

11/ Donald Trump steps down from the witness stand, where he made several statements--under oath--that do not appear to be true. More below:

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Dan Alexander

@DanAlexander21

6 months

1/ I’m at the court house in Lower Manhattan on this cold, gray day, when Donald Trump Jr. is expected to take the witness stand in his father’s fraud case.

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Dan Alexander

@DanAlexander21

6 months

1/ Ivanka Trump just made the long walk up the stairs of the Lower Manhattan courthouse where she will face questioning this morning from the New York attorney general’s office as part of her father’s 250 million fraud suit. I’m headed inside now. Follow along here for updates.

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Dan Alexander

@DanAlexander21

7 months

5/ Things are getting a bit hot for Weisselberg. Now the AG's office is showing the separation agreement that Weisselberg agreed to with the Trump Organization. That agreement provided that Weisselberg would get $2M over 2 years if he did certain things. Like what?...

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Dan Alexander

@DanAlexander21

5 years

State of our federal ethics system: Hand $10 to Trump's campaign, and you have to disclose who you are. Hand $2.9 million to Trump's business, and you don't.

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Dan Alexander

@DanAlexander21

7 months

6/ The agreement requires Weissselberg to promise that "except for acts or testimony compelled by subpoena or other lawful process issued by a court of competent jurisdiction he will not (1) communicate with, provide information to, or otherwise cooperate in any way."

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Dan Alexander

@DanAlexander21

7 months

4/ Now they are showing an April 2015 email from Allen Weisselberg to Eric Trump. In that email, Weisselberg says the he would rather hold off on paying back a small loan until after June 30th so that Trump's cash balance would look higher on his financial statements.

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Dan Alexander

@DanAlexander21

7 months

3/ They start by asking about Trump's partnership with Vornado, in which Trump holds 30% of two office buildings in New York and San Francisco. They are focusing on how cash is distributed from that partnership. It's a key subject, because it affects Trump's liquidity profile.

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Dan Alexander

@DanAlexander21

6 years

This is Wilbur Ross' signature, on a form in which he falsely said he had "completed all of the divestitures indicated in my ethics agreement." Note that right above the signature, it says that lying on the form is against the law, "punishable by a fine or imprisonment, or both."

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Dan Alexander

@DanAlexander21

4 years

15/ And... we're back. 14 hours and a whole lot of math later, Donald Trump is still a billionaire, which makes the $750 tax payment even more scandalous. Lots more to dive into.

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Dan Alexander

@DanAlexander21

4 years

17/ We peg Trump's cash pile at an estimated $160M. A $100M hit would be absolutely devastating. Also, remember the other $100M that Trump was supposedly thinking of putting into his campaign? Seems even more far-fetched now.

Trump Weighs Putting Up to $100 Million of His Cash Into Race

President Donald Trump has discussed spending as much as $100 million of his own money on his re-election campaign, if necessary, to beat Democratic nominee Joe Biden, according to people familiar...

www.bloomberg.com

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Dan Alexander

@DanAlexander21

4 years

16/ Okay, we've made it to the 3rd paragraph of the Times story. Let's keep moving. This next line, about the possibility that an adverse ruling could cost Trump $100M, is a huge scoop. It's also exactly the sort of reason why everyone was so eager to see Trump's tax documents.

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Dan Alexander

@DanAlexander21

6 months

1/ I'm inside the New York City courthouse where Donald Trump is slated to testify this morning. He will be under the watch of a judge who has already found him liable for fraud and untrustworthy on the witness stand. Follow along for a play-by-play.

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Dan Alexander

@DanAlexander21

1 year

For Trump, today's tax-return release is a nightmare come true.

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Dan Alexander

@DanAlexander21

7 months

1/ I’m at the court house in Manhattan again this morning to watch the New York attorney general’s fraud case against Donald Trump. Also in attendance: the former president. Follow along here for updates all day.

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Dan Alexander

@DanAlexander21

7 months

1/ I'm back in the New York court where the attorney state general is accusing Donald Trump and his associates of conducting a years-long fraud. Follow along here for updates.

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Dan Alexander

@DanAlexander21

7 months

21/ This is devastating testimony, with a current Trump Organization employee laying out the nuts and bolts of exactly how the firm conjured up wildly inflated estimates of Donald Trump's net worth.

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Dan Alexander

@DanAlexander21

7 months

31/ Now the AG's office is starting to pick through the math behind the Trump Org's calculation of the value of Mar-a-Lago. This could get ugly for the Trump Org.

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Dan Alexander

@DanAlexander21

7 months

8/ And... we're back. Very interesting development. AG's office is not going to return Weisselberg to the stand at the moment, but they reserve the right to bring him back in the future.

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Dan Alexander

@DanAlexander21

7 months

7/ And with that, it's time for lunch. I'll be back here in a bit.

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Dan Alexander

@DanAlexander21

6 years

It took months to figure out what happened to the fortune of Wilbur Ross, President Trump's secretary of commerce, when he joined the government. Here are the answers:

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Dan Alexander

@DanAlexander21

6 months

5/ The same slide says 40 Wall Street is "directly across from the New York Stock Exchange." It's very close to the NYSE, but it's not "directly across" from it. The Trump Organization is bringing its sales pitch to the courtroom -- and still not letting facts get in the way.

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Dan Alexander

@DanAlexander21

7 months

9/ Next up: Patrick Birney, a Trump Organization employee who is more junior than Weisselberg or McConney but was intimately involved with working on the assessments of Donald Trump's net worth. I am extremely interested to see what he has to say.

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Dan Alexander

@DanAlexander21

7 months

16/ He then throws the responsibility for Trump's statements of financial condition up the chain. "I was not the final decisionmaker," Birney says. Who was? "Allen Weisselberg."

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Dan Alexander

@DanAlexander21

7 months

33/ This is a tricky point, and a key one concerning the value of Mar-a-Lago. It has significant restrictions. But someone (Trump) lives there now. Is it a residence? A club? We'll likely hear more about that later. That's it for today, folks. Case resumes tomorrow. See you then!

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Dan Alexander

@DanAlexander21

7 months

26/ This is the article that prompted the change, which the AG's office blows up on the screen. Headline: "Donald Trump Has Been Lying About The Size Of His Penthouse". Byline: @ChaseWithorn

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Dan Alexander

@DanAlexander21

7 months

15/ Birney replies to a series of questions about his familiarity with appraisals/accounting before he started working on Trump's net worth statements. Birney says "I don't think so" and "no" over and over. AG's office painting him as extremely inexperienced.

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Dan Alexander

@DanAlexander21

4 years

18/ A key point that the Times says explicitly: Tax returns don't tell you how rich someone is. Let's dig in a little deeper on this one.

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Dan Alexander

@DanAlexander21

7 months

14/ Remarkable exchange here. The AG's office asks Birney if he had ever valued a property using a cap rate--a very standard valuation methodology--before he started working on Trump's net worth documents. "I don't think so," Birney says.

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Dan Alexander

@DanAlexander21

7 months

12/ Birney knew the financial information, and he struck me as a straight shooter. That's part of why I'm eager to see what he has to say on the stand. Also, unlike with Trump and Weisselberg, I don't who who he could throw under the bus if he wanted to blame someone more junior.

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Dan Alexander

@DanAlexander21

7 months

22/ That's a wrap for today. Birney will be back on the stand on Monday. Thanks for following!

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Dan Alexander

@DanAlexander21

7 months

20/ Let's say you want to make your building look more valuable. If you applied a "3 cap" to $7M of profitability, then suddenly, the building's estimated value would fly up to $7M / .03 = $233M. A small tweak to an arcane number and--poof--your building looks $93M more valuable.

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Dan Alexander

@DanAlexander21

7 months

21/ So yeah, this stuff about cap rates might seem crazy in the weeds. But it's essential to figuring out how Trump's company valued his assets--and ultimately how it valued the former president.

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Dan Alexander

@DanAlexander21

7 months

17/ Birney describes a process where Trump's net worth statements went through a lot of drafts. "Could be 20, could be 30," he says.

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Dan Alexander

@DanAlexander21

7 years

Donald Trump Jr. just retweeted this. If father's foundation gave $100K for bills at his club, that's self-dealing -- which is prohibited

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Dan Alexander

@DanAlexander21

7 months

11/ A little bit of backstory here on Birney. Forbes had interfaced with Weisselberg and McConney for years when putting together our estimates on Trump's net worth. Sometime in more recent years, after 2015, Birney started chipping in. He seemed to me to be McConney's helper.

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Dan Alexander

@DanAlexander21

4 years

1/ I was stunned to realize that the Qatar Investment Authority was renting an empty office in Trump’s most valuable building. But I was even more surprised to see how U.S. policy changed around the time that the lease began. Here’s the timeline.

“One of the Most Significant Potential Conflicts of Interest in American History”: How Everyone...

It sure seems like the Qatari government is using a dummy office to pay the president. Countless other foreign and American companies are also handing Trump money—sometimes without even knowing...

www.vanityfair.com

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Dan Alexander

@DanAlexander21

7 months

10/ Birney starts by explaining his resume. Worked for an insurance company named Aon. Weisselberg and Ron Lieberman offered him a job at the Trump, and he joined in January 2015 as a senior financial analyst.

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Dan Alexander

@DanAlexander21

6 months

1/ I’m in New York City, where Donald Trump is facing fraud allegations. Also here: Michael Cohen, the tycoon’s former lawyer and current nemesis, who recently climbed the steps to enter the court house. Follow along here for a play-by-play of what unfolds inside today.

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Dan Alexander

@DanAlexander21

5 years

Wilbur Ross did not get rich off of his ethical misadventures. Just the opposite. I’ve been collecting documents for months to figure it out. Here’s the full report.

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Dan Alexander

@DanAlexander21

4 years

1/ Hats off to the New York Times, which published its latest installment in its tax series today. In my eyes, this is the most impressive follow-up they have done to the original story. I’ll be sharing additional thoughts here over the next hour or so.

The Swamp That Trump Built (Published 2020)

A businessman-president transplanted favor-seeking in Washington to his family’s hotels and resorts — and earned millions as a gatekeeper to his own administration.

www.nytimes.com

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Dan Alexander

@DanAlexander21

7 months

23/ I've reviewed the statements and the underlying math in detail. The numbers remained aggressive, but generally seemed to get more reasonable, after the Trump Organization realized it was under a microscope.

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Dan Alexander

@DanAlexander21

7 months

13/ Birney confirms on the stand that he started helping on preparing Trump's statements of financial condition around 2016 -- and continued that work through 2021.

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Dan Alexander

@DanAlexander21

6 months

Donald Trump's fraud case is done for the day. For a recap, check out the play-by-play below, which includes live fact-checking of an under-oath witness (Donald Trump Jr.). I'll be back at it tomorrow. Thanks for following along.

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Dan Alexander

@DanAlexander21

5 months

5/ Then, after Trump testified, we at Forbes released an audio clip--which had not previously been made public--showing him personally lying about the square footage of his penthouse, claiming it was 33,000 square feet. You can listen to that clip here:

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Dan Alexander

@DanAlexander21

7 months

18/ The AG's office gets into the weeds, asking about who made the call about what cap rates to use when valuing buildings. These are key figures. A small change to the cap rate could make a huge difference in the estimated value. Trump Org tended to be aggressive with these.

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Dan Alexander

@DanAlexander21

6 months

8/ The attorney general's office now is now digging into this story, which I wrote a year ago. The article is up on the screen, and the AG's office is hammering Trump on lies that the story exposed:

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Dan Alexander

@DanAlexander21

6 months

6/ Trump appears to be lying from the witness stand once again. See below for live fact-checking.

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Dan Alexander

@DanAlexander21

6 years

When we say allegations against Wilbur Ross ' business point to a pattern of grifting, this is what we mean. More than $120,000,000 detailed below. You may have to zoom in.

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Dan Alexander

@DanAlexander21

7 months

22/ Birney testifies that the process for preparing the statements of financial condition was different in 2020 than in previous years, with more people involved, including lawyers. That makes sense. The AG launched its civil investigation into all of this in March 2019.

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Dan Alexander

@DanAlexander21

4 years

1/ The Qatar Investment Authority, a sovereign wealth fund that acts as an arm of the Qatari government, has been renting space in Donald Trump’s most valuable property. But thanks to loopholes in federal disclosure laws, the deal has remained a secret.

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Dan Alexander

@DanAlexander21

7 months

@ChaseWithorn 27/ The the attorney general's office blows up a February 2017 email that I sent to Trump Organization, which listed our valuations of his assets and showed us marking Trump's penthouse down for 10,996 sf--about a third of the size that Trump had claimed.

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Dan Alexander

@DanAlexander21

7 months

19/ For those not familiar with cap rates, here's how they work: You take a profitability figure (net operating income) and divide it by a cap rate. The result is the estimated value. So a building that throws off, say, $7M of profit would be worth $7M/.05 = $140M with a "5 cap."

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Dan Alexander

@DanAlexander21

7 months

@ChaseWithorn 28/ Then the AG's office blows up another email, from @Noah_Kirsch , asking again about the penthouse. The title of the email: "URGENT Factchecking inquiry from Forbes." We were closing an entire issue devoted Trump's foreign partners at the time, and we had A LOT of questions.

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Dan Alexander

@DanAlexander21

6 years

Forget the DC hotel and the international deals. This is Donald Trump's biggest potential conflict of interest.

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Dan Alexander

@DanAlexander21

7 months

25/ The AG's office asks Birney what happened to prompt the change. "My understanding is that there was an article written that stated that Mr. Trump's triplex apartment was actually 10,900 or so square feet. And then we used that--we verified that square footage internally."

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Dan Alexander

@DanAlexander21

7 months

24/ Now they're going back to Trump's penthouse apartment. They show the change in math, from when the Trump Organization went from calculating it with 30,000 square feet to 10,996 square feet.

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Dan Alexander

@DanAlexander21

4 years

19/ Figuring out Trump's net worth is just a big math equation. You add up the assets and then you subtract the debt. Since we've already spent a lot of time on the debt, let's look closer at the assets. In order to value them, you want to know their net operating income.

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Dan Alexander

@DanAlexander21

6 months

1/ I’m back in Lower Manhattan, where Donald Trump and his associates are facing fraud allegations. Eric Trump returns to the stand this morning after tense testimony yesterday. Read along for updates, and follow a blow-by-blow account at the link below.

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Dan Alexander

@DanAlexander21

7 months

30/ Trump's lawyer stands up and asks, basically, why are we getting into the price per square foot here--I thought the disagreement was about the number of square feet? The AG's office responds that the price / sf is another key variable in the calculation.

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Dan Alexander

@DanAlexander21

7 months

29/ The AG then turns the per-square-foot figures that the Trump Org was using--numbers like $10,348 / sf in 2019. The AG isn't hammering him for this, but it's worth noting that these numbers were extremely aggressive. After talking to 9 sources, we value it at ~$4,750 /sf

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Dan Alexander

@DanAlexander21

4 years

20/ Here's where you'll see a big discrepancy from the NYT story. Taxable income takes into account a lot of financial gimmicks. Operating income cuts through that and focuses on the profitability of the actual businesses.

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Dan Alexander

@DanAlexander21

7 months

1/ I’m at the court house in Lower Manhattan, along with a lot of security and a bunch of press. One person who hasn’t showed up yet, according to one of the guards: Donald Trump. I imagine he’ll be here soon. Follow along here for updates all day.

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Dan Alexander

@DanAlexander21

7 months

I just updated our story on Allen Weisselberg lying under oath, adding specific lines from Forbes notes that show him pumping up the value of Trump's penthouse.

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Dan Alexander

@DanAlexander21

7 months

4/ The AG lawyer is showing that Weisselberg was behind coming up with the comps for the Mar-a-Lago valuation. That makes sense. Weisselberg got super in the weeds over Mar-a-Lago's value in conversations with Forbes.

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Dan Alexander

@DanAlexander21

7 months

3/ The AG is pulling up the Trump Org's calculation of what Mar-a-Lago was worth. Here are the basics of how they did it: Take a bunch of other deals in Palm Beach, figure out a price per acre of those sales, then multiply Mar-a-Lago's acreage (or what they said was its acreage).

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