D onald Trump secured a massive loan from Charles Schwab Bank last year, leaving his debt profile murkier than it has been in ages.

The principal on the new loan amounts to more than $50 million and its interest rate is 3.9%, according to a newly released ethics filing, which does not specify the exact size of the liability, when it is due or against which assets it is pledged.

That lack of detail makes it an anomaly on the president’s balance sheet. Trump owes more than $50 million via two other loans, but those liabilities are standard mortgages, which create public records that explain the nature of the president’s debt. There’s a $125 million loan against Trump’s golf resort in Miami and a $100 million one against Trump Tower in New York City. Both mature in 2032.

The new loan is something different. In the place on the filing where Trump typically lists properties against which his loans are pledged, the liability merely says “pledged asset line.” In the spot where Trump usually identifies when his loans mature, the filing says “N/A.” The amount of the loan is listed as, simply, “over $50,000,000,” in keeping with disclosure requirements that allow officials to list the size of their liabilities in vague amounts. But because this loan doesn’t appear to be connected to a property, there are no easily identifiable mortgages to track down.

The result of all this: No one really knows how much money the president owes today.

Trump has lots of assets against which a bank might want to issue a loan, many of them newly acquired. The president’s reelection provided him with an unprecedented opportunity to cash in on cryptocurrency. The company through which Trump launched a memecoin disclosed more than $635 million of royalties on the filing. Another crypto venture detailed nearly $800 million of proceeds.

Charles Schwab’s founder, bearing the same name as his firm, visited the White House in April 2025, hanging in the Oval Office with Trump, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick at the height of trade war. “Charles Schwab was here a little while ago, one of the great financial people,” Trump mused. “He said he's been waiting for 40 years for somebody to do what I did over the last month.”

Representatives for the Trump Organization, the White House and Charles Schwab did not immediately respond to requests for comment.