Cohen brings Trump’s net worth statements at hearing. How to read them

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President Donald Trump’s financial statements are here — and they likely only tell part of the story of his wealth.

Michael Cohen, the president’s former personal attorney, testified before the House Oversight Committee on Wednesday, and provided the committee with a number of documents, among which he said were copies of Trump’s financial statements for 2011, 2012 and 2013.

They include details about the president’s net worth at the time — the sum of his total assets minus his liabilities.

The statements are available for download here:
2011
,
2012
and
2013
.

Notable items on Trump’s balance sheets include a “brand value” of $4 billion in 2013 — the highest valued asset in that year’s statement — which bumped his total assets to $9.1 billion that year and raised his total net worth to $8.6 billion.

The line item for Trump’s “brand value” is absent from his 2011 and 2012 statements. In both of those years, the total value of his assets was about $5 billion.

His net worth was shown as $4.26 billion in 2011, and $4.6 billion in 2012, according to the financial statements.

“My net worth fluctuates, and it goes up and down with markets and with attitudes and with feelings, even my own feelings,” Trump had said in a 2007 deposition.

Steven Groves, a spokesman for the White House, had no comment.

Read Michael Cohen’s opening statement to the House Oversight Committee here

While net worth statements provide some insight into a person’s assets and outstanding debt, they don’t provide the whole picture.

“In addition to the balance sheet, it’s important to understand someone’s net income and their cash flows,” said Jeffrey Levine, CPA and CEO of BluePrint Wealth Alliance in Garden City, New York.



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