Jared Kushner and Ivanka Trump’s final financial disclosures
Ivanka Trump and Jared Kushner disclosed receiving between $23,791,645 and $120,676,949 in combined outside income in their final financial disclosure reports. The disclosures cover the entirety of 2020 through January 20, 2021. Like former President Donald Trump, their income also appears to have been affected by the pandemic. In their financial disclosures covering 2019, they reported between $36,151,214 and $157,020,085 in income.
According to her final financial disclosure report, Ivanka Trump did not receive any income from the businesses she ran before entering government in her final year working at the White House. In each of her previous disclosures, including the one covering 2019, she reported income from the businesses despite reporting that they ceased operating in July 2018.
Ivanka Trump’s interest in and income from the Trump International Hotel in Washington, DC also decreased dramatically in 2020. In her combined annual/termination report, she reported $1,463,449 in hotel-related revenue, down from nearly $4 million in her previous disclosure. By the time she left the White House, the value of her stake in the hotel dropped from between $5 and $25 million as reported in her previous disclosures to $100,001 to $250,000. The sudden decrease in value is not explained in her financial disclosure report, but it appears that Trump did not sell a significant portion of her stake in the hotel because there is no corresponding transaction related to the entity in the disclosure.
Another anomaly in Trump’s report relates to fixed guaranteed payments she arranged to receive from a few entities to prevent a situation in which she would have a stake in their performance while she worked in the White House. Starting in 2018, Trump began receiving annually $100,000 from T International Realty LLC, $800,000 from TTT Consulting LLC, and $600,000 from TTTT Venture LLC. In her latest financial disclosure report, however, she reported receiving an extra $62,500 from TTTT Venture LLC and only $362,500 from TTT Consulting LLC. While the extra income from TTTT Venture LLC could be explained by the longer reporting period covered by her annual/termination report, it is not clear why she received less than half of the $800,000 guaranteed payment from TTT Consulting LLC in her final year working for the government.
Jared Kushner’s final financial disclosure report shows that he retained his controversial interest in the real estate technology company Cadre for the entirety of his time in government. Though his interest in the company posed possible conflicts from the moment he started working at the White House, Kushner finally committed to divest his $25 to $50 million stake in the company in February 2020 due to concerns over its international business dealings. CREW found, however, that at Kushner’s request, the Office of Government Ethics withdrew the certificate of divestiture related to his plans to sell his interest in the company in June 2020. The pandemic reportedly halted Kushner’s planned sale but an anonymous representative for Kushner told CNBC in July that he still planned to sell his interest in the company. The sale, however, never went through according to Kushner’s latest financial disclosure report.
Kushner also reported a newly-formed offshore holding company located in the British Virgin Islands, “Kushner Companies BVI Limited (Holding Company, British Virgin Islands),” which has apparently resulted in a restructuring for some of his holdings. According to his disclosure, the entity was formed in 2020. It appears that several of his holdings are now held through the offshore company, including the Puck Building LP, which is valued at more than $25 million.
Read Jared Kushner’s disclosure here.