Fifty House members report at least $1 million in debts; Pelosi, Issa and Goldman list the largest

By Rosalind Kerrow

WASHINGTON — Most House members report owing money. The biggest borrowers among them carry debts that run to eight and nine figures: brokerage margin loans, credit lines backed by investment portfolios, mortgages on commercial buildings, and personal loans, according to an Inquisitor review of the annual financial disclosure reports members filed this year for calendar 2025.

Of 387 current members whose electronically filed annual reports the Inquisitor parsed, 307 listed at least one liability on Schedule D: 153 Democrats, 153 Republicans and one independent. Fifty reported debts whose ranges add up to at least $1,000,001 at the low end, split evenly at 25 Democrats and 25 Republicans. The Inquisitor then re-read the original filings for the twelve members whose reported liabilities were largest. Their debts are detailed below.

The figures are ranges, not exact balances. Members report each debt in a value band set by law, such as $1,000,001 to $5,000,000, and the House Ethics Committee’s 2026 instruction guide tells filers to report each debt “with the highest amount owed during the reporting period.” A large liability does not, on its own, indicate financial strain or any impropriety. Many of the debts below are secured by assets worth more than the loans, and the same reports list those assets. Liabilities are not net worth.

The twelve largest reported debt loads

The table adds up the ranges each member reported. Where a member listed a debt as “Over $50,000,000,” only the $50,000,001 floor is counted.

Seven of the twelve are Democrats and five are Republicans. Four sit on the Ways and Means Committee, which writes tax law: Miller, Beyer, Buchanan and Yakym. Calvert sits on Appropriations.

Borrowing against portfolios

The largest single category of debt among these members is borrowing secured by investments, through margin accounts or securities-backed credit lines. The guide requires members to disclose any margin account in which they borrowed more than $10,000 during the year, “at the highest amount owed during the period.”

Pelosi’s report lists two brokerage margin accounts held by her husband: one at City National Securities, marked “Ongoing,” and one at Charles Schwab & Company, dated “May 2025/Ongoing.” Each is reported at $25,000,001 to $50,000,000. The report also lists a City National Bank brokerage collateral loan dating to July 2011 at $1,000,001 to $5,000,000 and a Heritage Bank revolving line of credit opened in June 2025 at $250,001 to $500,000 (report).

Issa’s report lists a single liability: a UBS Bank Premier Credit Line from April 2022, described as a “line of credit backed by investment accounts at UBS,” in the top range of over $50,000,000 (report). Goldman reports a Goldman Sachs bank line of credit from December 2021 at $25,000,001 to $50,000,000 (report). Thanedar reports a TriState Capital Bank “Line of Credit Against Investment Account,” open since December 2021, at $5,000,001 to $25,000,000 (report).

Cisneros reports a joint Bank of America margin account dating to February 2014 at $1,000,001 to $5,000,000 (report). McClain Delaney reports two Wells Fargo “Portfolio Loan” lines, from October 2024 and December 2023, at $1,000,001 to $5,000,000 each (report).

Owner codes are as filed: SP for spouse, JT for joint. Goldman’s line of credit is listed as a bank line of credit without a description of its collateral.

Homes, vineyards and commercial property

Unlike candidates and staff, members must report mortgages and home equity lines on their own residences, including vacation homes. Pelosi’s report lists five mortgages and two home equity lines across properties in San Francisco, St. Helena, Calif., and Washington. The largest is a joint Union Bank of California mortgage from September 2016 on 11 Zinfandel Lane in St. Helena at $5,000,001 to $25,000,000. Mortgages on 45 Belden Place, 25 Point Lobos Avenue and 2640 Broadway in San Francisco and on 3030 K Street in Washington are each reported at $1,000,001 to $5,000,000.

Goldman reports three residential mortgages: a Goldman Sachs mortgage on his New York City residence at $5,000,001 to $25,000,000, and two Northern Trust mortgages from December 2020 on residences in Water Mill, N.Y., at $5,000,001 to $25,000,000, and Atlantic Beach, N.Y., at $1,000,001 to $5,000,000. Comments on the filing say the dates incurred differ from those on previous reports, which gave August 2022 and November 2021. Cisneros reports a joint Bank of America residence mortgage from July 2022 at $5,000,001 to $25,000,000.

Calvert’s debts are mostly commercial. His report lists four mortgages incurred in 2022, each at $5,000,001 to $25,000,000, on properties in which he reports a fractional stake: 20 percent of 1065 and 1075 E. 3rd Street in Corona, Calif. (Aegon Asset Management); 20 percent of 22622 S. Gilbert (Key Bank Real Estate Capital); 12.478 percent of 23550 North Lake Pleasant Parkway in Peoria, Ariz. (Key Bank); and 20 percent of a Limonite property in Mira Loma, Calif. (Wells Fargo commercial mortgage servicing). He also lists three Citizens Business Bank mortgages on Corona properties, a mortgage on an automotive repair center in which he holds 11 percent, and mortgages on his Washington and California residences (report). The report gives his percentage stake in each property beside each mortgage but does not say whether the range reflects the full loan or his share.

Yakym’s report lists mortgages from INOVA Federal Credit Union, Centier Bank and United Federal Credit Union on industrial, retail and mixed-use properties, along with a home mortgage, a business line of credit and a federal student loan serviced by MOHELA at $50,001 to $100,000 (report). Buchanan, whose report lists partnerships in several auto dealerships, reports a BMO Harris Bank mortgage from September 2020 on “Snowmass RE – MB Acquisitions & Leasing” at $1,000,001 to $5,000,000, and a June 2023 BMO Harris loan described as “Payoff of 12/2021 BMO Harris Loan” at $5,000,001 to $25,000,000 (report). Thanedar lists an Old National Bank loan from 2018 on a rental property in Ann Arbor, Mich., at $1,000,001 to $5,000,000.

Personal loans and guarantees

Miller’s report lists two personal loans from United Bank in her husband’s name, from September 2024 and December 2025, each at $5,000,001 to $25,000,000 (report). The report does not describe their purpose. The guide counts personal loans, including “business loans for which you are personally responsible,” as reportable.

Trahan’s report lists 13 debts, all with Lowell Five Cent Savings Bank. Most are construction loans in her husband’s name, each described as a “personal guarantee” for a “Privately Held company,” in ranges up to $1,000,001 to $5,000,000. Two are marked as paid off in 2025. The report also lists two joint home equity lines opened in 2025 and a spouse line of credit from December 2022 at $500,001 to $1,000,000 (report). The Ethics guide says contingent liabilities, such as a guarantor’s, are generally not reportable, while debts of a business for which a filer is personally liable are.

The D.C.-area members

Two members of the Washington-area delegation are among the twelve. Beyer, who represents Northern Virginia, filed an amended report on July 8. It lists nine Bank of Montreal mortgages on properties held by limited liability companies in which he is a member and his brother, Michael Beyer, is the manager, ranging from $250,001 to $500,000 up to $1,000,001 to $5,000,000 each. Comments on each give the loan balance at Dec. 31, 2020, and his share of responsibility, from 21 percent to 50 percent; the 21 percent share runs through another LLC. The largest are mortgages on the Old Brown LLC property, with a balance of $7,465,599 at the end of 2020 (45 percent his), and the Pacific Boulevard LLC property, $6,543,859 (50 percent). He also lists a second-home mortgage in Oxford, Md., marked “Paid in Full, July 2023”; an American Express balance of $15,001 to $50,000, “largely paid off”; an interest-free Wells Fargo loan for a heat pump; and a May 2025 CrossCountry Mortgage loan of $226,776.00 on a “home for my disabled son” (report).

McClain Delaney, who represents western Maryland, reports four debts at $1,000,001 to $5,000,000 each: the two Wells Fargo portfolio loans, a 2011 joint “Investment Loan” from Family Investments LLC – Family Trust, and a 2021 St. Simons Bank & Trust mortgage on an investment or rental property (report).

What the rules require

Members must disclose debts of more than $10,000 owed by themselves, their spouses or their dependent children at any point in the year. Reportable debts include personal and student loans, mortgages on rental and investment property, margin accounts, co-signed loans and business debts for which the filer is personally liable. Credit cards are reportable only if the balance tops $10,000 at year’s end.

The guide excludes loans against retirement accounts, car loans that do not exceed the purchase price, loans from close relatives, contingent liabilities, and taxes owed. It also excludes “mortgages on rental or investment property held in a partnership or limited liability company” unless the filer is personally liable. Schedule D therefore shows only part of what members, their families and their businesses owe. Members also do not report interest rates, so the reports cannot show whether a loan was made on ordinary terms.

Annual reports for calendar 2025 were due May 15, 2026, and members may receive extensions of up to 90 days.

How the Inquisitor did this

The Inquisitor downloaded the Clerk of the House’s 2025 financial disclosure index and every electronically filed annual report, or amendment where one exists, for current members. It machine-read Schedule D and added up the lower and upper ends of each reported range. The twelve members above were then re-read line by line from the original PDFs. Totals in the tables come from those re-reads. The machine count of 387 reports may miss lines in unusual layouts. Members who filed on paper, including some with significant holdings, are not included because their reports are scanned images. Earlier Inquisitor coverage of paper filers lists them.

The analysis does not allege wrongdoing by any member. A debt reported within its range, on time, is what the law asks for.

Comment

The Inquisitor asked the Clerk of the House’s Legislative Resource Center, Citizens for Responsibility and Ethics in Washington, Taxpayers for Common Sense, the American Enterprise Institute, the Tax Policy Center and the Tax Foundation about members’ liabilities and the disclosure rules. It is seeking comment from the offices of all twelve members through their Washington office lines. This story will be updated with any responses.