Freshly uncovered deed records from Washington, D.C. show that the Democratic National Committee has pledged its Southeast Washington headquarters building as collateral for a $15 million line of credit.

The party’s federal filings reveal an even more concerning financial position: it is carrying more debt than cash. As of the latest filing period ending May 31, 2026, the DNC reported ending with $14,871,407.96 in cash and $18,306,276.22 in debts and loans owed—representing a shortfall of approximately $3.4 million.

The DNC’s own disclosures to the Federal Election Commission detail $15 million in loans received during the current cycle. Meanwhile, President Trump’s Republican National Committee sits with an estimated $128 million in cash and no outstanding debt.

Records indicate that the headquarters building has been pledged for credit lines since at least 2014, though the committee has not explicitly listed it as collateral in federal filings.

DNC Chair Ken Martin defended the strategy, stating that political parties should build power through investments such as staffing and technology rather than hoard cash until election day. The party recorded $196,881,793.45 in receipts from January 2025 through May 2026 but reported $204,132,875.27 in disbursements—a net outflow of approximately $7.25 million during the period.

The DNC’s current financial situation presents a stark contrast to the RNC’s position just months before the midterm elections.