April 23, 2024

Stock in Donald J. Trump has—literally and figuratively—taken a nosedive.

On Monday night, it emerged that the only group willing to loan Trump a dime to cover the $175 million bond from his New York bank fraud trial is a company owned by the so-called “king of subprime car loans,” billionaire Don Hankey.

Hankey owns Knight Specialty Insurance Company, the group that underwrote Trump’s bond, and is also believed to be the largest shareholder in Axos Financial, according to MSNBC’s Lisa Rubin. Axos is no stranger to lending Trump a hand with his financial woes, either. In 2022, the financial institution refinanced more than $50 million of Trump’s loans on Trump Tower and Trump National Doral Miami, according to documents filed with the Office of Government Ethics.

Hankey told Forbes that Knight initiated the deal with the criminally charged GOP presidential nominee, and explained that Trump had used both cash and investment-grade bonds to secure the money with his insurance company. Hankey added that he had never met Trump but had been a supporter of his previous campaigns.

“This is what we do at Knight insurance,” Hankey told Forbes on Monday. “I’d never met Donald Trump. I’d never talked to him on the phone. I heard that he needed a loan or a bond, and this is what we do. So, we reached out, and he responded.”

Trump and his co-defendants still owe more than $464 million in the case, but the bond—which comes ahead of Trump’s Thursday deadline—will keep New York Attorney General Letitia James from seizing his real estate assets while he appeals the case. It’s unclear how long the case will take to appeal, but that won’t stop the interest on his disgorgement from accruing at a rate of more than $111,000 a day.

* This headline has been updated to reflect the correct Trump trial.