In his TV ads, Republican Senate candidate David McCormick portrays himself as a red-blooded Pennsylvanian who hunts, bales hay, and drinks pints with his old buddies at wood-paneled bars.
But a new financial disclosure offers insight into McCormick’s blue-blooded lifestyle — including a $22.5 million salary last year as CEO of the world’s largest hedge fund, Bridgewater Associates.
He held a longtime trustee slot at the Aspen Institute, an elite think tank, and owns an array of multimillion-dollar properties in Manhattan, Dallas, Colorado, and Pittsburgh, the filing shows. That’s along with the family ranch in Pennsylvania that he highlights in his campaign.
Those are just some of the assets held by McCormick and his wife, with a total value of at least between $116 million and $290 million, and possibly much more. Much of that is from valuable homes and investment properties, including a seven-bedroom condominium on Manhattan’s Upper East Side purchased for $13 million in 2016, property records show. It has another unit tacked on for $1.2 million more.
McCormick’s single largest asset is more than $50 million in Bridgewater stock, which his campaign says he received as his payout from his time as CEO. His work at the company has come under fire because the firm raised more than $1 billion for investments in China last year, when McCormick led it. McCormick has said it was a small fraction of Bridgewater’s holdings, but according to the Wall Street Journal, it made Bridgewater one of the largest foreign managers of private money in China.
The couple have between $20 million and $93.5 million in liabilities, largely from two mortgages and a line of credit listed at up to $25 million each. Other liabilities are from capital commitments to various investment funds.
The disclosure filed Friday provides the first public look at the vast wealth McCormick has tapped to vault himself to the top of the GOP field, along with celebrity surgeon Mehmet Oz, who has also used an immense fortune to drive his campaign.
The two candidates’ riches have defined the Republican primary, overshadowing other candidates. McCormick has spent almost $7 million of his own money on the campaign, with allies chipping in millions more, while Oz has spent $11 million of his money.
Oz, widely known as “Dr. Oz,” has assets worth between $104 million and $422 million, and possibly more, according to his disclosure filed earlier this month.
Either Republican would likely be one of the Senate’s wealthiest members if elected in the crucial November vote. Pennsylvania’s Senate contest to replace retiring Republican Sen. Pat Toomey is one of a handful that could decide control of the chamber.
Exact figures for Oz’s and McCormick’s wealth can’t be determined because the Senate requires candidates to report only broad ranges of assets and debts. Some of the line items have no upper bound on their value, making it impossible to know exactly how far a candidate’s wealth extends.
For example, McCormick’s wife, Dina Powell McCormick, a Goldman Sachs executive, has a bank deposit with the firm whose value is listed only as more than $1 million. (The reporting rules are looser for assets held by spouses.) There’s also no upper limit given on David McCormick’s Bridgewater stock.
Here are some highlights from the report:
McCormick has major real estate holdings
Some of McCormick’s most substantial investments are in real estate: He and his wife have between $24 million to $120 million worth in various city homes, farmland, and rental properties
Along with the Manhattan home, listed as a rental and investment property, public property records show the couple purchased a Dallas condo in 2021 for $4.1 million. They also describe that as an investment property, along with a Colorado ranch worth between $5 million and $25 million, according to the disclosure.
McCormick, who for years lived in Connecticut, owns his family farm in Bloomsburg, where he grew up, valued now at $1 million to $5 million. Public records show he has significantly expanded it over the years by buying up neighboring land. McCormick’s campaign said he has owned the farm for 10 years.
McCormick also purchased a home in Pittsburgh’s posh Shadyside neighborhood in November, shortly before his January campaign launch. The Tudor-style manse was valued at about $2.8 million last year.
Few of the specific details of each property are available in the report, and most of it is held by limited liability corporations, not in the McCormicks’ names, making them more difficult to track down. But a search of public records offers some insight.
At least three investment properties, including the one in Colorado, could not be located in public records, and the campaign declined to offer more information. They’re listed as being worth between $11 million and $55 million combined.
A CIA tie
Along with his more than $22 million Bridgewater salary, McCormick earned $70,000 last year serving on the board of In-Q-Tel, an Arlington, Va., venture capital firm with ties to the CIA.
While that’s a drop in the bucket of his income, the job is an unusual one: The company invests in technology that could be used by the U.S. intelligence agency, including social media data-mining software and military-grade machine learning tools. Although it is nominally an independent entity, it was founded by former CIA chief George Tenet and is directly funded by the agency. It has been described by another investor as “the CIA’s venture capital fund.”
McCormick’s report also shows that he served on the Pentagon’s Defense Policy Board during the Trump administration. The board provides independent advice to the Department of Defense.
That role and the IQT position required security clearances that McCormick still holds, according to campaign spokesperson Jess Szymanski. In that role, he worked with former CIA chief Mike Pompeo, who would later become then-President Donald Trump’s secretary of state and who has endorsed McCormick.
Crypto, Aspen ties, and sales
McCormick lists between $1 million and $5 million invested with Bitwise, a San Francisco company that serves as a cryptocurrency asset manager.
He and his wife sold off dozens of their investments last year, largely corporate securities, bringing in between $859,000 and $3.1 million. Among the sales were investments in Ford, Expedia, and Pittsburgh-based Allegheny Technologies. Selling some of their Bridgewater holdings brought the couple between $100,000 and $1 million, they reported.
One of McCormick’s liabilities is a commitment of up to $5 million to Telesoft, a venture capital firm whose head, Arjun Gupta, was one of the early donors to a super PAC spending heavily to support McCormick. Gupta, who is listed as Telesoft’s “chief believer” and who typically donates to some of Congress’ most liberal Democrats, served with McCormick at the Aspen Institute.
McCormick held his position as an Aspen Institute trustee from August 2010 to November 2021, shortly before he launched his campaign, the report shows.