Deutsche Bank didn’t chop up and sell the latest batch of debt — the only portion that is still outstanding, according to bank officials with direct knowledge of the transactions. The loans remain on Deutsche Bank’s books.

It is true that Deutsche Bank was willing to lend to Mr. Trump when few others would. But there is an explanation. To overcome the bank’s wariness, Mr. Trump agreed to personally guarantee most of the debt on all of the loans. That meant that if he defaulted, Deutsche Bank could seize his personal assets, as The Times has previously reported.

Deutsche Bank remains a vast repository for Mr. Trump’s financial secrets, and the president’s lawyers have spent more than a year fighting against congressional subpoenas for the bank’s records related to Mr. Trump. It is not impossible that evidence will emerge that muddies this picture.