Donald Trump on Monday shrugged off a New York Times report that detailed at least $650 million in debt among the various companies that Trump owns, suggesting that it is comparably low when the total value of his business empire is taken into consideration.

"Well, the value — if the value is $11 billion, it's a very small amount of debt," the Republican nominee told "Fox & Friends" in a telephone interview. "I have very little debt relative to the assets. I have massive assets."

Trump continued, "Compared to my assets, I think I have less than 5 percent or so in debt, which is a very low debt."