Prior to 1986, the United States had been a net creditor because its holdings of foreign assets exceeded foreign holdings of U.S. assets.
( ( Prior ( to 1986 ) ) ( , ( ( the ( United States ) ) ( ( had ( ( been ( a ( net creditor ) ) ) ( because ( ( ( its holdings ) ( of ( foreign assets ) ) ) ( exceeded ( ( foreign holdings ) ( of ( U.S. assets ) ) ) ) ) ) ) ) . ) ) ) )
(ROOT (S (PP (RB Prior) (PP (TO to) (NP (CD 1986)))) (, ,) (NP (DT the) (NNP United) (NNPS States)) (VP (VBD had) (VP (VBN been) (NP (DT a) (JJ net) (NN creditor)) (SBAR (IN because) (S (NP (NP (PRP$ its) (NNS holdings)) (PP (IN of) (NP (JJ foreign) (NNS assets)))) (VP (VBD exceeded) (NP (NP (JJ foreign) (NNS holdings)) (PP (IN of) (NP (NNP U.S.) (NNS assets))))))))) (. .)))
The US wasn't a net creditor until after 1986.
( ( The US ) ( ( ( ( was n't ) ( a ( net creditor ) ) ) ( until ( after 1986 ) ) ) . ) )
(ROOT (S (NP (DT The) (NNP US)) (VP (VBD was) (RB n't) (NP (DT a) (JJ net) (NN creditor)) (PP (IN until) (PP (IN after) (NP (CD 1986))))) (. .)))