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 was a net creditor before 1986 because of its foreign asset holdings.
( ( The US ) ( ( was ( ( ( a ( net creditor ) ) ( before 1986 ) ) ( because ( of ( its ( foreign ( asset holdings ) ) ) ) ) ) ) . ) )
(ROOT (S (NP (DT The) (NNP US)) (VP (VBD was) (NP (NP (DT a) (JJ net) (NN creditor)) (PP (IN before) (NP (CD 1986))) (PP (RB because) (IN of) (NP (PRP$ its) (JJ foreign) (NN asset) (NNS holdings))))) (. .)))