On Michael Cohen, Donald Trump's former lawyer and self-described "fixer," Judge Engoron wrote in his ruling that he found the star witness to be a credible witness despite having been convicted of perjury.

"His testimony was significantly compromised by his having pleaded guilty to perjury and by some seeming contradictions in what he said at trial," Engoron wrote. "However, carefully parsed, he testified that although Donald Trump did not expressly direct him to reverse engineer financial statements, he ordered him to do so indirectly, in his 'mob voice.'"

Engoron continued that although the "animosity between the witness and the defendant is palpable, providing Cohen with an incentive to lie, the Court found his testimony credible, based on the relaxed manner in which he testified, the general plausibility of his statements, and, most importantly, the way his testimony was corroborated by other trial evidence."

A "less-forgiving factfinder" might have come to a different conclusion and not believed "a single word of a convicted perjurer," Engoron wrote.

"This factfinder does not believe that pleading guilty to perjury means that you can never tell the truth," he continued. "Michael Cohen told the truth."

Cohen, who pleaded guilty in 2018 to lying to Congress about the Russia probe, addressed the passage on social media, writing on X, "Judge Engoron's determination regarding my veracity at the NYAG Trump civil fraud trial. Michael Cohen told the truth!"

Members of the Trump family and their attorneys roundly called the ruling unjust and indicated they plan to appeal.

Eric Trump told ABC News the judgment against him and his family is "a total joke" and "insane." He said the family will immediately appeal the ruling, which he said shows the court and the attorney general in his opinion are "living in an alternate universe."

Donald Trump Jr. accused the case of being politically motivated.

"We've reached the point where your political beliefs combined with what venue your case is heard are the primary determinants of the outcome; not the facts of the case!" he said in a statement to ABC News.

Donald Trump's lawyer, Chris Kise, also claimed the case was an "unjust political crusade" against the leading Republican presidential candidate and that there was no evidence of fraud.

"Hard to imagine a more unfair process and hard to believe this is happening in America," Kise said, adding that the former president "will of course appeal."

Donald Trump's legal spokesperson, Alina Habba, called the verdict a "manifest injustice" and the "culmination of a multi-year, politically fueled witch hunt."

"Countless hours of testimony proved that there was no wrongdoing, no crime, and no victim," Habba said in a statement. "Given the grave stakes, we trust that the Appellate Division will overturn this egregious verdict and end this relentless persecution against my clients."

The Trump Organization also said the ruling was a "gross miscarriage of justice."

"Every member of the New York business community, no matter the industry, should be gravely concerned with this gross overreach and brazen attempt by the Attorney General to exert limitless power where no private or public harm has been established," a spokesperson said in a statement. "If allowed to stand, this ruling will only further expedite the continuing exodus of companies from New York."

Judge Engoron took direct aim at several of the Trumps' core defenses, including Trump's claim that real estate appraisal is imprecise and subjective, and that property valuations reflect nuances in the market that only sophisticated practitioners can understand.

Engoron called that argument a "great red herring in this case."

"True enough, as appraising is an art as well as a science," Engoron wrote. "However, the science part cannot be fraudulent. When two appraisals rely on starkly different assumptions, that is not evidence of a difference of opinion, that is evidence of deceit."

Engoron also undercut a common refrain from defendants' that their accountants were responsible for maintaining above-board business practices.

In a section of his ruling titled, "Blame the Accountants," Engoron wrote that, "There is overwhelming evidence … that the buck for being truthful in the supporting data valuations stopped with the Trump Organization, not the accountants."

Donald Trump acknowledged during direct examination that he overvalued at least two properties in his statements of financial condition, though he broadly represented that the statements underestimated his total net worth.

"Did you ever think that the values were off in your statement of financial condition?" state attorney Kevin Wallace asked about the document at the center of the case, which the New York attorney general has alleged contained fraudulent valuations.

"Yes, on occasion. Both high and low," Trump said, appearing to surprise Wallace, who paused to allow Trump to continue his answer.

Compared to his sons, who largely testified that they deferred to accountants and lawyers, Trump portrayed himself as an experienced businessman who "was certainly more expert than anybody else" when it came to the value of his own properties.

Asked about properties like 40 Wall Street and a retail space near Trump Tower, the former president confidently used real estate shorthand to explain why he thought certain properties were undervalued. He also repeated that his brand value -- which was not included in his financial statement -- is worth billions.

"The most valuable asset was the brand value," Trump said. "I became president because of my brand."

However, Trump acknowledged that two properties -- his triplex apartment in Trump Tower and his Seven Springs estate in New York's Westchester County -- were overvalued and had to be adjusted in his financial statement.

"I thought the apartment was overvalued when I looked at it," Trump said, appearing to refer to a $200 million correction applied to his statement after Forbes magazine reported that he falsely stated the apartment was three times its actual size.

Asked about the change in the statement, Trump acknowledged the square footage mistake, which he blamed on a broker, while also claiming that the number was "not far off" from reality when you consider the square footage of Trump Tower's roof.

"It's a mistake … [but] there's a disclaimer clause so you don't have to get sued by the attorney general of New York," Trump said.

Trump made a similar admission about the $291 million valuation of Seven Springs.

"I thought it was too high and we lowered it," Trump said, though he could not provide specifics about the changed valuation.