Virtually all of Donald Trump’s debt — there is at least $1.1bn of it, according to his government financial disclosures and other documents — is backed by real estate, mostly linked to a small number of buildings and golf courses that form the core of the Trump business empire. About $900m of that debt will come due in Mr Trump’s second term, should he win the November 3 presidential election.

On paper, Mr Trump is not particularly levered: his net worth has been estimated at $2.5bn by Forbes. But the economy is still on a precarious footing, and if his debts come under strain, he could play hardball with his creditors, as he has in the past.

The situation is made more pressing for the US president because his primary source of income in recent years — his work on television — “is drying up”, according to an investigation by The New York Times. Citing the president’s tax filings, the Times also said much of that income was invested in golf courses that are money losers. So while the president is asset-rich, it is unclear how much liquidity he has access to. The Trump Organization declined to comment.

The president’s creditors can be broken into five groups.