Millions of dollars continue to pour into Maryland’s Senate election between former Gov. Larry Hogan (R) and Prince George’s County Executive Angela Alsobrooks (D), new campaign finance reports show.

The candidates themselves reported big hauls over the past three months in the tight race to replace departing U.S. Sen. Ben Cardin (D). And those efforts have been supplemented by secondary fundraising committees and robust outside spending — including a pro-Hogan political action committee that has raised an eye-popping $27 million so far and has spent almost $11 million.

The July 1 to Sept. 30 campaign fundraising and spending reports, filed Tuesday with the Federal Election Commission, confirm that Maryland’s Senate race continues to be one of the most closely watched in the nation this year — a rarity for the state — with Democrats clinging to a two-seat majority that is in danger of changing hands.

Recent public polls have shown a small and durable lead for Alsobrooks — but nothing insurmountable, as Hogan remains better known and still is popular after eight years as governor.

When it comes to their own fundraising committees, Alsobrooks appears to have bested Hogan in money raised over the past quarter, based on a quick read of the campaign finance reports, which were posted to the FEC website late Tuesday. But the campaigns have moved a lot of money in and out of their principal fundraising entities and auxiliary accounts over the past few months, so it is difficult at first glance to calculate what the campaigns’ bottom lines are.

Alsobrooks’ campaign committee reported raising more than $13.4 million and spending $13.6 million between July 1 and Sept. 30, which included a transfer of almost $2.4 million from a separate entity, the Alsobrooks Victory Fund, which reported collecting almost $3.8 million over the last three months.

The victory fund doled out more than $3.5 million during the previous quarter, including the money it sent to Alsobrooks’ campaign committee.

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Overall, Alsobrooks’ campaign fund has raised almost $26 million since she entered the race in May 2023. It has spent $22.5 million for the election, and as of Sept. 30, she had more than $3.6 million in her war chest.

The Alsobrooks Victory Fund has brought in $6.6 million this election cycle and spent $6.2 million. It had about $433,000 in the bank on Sept. 30.

Alsobrooks is also collecting money from a joint fundraising committee that was set up during the summer for herself and U.S. Rep. Lisa Blunt Rochester (D-Del.), who is also bidding to become one of the few Black women elected to the Senate (the congresswoman is heavily favored to win her race next month). The Alsobrooks-Blunt Rochester Victory Fund reported raising $75,000 during the three-month period and spending just shy of $70,000. Of that, $26,000 went to Alsobrooks’ campaign, and $30,500 went to Blunt Rochester.

Another joint fundraising committee that has since been closed, established for Alsobrooks and U.S. Rep. Elissa Slotkin, the Democratic nominee for Senate in Michigan, transferred $13,000 to the Alsobrooks campaign during the summer.

Alsobrooks also has a leadership PAC, called AlsoPAC, which has raised $180,000 this election cycle, but is mostly sending that money to other candidates.

Hogan’s principal campaign committee reported taking in more than $3.2 million over the past three months and spending $4.3 million during the same period. The money that came in included a $756,000 transfer from a separate entity known as the Hogan Victory Fund, which on its own raised $5.4 million from July 1 to Sept. 30.

Hogan has raised more than $10.2 million for his Senate campaign account since entering the race in February, and just shy of $12 million for the victory fund. The campaign committee has spent $8.7 million on the election, while the victory fund has spent over $10 million.

Hogan’s campaign committee reported over $1.5 million on hand as of Sept. 30, while his victory fund banked $1.8 million.

A separate Hogan PAC called Better Path Forward, reported raising $92,000 over the past three months and spending $51,775 during that period. The PAC has raised $390,000 this election cycle and spent $366,000. According to the PAC’s FEC report, the entity has both collected money from and sent money to the Hogan Victory Fund.

Better Path Forward had $181,000 in its campaign account as of Sept. 30.

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Just as significant, Hogan is reaping the benefits of spending from an independent committee, Maryland’s Future PAC, which raised $27 million through Sept. 30 and spent almost $11 million, mostly on TV and radio ads and mailers that attack Alsobrooks.

The super PAC, which is not bound by federal campaign finance limits that apply to campaign committees, has received huge contributions from national business titans and regular Republican donors. In the most recent quarterly report, Maryland’s Future received a $2 million contribution from the Senate Leadership Fund, which is controlled by allies of Senate Minority Leader Mitch McConnell (R-Ky.). It received a $1 million donation from casino mogul Steve Wynn, and another $1 million from James Davis, the chair of New Balance Shoes.

In addition to spending millions on ads attacking Alsobrooks, the PAC reported spending $990,000 over the past three months on canvassing and $172,000 for polling, paid to the well-respected GOP firm Public Opinion Strategies. It has reserved millions more in advertising over the final weeks of the campaign.

At a more modest level, Alsobrooks has been the beneficiary of an independent entity called Unity First PAC that was set up earlier this year by Gov. Wes Moore (D) to oppose Hogan, his predecessor. That PAC reported raising $288,000 over the past three months and $448,000 overall. The PAC spent $203,001 since July 1 and had $215,200.26 in the bank on Sept. 30.

The biggest donation to that PAC this quarter, $100,000, came from the Mid-Atlantic Laborers Political Education Fund.

State of play

Polls have shown a close race between Alsobrooks and Hogan, but the last handful to have been released over the past few weeks have the Democrat with a small advantage. The most recent, according to the Senate Leadership Fund, put Alsobrooks ahead 48% to 41%. The existence of the poll, by Public Opinion Strategies, was first reported Sunday night by Politico.

Alsobrooks has sought to make Maryland’s potential role in determining control of the Senate a major part of her campaign message. But many national strategists and pundits believe the Senate is likely to change hands regardless of what happens in Maryland — even if the new round of Republican state-by-state polls isn’t as encouraging as GOP leaders would like.

In a virtual appearance Tuesday before the Jewish Community Relations Council of Greater Washington, Hogan tried to blunt Alsobrooks’ argument that Maryland could be pivotal when it comes to Senate control, and said he is uniquely qualified to work with other moderates in the chamber to bring more comity and compromise.

“I’m not going to flip anything, but I think I’m going to be the most important one there,” Hogan said.

Meanwhile, Alsobrooks debuted a positive TV ad Tuesday, suggesting she is ready to work for Marylanders’ top priorities, including fighting “corporate price gouging,” ensuring prescription drugs are more affordable, keeping neighborhoods safe and protecting seniors’ retirement funds.

“In Maryland, we live closer to the halls of the U.S. Senate than anywhere in America,” she said at the top of the 30-second spot. “But often it feels like they’re on another planet.”