First-quarter fundraising numbers shape federal campaigns

Candidates for federal office in Montana have reported their fundraising numbers for the first quarter of 2024, providing a picture of the state of several campaigns ahead of closely watched elections in Montana this year.

By far the highest-profile race in the state is the U.S. Senate contest between Republican businessman Tim Sheehy and incumbent Democrat Jon Tester, who is running for his fourth term. Tester represents one of the two seats nationally that Republicans need to win to flip control of the U.S. Senate, and Tester, as a Democrat in a red state, is seen by political observers as potentially vulnerable.

But Tester is also a famously capable fundraiser, a trait that will only be augmented as national political forces marshal their resources in the state. Tester, a farmer from Big Sandy, outraised Sheehy by more than two-to-one in the first quarter of 2024. 

Tester’s campaign reported raising $7,268,385 in the first three months of 2024, bringing his total haul for the election cycle to $31,105,696. His campaign also continues to spend less than it’s bringing in, leaving him with $12,653,948 on hand. 

Sheehy, a former Navy SEAL and owner of an aerial firefighting company who was recruited from relative obscurity by national Republicans last year to take on Tester, reported raising $2,166,600 in the first quarter of 2024. He has raised $5,826,881 in the election to date. His campaign spent slightly more than it raised in the first quarter, leaving him with $1,925,866 on hand.

Sheehy’s fundraising numbers are bolstered by $500,000 in personal loans he made to his campaign this period. Sheehy, a multimillionaire who was recruited in part because of his ability to self-finance his campaign, has loaned $1.45 million to his campaign committee so far this election. Tester has made no loans to his committee.

Throughout the cycle, the plurality — $10,369,689 — of Tester’s individual contributions have come in the form of donations of $200 and less. Sheehy has raised $1,576,382 from these comparatively small-dollar donors, but the bulk of his funds have come in the form of contributions worth $2,000 or more. 

The state that has accounted for the largest chunk of individual donations to Tester’s campaign this cycle is California, at $2.3 million, just topping the $2.2 million he’s received from Montana donors. Sheehy has received about $1 million in individual contributions from Montana, more than double the amount he’s received from his next most supportive state, Florida.

Brad Johnson, a Republican running in the primary against Sheehy, raised just $1,516 in the first quarter of 2024. He has loaned his campaign $30,000. 

FURTHER DOWN the ballot, in Montana’s western U.S. House district, incumbent Republican Ryan Zinke has eclipsed both his primary opponent and Democratic challenger, raising $1.5 million in the first quarter of 2024. His total haul for the cycle is $5.2 million, and he ended the filing period with $2.3 million on hand.

His GOP primary opponent Mary Todd, who came in a distant third in the primary for the seat in 2022, tallied just under $75,000 in the first quarter of 2024, of which $71,000 came in the form of a loan from Todd herself.

Democrat Monica Tranel, who is also challenging Zinke for the second time in two years, raised $742,815 this filing period, bringing her net fundraising total for the election cycle to $1,921,893. 

In Montana’s eastern U.S. House district, several Republicans are vying to replace retiring GOP hardliner Matt Rosendale. Almost all of the candidates in the primary reported loaning their campaigns substantial sums.

Among the most prominent candidates, Elsie Arntzen, Montana’s term-limited superintendent of public instruction, reported $96,159 in contributions from January to March of 2024, but has also loaned her campaign committee $700,000 since the beginning of her bid, including $450,000 during the recent filing period. She reported $368,848 on hand at the end of the period. 

Troy Downing, Montana’s state auditor, raised $352,638 in the first quarter of 2024, and has loaned his campaign an additional $350,000. He had $325,213 on hand as of the end of the period. 

Former Congressman Denny Rehberg, a late entry into the race, augmented the $78,784 he raised in the first quarter of 2024 with a $300,000 personal loan. He had $372,453 on hand at the end of March. 

Of the several other Republicans in the race — including current and former lawmakers, an ex-Drug Enforcement Agency official, and a pharmacist — none has raised more than $100,000. 

On the Democratic side of the eastern district race, Helena’s Kevin Hamm raised $21,804 in the period, and has brought in $52,577 over the course of the election. He ended the period with $3,172 on hand.

Billings’ Ming Cabrera raised $7,105 in the first quarter of 2024, bringing his total haul to $52,830. He has also loaned his campaign $2,740, and had $20,868 on hand at the end of the period. 

Steve Held of Broadus, who announced his bid for the seat earlier this spring, reported $16,223 in contributions this period in addition to a $30,000 personal loan to his campaign. He ended the first quarter with $38,968 on hand.

John Driscoll, a former speaker of the state House in the 1970s, has not filed campaign finance data with the Federal Election Commission, suggesting he has not raised or spent more than $5,000, the reporting threshold. 

Arren Kimbel-Sannit is a reporter for the Montana Free Press, a Helena-based nonprofit newsroom, and can be reached at akimbel@montanafreepress.org.