How High Net Worth Individuals Are Driving Political Contributions in the 2026 Midterms

we are about to talk about high net worth political contributions, specifically ahead of the election cycle. And so with that, let me first introduce myself. My name is Arupi Energy. I'm the CEO and cofounder of Windfall. My email address here is arup,arup,@windfall.com. We'll go through a pretty brief overview about Windfall in a moment. But if you're not familiar with us, we're based out of San Francisco as headquarters, but also have offices in Utah and and in Colorado as well. Today, we have over 1,500 customers, and I'll get a little bit more in terms of what we do as a business in a moment. But first, did wanna do a quick poll around why you joined today's webinar. And so I'll try and weave some stuff in here as well. This is gonna be a little bit different as a webinar holistically because we're not doing any demos. We're not talking about a lot of workflows around data, but we're really gonna dive into kind of the macro, as well as taking a look at some of the impacts on on, how this potentially could, be relevant for you. Cool. Alright. So some folks are here to talk a little bit more about, high net worth spending as well. So I'll try and at least put that into consideration as we talk about the macro. We'll also, we just did a webinar last week, where we also talked around that as well. So if you didn't get a chance to see that, we have some of those recordings available on our site as well. Okay. Cool. So I'm gonna go ahead and share the results here, just so everybody could see what that looks like. Now, as most folks are not here to talk about Windfall on our services, I'll just be pretty quick on the next couple of sections. One is that, if you have not seen some of the things that Windfall has done, so if you're a customer, awesome. We actually have some of these great amazing case studies that are now public on our website as well across fundraising, wealth management, you know, anything that is related to leveraging data driven solutions. So take a look if you haven't seen that yet. So now let's just quickly go into today's agenda. As I just mentioned, I'll do a really quick windfall overview. We'll talk about some of those wealth insights as well as our approach to this analysis. And we have some primaries and key battleground states that we'll at least highlight. Now, number five there is really, meaning to say that we're not, quite there with the election cycle, so we have some additional analyses that we will continue to provide an update for folks, over the next four to five weeks as well, especially given the fact that, the next, political data drop, will most likely be in the middle of October. Okay. First and foremost, we do not work with any political organizations or candidates. So, as a business, Windfall has never worked in, the political sector. We've been around for about ten years. So, this is not at all related to trying to sell products and services. That's why we wanna at least have that as a disclaimer at first here. And if if you're a candidate and you're trying to utilize us for that, we, unfortunately, will not be able to work with you. Cool. So overview again, just what we will go through, high level macro, wealth insights, political contributions. We will not necessarily be talking about how we build up our datasets as much. I'll highlight a little bit just so you can get a better understanding of the background, but happy to speak about this with everybody afterwards as well. Okay. Let's dive in. First, before doing that, does your organization use data or, like, exactly how? We wanna just make sure that we understand before we get into kind of data maturity, what this looks like in particular, and whether or not, you know, you... You've utilized, other data points before. So I'll let folks do that as I go through windfall. So our vision here is to democratize access workflows and insights on people. We call it people data because we both have wealth information, which is a lot of the focus of today, but we also have things like career data. And holistically, when we combine all of those things together, personal, professional, that really speaks to a people dataset instead. And so for us, right, if you take a look at some of the existing problems today, with some of these solutions out there is that, number one, there's not really a lot of network data available until when fall was around. Right? And then people are leveraging household income and home value as a proxy. I just mentioned that we're based out of San Francisco. So if you use home value or household income, everybody in every ZIP code in San Francisco will be a millionaire. Obviously, we know that's not true. And therefore, now you have to figure out, you know, is this good information? Is it bad information? Can you trust it? Or, what what would you actually do with it? So enter in, this is where windfall, comes into place as well. Really, where most folks are gonna be focused in on here is affluent US households. This is also how we define high net worth, which is over $1,000,000 in net worth. We track over about 26,000,000 households with over $1,000,000 in net worth today. As I mentioned, we have about 1,500 customers more than that across The United States, but you see some of those ones at the bottom there. And the ways that most people utilize us is around these three components. So first, identification or prioritization. Once you enrich our data into your CRM, into your platform, like, how can you actually bubble up or surface those right opportunities? Number two is around understanding. So can we find groups of users, finding those hidden gems, where we're winning, where we're losing, and then figuring out that engagement strategy. So by understanding some of those different segmentations or your cohorts, how can you really start to optimize the conversions from there instead? Now I mentioned a couple of different ways, and, again, this is the last one about windfall and our offerings. If you're not familiar with this, we think about this in terms of data enrichment or wealth screening. We also have released a new product there around donor advised funds, crypto, as I mentioned, the career data on top of it. So we have some other. We have propensity modeling. That's also known as predictive AI. So we can actually help you score and surface folks to the top. And then the final one is gonna be around data link. So data link allows you to take a look at different disparate households and match them up together. So with that, we're gonna go ahead and start talking a little bit more about, the wealth insights and some of the macro trends instead. So let's go ahead and, go into this first one, which is just talking a little bit more about the recent US economic performance. So, interestingly, you know, this is updated through q two on the right hand side because that's when the last, calendar quarter that has data available to it. Of course, we're on October 7 today, so, 09:30 just was last week, and we haven't seen any of the updated q three data just quite yet. But the SMP data, we did update, as of today as well. And so what you can see here is that we're analyzing it because if we're looking at gross domestic product, we really think about output being part of the right hand sides here. And why people care about what high net worth they're spending on is because of this bucket right there around consumer. The US is a consumer driven economy. So when you look at the right hand side there in terms of our growth rates and some of the rebound, especially in this volatile nature, like, why is that really happening today, and and why do we care about it? Well, setting the stage a little bit further, right, this is where we started talking about more of the k shaped economy. Now this is done through, a different, third party, where we pulled this data. And, of course, as you take a look, you can see the top 20% of the earners are doing around 60%. If you look at the top 10% of earners, right, it could be closer to 50%. So, like, we're seeing some of those stats kind of thrown around all over the place. But why is this important? It's mostly because how people are actually spending their money might impact the way that they might do nonprofit donations, the way that they're saving, the way that they're spending. So everything that folks probably want to learn a little bit more about, we want to at least glean a little bit further. Now inflation is still high, and and most folks probably have been hearing about this in the news cycle in particular. There were things with tariffs as well as global conflicts with the war in Iran and thinking about, you know, Russia, Ukraine ongoing considerations as well. But we saw the reacceleration of inflation at the beginning here. Remember, our target is 2%. So, ultimately, as it's starting to increase, we're seeing that there are things that the Fed has to do to combat that. And so we are seeing now that... We'll get into the next slide where we talk about the Fed fund rate a little bit further. But a lot of folks are anticipating that we're gonna have to continue that moving forward in order to combat inflation even further because it's not gonna drop immediately down to this 2% number. Now with inflation elevated, and as we talked about that k shape economy, with things like interest rates going up and high net worth individuals holding on to cash, they might have a higher likelihood to hold on to even more cash with the Fed funds going up because they're saving more. They're accumulating more wealth, based on the fact that they're just gaining interest on it. Right? And in terms of the overall market and the stock market, as we saw, is going up into the right. So if you're a high net worth and you have those savings, you have investable assets, you're most likely gonna continue to earn more money than others that are feeling the pinch in terms of affordability. So in terms of the decrease in federal fund raise, but then the increase here, as you can see, this is kind of the reason that, the decrease was really pushed into place. But in terms of, this slight increase here of that basis points, that's what happened about, two to three weeks ago. And we can see that this does impact sentiment, the spending versus savings. So if you have a higher Fed fund rate, you have a higher savings rate, you're most likely not gonna spend as much, versus those that have... You have less alternatives in the marketplace, you might actually part with your money a little bit sooner. Now this is not high net worth, but this is talking about more globally what's happened in The US for savings as well. And so during the pandemic, we saw that folks actually saved quite a bit of their money, and this created a war chest of sorts for the years that came after, but you can see folks started to tap into that pretty dramatically here right after 2022. And, you know, if we look at this trend on the right hand side, it's actually lower than pre pandemic levels. And so this is due to the fact that, you know, we are seeing rising inflation. We're also seeing the fact that if you're looking at the gas pump, right, that's gonna be taking more money out of your pocket every single week right now as well. The other thing that most folks are taking a look at is high net worth and credit card debts or just the general economy and credit card debt. Credit card debt overall has actually continued to increase over the last couple of years as well. Why does that matter? It's because, especially with the Fed funds rate increasing again, that's gonna drive up more interest rates, which potentially could lead to defaults and continuous cycles where they're not actually spending any money on goods and services, but actually just servicing their interests instead. Okay. So when we think about wealth, and, again, for for those folks, just putting this out here, right, we talked about income a little bit earlier, and that's your income statement. So what you actually get in your w two, but we think about net worth as your balance sheet. So how how much have you saved or accumulated? And we give you this example of assets minus liabilities below. And so as an example, at at Windfall or anywhere else, if you're taking a look at real estate and that was your only asset of $2,000,000 and your mortgage was 1,800,000, you're actually only worth about 200 k. Now we have some examples here around net worth. We won't get into kind of our methodology. But as we think about some of the work that we've done in the past, we actually have seen the wealth and their various asset classes and where that wealth is accumulated based off of their net worth bands here. And so you can see this is 10 k all the way up to the billion dollars plus. Why do we want to actually put this together is because we're taking a look, and while stocks are a large component of folks and especially with that up into the right, it's not everybody. And in fact, you can see your resonance here, if you're worth, like, a 100 k, it's gonna be super impactful. But over here in the billionaire side, it's less impactful. And that makes sense. Right? Elon Musk, the majority of his wealth is probably in his business interest more so than anything else. So, ultimately, as we think about that, we wanna start analyzing how did this look like in certain election cycles. Now to set the baseline here, right, in 2020, and remember I showcased a little bit more around wealth and savings rates. If you looked at 2020, most people were accumulating. So the blue means that there's increases in wealth, and that, yellow orange, is that there's decreases in wealth. And so as you can see in 2020, most people actually did see and accumulate wealth across The United States. Now if we looked at this during 2020 and 2022, again, going into kind of the same spectrum of leading into, the next midterm, right, we can see that, again, life looks pretty good at most of these counties. Now wealth definitely did increase across the coast and urban areas more so, but you can see Maine started to outpace a lot of other folks as well, as we took a look at it. Now in 2022 to 2024, what you can see is that wealth started to accumulate a lot more between the Midwest states and Southern states. Right? You don't see as much in California starting to accumulate. So, again, this is just taking the relative consideration of affluent US households that's increased in these various counties. Now this sets the stage for saying, okay. What happened between 2024 and 2026? Is there anything that we can actually glean on high net worth households, and what might actually impact election cycles as well? Well, unlike, you know, the prior one, right, if we just flip back towards this, we're not seeing that huge surge down here in the Midwest and the South. You're seeing some of these increases across the North of the country, so still in the Midwest, but probably not in terms of where we saw it on the right hand side, but really closer on this left and the middle down down the fairway right here. Now, ultimately, as we're taking a look at this, it means that affluent US households, while they have increased substantially since the pandemic, In most recent years, there's been less of this wealth accumulation that you would normally see in the various locations in terms of the coastal locations or in the urban areas. So why do we wanna really take a look at that? Well, that shows you the increases in high net worth and what potentially could have impacted battleground states or certain key election, considerations as well. And as most folks probably know, like, political contributions in general are nontax deductible. And so I'm actually gonna skip this poll because I think that, you know, as we looked at presidential cycles versus the midterms, I'll actually get into this. But why are we talking about this today? Well, if we looked at earlier in the year, Democrats, especially in the senate, were trying to bring in a bunch more contributions. And, in fact, a lot of these senate seats were not in play at the beginning of, you know, this year. Now as we took a look at it, though, right, we've seen that, we've have other folks in key battleground states, especially because of the house being more competitive where fundraising is certainly, set up. Now more more recently in the summer, billionaires started to get into the mix on this, and a lot of that is going to Republicans in particular. Right? But the race is on. Right? So spending explosions, like, how does this actually look? Is this really true? Is this actually just a headline, that we're seeing, and which party is actually gaining the most amount of contributions at the moment? So let's actually, again, remember why is this important for folks. Well, if we look at the races since 2000, 70% of them were run by people who raised more money. So that's a massive head start already. But if we looked at the midterm cycle and the last one that we just had in 2024, 90% of the candidates... So that stat was the same in 2022 as it is in 2024. 90% of the candidates who raise more money end up winning their seat in the house or senate. So really impactful there. And then we had a billion dollars was donated by folks in 2022. Right? That was one of the last midterm cycles. And through this cycle alone, we have $1,700,000,000. So there has to be some of that to do with inflation, right, just dollars overall, but this is a pretty massive increase comparatively. So lots of money is flowing into the election cycles and politics at the moment, And we've been covering this since 2018. Every two years, we come out with some of these considerations where we're actually focusing in on it. So I would encourage you to take a look if you're you're interested in some of our historical ones as well. I'll also be talking a little bit more about, you know, that future road map of what we plan on covering moving forward, since our data at the moment is really geared in on the following assumptions. So the first thing that we wanna talk about is that this is really focused on individual fundraising. We're not talking about packs in particular. Right? We did wanna focus on how high net worth individuals are actually impacting elections. Now high net worth individuals or those billionaires or Elon Musk or Trump, right, they have packs as well. We're excluding that out of our analysis because we wanted to really take a look at how individual contributions are impacting election cycles. The second thing is that our data, and I've alluded to it earlier in the presentation, is only through June 2026. So the FEC does more frequent updates, but we want everybody to catch up, and they do these large updates on the end of every quarter. So those general updates are gonna be available. So the last one, of course, as I mentioned, we're on October 7, 09:30. They usually take a couple weeks before they actually put that out there, so we plan on reanalyzing this and publishing some more work on this by the end of the month. Finally, we understand that there are a lot of different candidates out there. In The United States, of course, we have... We're dominated by this two party system of Republicans and Democrats. So while we are understanding of individual contributions, you'll probably see us glean more of those insights related to those two parties in particular versus independents or libertarians or the Green Party or anything else that you might see out in the news today as well. Cool. So let's then dive into some of the fundraising trends that we've seen, and then we'll also showcase some of the out of state analysis too. We wanna set the baseline, though, of looking at this. So when we're looking at overall fundraising, you can see the quantum or the magnitude on the right hand side, and this is the number of elect... Electoral college votes, so that's the number of house seats, that they might have versus the amount of fundraising that they do. And so a really quick way of even thinking about this is saying, hey, if you're on the other side of this line, is that a competitive or battleground state? And if you're on the right hand side of this line, is it a more safe state holistically for a given party in particular. So interestingly, right, Texas is actually on the left hand side of this chart, but you can see kind of the magnitude again of dollars here. We're gonna go into percentages moving forward, but at least you can get a better sense of how much money is actually pulled in here. Taking a look, and we will annotate this slide for for everybody here as well in terms of, like, what happened. And as I mentioned, we've been covering this since 2018, but we went a little bit further back to 2014 just to take a look at the trends and the cycles of the amount of money that has been fundraised. So if we look here in 2014, there's a little bit of a bump right before the election cycle, but it's not dramatic, right, versus this line. So people did care, and there is this trend, but you can really start to see in 2016 with the election, that was a more traditional fundraising cycle. So if we looked in prior years, you know, where there have been presidential cycles, they kind of always looked like this up into the right. Now the midterms, during Trump's first, presidency, saw a huge amount of money go into the, political contribution system. So this was the first time that we ever saw a presidential cycle being out fundraised by a midterm. And in fact, it was one of the largest fundraising cycles on record. Now, of course, you can read the chart ahead. This was in 2020, Trump versus Biden. This was a huge amount of money that actually got poured in, especially right at the end of that cycle. Now when we went back into 2022, it started to look a little bit more like a, midterm, but this is still a lot of money comparatively to where we saw this in 2014. Right? Now as we looked at 2024, this did not continue to, break records here. Of course, we had the change in candidates, right before the, election cycle itself that impacted the ways that folks did fundraise. We'll show you how that... Those parties actually engaged here. And as I mentioned, we're here right in June. So we haven't done this in July, August, or September yet in terms of seeing potentially a spike here. Right? But we're just showcasing, hey. What is happening in terms of the beginning of this year? Okay. So let's double click into that, just for a moment. So instead, for every two year cycle, and we started a little bit beforehand, right, because it's not just this calendar year, we wanna take a look at how many folks actually are contributing to political candidates during that horizon. And so if we're looking at, again, the twenty twenty three, twenty twenty four election cycle versus taking a look at 2019 and 2020, you can see that there's this, like, sharp increase, but then a slight decrease here as well, right, with, you know, the plateauing. But here we are in terms of 2025 and 2026. We're outpacing all of it again. Right? So, this is interesting to take a look at. Now we were doing some of those things in the 2021 and 2022 cycle. In fact, you can see that this was probably outpacing, even the 2019 and 2020, but it starts to plateau. And most of these midterm cycles start to plateau as well. So do we anticipate it continue to go up to the right? Probably not as high, as you would see during a presidential cycle. Now this is another way of taking a look at it as well, in terms of just the midterms, and the amount that's raised in the given months. And so this is, cumulative. Right? This is the amount fundraise in a given month instead. And so, ultimately, as we can see, this is still pacing ahead of that '21 and '22 cycle, but you can see, again, if we try to map this out, you know, we're gonna probably outfund raise, but it might not necessarily go up into the right and continuously go that way as well. So now looking at the Republicans and Democrats. As I mentioned in 2020, Republicans actually out fundraise Democrats. But most generally speaking, Democrats overall actually... And you can take a look at this on the right hand side, outfundraise their Republican counterparts. And so we can see that here as well, you know, with midterm losses or even as you looked at the end of that twenty twenty four election cycle, Democrats were certainly fundraising, but Trump had fundraised for quite some period of time, so probably didn't need that surge at the very end that you saw when Harris took the candidacy or or at least the nomination in terms of, for the Democratic party. Now on the right hand side here, we can see that Democrats, again, for the first two quarters of the year, really started to surge in terms of their overall fundraising pace versus Republicans, but that doesn't necessarily mean that the dollars spent are not there. Remember that article that I had, Elon Musk, where billionaires have now started to give more money, that was actually in July. And so if it's in July, are they entering the races after the primaries have been decided? Are they trying to figure out where those bets are actually being placed? Those are the considerations that we're gonna continue to look at or analyze as we look at the next drop of data, in the next couple weeks as well. Now here's another way of looking at this. So high net worth, again, defined as over $1,000,000 in net worth. The reason that we wanted to show you some of these cycles here, and we have them, is that the highest two quarters, as you can see in 2028 and 2024, were in presidential cycles. But as we look at the baseline and the floor of this, this starts to increase kind of versus this dotted line. Right? If we put it all the way over to the left hand side, you can see that this is starting to flex into that consideration. And these last two quarters were over the prior two quarters that we saw in the last election cycle. Again, same data, but just a little bit different viewpoint. And as a hint, high net worth individuals are driving a lot of those increases as well. So net donation flows across the country. Where are people actually sending money, and where are people actually getting money? So orientation here on the right hand side, if you're sending money, you're gray. If you're receiving money, you're in this green element instead. In California, we have less competitive races, in the state. But that being said, there's a lot more people in California. So where are contributions actually flowing? Well, they're flowing out of California for a lot of them. There's a lot of money flowing into California too, but they net export, dollars. Now if we take a look at Texas, Texas, generally speaking, if we looked at the 2022, 2024 cycles, they were net exporters. Right? They're mostly Republican stronghold, but right now what you can see here, it's slightly green, meaning that they're importing more donations because of a lot of high profile senate races that are happening there and that it's actually in play versus in prior cycles where there might be some competition. It wasn't necessarily forecasted to be as close as it is today. Then taking a look over here, all three of these states, in particular, Michigan, Ohio, and Maine, all have competitive senate senate elections as well, and they're receiving more donations than they're sending out. So let's take a look at these high net worth donors instead. Right? And so where are high net worth donors from out of states coming from? And what you can see here right now is that the state is again through June 30, but they're receiving the most contributions from high net worth. So remember, Texas was that net importer now. They're actually receiving money from high net worth donors. Georgia, super super competitive. Not surprising at all. Right? New York, as we just mentioned as well, they're receiving a lot of high net worth donors from out of states even though they are a net neutral in terms of their overall contributions. They're slightly an exporter, holistically, but you can see that they're getting a lot of high net worth donations from out of state. Now the percentage of donors that are coming from out of state is shown here on the right hand side as well. So not surprisingly, right, if we take a look at Alaska, over here on the left, we're doing this based off of count of households, but on the right hand side, now we're looking at that as a percentage of total contributions. So what makes this interesting is now we're taking that denominator, and we're starting to actually put a bigger emphasis on where high net worth donors are actually making that impact. And what you can see on the left hand side here, this looks a little bit muted, But on the right hand side, everything starts to become much darker with the exceptions of, as we mentioned, with California, as as that next exporter as well. Now we wanna take a look at California and Texas because we highlighted both of those in particular. And where are they actually sending that money to? Now this is not necessarily high net worth. This is just saying, hey. Because of those contributions and Texas historically being kind of that next... Net exporter, but today now net importer, it's saying California is starting to send money everywhere, right, as you can take a look at that. But in both states, we can see that Texas, they contribute to the rest of the union. Right? Always gain contributions, across the board. But geo... Geographically speaking, it is impactful impactful across the border. Right? If you can kind of think about where they might have the most impact, you're probably seeing some of that actually in play right now as well. But there are nuances between those on top of it, and we can start to also glean some of the, you know, Democratic preferences versus the Republican tendencies, in in these respective states where they're actually sending cash to as well. So as we take a look at some of these other considerations of the counts of Democratic out of state donors, you can see that a lot of folks obviously are contributing into those key battle route, and, again, Texas being a huge one that we historically did not see that as much in terms of flipping not only house seats, but also a senate race. And so when we look at the Republican side of this, interestingly enough, right, Louisiana is still in play, Kentucky is in play, we have a Democratic governor there, but there's a lot of competitive races at the moment with with the senate as well. And so as we're looking at some of these, you know, red, blue, you know, charts, what's interesting is that they're not as overlapping as you would tend to see. And in fact, because even in Georgia where it would heat it up in terms of high net worth contributions, you're not necessarily seeing that in the data through six thirty of those... That money going in. Now there are competitive primary elections as well, that happen, throughout this, but we want to make sure that we understand very similarly of those that counts. Now here's the ratio. The ratios now start to bring this back into the number of households within the denominator versus those that are actually contributing. And so what you can see is that a lot of those folks in particular are getting most of these contributions probably from out of states as well in those key, key competitive races. But even New York, right, it's starting to become a little bit less, even though it it was receiving a lot of those out of state contributions as well. Now on the Republican side of this, now you can start to see it light up in terms of the overall denominator and where they're actually getting the money from, especially out of state if we're looking at things like Susan Collins, in Maine in particular as well. Okay. So speaking about those key battleground races, and this was probably gonna be some of the last, sections on this as well as we look at some of those insights, and then I'll talk a little bit more about the the road map. But here's just a couple of the different ways that we took a look at it. There's no clear winner in these fundraising battles, but these are the top 20 competitive races for the house. And so you can see, whereas, you know, we said Democrats are out fundraising Republicans in certain races. Right? Republicans are out fundraising Democrats. That's why this is interesting to take a look at, not only in terms of the macro across every single state and battleground states, but even looking at specific races within that. Because California, while it is blue, it is also sitting here and going, well, there are competitive races where Republicans are Democrats and where Democrats are out fundraising Republicans. So as we look at this, 22 are toss-up races, and there's 218 seats to be in the majority of the house. So Texas, Michigan, Florida, remember, these are some of the states that we also were taking a look at for some of the net import export considerations. Flores has historically been in the mix quite a bit in the past, but over the last couple cycles has not necessarily seen that as much. So this is something to at least monitor and watch. So another thing to take a look at is that some of these conditional districts that are shaded, as you can see darker, have tightened the fundraising races a little bit further, and you can see some of the gerrymandering that's done in some of these states as well and where the gap might actually take a look at that. And so, ultimately, as we take a look through kind of the fundraising of where it's flowing into these respective states, that's also pretty big notion of, like, where you would see those counties start to actually fundraise on top of it. And so taking a look at those three states that we took a look at, that's where we can start to... If you start to zoom in on these things, can see how much darker they are to the surrounding areas that actually might be impacted as well. Okay. So let's take a look at a couple of these, races most recently just to kinda give you a better sense of that. And even with in a given party... Right? So this is a Michigan, primary between two Democratic candidates. And so we saw one being more progressive than the other. But even Elsa Ed, as you can see here, he let let it quite a bit in individual contributions. The election was only decided by one percentage point. Now on the flip side here, as we take a look at things that are in Texas instead, where, Ken Paxson, who was the attorney general, he actually beat out one of the incumbents there because of also gaining a Trump endorsement on top of this, is saying that, oh, man. Wow. Look at the contributions that Ken Paxton was able to actually get right before John Cornyn actually lost his cycle. Now incumbents versus challengers are also pretty interesting because, normally speaking, you would see an incumbent out fundraise a challenger, pretty dramatically. But in this scenario, right, we're actually seeing the the, flip side of that. So each of these battleground states that we're taking a look at as well... So let's take a look at Ohio, Michigan, and Maine. So each of these counties, as I've mentioned, right, as you take a look at donations and you look at populations and you look at blue versus red or things of that nature, where as we go into November, we're not only gonna try and take a look at where the fundraising dollars actually take a look at because that, generally speaking, correlates back to your population or the census. But, actually, in those key races, based off of where the population is, based of where there's out of state, high network donation, key competitive considerations, can we start to actually glean where the money inflow is going into instead? So the last thing that I'll just mention here, and we'll send an notification about this afterwards, but in case you just have your phone and you're kinda multitasking on screens, we have a QR code here. But, on October 29, we're gonna go ahead and double click into the insights here. We'll do less on the macro on Windfall Wealth, We'll be doing much more in terms of those competitive races given the fact that November 3 is the election day and seeing, you know, what were we able to take a look at. Now it won't have the data going into October, so this last month of the increase. So we'll do a final review of, what was the impact on all those contributions, most likely, starting in December, because we'll get the data sometime in November instead. So please join me at the end of this month to see, you know, what has happened here and with some of the more insights. We'll dig into high net worth, which is still probably around, like, 50% of overall contributions across The US at the moment. And so we'll take a look and see has that increased over the last two to three months as well. So with that, I'm happy to take any questions that folks have, but that's really kind of the road map here as we think about our additional analyses.