UPDATE: Braun raises more than Donnelly in Q3, but Donnelly leads in cash on hand

Republican U.S. Senate candidate Mike Braun raised more funds than Democratic incumbent Joe Donnelly in the third quarter, but a significant portion of those funds came from personal loans. Meanwhile, Donnelly heads into the final days of the campaign with more cash available to spend.

Braun’s campaign sent out a press release Monday that said he raised $5.6 million in the third quarter (June 30 to Sept. 30) from nearly 10,000 donors. He has $1.9 million in cash on hand. But almost half of the amount Braun raised came from personal loans. Braun loaned the campaign $2.4 million this quarter, bringing his total amount of loans to nearly $8.8 million. The campaign has reimbursed Braun a total of $685,000, his latest financial report shows.

Donnelly’s campaign announced earlier on Monday that he had raised more than $3 million in the third quarter—a personal quarterly record. He has more than $4.5 million cash on hand. Nearly 70 percent of Donnelly’s contributions were $25 or less, according to his campaign, and 93 percent were $100 or less.

Donnelly received $2.6 million from individual contributions, while Braun received just under $2.5 million in individual contributions. The candidates were also close in spending in the quarter—Braun spent $4.3 million, while Donnelly spent $4.9 million.

The Indiana race is among the most-watched in the country as it is seen as a key seat to whether Republicans will maintain their majority in the U.S. Senate.

In the second quarter—from April 19 to June 30—Donnelly raised $1.7 million without any personal loans or contributions, while Braun raised $2.5 million with nearly $1 million in personal loans. At that time, Donnelly had about $6.4 million cash on hand, while Braun had about $1 million.

Throughout the entire election cycle, Braun has raised $14 million, including his $8.8 million in loans, and Donnelly has raised $14.7 million. Donnelly has loaned the campaign only $15,000.

Braun has spent more than Donnelly, with expenses close to $12.2 million so far, compared with Donnelly’s $10.4 million, but Donnelly was unopposed in the primary.