This post first appeared in the Politics Report.
The race for the 48th Congressional District is one of the most closely watched not just in California, but nationally — and the amount of money pouring in to campaigns reflects that.
This week we got the latest round of fundraising figures from the major candidates: Brandon Riker (D), Ammar Campa-Najjar (D), Marni von Wilpert (D), and Jim Desmond (R).
For the most recent quarter (Q1 2026), Marni von Wilpert led the field with $520,715 raised, followed by Brandon Riker at $382,659. Jim Desmond and Ammar Campa-Najjar were close behind, bringing in $275,874 and $277,146, respectively.
Here’s where they currently stand in terms of cash on hand—the amount available to spend:
• Riker (D): $1,089,814
• Desmond (R): $1,064,356
• von Wilpert (D): $545,798
• Campa-Najjar (D): $456,365
On the surface, Riker appears to be in the strongest position, with Desmond not far behind. But there’s a bit more going on here.
The biggest factor is that the vast majority of Riker’s total — around $856,000 — comes in the form of loans to his own campaign. That’s different from a contribution. A candidate can repay a loan (even to themselves) but once money is contributed, it’s gone. So the loan money is available to spend, it is inflating his numbers. Whether he actually intends to deploy that money is something only his campaign knows.
Desmond’s numbers are fairly routine. He’s consistently raised in the low- to mid-six figures, and this quarter was no different, bringing in $276,000. As the only notable Republican in the race, he has a clear lane to consolidate GOP donors and could see an uptick following a recent endorsement from President Donald Trump.
Ammar Campa-Najjar came out strong, raising nearly half a million dollars in his first report, but his totals have declined each quarter since, including $277,000 this most recent period. That likely reflects early access to “low-hanging” donors when the Democratic field was thinner, before the passage of Proposition 50 made the race more attractive and drew in additional candidates.
Marni von Wilpert had her strongest quarter to date, bringing in $520,000. If you set aside Riker’s self-loans, she narrowly outraised Campa-Najjar and Riker combined. She’s also the only candidate whose contributions have grown each quarter (again, excluding Riker’s loans).
The most telling signal may be how PAC money is starting to line up behind von Wilpert.
In Q1 2026, PAC contributions to the three Democratic candidates broke down as follows:
• von Wilpert: $108,250 (27 PACs)
• Campa-Najjar: $16,000 (7 PACs)
• Riker: $1,000 (1 PAC)
Her first-quarter numbers suggest that the Democratic establishment may be starting to coalesce around her. Contributions came from LGBTQ caucus PACs, organized labor (IBEW, NEA, NUHW), trial lawyers (AAJ PAC), national strategic PACs (Take Back the House, No Vote Left Behind, Resistance), and leadership PACs tied to sitting House Democrats (Barragán, Aguilar, Doggett), along with direct transfers from Reps. Julia Brownley and Juan Vargas.
It’s still early, but the pattern points to emerging momentum. Beyond the direct financial benefit, it also signals the potential for outside spending during the primary from these same networks or aligned groups.