DAVID BINDER RESEARCH LLC
$41.15M
2025-2026 cycle
DAVID BINDER RESEARCH LLC is a strategy & research vendor. In the 2025-2026 cycle DAVID BINDER RESEARCH LLC was paid $41.15M across 419 client committees, of which $2.37M flowed through Independent Expenditures rather than direct committee payments.
Part I Identity
Stable facts about this entity. These figures do not change as you adjust the timeframe in Part II.
Source split
$41.15M
=
$38.78M
(Schedule B)
+
$2.37M
(Independent Expenditures)
| Schedule B direct committee payments |
$38,780,385 | 1,373 rows | 94.2% |
| Independent Expenditures money this entity spent supporting candidates, NOT a committee paying them |
$2,367,749 | 170 rows | 5.8% |
- Activity span ALL TIME
- Jan 2, 2000 → Jun 29, 2026
- spans 26.5 years
- Disbursements ALL TIME
- 1,373
- Schedule B + IE rows
- Client committees ALL TIME
- 419
- distinct payers
Part II Activity in selected window
One timeframe control governs all three panels below. Change it once and the trajectory, top buyers, and party breakdown all update together.
Spend trajectory
Monthly spend to this vendor over the last 12 months.
Jul 2025
Jun 2026
$3.57M
across 12 months
Top buyers
Two views of the same data — diagram and table share the time-window control and the same top-buyers slice. Click "View all buyers in research" to drill in with the matching date range.
No buyer activity in this window.
VIEW 1 DIAGRAM DECORATIVE
Top buyers last 3 months · top 10
VIEW 2 TABLE EXPORTABLE
VIEW 1 DIAGRAM DECORATIVE
Top buyers last 6 months · top 10
VIEW 2 TABLE EXPORTABLE
| Filer | Total spend | Disbursements |
|---|---|---|
| ALLIANCE FOR A BETTER CALIFORNIA 2012, EDUCATORS, FIREFIGHTERS, SCHOOL EMPLOYEES, HEALTH CARE GIVERS AND LABOR ORGANIZATIONS 1340076 |
$215,000 | 2 |
| 980020 980020 |
$150,000 | 4 |
| FRYDAY FOR LT. GOVERNOR 2026; JOSH 1479464 |
$120,000 | 3 |
| CALIFORNIANS FOR THE PEOPLE, SPONSORED BY BUSINESS OWNERS AND CONCERNED CITIZENS 1489677 |
$116,000 | 4 |
| 960895 960895 |
$94,500 | 3 |
| 741666 741666 |
$80,000 | 1 |
| ABUNDANT FUTURE C00922229 |
$75,000 | 1 |
| HILTON FOR GOVERNOR 2026, SPONSORED BY ORGANIZATIONS OPPOSING REPUBLICAN CANDIDATES FOR GOVERNOR; GREATER GOLDEN STATE, OPPOSING 1490569 |
$70,000 | 1 |
| 741504 741504 |
$65,000 | 2 |
| HEALTH CARE SAVES LIVES C00888081 |
$65,000 IE $32,500 · SB $32,500 |
2 |
VIEW 1 DIAGRAM DECORATIVE
Top buyers last 12 months · top 10
VIEW 2 TABLE EXPORTABLE
| Filer | Total spend | Disbursements |
|---|---|---|
| NEWSOM'S BALLOT MEASURE COMMITTEE; GOVERNOR 1380675 |
$797,750 | 10 |
| ALLIANCE FOR A BETTER CALIFORNIA 2012, EDUCATORS, FIREFIGHTERS, SCHOOL EMPLOYEES, HEALTH CARE GIVERS AND LABOR ORGANIZATIONS 1340076 |
$305,000 | 4 |
| 741666 741666 |
$190,000 | 3 |
| 980020 980020 |
$150,000 | 4 |
| FRYDAY FOR LT. GOVERNOR 2026; JOSH 1479464 |
$120,000 | 3 |
| 741504 741504 |
$118,000 | 3 |
| CALIFORNIANS FOR THE PEOPLE, SPONSORED BY BUSINESS OWNERS AND CONCERNED CITIZENS 1489677 |
$116,000 | 4 |
| BONTA FOR CA ATTORNEY GENERAL 2026; ROB 1456428 |
$105,000 | 2 |
| 960895 960895 |
$94,500 | 3 |
| COMMITTEE FOR WORKING FAMILIES, SPONSORED BY LABOR ORGANIZATIONS C00626119 |
$80,000 IE $35,000 · SB $45,000 |
2 |
VIEW 1 DIAGRAM DECORATIVE
Top buyers last 18 months · top 10
VIEW 2 TABLE EXPORTABLE
| Filer | Total spend | Disbursements |
|---|---|---|
| NEWSOM'S BALLOT MEASURE COMMITTEE; GOVERNOR 1380675 |
$797,750 | 10 |
| 741666 741666 |
$361,500 | 6 |
| ALLIANCE FOR A BETTER CALIFORNIA 2012, EDUCATORS, FIREFIGHTERS, SCHOOL EMPLOYEES, HEALTH CARE GIVERS AND LABOR ORGANIZATIONS 1340076 |
$305,000 | 4 |
| 980020 980020 |
$150,000 | 4 |
| COMMITTEE FOR WORKING FAMILIES, SPONSORED BY LABOR ORGANIZATIONS C00626119 |
$123,400 IE $35,000 · SB $88,400 |
3 |
| FRYDAY FOR LT. GOVERNOR 2026; JOSH 1479464 |
$120,000 | 3 |
| 741504 741504 |
$118,000 | 3 |
| CALIFORNIANS FOR THE PEOPLE, SPONSORED BY BUSINESS OWNERS AND CONCERNED CITIZENS 1489677 |
$116,000 | 4 |
| BONTA FOR CA ATTORNEY GENERAL 2026; ROB 1456428 |
$105,000 | 2 |
| 960895 960895 |
$94,500 | 3 |
VIEW 1 DIAGRAM DECORATIVE
Top buyers last 24 months · top 10
VIEW 2 TABLE EXPORTABLE
| Filer | Total spend | Disbursements |
|---|---|---|
| NEWSOM'S BALLOT MEASURE COMMITTEE; GOVERNOR 1380675 |
$877,750 | 12 |
| DNC SERVICES CORP / DEMOCRATIC NATIONAL COMMITTEE C00010603 |
$660,000 | 9 |
| BIDEN, JOSEPH R JR US · President DEM |
$422,500 | 12 |
| 741666 741666 |
$421,500 | 7 |
| ALLIANCE FOR A BETTER CALIFORNIA 2012, EDUCATORS, FIREFIGHTERS, SCHOOL EMPLOYEES, HEALTH CARE GIVERS AND LABOR ORGANIZATIONS 1340076 |
$305,000 | 4 |
| 980020 980020 |
$208,500 | 7 |
| COMMITTEE FOR WORKING FAMILIES, SPONSORED BY LABOR ORGANIZATIONS C00626119 |
$123,400 IE $35,000 · SB $88,400 |
3 |
| FRYDAY FOR LT. GOVERNOR 2026; JOSH 1479464 |
$120,000 | 3 |
| 960895 960895 |
$119,500 | 4 |
| 741504 741504 |
$118,000 | 3 |
By party
Revenue by party
D · 99%
R · 1%
| Party | Amount | % |
|---|---|---|
| Democratic | $6,295,559 | 15.30% |
| Republican | $79,757 | 0.19% |
| Non-partisan | $34,772,819 | 84.51% |
Part III Reference tables
Full all-time and cycle-to-date data.
Money flow through this vendor
Where their ad buys point
IE payers (left) → races the buys targeted (right) · independent-expenditure filings onlyNo activity in the last 1 months.
No activity in the last 3 months.
Cycle-over-cycle trajectory
current cycle earlier election cycle off-cycle year quarterly · 10 years
Per-quarter totals
| Year | Q | Cycle | Total | Txns | Top buyer · share | Top category · share | Cum. (cycle) | YoY % |
|---|---|---|---|---|---|---|---|---|
| 2017 | Q1 | 2016 | $334K | 14 | 980020 30% | Other / Unclassified 74% | $334K | — |
| 2017 | Q2 | 2016 | $269K | 5 | WORKING FAMILIES FOR ANGELI… 68% | Strategy & Research 82% | $602K | — |
| 2017 | Q3 | 2016 | $34K | 2 | MC GUIRE FOR STATE SENATE 2… 88% | Strategy & Research 100% | $637K | — |
| 2017 | Q4 | 2016 | $126K | 2 | CALIFORNIANS AGAINST STATE … 63% | Other / Unclassified 100% | $763K | — |
| 2018 | Q1 | 2018 | $299K | 14 | YES ON CHILDREN'S HOSPITAL,… 25% | Other / Unclassified 73% | $299K | — |
| 2018 | Q2 | 2018 | $963K | 31 | WORKING FAMILIES FOR ANGELI… 25% | Strategy & Research 59% | $1.26M | — |
| 2018 | Q3 | 2018 | $591K | 18 | NO ON PROP 5, SPONSORED BY … 18% | Strategy & Research 68% | $1.85M | — |
| 2018 | Q4 | 2018 | $750K | 26 | MILLION MORE VOTERS, SPONSO… 24% | Strategy & Research 79% | $2.6M | — |
| 2019 | Q1 | 2018 | $198K | 7 | 980020 57% | Other / Unclassified 60% | $2.8M | -41% |
| 2019 | Q1 | 2020 | $310K | 3 | FEARLESS FOR THE PEOPLE PAC 89% | Strategy & Research 100% | $310K | — |
| 2019 | Q2 | 2018 | $79K | 5 | GONZALEZ FOR SENATE 2019; L… 32% | Strategy & Research 51% | $2.88M | -71% |
| 2019 | Q2 | 2020 | $34K | 2 | MILLION MORE VOTERS, SPONSO… 100% | Strategy & Research 100% | $344K | — |
| 2019 | Q3 | 2018 | $117K | 3 | NEWSOM'S BALLOT MEASURE COM… 79% | Other / Unclassified 100% | $3M | +240% |
| 2019 | Q3 | 2020 | $221K | 4 | KAMALA HARRIS FOR THE PEOPLE 100% | Strategy & Research 100% | $564K | — |
| 2019 | Q4 | 2018 | $312K | 5 | SCHOOLS AND COMMUNITIES FIR… 68% | Strategy & Research 94% | $3.31M | +148% |
| 2019 | Q4 | 2020 | $40K | 1 | KAMALA HARRIS FOR THE PEOPLE 100% | Strategy & Research 100% | $604K | — |
| 2020 | Q1 | 2020 | $687K | 30 | SCHOOLS AND COMMUNITIES FIR… 41% | Strategy & Research 71% | $1.29M | +130% |
| 2020 | Q2 | 2020 | $139K | 8 | NO ON THE GAMBLING POWER GR… 32% | Other / Unclassified 61% | $1.43M | -86% |
| 2020 | Q3 | 2020 | $1.26M | 26 | WORKING FAMILIES FOR ANGELI… 25% | Strategy & Research 72% | $2.69M | +114% |
| 2020 | Q4 | 2020 | $562K | 20 | SCHOOLS AND COMMUNITIES FIR… 18% | Strategy & Research 88% | $3.26M | -25% |
| 2021 | Q1 | 2020 | $339K | 8 | SCHOOLS AND COMMUNITIES FIR… 57% | Strategy & Research 80% | $3.6M | +72% |
| 2021 | Q1 | 2022 | $88K | 1 | DNC SERVICES CORP / DEMOCRA… 100% | Strategy & Research 100% | $88K | -72% |
| 2021 | Q2 | 2020 | $82K | 4 | BRYAN FOR STATE ASSEMBLY 20… 30% | Strategy & Research 71% | $3.68M | +4% |
| 2021 | Q2 | 2022 | $60K | 1 | RON RESPONSE PAC 100% | Strategy & Research 100% | $148K | +75% |
| 2021 | Q3 | 2020 | $413K | 11 | NEWSOM; STOP THE REPUBLICAN… 54% | Other / Unclassified 86% | $4.09M | +253% |
| 2021 | Q4 | 2020 | $219K | 9 | CALIFORNIANS FOR SOLUTIONS … 47% | Other / Unclassified 90% | $4.31M | -30% |
| 2021 | Q4 | 2022 | $85K | 1 | PROGRESS PINELLAS 100% | Strategy & Research 100% | $233K | +113% |
| 2022 | Q1 | 2022 | $766K | 17 | DNC SERVICES CORP / DEMOCRA… 68% | Strategy & Research 87% | $999K | +11% |
| 2022 | Q2 | 2022 | $1.17M | 42 | 980020 24% | Strategy & Research 68% | $2.17M | +743% |
| 2022 | Q3 | 2022 | $1.17M | 34 | CALIFORNIANS FOR CLEAN CARS… 25% | Strategy & Research 57% | $3.34M | -7% |
| 2022 | Q4 | 2022 | $1.38M | 54 | BONTA FOR CA ATTORNEY GENER… 10% | Strategy & Research 58% | $4.72M | +145% |
| 2023 | Q1 | 2022 | $65K | 1 | NEWSOM'S BALLOT MEASURE COM… 100% | Other / Unclassified 100% | $4.79M | -81% |
| 2023 | Q1 | 2024 | $53K | 2 | DNC SERVICES CORP / DEMOCRA… 100% | Strategy & Research 100% | $53K | -40% |
| 2023 | Q2 | 2022 | $78K | 4 | 980020 65% | Other / Unclassified 65% | $4.86M | -6% |
| 2023 | Q2 | 2024 | $478K | 8 | DNC SERVICES CORP / DEMOCRA… 95% | Strategy & Research 100% | $531K | +697% |
| 2023 | Q3 | 2022 | $115K | 3 | KOUNALAKIS BALLOT MEASURE C… 52% | Other / Unclassified 74% | $4.98M | -72% |
| 2023 | Q3 | 2024 | $140K | 3 | DNC SERVICES CORP / DEMOCRA… 100% | Strategy & Research 100% | $671K | — |
| 2023 | Q4 | 2022 | $161K | 8 | MIDDLETON FOR STATE SENATE … 23% | Other / Unclassified 60% | $5.14M | -27% |
| 2023 | Q4 | 2024 | $150K | 3 | PORTER, KATHERINE 68% | Strategy & Research 100% | $820K | +76% |
| 2024 | Q1 | 2024 | $736K | 22 | PORTER, KATHERINE 23% | Strategy & Research 62% | $1.56M | -4% |
| 2024 | Q2 | 2024 | $353K | 12 | ROLLINS, WILL 22% | Strategy & Research 82% | $1.91M | -70% |
| 2024 | Q3 | 2024 | $1.58M | 37 | DNC SERVICES CORP / DEMOCRA… 42% | Strategy & Research 85% | $3.49M | +35% |
| 2024 | Q4 | 2024 | $1.16M | 45 | BIDEN, JOSEPH R JR 36% | Strategy & Research 84% | $4.65M | -16% |
| 2025 | Q1 | 2024 | $212K | 5 | WORKING FAMILIES FOR ANGELI… 33% | Other / Unclassified 77% | $4.86M | +226% |
| 2025 | Q1 | 2026 | $83K | 2 | COMMITTEE FOR WORKING FAMIL… 52% | Strategy & Research 100% | $83K | +57% |
| 2025 | Q2 | 2024 | $147K | 2 | 741666 63% | Strategy & Research 100% | $5.01M | +90% |
| 2025 | Q3 | 2024 | $664K | 12 | NEWSOM'S BALLOT MEASURE COM… 42% | Strategy & Research 78% | $5.67M | +477% |
| 2025 | Q3 | 2026 | $50K | 1 | FAIRSHAKE 100% | Strategy & Research 100% | $133K | -64% |
| 2025 | Q4 | 2024 | $307K | 5 | NEWSOM'S BALLOT MEASURE COM… 63% | Strategy & Research 80% | $5.98M | +91% |
| 2025 | Q4 | 2026 | $45K | 1 | COMMITTEE FOR WORKING FAMIL… 100% | Strategy & Research 100% | $178K | -70% |
| 2026 | Q1 | 2026 | $975K | 27 | NEWSOM'S BALLOT MEASURE COM… 34% | Strategy & Research 62% | $1.15M | +32% |
| 2026 | Q2 | 2026 | $1.53M | 50 | ALLIANCE FOR A BETTER CALIF… 11% | Strategy & Research 44% | $2.68M | +334% |
Revenue by service category
No category revenue in this window.
Per-category breakdown · cycle-to-date
| Category | Total spend | Txns | Avg check | % of total | Top buyer · share | Last paid |
|---|---|---|---|---|---|---|
| Strategy & Research | $26,726,328 | 1,025 | $26K | 71.1% | WORKING FAMILIES FOR ANGELI… 8% | 2mo ago |
| Other / Unclassified | $10,617,429 | 296 | $36K | 28.3% | ALLIANCE FOR A BETTER CALIF… 9% | 4mo ago |
| Print & Mail | $197,477 | 5 | $39K | 0.5% | AMERICAN FEDERATION OF STAT… 48% | 4y ago |
| Legal & Compliance | $32,250 | 3 | $11K | 0.1% | 980020 71% | 4y ago |
| Travel & Events | $23,000 | 1 | $23K | 0.1% | ALLIANCE FOR A BETTER CALIF… 100% | 4y ago |
| Field & Voter Contact | $21,000 | 1 | $21K | 0.1% | CALIFORNIA STATE COUNCIL OF… 100% | 4y ago |
| Digital | $14,500 | 1 | $15K | 0.0% | CALIFORNIA TEACHERS ASSOCIA… 100% | 2mo ago |
| Wages & Payroll | $6,500 | 1 | $7K | 0.0% | 861767 100% | 5mo ago |
| Software & Tech | $5,333 | 1 | $5K | 0.0% | CALIFORNIA TEACHERS ASSOCIA… 100% | 6y ago |
| Contributions & Transfers | -$75,500 | 3 | $-25K | -0.2% | MILLION MORE VOTERS, SPONSO… 0% | 3y ago |
Client retention
Sticky-relationship signal: how many clients keep coming back across cycles vs one-time buyers.
36
Anchor clients 3+ cycles
$16,745,160 · 43% of revenue
47
Repeat clients 2 cycles
$6,266,160 · 16% of revenue
336
One-time clients 1 cycle
$15,769,066 · 41% of revenue
Top 20 anchor clients · all-time
| Client | Cycles | All-time spend | Txns | First paid | Last paid |
|---|---|---|---|---|---|
| WORKING FAMILIES FOR ANGELIDES | 9 | $2,913,286 | 46 | 2010-05-03 | 2026-04-21 |
| 980020 | 13 | $2,659,838 | 190 | 2001-07-20 | 2026-03-23 |
| DNC SERVICES CORP / DEMOCRATIC NATIONAL COMMITTEE | 3 | $2,150,815 | 39 | 2020-11-03 | 2024-12-31 |
| ALLIANCE FOR A BETTER CALIFORNIA 2012, EDUCATORS, FIREFIGHTERS, SCHOOL EMPLOYEES, HEALTH CARE GIVERS AND LABOR ORGANIZATIONS | 7 | $1,285,650 | 27 | 2011-09-26 | 2026-06-29 |
| NEWSOM'S BALLOT MEASURE COMMITTEE; GOVERNOR | 4 | $1,081,572 | 16 | 2018-06-01 | 2026-02-02 |
| 741666 | 6 | $721,560 | 16 | 2007-04-18 | 2026-06-22 |
| WORKING FAMILIES ISSUES COMMITTEE, SPONSORED BY THE CALIFORNIA LABOR FEDERATION, AFL-CIO | 7 | $609,208 | 14 | 2005-10-27 | 2022-07-22 |
| 861767 | 9 | $570,500 | 19 | 2009-01-26 | 2026-02-20 |
| 960895 | 8 | $506,246 | 14 | 2005-08-01 | 2026-05-18 |
| CALIFORNIA TEACHERS ASSOCIATION INDEPENDENT EXPENDITURE COMMITTEE | 6 | $424,433 | 19 | 2012-10-03 | 2026-06-01 |
| COSTA, JIM | 5 | $365,600 | 15 | 2018-05-18 | 2026-04-20 |
| 742204 | 9 | $357,850 | 22 | 2007-07-31 | 2023-07-30 |
| DCCC | 3 | $357,150 | 18 | 2022-06-10 | 2026-04-24 |
| 980228 | 5 | $347,100 | 12 | 2002-02-15 | 2015-04-14 |
| 741504 | 6 | $300,542 | 10 | 2000-04-04 | 2026-05-07 |
| NEWSOM FOR CALIFORNIA GOVERNOR 2022 | 4 | $285,833 | 6 | 2019-07-23 | 2025-07-30 |
| WORKING CALIFORNIANS | 3 | $266,000 | 8 | 2006-11-01 | 2020-07-31 |
| CALIFORNIA STATE COUNCIL OF SERVICE EMPLOYEES POLITICAL COMMITTEE | 5 | $259,967 | 19 | 2014-05-21 | 2022-07-25 |
| 831628 | 5 | $187,246 | 8 | 2000-02-18 | 2010-10-06 |
| CALIFORNIA ALLIANCE, A COALITION OF CONSUMER ATTORNEYS AND CONSERVATIONISTS. | 4 | $156,500 | 11 | 2006-05-03 | 2024-10-21 |
Geographic concentration
Where this vendor's clients are based — federal committees by state, plus implicit jurisdiction for CA and TX state filers.
| State | Total spend | % of revenue | Clients | |
|---|---|---|---|---|
| CA | $34,638,753 | 89.3% | 385 | |
| DC | $2,904,632 | 7.5% | 14 | |
| PA | $482,000 | 1.2% | 2 | |
| FL | $412,750 | 1.1% | 3 | |
| TX | $122,000 | 0.3% | 3 | |
| MN | $85,350 | 0.2% | 2 | |
| MD | $48,500 | 0.1% | 1 | |
| MI | $40,350 | 0.1% | 2 | |
| AZ | $31,800 | 0.1% | 1 | |
| VA | $12,850 | 0.0% | 2 | |
| OR | $350 | 0.0% | 1 | |
| NM | $350 | 0.0% | 1 |
Notable disbursements
5 largest all-time · 5 largest in the current cycle · 5 most recent. Each row earns its place.
| Reason | Date | Filer | Category | Purpose | Amount |
|---|---|---|---|---|---|
| Largest all-time | 2014-09-29 | WORKING FAMILIES FOR ANGELIDES | Strategy & Research | 8/2014 & 9/2014 Telephone Survey of 5,000 Ca Voters | $267,200 |
| Largest all-time | 2020-07-23 | SCHOOLS AND COMMUNITIES FIRST SPONSORED BY A COALITION OF SOCIAL JUSTICE ORGANIZATIONS REPRESENTING FAMILIES AND STUDENTS | Strategy & Research | — | $234,000 |
| Largest all-time | 2019-01-31 | FEARLESS FOR THE PEOPLE PAC | Strategy & Research | POLLING - REIMBURSED; SEE SCHEDULE A, LINE 14 | $225,000 |
| Largest all-time | 2020-09-16 | MILLION MORE VOTERS, SPONSORED BY THE CALIFORNIA LABOR FEDERATION, AFL-CIO | Strategy & Research | RESEARCH; NON-FEDERAL EXPENSE | $209,931 |
| Largest all-time | 2020-09-16 | WORKING FAMILIES FOR ANGELIDES | Other / Unclassified | — | $209,931 |
| Largest this cycle | 2026-06-29 | ALLIANCE FOR A BETTER CALIFORNIA 2012, EDUCATORS, FIREFIGHTERS, SCHOOL EMPLOYEES, HEALTH CARE GIVERS AND LABOR ORGANIZATIONS | — | — | $175,000 |
| Largest this cycle | 2026-02-02 | NEWSOM'S BALLOT MEASURE COMMITTEE; GOVERNOR | Strategy & Research | Polling | $159,750 |
| Largest this cycle | 2026-02-02 | NEWSOM'S BALLOT MEASURE COMMITTEE; GOVERNOR | Strategy & Research | Polling | $120,000 |
| Largest this cycle | 2026-06-22 | 741666 | — | — | $80,000 |
| Largest this cycle | 2026-06-03 | CALIFORNIANS FOR THE PEOPLE, SPONSORED BY BUSINESS OWNERS AND CONCERNED CITIZENS | Strategy & Research | Polling/Oppose/Tom Steyer/Governor/Statewide | $78,000 |
| Recent | 2026-06-03 | SERVICE EMPLOYEES INTERNATIONAL UNION LOCAL 1021 CANDIDATE PAC | Strategy & Research | Polling, In-Kind Contribution to Napa-Solano County Labor & Working Families PAC, sponsored by Labor Organizations (ID #1454547) | $44,000 |
| Recent | 2026-06-03 | ELWARD FOR ASSEMBLY 2026. SPONSORED BY THE CALIFORNIA LABOR FEDERATION, AFL-CIO; CALIFORNIANS UNITED FOR PROGRESS IN SUPPORT OF | Strategy & Research | Polling | $26,500 |