Gov. Larry Rhoden saw over $1 million in individual donations while secretary of state candidate Heather Baxter received $105,000, in part from legislators and the Freedom Caucus.
Gov. Larry Rhoden out-raised his Democratic opponent by a wide margin, according to his latest campaign finance filing. From the June 2 primary to Oct. 14, Rhoden's campaign saw over $1 million in individual donations, compared to Democrat Dan Ahlers' $146,000.
In the race for secretary of state, Republican candidate Rep. Heather Baxter has raised $104,889 since beginning her campaign in September 2025.
Campaign finance reports from candidates for statewide office illustrate how the last year of campaigning has played out amid contentious primary elections. The filing deadline was Monday at 5 p.m.
Molly Wetsch
While the Democratic candidates' reports were available that day, reports for Rhoden and Baxter, two of the Republicans running, were posted later.
Secretary of State Monae Johnson released a statement Wednesday morning clarifying that while candidates are required to submit their campaign finance disclosures by the deadline, the paperwork may not be available on the Secretary of State's website immediately as employees process the filings.
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"Approximately 300 of the 600+ committees had not filed as of Monday morning. And approximately 150 committees still needed to file as of 4:20 p.m. Committees historically have always waited until the very last moment to file their reports," she said in a statement.
"Due to the number of committees that had not filed, SOS staff were working as fast as they could to process filings along with taking over 100 phone calls and even more emails from committees that had questions."
Rhoden sees large jump in finances in pre-general campaigning
Rhoden reported over $2.7 million in income between the June 2 primary to Oct. 14, for a total of $3.9 million raised since he began campaigning last November.
His pre-general election income was more than four times what he reported raising in his pre-primary finance disclosure, which saw $571,853 raised. Supplemental disclosures from after that pre-primary deadline of May 18 added more than $150,000 to his war chest.
Rhoden competed in the Republican primary against U.S. Rep. Dusty Johnson, state Rep. Jon Hansen and Toby Doeden and then defeated Doeden in a runoff election.
Molly Wetsch
Rhoden also reported a loan of $100,000 from himself to the campaign in the pre-general reporting and marked that loan as repaid in the same report.
Much of Rhoden's finances came from the Free American Fund political action committee, a federal PAC based in Missouri. He has reported receiving over $1 million from that PAC since he began campaigning.
Little is known about the PAC, but a website linked to the group says it supports "efforts that promote economic freedom, secure communities, and responsible government." According to Federal Election Commission filings, the Free American Fund has not donated to any other campaigns this year.
Rhoden reported spending over $2 million in advertising during the pre-general campaign period.
Baxter out-raises Democratic opponent by narrow margin
Of the $104,889 Baxter took in since beginning her campaign last September, she has spent $103,037, $53,612 of it on advertising.
Baxter received several donations from other candidates' campaigns, including Lance Russell, who is running unopposed for attorney general, state Rep. Josephine Garcia, who lost a re-election bid in the June primary and state Sen. Sue Peterson, who is running unopposed for re-election. Baxter also received $750 from the South Dakota Freedom Caucus, a conservative group in the South Dakota Legislature that is chaired by state Rep. Phil Jensen.
Baxter's opponent, Democrat Terrence Davis, reported raising $96,138 since the beginning of his campaign. He was notably endorsed by Monae Johnson, the sitting secretary of state, after she lost the primary to Baxter at the June Republican convention.
"I am a Republican. Terrence is a Democrat. I understand that this decision will disappoint some people in my party and anger others. After serving in the Secretary of State's Office for more than a decade, first as an employee and now as Secretary, I know the difference between campaigning for this office and carrying the responsibility of leading it," Johnson said in the statement announcing her endorsement.
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Baxter has called herself a "strong proponent of election integrity and accountability" and has supported hand-counting ballots.
"I stand with President Trump and echo his concerns over identified security issues in our elections such as citizenship and identification requirements, inaccurate voter rolls, mail in ballots, and voting machine issues. I fully support robust post-election audits, improved hand counting methods, and thorough disaster recovery plans," Baxter's website reads.
Tamara Lesnar, the Libertarian candidate for secretary of state, reported raising $421, $331 of which was a loan from herself to the campaign.
Other candidates for statewide office
There are six constitutional and statutory offices – including secretary of state – on the ballot this year. Here is information about the candidates for those offices. You can read more about each candidate in our voter guide.
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Attorney general:
- Lance Russell (R), the current states’ attorney for Fall River and Oglala Lakota counties, earned the Republican nomination for attorney general during the party’s convention in June.
South Dakota Democrats did not nominate a candidate for attorney general at their 2026 convention, so Russell is running unopposed.
Secretary of state:
- Heather Baxter (R), of Rapid City, is a state legislator for District 34 and a member of the South Dakota Freedom Caucus, a far-right, populist group that has pushed for lower taxes, less state spending and, notably for Baxter, election reform.
- Terrence Davis (D), a former state trooper in Tennessee and South Dakota, was chosen as Democrats’ secretary of state nominee during the June party convention. Davis is currently employed with East River Legal Strategy and is pursuing a doctoral degree in law and public policy through Liberty University.
- Tamara Lesnar (L) is running as the state's sole Libertarian candidate for statewide office. She formerly ran for state House in 2024 and for U.S. Senate in 2022, where she lost to incumbent Sen. John Thune.
Treasurer:
- Melissa Hull (R), who is from Philip, is the current treasury manager of the South Dakota Treasurer’s Office. She has served in the role under state Treasurer Josh Haeder since 2019.
- Margaret Kuipers (D) formerly served as the treasurer of the South Dakota Emergency Medical Services Association and as treasurer for Democrat Sheryl Johnson’s 2024 campaign for U.S. House.
Auditor:
- Catherine Barranco (R), of Sioux Falls, received the Republican nomination for Auditor during the party’s convention in June, defeating state legislator Tamara Grove and Renae Randall, a former employee of the South Dakota Investment Council.
- Tom Cool (D), of Sioux Falls, is running a third time for constitutional office in South Dakota. He was the Democrat’s previous nominee for Auditor in 2018 and for Secretary of State in 2022. He has also run several campaigns for state Senate.
School and Public Lands:
- Brock Greenfield (R) has been the commissioner of School and Public Lands since 2022. He spent more than two decades in state legislature as both a senator and representative.
- Raeann Mettler (D), of Spearfish, is a former professor at Black Hills State University who holds a PhD in natural sciences. She currently works for Missouri Breaks Industries Research, a Native-owned health research organization.
Public Utilities Commission:
- Don Haggar (R), of Sioux Falls, served in the South Dakota House of Representatives for several years, representing District 10 and serving as Speaker Pro Tem. He was also the state director of Americans for Prosperity, a conservative political advocacy organization.
- Frank Kloucek (D), of Scotland, was a state representative for District 19 over several terms, beginning in 1991 and ending in 2003. He was re-elected to that position in 2011 and served until 2013, and between 2003 and 2011 served as a state senator.
South Dakota News Watch is an independent nonprofit. Read, subscribe for free and donate at sdnewswatch.org. Contact reporter/Report for America corps member Molly Wetsch: 605-531-7382/molly.wetsch@sdnewswatch.org.
