Democratic presidential candidate Martin O'Malley took out a $500,000 loan in early December to keep his campaign running, and had less than $200,000 in the bank at the end of the year, according to a campaign finance report filed late Sunday.
The campaign's dire financial picture developed despite assurances O'Malley made last year that his performance in the debates had resulted in a "shot in the arm" for his fundraising.
O'Malley, whose campaign has struggled to gain traction in early nominating states, raised about $1 million in the final three months of 2015, and he spent more than $2.1 million over the same period.
The former Maryland governor received $846,365 in federal matching funds -- but that money did not arrive until this month, according to the Federal Election Commission. An O'Malley aide told The New York Times that the campaign used the matching funds to repay the loan.
O'Malley raised $1.3 million in the third quarter, a number he acknowledged at the time was far lower than the hauls posted by his better-known rivals for the Democratic nomination, Hillary Clinton and Bernie Sanders. But he said he believed his generally strong early debate performances were turning things around.
"We've seen a big uptick in our fundraising, a big uptick in interest since the debate," O'Malley said in October. "I feel very good about where we stand right now...it couldn’t have come at a better time."
He ultimately raised less money in the fourth quarter.
Clinton raised $37 million in the fourth quarter; Sanders raised $33.6 million.