Hillary Clinton narrowly edged out Bernie Sanders in third quarter fundraising, but she was in a class all by herself when it came to blowing through campaign cash, according to a POLITICO analysis of reports filed Thursday with the Federal Election Commission.

The analysis raises red flags about whether Clinton’s increasingly tapped-out big donor base can maintain her massive campaign for the Democratic presidential nomination, which spent $26 million ― more than twice that of any other presidential candidate ― between the beginning of July and the end of September. During that stretch, she dramatically expanded her campaign infrastructure, spending more than most of her rivals on payroll-related costs ($8.6 million), polling ($1.6 million in payments and unpaid bills) and office space ($641,000 in rent).

Clinton has worked to avoid the financial quagmire that ensnared her 2008 presidential campaign, which relied on major donors to support an increasingly bloated infrastructure, and became racked with debt.

Her 2016 campaign did, in fact, finish last month with $33 million in the bank ― nearly $5 million more than Sanders, her closest rival ― and with less than $650,000 in debt. In detailing her $29-million haul third quarter haul on Thursday evening, her campaign manager Robbie Mook proclaimed it “a testament to (the) broad support for Hillary Clinton’s vision for America.” But POLITICO’s analysis found that to maintain her spending pace, Clinton likely will need to significantly expand her fundraising base to include more small donors, who can ― and usually do ― continue giving throughout the race.

Read the article “Hillary Clinton’s Cash Flow Problem” on politico.com.