No Labels, the centrist nonprofit advocacy group that teased running a “unity” presidential ticket in 2024, raised $24.6 million and spent $25.5 million in 2023, according to tax forms reviewed by National Review.

The 501(c)(4)  organization’s 2023 expenses are notable given the group’s decision to abandon its presidential effort in spring of 2024, after spending months teasing a likely ticket and vetting more than two dozen prospective candidates for a potential run.

“Although No Labels ultimately decided not to offer our ballot line to a presidential ticket, our ballot access effort engendered significant growth in membership, fundraising and brand awareness for the No Labels movement,” the group wrote on its 2023 990 form.

A large chunk of No Labels’ 2023 expenses were geared toward “direct and indirect political campaign activities” as well as “expenses for ballot access in multiple states that potentially could be used by a presidential/vice-presidential campaign in 2024,” according to the group’s 990 tax forms. The organization’s 2023 financial disclosures were a notable increase from the $8.9 million No Labels spent in 2022 on “citizens engagement, digital and grassroots building and ballot access,” according to that year’s tax forms.

In the end, of course, No Labels opted against launching a ticket. The group announced its decision to stand down in early April, days after the surprising death of the group’s founder, the late Senator Joe Lieberman of Connecticut.

But the group was successful in spooking the Biden coalition. In the lead-up to the 2024 election, Democrats spent significant political capital tearing down No Labels’ image out of fear that Joe Biden’s poor approval ratings could boost voters’ openness to third-party presidential candidates. The Biden coalition was so fearful of this spoiler candidate challenge that the Democratic National Committee hired a team of operatives solely focused on combating third-party and independent candidates including Jill Stein and Robert F. Kennedy Jr.

Fast forward to the end of 2024, when Democrats are now trying to figure out their own missteps with independent voters after Donald Trump’s blowout win.