Trump financed his primary campaign with his own money from his personal coffers. He did not begin soliciting donations until late May.

That means that donors, both small and wealthy, were fresh and potentially eager to give, having not been exhausted or burned out by a series of previous “asks” for money during the past year.

From that standpoint, Trump raising $25 million from 22 events that, according to the campaign, stretched from late May through June 30, looks tepid.

That’s especially the case since donors are permitted to give up to $449,400 to the joint fundraising committee established by the Trump campaign and the Republican National Committee. In 2012, the Romney-RNC joint fundraising committee could only accept contributions of up to $75,800 per individual or $151,600 per couple.

“Twenty-two events raising $25 million? On the surface that looks pretty weak considering how much they can accept into the joint account,” said a Republican fundraising strategist, who, like others, requested anonymity in order to speak candidly.