They said that roughly 85 percent of the funds paid for the rentals will be passed through to the Trump campaign. Excelsior will keep whatever portion of the remaining 15 percent is left after it pays its overhead and subcontractors, including an email fund-raising company called Campaign Inbox that was started after the election by people who worked on Mr. Trump’s campaign, including Matt Oczkowski, a former official at the defunct data outfit Cambridge Analytica.
It is unclear how much the arrangement has yielded for Excelsior, Campaign Inbox or the Trump campaign to date. That is partly because such transactions may not be completely traceable through campaign finance filings and partly because the filings on record mostly only cover expenditures through the end of June — before the arrangement was completed.
The arrangement replaces an earlier one that had relied on companies owned by Mr. Parscale, a close confidant of the Trump family who had played a key role in building the list as the digital director of Mr. Trump’s 2016 campaign. During that campaign, his company, Giles-Parscale, was by far the biggest vendor, receiving nearly $88 million in payments, though most of the money was probably passed through to Facebook and other platforms for ads.
In the months after Mr. Trump’s election, another company owned by Mr. Parscale began quietly renting out the list to a few campaigns, though people who work with the Trump campaign said that he did little to solicit such rentals.
Federal Election Commission filings show that from the beginning of 2017 to the end of this June, Parscale Strategy paid Mr. Trump’s campaign more than $236,000 in “list rental revenue.”
But when Mr. Parscale was tapped to be Mr. Trump’s re-election campaign manager in late February, he began exploring other ways to manage and expand list rentals. He feared he would not have the time to oversee the process, and also wanted to avoid the perception that he was enriching himself from the campaign, the people who work with the campaign said.
He approached Mike Shields, a veteran political consultant who had helped found his own company, Convergence Media, after the election. Mr. Shields recommended a top executive at Convergence, Tom Newhouse, who had worked at the National Republican Congressional Committee.