Weighted student funding (WSF) is a multifaceted school finance, management, and governance reform that is gaining attention. While WSF has a number of goals, its primary objective is to redress intra-district funding inequities. This article draws on a mixed-methods study of WSF in Prince George’s County Public Schools to examine the initiative’s impact on the distribution of financial resources to the 180 schools that were affected by it. Our findings indicate that WSF was not a robust mechanism for advancing equity and illustrate how technical, economic, and political factors can undermine the ability of WSF to realize its equity goals.