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Private company

Cottonwood Communities, Inc.

American real estate investment trust based in Salt Lake City1

In its 2026 annual report the company says: “We manage 14,196 units, including 3,159 units in properties in which we do not have ownership interest.”4

Last updated Oct 21, 2026.

Overview

$153.9MRevenue, fiscal 20252
-$4.8MNet income, fiscal 20252
  • IndustryReal Estate Investment Trusts1
  • HeadquartersMillcreek, Utah1
  • Incorporated inMD3
  • Business address3257 S. Richmond St., Suite 106B, Millcreek, Ut3
  • Filer categoryNon-accelerated filer3
  • Legal formCorporation
  • Kind of organizationResidential real estate vehicle1

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We manage 14,196 units, including 3,159 units in properties in which we do not have ownership interest.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1.4%Operating margin2
-3.1%Net margin2
-2.9%Revenue growth, 20252
-1.7%Return on equity2
4.41×Debt to equity2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$152.3M
  • Income tax1¢$1.6M

Out of $153.9M in revenue.2 The company lost money this year.

Financial statements

Revenue567892$153.9M in 2025
0$50.0M$100.0M$150.0M$200.0M2018: $0$020182019: $2.8M$2.8M20192020: $11.3M$11.3M2020+298%2021: $83.2M$83.2M2021+634%2022: $138.3M$138.3M2022+66%2023: $154.4M$154.4M2023+12%2024: $158.5M$158.5M2024+3%2025: $153.9M$153.9M2025−3%
Operating income7892$2.2M in 2025
-$100.0M-$75.0M-$50.0M-$25.0M0$25.0M2020: -$7.4M-$7.4M20202021: -$89.3M-$89.3M2021+1108%2022: -$29.0M-$29.0M2022−68%2023: -$3.4M-$3.4M2023−88%2024: -$3.0M-$3.0M2024−10%2025: $2.2M$2.2M2025
Net income567892-$4.8M in 2025+4734% since 2018
-$150.0M-$100.0M-$50.0M02018: -$100.2K-$100.2K20182019: -$3.3M-$3.3M2019+3189%2020: -$8.6M-$8.6M2020+159%2021: -$106.9M-$106.9M2021+1150%2022: -$15.6M-$15.6M2022−85%2023: -$23.2M-$23.2M2023+49%2024: -$11.0M-$11.0M2024−53%2025: -$4.8M-$4.8M2025−56%
Fiscal year20182019202020212022202320242025
Revenue$05$2.8M6$11.3M7$83.2M8$138.3M9$154.4M2$158.5M2$153.9M2
Operating expenses$172.5M8$167.3M9$157.8M2$161.5M2$151.8M2
Operating income-$7.4M7-$89.3M8-$29.0M9-$3.4M2-$3.0M2$2.2M2
Interest$3.7M7$27.0M8$52.3M13$75.5M13
Income before tax-$105.7M8-$26.1M9-$44.6M2-$20.6M2-$14.5M2
Income tax$07$1.2M8$8.0M9$303.0K2$38.0K2-$1.6M2
Net income-$100.2K5-$3.3M6-$8.6M7-$106.9M8-$15.6M9-$23.2M2-$11.0M2-$4.8M2
Earnings per share-$0.797-$2.498-$0.539-$0.682-$0.422-$0.402
Earnings per share (diluted)-$0.797-$2.498-$0.539-$0.682-$0.422-$0.402
Shares (weighted, basic)17.6M shares829.3M shares934.3M shares231.7M shares230.6M shares2
Shares (weighted, diluted)17.6M shares829.3M shares934.3M shares231.7M shares230.6M shares2

Compare Cottonwood Communities, Inc. with another company

What it owns

What Cottonwood Communities, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$280.0M2 Dec 31, 2025$265.6M2 Dec 31, 2024+5.4%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$1.9B2 Dec 31, 2025$1.7B2 Dec 31, 2024+12.4%
Real estate investments, at cost$2.1B2 Dec 31, 2025$1.9B2 Dec 31, 2024+12.3%
Real estate accumulated depreciation$220.8M2 Dec 31, 2025$197.8M2 Dec 31, 2024+11.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$39.5M2 Dec 31, 2025$59.9M2 Dec 31, 2024−34.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$15.5M2 Dec 31, 2025$12.9M2 Dec 31, 2024+19.4%

Properties, in its own words

See Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Our

Investments” for an overview of our real estate investments.

Item 2 of the 10-K filed Mar 30, 2026.4

Leadership

Who has led Cottonwood Communities, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Daniel Shaeffer2021–now

President

  1. Enzio A. Cassinis2021–now

Chief operating officer

  1. Glenn Rand2021–now
2025
Board members and other officers (12)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerAdam W. Larson named Jul 9, 2024 to Jan 28, 202630
  • Executive OfficerStan W. Hanks named Jul 9, 2024 to Jan 28, 202630
  • DirectorPhilip W. White named Jul 9, 2024 to Jan 28, 202630

Timeline

  1. Oct 6, 20268-K Unregistered sale of shares31
  2. Sep 22, 20268-K Unregistered sale of shares32
  3. Sep 18, 20268-K Unregistered sale of shares33
  4. Sep 9, 20268-K Unregistered sale of shares34
  5. Sep 4, 20268-K Entered a material agreement; Regulation FD disclosure35
  6. Sep 3, 20268-K Unregistered sale of shares36
  7. Sep 1, 20268-K Unregistered sale of shares37
  8. Aug 21, 20268-K Unregistered sale of shares38
  9. Aug 12, 20268-K Unregistered sale of shares39
  10. Aug 3, 20268-K Unregistered sale of shares40
  11. Jul 27, 20268-K Unregistered sale of shares41
  12. Jul 15, 20268-K Unregistered sale of shares42
  13. May 10, 2021New chief executive Daniel Shaeffer becomes CEO15

Filings

528 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 195 major events, 87 insider forms, 16 private raises, 209 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Oct 2, 2026D/A EDGAR
  3. Sep 22, 20268-K EDGAR
  4. Sep 18, 20268-K EDGAR
  5. Sep 16, 2026POS EX EDGAR
  6. Sep 16, 2026424B3 424B3 CCI SUPPLEMENT NO. 15 (DATED 8.31.26) EDGAR
  7. Sep 9, 20268-K EDGAR
  8. Sep 4, 2026424B3 424B3 CCI SUPPLEMENT NO. 14 (DATED 9.4.26) EDGAR
  9. Sep 4, 20268-K EDGAR
  10. Sep 3, 20268-K EDGAR
  11. Sep 1, 20268-K EDGAR
  12. Aug 25, 2026DEF 14A EDGAR
  13. Aug 21, 20268-K EDGAR
  14. Aug 18, 2026POS EX EDGAR
  15. Aug 18, 2026424B3 424B3 CCI SUPPLEMENT NO. 13 (DATED 7.31.26) EDGAR
  16. Aug 14, 202610-Q EDGAR
  17. Aug 12, 20268-K 8-K CCI CONVERTIBLE PREF OFFERING UPDATE 8.12.26 EDGAR
  18. Aug 3, 20268-K 8-K CCI SERIES 2025 UPDATE 8.3.26 EDGAR
  19. Jul 27, 20268-K 8-K CCI CONVERTIBLE PREF OFFERING UPDATE 7.27.26 EDGAR
  20. Jul 21, 2026POS EX EDGAR

The 528 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$445.4M 2022–2025
Money received by yearMoney received by year, 2022–2025: $445.4M in all. Private raises (Form D) $445.4M.$0$100M$200M$300M2022 · Private raises (Form D): $1.1M20222023 · Private raises (Form D): $210.7M202320242025 · Private raises (Form D): $233.5M2025
Figures by year
YearPrivate raises (Form D)Total
2025$233.5M$233.5M
2023$210.7M$210.7M
2022$1.1M$1.1M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Dec 18, 2025Raised $200.9 million in a private offering of equity43 Form D: 332 investors so far Form D
  2. Jan 17, 2025Raised $32.7 million in a private offering of equity44 Form D: $150 million offered in all Form D
  3. Nov 13, 2023Raised $99.9 million in a private offering of equity45 Form D: $150 million offered in all Form D
  4. Sep 13, 2023Raised $3 million in a private offering of equity46 Form D: $10 million offered in all Form D
  5. Feb 7, 2023Raised $107.9 million in a private offering of equity47 Form D: $150 million offered in all Form D
  6. Mar 31, 2022Raised $1.1 million in a private offering of equity30 Form D: $5.7 million offered in all Form D

SEC filer profile

How Cottonwood Communities, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCottonwood Communities, Inc.1
  • CIK0001692951
  • Employer ID (EIN)61-18055244
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address3257 S. Richmond St., Suite 106B, Millcreek, UT1
  • Phone801-278-07001
  • Shares outstanding4,627,232 Common Class T shares; 437,225 Common Class D shares; 8,359,961 Common Class I shares; 17,184,803 Common Class A shares as of Mar 25, 20264
  • Public float$0 as of Jun 30, 20252
  • AuditorKPMG LLP, Denver, Colorado PCAOB ID 185; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 22, 20161
  • Filings715 in all: 8-K (251), 424B3 (114), 4 (94), POS EX (77), 10-Q (25), 3 (15), CORRESP (15), EFFECT (15)1
    All 28 form types

    UPLOAD (15), 425 (12), D/A (12), POS AM (12), 10-K (8), S-11/A (8), D (7), DEF 14A (7), S-4/A (6), 8-K/A (4), S-4 (4), 4/A (3), S-11 (3), DEFA14A (2), 10-K/A (1), 8-A12G (1), 8-A12G/A (1), PRE 14A (1), RW (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Aug 25, 2026
    Latest 8-K (8-K) Oct 6, 2026

Risk factors and legal proceedings

The risks Cottonwood Communities, Inc. names in Item 1A of its 10-K filed Mar 30, 2026: 78 risks under these headings, as written.4

  • presented in our forward-looking statements. The risks and uncertainties described below are not the only ones we face but do
  • represent those risks and uncertainties that we believe are material to us. Additional risks and uncertainties not presently
  • known to us or that we currently deem immaterial may also harm our business. Our stockholders may be referred to as “you”
  • or “your” in this Item 1A. “Risk Factors” section.
  • Risks Related to an Investment in our Common Stock
  • There is no public trading market for the shares of our common stock and we do not anticipate that there will be a public
  • trading market for our shares; therefore, your ability to dispose of your shares will likely be limited to repurchase by us. If
  • you do sell your shares to us, you may receive less than the price you paid.
  • Your ability to have your shares repurchased through our share repurchase program is limited. We may choose to
  • repurchase fewer shares than have been requested to be repurchased, in our discretion at any time, and the amount of
  • shares we may repurchase is subject to caps. Further, our board of directors may modify or suspend our share repurchase
  • program if it deems such action to be in our best interest and the best interest of our stockholders.
The other 67 risks
  • We have incurred net losses under generally accepted accounting principles (“GAAP”) in the past and may incur net losses
  • in the future, and we have an accumulated deficit and may continue to have an accumulated deficit in the future.
  • Economic events that may cause our stockholders to request that we repurchase their shares may materially adversely affect
  • our cash flow and our results of operations and financial condition.
  • Repurchases of common stock or CROP Units our advisor or the Special Limited Partner elects to receive in lieu of fees or
  • distributions will reduce cash available for distribution to our stockholders.
  • We are required to pay substantial compensation to our advisor and its affiliates, which may be increased or decreased at
  • any time by a majority of our board of directors, including a majority of the independent directors. Payment of fees and
  • expenses to our advisor and its affiliates reduces the cash available for distribution and increases the risk that you will not
  • be able to recover the amount of your investment in our shares.
  • Purchases and repurchases of shares of our common stock are made based on the most recently disclosed NAV per share at
  • such time, which is generally the prior month’s NAV per share of our common stock.
  • Valuations and appraisals of our properties, real estate-related assets and real estate-related liabilities are estimates of value
  • and may not necessarily correspond to realizable value.
  • Our NAV per share amounts may change materially if the appraised values of our properties materially change from prior
  • appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.
  • New acquisitions may be valued for purposes of our NAV at less than what we pay for them, which would dilute our NAV,
  • or at more than what we pay for them, which would be accretive to our NAV.
  • The NAV per share that we publish may not necessarily reflect changes in our NAV that are not immediately quantifiable.
  • The realizable value of specific properties may change before the value is adjusted by the Independent Valuation Advisor
  • and reflected in the calculation of our NAV.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • Our board of directors, including a majority of our independent directors, may adopt changes to the valuation guidelines.
  • You will not have the opportunity to evaluate our future investments before we make them, which makes your investment
  • more speculative.
  • We will face significant competition for multifamily apartment communities and multifamily real estate-related assets,
  • which may limit our ability to acquire suitable investments and achieve our investment objectives or make distributions.
  • If we are unable to find suitable investments or if we raise substantial offering proceeds in a short period of time and are
  • unable to invest all of the offering proceeds promptly, we may not be able to achieve our investment objectives or make
  • distributions.
  • Our success is dependent on general market and economic conditions.
  • Inflation and interest rates fluctuations may adversely affect our business, financial condition and results of operations.
  • We may not be able to operate our business successfully or generate sufficient revenue to make or sustain distributions to
  • We are dependent upon our advisor and its affiliates and any adverse changes in the financial health of our advisor or its
  • affiliates or our relationship with them could hinder our operating performance and the return on our stockholders’
  • We have paid distributions from offering proceeds. In the future we may continue to fund distributions with offering
  • proceeds. To the extent we fund distributions from sources other than our cash flow from operations, we will have less funds
  • available for investment in multifamily apartment communities and multifamily real estate-related assets and the overall
  • return to our stockholders may be reduced.
  • We provide our stockholders information regarding FFO, Core FFO and Same Store NOI, all of which are non-GAAP
  • financial measures. Such non-GAAP financial measures are not equivalent to our net income or loss as determined under
  • GAAP, and are not a complete measure of our financial position and results of operations.
  • Our rights and the rights of our stockholders to recover claims against our officers and directors are limited, which could
  • reduce your and our recovery against them if they negligently cause us to incur losses.
  • CROP may be subject to tax indemnification obligations upon the taxable sale of certain of its properties. CROP will not
  • have control of the assets that will be subject to an in-kind redemption transaction under the CROP Tax Protection
  • We may change our targeted investments and our policies without stockholder consent.
  • If our investments and future investments fail to perform as expected, cash distributions to our stockholders may decline.
  • Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.
  • Purchasers of shares of common stock in our offering may experience immediate dilution in the net tangible book value per
  • Risks Related to Conflicts of Interest
  • Our advisor faces a conflict of interest because the fees it receives and the distributions to be received by the Special Limited
  • Partner, an affiliate of our advisor, with respect to the Special Limited Partner’s performance participation interest in the
  • Operating Partnership are based in part on our NAV, which our advisor is responsible for determining.
  • Our advisor’s management fee and the Special Limited Partner’s performance participation interest may not create proper
  • incentives or may induce our advisor and its affiliates to make certain investments or retain certain investments, including
  • speculative investments, that increase the risk of our real estate portfolio.
  • Our advisor, our officers and the real estate, debt finance, legal, management and accounting professionals we retain will
  • face competing demands on their time and this may cause our operations and our stockholders’ investment to suffer.
  • All of our executive officers, some of our directors and the key real estate and finance professionals we retain face conflicts
  • of interest related to their positions and/or significant ownership interests in our sponsor and advisor, which could hinder
  • our ability to implement our business strategy and to generate returns to our stockholders.
  • Conflicts of interest could result in our management acting other than in our stockholders’ best interest.
  • The compensation we pay to our advisor and the Special Limited Partner in connection with the management of our
  • business were determined without the benefit of arm’s-length negotiations of the type normally conducted between unrelated
  • Affiliates of our advisor have sponsored other entities and offerings and may sponsor additional entities and offerings in the
  • If the advisory agreement with our advisor is terminated other than for cause (or non-renewal or termination by our
  • advisor) on or before May 7, 2031, we will be required to pay a certain portion of the contingent acquisition fees and

Legal proceedings

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business.

Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect

on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by government

authorities.

The opening of Item 3, Legal Proceedings.4

Sources

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