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DAKOTA REAL ESTATE INVESTMENT TRUST

Raising nowOperating

Real Estate · Fargo, ND

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DAKOTA REAL ESTATE INVESTMENT TRUST owns and operates apartments, townhomes and commercial properties across Iowa, Minnesota, Nebraska, North Dakota and South Dakota. Its portfolio is about 4,435 apartment units, 166 townhomes and 2.7 million square feet of commercial space, held mostly through a limited partnership and financed with mortgages.

Raising nowRaising now

This company has an open fundraising round.

$0 raised
View the live round
Estimated pre-money ⓘ
$290.4M
As of Sep 2026 · from Reg A Offering (2026) · our estimate: offering price × shares outstanding, not a stated valuation
Total raised
$6,742,132
Crowd $6.7M · Private $47K · 12 rounds since 2003
Latest share price
$18.05
Reg A+ · Equity · Sep 2026 offering price

Financials

FY2015–FY2025 (no data for FY2017) · from SEC filings · hover any figure for its source
$60.4M
$5.4M
2018
$65.9M
$4.9M
2019
$67.7M
$4.1M
2020
$72.2M
$9.0M
2021
$86.6M
$9.5M
2022
$91.9M
$10.6M
2023
$52.2M
$4.4M
2024
$106.9M
$9.3M
2025
RevenueNet income — beside revenue when positive, below the line when a loss

Chart shows the most recent 8 fiscal years; 2 earlier years are in the table below.

Metric
FY2015 audited
FY2016 audited
FY2018 audited
FY2019
FY2020
FY2021 audited
FY2022 audited
FY2023 audited
FY2024
FY2025 audited
Income statement
Revenue
$41,171,146
$41,171,146
$60,376,411
$65,915,533
$67,679,399
$72,220,171
$86,554,865
$91,906,796
$52,215,469
$106,883,788
Cost of goods sold
$27,912,417
$27,912,417
$53,153,889
$49,718,023
$63,244,860
$65,824,285
$75,462,546
$78,271,805
$44,203,651
$70,760,116
Gross margin
32%
32%
12%
25%
7%
9%
13%
15%
15%
34%
Net income
$5,840,579
$5,840,579
$5,404,215
$4,896,394
$4,093,295
$8,960,843
$9,474,680
$10,573,147
$4,371,629
$9,337,396
Balance sheet
Cash
$6,013,577
$6,013,577
$3,707,191
$15,916,295
$16,123,374
$8,183,691
$10,345,077
$17,921,482
$23,426,102
$46,171,301
Accounts receivable
$3,306,527
$3,306,527
$2,992,643
$3,332,302
$4,851,999
$5,668,139
$7,201,970
$7,072,867
$5,971,814
$18,082,104
Total assets
$361,905,005
$361,905,005
$489,948,161
$522,236,996
$524,285,768
$615,102,567
$703,559,681
$699,234,274
$762,530,039
$837,379,799
Long-term debt
$253,235,248
$253,235,248
$361,043,897
$385,115,979
$386,246,431
$422,909,239
$474,531,767
$453,681,552
$493,738,977
$530,895,941
Total liabilities
$263,525,883
$263,525,883
$375,485,380
$407,662,185
$415,903,399
$444,477,912
$502,154,048
$477,075,313
$518,086,543
$588,989,328
Other
Headcount
0
0
0
0
0
0
0
0
0
0

Figures as reported by the issuer in the filing shown on hover. Each year’s pill shows the assurance level of its filed statements — audited, reviewed (CPA review, less than an audit), or unaudited, as the filing’s own report or certification states it. A dashed pill marked * is inferred instead: the SEC minimum for an offering that size, which the issuer may have exceeded. No pill means we couldn’t tell. Headcount is the filing’s point-in-time count, not a year-end average. Manually corrected figures are marked “Corrected”.

Valuation over rounds

Pre-money — the valuation set before each round’s money came in
$109.0M
est. pre-money
$127.7M
est. pre-money
$118.6M
est. pre-money
$137.0M
est. pre-money
$203.6M
est. pre-money
$213.4M
est. pre-money
$251.4M
est. pre-money
$264.8M
est. pre-money
$290.4M
est. pre-money
Reg A+ · Equity · Sep 2017
Reg A+ · Equity · Jun 2020
Reg A+ · Equity · May 2019
Reg A+ · Equity · Jul 2021
Reg A+ · Equity · Aug 2022
Reg A+ · Equity · Jul 2023
Reg A+ · Equity · Jul 2024
Reg A+ · Equity · Sep 2025
Reg A+ · Equity · Sep 2026

Dotted grey bars are our estimate for rounds that didn't state one: the round's share price × the shares outstanding in its filings. Same measure as blue, but rougher.

Share price over rounds

$18.05$9.025$17.10
Aug 2022Sep 2026
Round offering price or verified disclosed saleDisclosed sale, unverified or year-only

Disclosed sales come from the issuer's own filings (prior-offering lines, audited-statement notes) and are amount ÷ securities sold. A down round is a firm point more than 25 % below the previous firm point of the same share class on a comparable basis; the comparison ignores unverified and year-only lines.

Cap table

Share counts as of Aug 20, 2026
Class A Shares · 56.0%Class I Shares · 29.0%Class B Shares · 15.0%
ClassOutstandingVotes / shareShare of totalVotesLast price
Class A Shares9,002,483—56.0%65.8%—
Class I Shares4,671,327—29.0%34.2%—
Class B Shares2,415,356none15.0%0%—
Total16,089,166100%100%

Shares outstanding over timein today's share terms

16M8.0M0
Mar 2017Jul 2026
Class A SharesClass B SharesClass I SharesRound opened

Changes in named holdersshares in today's terms · % of all shares at the time

Principal holders% as the filing states it, Aug 20, 2026

  • Jerry Slusky894 Class B Shares1.16%of votes
  • Jerry Slusky157,916 UPREIT Units1.16%of votes
  • Bradley Fay26,568 Class I Shares1.1%of votes
  • Bradley Fay121,706 Class A Shares1.1%of votes
  • James Knutson2,355 Class B Shares1.01%of votes
  • James Knutson67,670 UPREIT Units1.01%of votes
  • James Knutson68,663 Class A Shares1.01%of votes
  • Matthew Pedersen50,560 Class A Shares1%of votes
  • Matthew Pedersen65,550 UPREIT Units1%of votes
  • Matthew Pedersen19,134 Class I Shares1%of votes
  • Matthew Pedersen4,556 Class B Shares1%of votes
  • Jon Otterstatter23,597 Class A Shares0.85%of votes
  • Jon Otterstatter84,137 Class I Shares0.85%of votes
  • Jon Otterstatter6,440 UPREIT Units0.85%of votes
  • Roy Sheppard112,239 Class A Shares0.83%of votes
  • Kevin Christianson90,402 Class A Shares0.67%of votes
  • James Haley55,552 Class A Shares0.41%of votes
  • Tracy Smith22,686 UPREIT Units0.37%of votes
  • Tracy Smith27,529 Class A Shares0.37%of votes
  • Tracy Smith1,452 Class B Shares0.37%of votes
  • Andrew Henderson25,335 Class A Shares0.19%of votes
  • Jerry Banks14,500 Class A Shares0.13%of votes
  • John Barker16,860 Class I Shares0.13%of votes
  • Danel Jung7,933 Class A Shares0.06%of votes
  • Angie Pfannkuch7,952 Class A Shares0.06%of votes
  • Lisa Wheeler7,955 Class A Shares0.06%of votes

Sold to the crowd

From the company's SEC filings: share counts per class, each class's voting and conversion terms, and the holders of 20% or more that Form C requires (officers and 10%+ holders on Form 1-A). Filings name only large holders, so most owners — including crowd investors — are not listed, and a holder's percentage may be of its own class rather than of the whole company. Prices and crowd share counts are in today's share terms — adjusted for splits and conversions since they were sold. Hover a figure for its filing.

Fundraising history

Reg A+ · Equity · Sep 2026Open
Raised $0 / $10.6MEst. pre-money $290.4M
Reg A+ · Equity · Sep 2025Closed
Raised $0 / $10.6MEst. pre-money $264.8M
Reg A+ · Equity · Jul 2024Closed
Raised $0 / $10.6MEst. pre-money $251.4M
Reg A+ · Equity · Jul 2023Closed
Raised $0 / $10MEst. pre-money $213.4M
Reg A+ · Equity · Aug 2022Closed
Raised $6.7M / $10.3MEst. pre-money $203.6M
Rule 506(b) · Equity · Nov 2022Closed
Raised —
Reg A+ · Equity · Jul 2021Closed
Raised $0 / $9.1MEst. pre-money $137M
Reg A+ · Equity · May 2019Closed
Raised $0 / $5.9MEst. pre-money $118.6M
Reg A+ · Equity · Jun 2020Closed
Raised $0 / $8.8MEst. pre-money $127.7M
Reg A+ · Equity · Sep 2017Closed
Raised $0 / $20MEst. pre-money $109M
Rule 506(b) · Equity · Sep 2020Closed
Raised $25KInvestors 1
Rule 506(b) · Equity · Jun 2019Closed
Raised $22KInvestors 1
Reg A+ · Aug 2003Abandoned
Raised $0

Team

14 people
Danel Jung
Executive Vice President
Matthew Pedersen
Trustee and President
Andrew Henderson
Trustee
Angie Pfannkuch
Trustee
Bradley Fay
Trustee
James Haley
Treasurer
Jerry Banks
Trustee
Jerry Slusky
Trustee
Jim Knutson
Trustee and Secretary
Show 5 more people
John Barker
Trustee
Jon Otterstatter
Trustee and Chair
Kevin Christianson
Trustee and Vice Chair
Roy Sheppard
Trustee
Tracy Smith
Trustee

Names and titles as disclosed on SEC Form 1-A. Bios and photos come from the platform campaign page and may be out of date.

SEC filings

View all 50 filings on EDGAR
  • Form 1-ZSep 24, 20260001493152-26-044094
    EDGAR
  • Form QUALIFSep 4, 20269999999994-26-000167
    EDGAR
  • Form 1-A/AAug 20, 20260001493152-26-039387
    EDGAR
  • Form 1-AJul 24, 20260001493152-26-034492
    EDGAR
  • Form QUALIFNov 18, 20259999999994-25-000200
    EDGAR
  • Form 1-ASep 22, 20250001493152-25-014372
    EDGAR
  • Form QUALIFDec 16, 20249999999994-24-000208
    EDGAR
  • Form 1-A/ANov 21, 20240001493152-24-047025
    EDGAR
Source: SEC EDGARCIK 0001074922NDShare price $18.05Last synced Aug 16, 2026

About this data. Figures are compiled from public sources — SEC EDGAR filings (Form C, C-AR, 1-A, 1-K) and funding-platform pages — and may be delayed, incomplete, or restated by the issuer. Financial statements are as reported by the issuer; each year is labeled with its assurance level (audited / reviewed / unaudited). A valuation cap is the conversion ceiling of a SAFE or convertible note, not an agreed company valuation; post-money figures are computed as pre-money plus amount raised and are not a traded price. Crowdonomics is not a broker-dealer, funding portal, or investment adviser; nothing here is investment advice or an offer to sell securities. Verify all figures against the linked EDGAR filings.