Christensen Chad 4

What Happened
Chad Christensen, Executive Chairman of Cottonwood Communities, received 25,329.615 common units of Cottonwood Residential O.P., LP ("CROP Units") on May 20, 2026. The units were recorded at $11.36 each for a total reported value of $287,782. The grant is reported as an award/acquisition (Code A) and is a derivative interest (CROP Units) rather than an open-market stock purchase.

Key Details

• Transaction date: 2026-05-20; filing date: 2026-05-22 (timely file).
• Amount received: 25,329.615 CROP Units at $11.36 per unit; total reported value $287,782.
• Transaction type/code: A (award/grant or other acquisition); reported as a derivative security.
• Footnote highlights:
  • F1: CROP Units are common units of the Operating Partnership; redeemable for cash equal to NAV or convertible (at the issuer’s election) one-for-one into Class I common stock; no expiration.
  • F2: Units were issued as consideration for Christensen’s ownership interest in APT Cowork, LLC under a Membership Interest Purchase Agreement; the Operating Partnership acquired APT for $1.1M (inclusive of net working capital). Issuance was at the most recently determined NAV ($11.3615 as of Feb 28, 2026) and approved by the conflicts committee.
  • F3: Christensen disclaims beneficial ownership except to the extent of his pecuniary interest.
• Shares owned after transaction: not specified in the provided filing details.

Context
This was not an open-market purchase or a sale; Christensen received partnership units as part of a business acquisition (consideration for selling his APT interest). CROP Units are derivative interests tied to the Operating Partnership’s NAV and can be redeemed for cash or converted to shares, so the issuance reflects a non-cash compensation/consideration arrangement rather than a straightforward buy or sell of public shares. The filing notes committee approval and a third‑party valuation guided the transaction price.