Fredenberg Paul 4

What Happened
Paul Fredenberg, Chief Investment Officer of Cottonwood Communities, received a grant/acquisition of 2,154.379 common units ("CROP Units") of Cottonwood Residential O.P., LP on May 20, 2026. The units were valued at $11.36 each (total ~$24,477) and reported as a derivative award (transaction code A).

Key Details

• Transaction date: May 20, 2026; filing date: May 22, 2026 (timely filed).
• Quantity and price: 2,154.379 CROP Units at $11.36 per unit; aggregate value reported ~$24,477.
• Shares/units owned after transaction: not disclosed in this Form 4.
• Footnote highlights:
  • F1: CROP Units are common units of the Operating Partnership; they can be redeemed for cash equal to NAV, converted one-for-one into the Issuer’s Class I common stock at the Issuer’s election, and have no expiration date.
  • F2: The units were issued as consideration for Fredenberg’s ownership interest in APT Cowork, LLC under a Membership Interest Purchase Agreement effective April 1, 2026 (completed May 20, 2026). The Operating Partnership paid $1.1M (inclusive of net working capital) based on a third‑party valuation; issuance was approved by the conflicts committee and allocated per capital contributions. The units were issued at the most recently determined NAV per unit ($11.3615 as of Feb 28, 2026).

Context
This was not a cash market purchase or sale of the issuer’s stock but issuance of partnership units tied to the Operating Partnership (a derivative interest). Such unit issuances commonly reflect deal consideration (here, for the sale of APT Cowork) rather than open-market insider buying or selling; they can be redeemed or converted into common stock per the terms described above.