Hallenberg Susan 4

What Happened

• Susan Hallenberg, Chief Accounting Officer and Treasurer of Cottonwood Communities, received 2,571.679 common units ("CROP Units") of Cottonwood Residential O.P., LP on May 20, 2026. The units were recorded at $11.36 each for a total reported value of $29,218. This transaction is an award/acquisition (derivative units), not an open-market purchase or sale.

Key Details

• Transaction date: May 20, 2026; Form 4 filed May 22, 2026 (within the typical 2-business-day Form 4 deadline).
• Security and amount: 2,571.679 CROP Units at $11.36 per unit; total value reported $29,218.
• Shares owned after transaction: Not disclosed in the filing.
• Footnote highlights:
  • F1: CROP Units are common units of the Operating Partnership and may be redeemed for cash equal to NAV, converted one-for-one into the Issuer’s Class I common stock (or at the Issuer’s election, issued as Class I shares). The units have no expiration.
  • F2: The units were issued as consideration for the Reporting Person’s ownership interest in APT Cowork, LLC under a Membership Interest Purchase Agreement (effective April 1, 2026). The Operating Partnership acquired APT for $1.1 million (inclusive of net working capital); the issuance used the most recent NAV per unit ($11.3615 as of Feb 28, 2026) and was approved by the Issuer’s conflicts committee consistent with Rule 16b-3.
• Filing timeliness: Appears timely (filed two days after the transaction).

Context

• These are operating partnership units (derivative securities) issued as transaction consideration, not a cash purchase or sale of Issuer stock. CROP Units can be redeemed or converted into the Issuer’s Class I shares based on NAV, so their economic exposure differs from direct common stock ownership.
• Because this issuance was part of a company acquisition (APT) and approved by the conflicts committee, it reflects a corporate transaction structure rather than a personal investment decision by the insider.