Larson Adam Richard 4

What Happened
Adam Larson, Chief Financial Officer of Cottonwood Communities, received 3,315.584 common units of Cottonwood Residential O.P., LP ("CROP Units") on May 20, 2026. The Form 4 reports the units at $11.36 each for a total value of $37,670 (classified as a derivative acquisition/award). The units were issued as consideration for Larson’s ownership interest in APT Cowork, LLC pursuant to a Membership Interest Purchase Agreement in connection with the Operating Partnership’s acquisition of APT.

Key Details

• Transaction date: May 20, 2026; filing date: May 22, 2026 (filed timely).
• Instrument/Type: Award/acquisition of derivative units (CROP Units), reported at $11.36 per unit; total reported value $37,670.
• Issuance NAV: Footnote states units were issued at the most recently determined NAV of $11.3615 per unit (as of Feb 28, 2026).
• Consideration: CROP Units were received in exchange for Larson’s membership interest in APT Cowork, LLC; purchase of APT by the Operating Partnership was for $1.1M (inclusive of net working capital) based on a third‑party valuation and approved by the conflicts committee under Rule 16b‑3.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Filing timeliness: No late filing flag; appears filed within required period.

Context
CROP Units are partnership/common units of the Operating Partnership that can be redeemed for cash equal to the NAV per share or, at the issuer’s election, exchanged one-for-one for the issuer’s Class I common stock; they have no expiration date. This was not an open-market purchase or sale but a non-cash issuance as part of a business acquisition, so it reflects compensation/consideration tied to the transaction rather than an immediate market trade.