Rand Glenn 4
4 · Cottonwood Communities, Inc. · Filed May 22, 2026
Research Summary
AI-generated summary of this filing
Cottonwood COO Rand Glenn Receives 8,321 CROP Units Worth $94.5K
What Happened
- Rand Glenn, Chief Operating Officer of Cottonwood Communities, received 8,321.468 common units ("CROP Units") of Cottonwood Residential O.P., LP on May 20, 2026. The units were valued at $11.36 each for a total reported value of $94,544. This was an acquisition/award of partnership units (derivative interest), not an open-market stock purchase.
Key Details
- Transaction date: 2026-05-20; filing date: 2026-05-22 (timely).
- Units received: 8,321.468 CROP Units at $11.36/unit; total $94,544.
- Form class: Derivative/award of common units (CROP Units) of the Operating Partnership.
- Shares/units owned after transaction: Not specified in the provided filing details.
- Footnote summary:
- F1: CROP Units are common units of the Operating Partnership; redeemable for cash equal to NAV per share or convertible (at Issuer election) one-for-one into Class I common stock; no expiration date.
- F2: Glenn received the CROP Units as consideration for his ownership interest in APT Cowork, LLC. The Operating Partnership acquired APT for $1.1M (inclusive of working capital). Issuance was at the most recently determined NAV per unit ($11.3615 as of Feb 28, 2026) and was approved by the Issuer’s conflicts committee per Rule 16b-3.
Context
- This was a non-cash issuance tied to a business acquisition (Operating Partnership bought APT Cowork). Such issuer-issued partnership units are different from open-market buys or option exercises and do not necessarily reflect the insider’s short-term view of the public stock. The units can be redeemed or converted into Class I shares in the future, which could affect equity exposure then.
Insider Transaction Report
Form 4
Rand Glenn
Chief Operating Officer
Transactions
- Award
CROP Units
[F1][F2]2026-05-20$11.36/sh+8,321.468$94,544→ 134,002.441 total→ Class I Common Stock, par value $0.01 per share (8,321.468 underlying)
Footnotes (2)
- [F1]Represents common units ("CROP Units") of Cottonwood Residential O.P., LP ("the Operating Partnership"), a Delaware limited partnership of which Cottonwood Communities, Inc., a Maryland corporation (the "Issuer"), is the sole member of the sole general partner. CROP Units may be redeemed for cash equal to the net asset value ("NAV") per share, determined pursuant to valuation procedures adopted by the Issuer's board of directors, of one share of the Issuer's Class I common stock or, at the Issuer's election, for shares of the Issuer's Class I common stock on a one-for-one basis. The CROP Units have no expiration date.
- [F2]The Reporting Person received CROP Units from the Operating Partnership as consideration for his ownership interest in APT Cowork, LLC ("APT"). The transaction was completed pursuant to a Membership Interest Purchase Agreement dated as of May 20, 2026 and effective as of April 1, 2026, pursuant to which the Operating Partnership acquired all of the issued and outstanding membership interests in APT for $1.1 million, inclusive of net working capital. The purchase price was based on a third-party opinion of value and the transaction was approved in advance by the Issuer's conflicts committee in the manner contemplated by Rule 16b-3 under the Securities Exchange Act of 1934, as amended. The issuance of the CROP Units was at the most recently determined NAV per unit of the Operating Partnership at the time the transaction was approved ($11.3615 as of February 28, 2026) and the consideration was allocated to the members consistent with their capital contributions.
Signature
/s/ Adam Larson, attorney-in-fact|2026-05-22