Rand Glenn 4

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.