# EDGAR Filing Document

**Accession Number:** 0001692951
**File Stem:** 0001692951-26-000040
**Filing Date:** 2026-3
**Character Count:** 270955
**Document Hash:** 1c4c56f1d0ca388a272e11744f6283f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001692951-26-000040.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001692951-26-000040

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20251218

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cottonwood Communities, Inc.
- **CENTRAL INDEX KEY:** 0001692951
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56165
- **FILM NUMBER:** 26730480

**BUSINESS ADDRESS:**
- **STREET 1:** 1245 BRICKYARD RD.
- **STREET 2:** SUITE 250
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84106
- **BUSINESS PHONE:** 801-278-0700

**MAIL ADDRESS:**
- **STREET 1:** 1245 BRICKYARD RD.
- **STREET 2:** SUITE 250
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84106

?xml version='1.0' encoding='ASCII'? cci-20251218

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**<u>____________________</u>**

**FORM 8-K/A** 

**<u>____________________</u>**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE** 

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of Earliest Event Reported): December 18, 2025

**<u>____________________</u>**

**Cottonwood Communities, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

**<u>____________________</u>**

---

| | | |
|:---|:---|:---|
| **Maryland** | **000-56165** | **61-1805524** |
| (State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification number) |

---

**1245 Brickyard Road, Suite 250**

**Salt Lake City, Utah 84106**

(Address of Principal Executive Offices)

**(801) 278-0700**

(Registrant's Telephone Number, Including Area Code)

**<u>____________________</u>**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> <u>None</u> <u>N/A</u> <u>N/A</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 9.01. Financial Statements and Exhibits**

As previously disclosed in the Current Report on Form 8-K of Cottonwood Communities, Inc. ("CCI") filed with the Securities and Exchange Commission on December 19, 2025, on December 18, 2025, (i) RealSource Properties, Inc. ("RS") merged with and into Cottonwood Communities GP Subsidiary, LLC ("Merger Sub"), a wholly owned subsidiary of CCI, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI (the "CCI Merger") and (ii) RealSource Properties OP, LP ("RSOP") merged with and into Cottonwood Residential O.P., LP ("CROP"), with CROP surviving (the "Partnership Merger," and together with the CCI Merger, the "Mergers").

Pursuant to an Internalization Agreement and contemporaneously with the closing of the Mergers, RSOP acquired all of the equity interests in RealSource Properties Advisor, LLC ("RS Advisor"), RS Properties Management, LLC ("RS Property Manager") and RealSource Management LLC ("RSM" and together with RS Advisor and RS Property Manager, the "Contributed Entities").

This Form 8-K/A amends and supplements the registrant's Form 8-K, as filed on December 19, 2025, to include the historical financial statements and pro forma financial information required in connection with the Mergers.

**(a) Financial Statements of Businesses Acquired**

The audited financial statements of RS as of and for the year ended December 31, 2024 are attached hereto as Exhibit 99.1 and are incorporated by reference herein. The unaudited financial statements of RS as of and for the nine-months ended September 30, 2025 are attached as Exhibit 99.6 and are incorporated by reference herein.

The audited financial statements of RSOP as of and for the year ended December 31, 2024 are attached hereto as Exhibit 99.2 and are incorporated by reference herein. The unaudited financial statements of RSOP as of and for the nine-months ended September 30, 2025 are attached as Exhibit 99.7 and are incorporated by reference herein.

The audited financial statements of RS Advisor as of and for the year ended December 31, 2024 are attached hereto as Exhibit 99.3 and are incorporated by reference herein. The unaudited financial statements of RS Advisor as of and for the nine-months ended September 30, 2025 are attached as Exhibit 99.8 and are incorporated by reference herein.

The audited financial statements of RS Property Manager as of and for the year ended December 31, 2024 are attached hereto as Exhibit 99.4 and are incorporated by reference herein. The unaudited financial statements of RS Property Manager as of and for the nine-months ended September 30, 2025 are attached as Exhibit 99.9 and are incorporated by reference herein.

The audited financial statements of RSM as of and for the year December 31, 2024 are attached hereto as Exhibit 99.5 and are incorporated by reference herein. The unaudited financial statements of RSM as of and for the nine-months ended September 30, 2025 are attached as Exhibit 99.10 and are incorporated by reference herein.

**(b) Pro Forma Financial Information**

The pro forma financial information of CCI required pursuant to Article 11 of Regulation S-X as of and for the nine months ended September 30, 2025 and as of and for the year ended December 31, 2024 is attached as Exhibit 99.11 and is incorporated by reference herein.

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**(d) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.&nbsp;&nbsp;&nbsp;&nbsp;** | **Description** |
| 23.1 | <u>[Consent of Grant Thornton, LLC](ex231consentofgtllp2025.htm)</u> |
| 99.1 | <u>[Audited Consolidated Financial Statements of RealSource Properties, Inc. as of and for the year ended December 31, 2024](a2024realsourcefs.htm)</u> |
| 99.2 | <u>[Audited Consolidated Financial Statements of RealSource Properties OP, LP as of and for the year ended December 31, 2024](a2024rspiopfs.htm)</u> |
| 99.3 | <u>[Audited Consolidated Financial Statements of RealSource Properties Advisor, LLC as of and for the year ended December 31, 2024](a2024realsourcepropadvis.htm)</u> |
| 99.4 | <u>[Audited Consolidated Financial Statements of RS Properties Management, LLC as of and for the year ended December 31, 2024](a2024rspropmgmtfs.htm)</u> |
| 99.5 | <u>[Audited Consolidated Financial Statements of RealSource Management LLC as of and for the year ended December 31, 2024](a2024realsourcemgmtfs.htm)</u> |
| 99.6 | <u>[Unaudited Condensed Consolidated Financial Statements of RealSource Properties, Inc. as of and for the period ended September 30, 2025](realsourcepropertiesinc930.htm)</u> |
| 99.7 | <u>[Unaudited Condensed Consolidated Financial Statements of RealSource Properties OP, LP as of and for the period ended September 30, 2025](realsourcepropertiesoplp93.htm)</u> |
| 99.8 | <u>[Unaudited Condensed Consolidated Financial Statements of RealSource Properties Advisor, LLC as of and for the period ended September 30, 2025](realsourcepropertiesadviso.htm)</u> |
| 99.9 | <u>[Unaudited Condensed Consolidated Financial Statements of RS Properties Management, LLC as of and for the period ended September 30, 2025](rspropertiesmanagementllc9.htm)</u> |
| 99.10 | <u>[Unaudited Condensed Consolidated Financial Statements of RealSource Management LLC as of and for the period ended September 30, 2025](realsourcemanagementllc930.htm)</u> |
| 99.11 | <u>[Unaudited Pro Forma Consolidated Financial Information of Cottonwood Communities, Inc. as of and for the nine months ended September 30, 2025 and for the year ended December 31, 2024](cciandopcombined-93025and1.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| COTTONWOOD COMMUNITIES, INC. | COTTONWOOD COMMUNITIES, INC. |
| By: | /s/ Enzio Cassinis |
| Name: | Enzio Cassinis |
| Title: | President |

---

Date: March 6, 2026

## Exhibit 23.1

**Exhibit 23.1**

---

| |
|:---|
| **Consent of Independent Certified Public Accountants** |
| We have issued our reports dated November 11, 2025, with respect to the financial statements of RealSource Properties, Inc., RealSource Properties Advisor, LLC and RS Properties Management, LLC and the consolidated financial statements of RealSource Properties OP, LP and RealSource Management, LLC, as of and for the year ended December 31, 2024, included in the Current Report on Form 8-K/A of Cottonwood Communities, Inc. filed on March 6, 2026. We consent to the incorporation by reference of the aforementioned reports in the Registration Statement of Cottonwood Communities, Inc. on Form S-8 (File No. 333-263982). |

---

---

| | |
|:---|:---|
| | /s/ Grant Thornton LLP |
| Philadelphia, Pennsylvania | |
| March 6, 2026 | |

---

## Exhibit 99.1

![](a2024realsourcefs001.jpg)

Financial Statements and Report of Independent Certified Public Accountants RealSource Properties, Inc. December 31, 2024

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![](a2024realsourcefs002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contents Page Report of Independent Certified Public Accountants 3 Financial Statements Balance sheet 5 Statement of operations 6 Statement of stockholders' equity 7 Statement of cash flows 8 Notes to financial statements 9

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![](a2024realsourcefs003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GT.COM Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. Board of Directors RealSource Properties, Inc. Opinion We have audited the financial statements of RealSource Properties, Inc. (a Maryland corporation) (the "Company"), which comprise the balance sheet as of December 31, 2024, and the related statements of operations, stockholders' equity, and cash flows for the year then ended, and the related notes to the financial statements. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for opinion We conducted our audit of the financial statements in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of management for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the financial statements are available to be issued. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS GRANT THORNTON LLP Two Commerce Square 2001 Market St., Suite 800 Philadelphia, PA 19103 D +1 215 561 4200 F +1 215 561 1066

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![](a2024realsourcefs004.jpg)

Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with US GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Philadelphia, Pennsylvania November 11, 2025

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![](a2024realsourcefs005.jpg)

ASSETS Cash 979$ Investment in unconsolidated affiliate at fair value 2,675,441 Total assets 2,676,420$ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accounts payable - related parties 200$ Total liabilities 200 Stockholders' equity Common stock, $0.01 par value, 1,000,000 shares authorized, 211,495 shares issued and outstanding 2,115 Additional paid-in-capital 2,548,887 Retained earnings 125,218 Total stockholders' equity 2,676,220 Total liabilities and stockholders' equity 2,676,420$ RealSource Properties, Inc. BALANCE SHEET December 31, 2024 The accompanying notes are an integral part of this financial statement. 5

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![](a2024realsourcefs006.jpg)

Operating expenses General and other expenses 619$ Total operating expenses 619 Operating income 619 Other income (loss) Distribution income from investment in unconsolidated affiliate 119,749 Change in fair value of investment in unconsolidated affiliate (9,502) Total other income (loss) 110,247 NET INCOME 109,628$ RealSource Properties, Inc. STATEMENT OF OPERATIONS Year ended December 31, 2024 The accompanying notes are an integral part of this financial statement. 6

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![](a2024realsourcefs007.jpg)

Additional Total Common Paid-in Retained Stockholders' Stock Capital Earnings Equity Balance, December 31, 2023 1,605$1,924,351$135,339$2,061,295$ Contributions 510 624,536 - 625,046 Distributions - - (119,749) (119,749) Net income - - 109,628 109,628 Balance, December 31, 2024 2,115$2,548,887$125,218$2,676,220$ RealSource Properties, Inc. STATEMENT OF STOCKHOLDERS' EQUITY Year ended December 31, 2024 The accompanying notes are an integral part of this financial statement. 7

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![](a2024realsourcefs008.jpg)

Cash flows from operating activities Net income 109,628$ Adjustments to reconcile net income to net cash provided by operating activities Change in fair value of unconsolidated affiliate 9,502 Net cash provided by operating activities 119,130 Cash flows from investing activities Investment in unconsolidated affiliate (625,046) Net cash used in operating activities (625,046) Cash flows from financing activities Contributions 625,046 Distributions (119,749) Net cash provided by financing activities 505,297 NET CHANGE IN CASH AND CASH EQUIVALENTS (619) Cash and cash equivalents, beginning of year 1,598 Cash and cash equivalents, end of year 979$ RealSource Properties, Inc. STATEMENT OF CASH FLOWS Year ended December 31, 2024 The accompanying notes are an integral part of this financial statement. 8

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![](a2024realsourcefs009.jpg)

RealSource Properties, Inc. NOTES TO FINANCIAL STATEMENTS December 31, 2024 9 NOTE 1 - ORGANIZATION AND BUSINESS RealSource Properties, Inc. ("RSPI") is a Maryland Corporation formed on August 8, 2020. Unless the context indicates otherwise, the "Corporation," "we," "our" or "us" refers to RSPI. RSPI was formed to serve as the general partner of RealSource Properties OP, LP ("RPOP"). NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Use of Estimates The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Variable Interest Entities We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity ("VIE"). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest. We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. During fiscal year 2024, RSPI had a 0.01% interest in RPOP, and serves as the general partner. Although RSPI has the power to direct the activities of RPOP as general partner, RSPI's interests, without other sources of potential variability, does not constitute a potentially significant variable interest in RPOP, and therefore the Company is not the primary beneficiary. The primary beneficiary determination is a continuous assessment that may change in the future. Fair Value Measurement RSPI applies the provisions of Financial Accounting Standards Board Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures ("ASC 820"). RSPI applies the provisions of ASC 820 to all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly

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![](a2024realsourcefs010.jpg)

RealSource Properties, Inc. NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 10 transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability. In determining fair value, RSPI utilized valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counter party credit risk and nonperformance risk in its assessment of fair value. The carrying value of RSPI's short-term financial instruments, such as cash and accounts payable, approximate the fair value due to the immediate or short-term maturity of these instruments. RSPI's investment in unconsolidated affiliate is accounted for under the fair value option and is a Level 3 fair value measurement. The valuation of the unit value is based on the net asset value (NAV) of the underlying investments. Cash and Cash Equivalents We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Company has on deposit with major commercial financial institutions. There were no cash equivalents as of December 31, 2024. Investments in Affiliate RSPI holds a 0.01% interest in RPOP. RSPI does not have a significant variable interest in RPOP and thus does not qualify for consolidation. Entities for which RSPI can exercise significant influence but does not have control are accounted for under the equity method unless RSPI elects the fair value option of accounting. RSPI has elected the fair value option of accounting to account for its interests in RPOP so as to not track separately the basis differences using the equity method of accounting. Changes in the fair value, which are inclusive of equity in income, are recorded as changes in fair value of unconsolidated affiliate in the consolidated statement of operations during the periods such changes occur. Concentration of Credit Risks Financial instruments that potentially subject RSPI to concentrations of credit risk consist principally of cash. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. RSPI believes it mitigates this risk by investing its cash with high-credit quality financial institutions. RSPI's transactions as reflected in the accompanying balance sheet and statement of operation are entirely with affiliates and related parties. See also Note 3.

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![](a2024realsourcefs011.jpg)

RealSource Properties, Inc. NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 11 Income Taxes The Company accounts for income taxes using the liability method, which provides for an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities arising from temporary differences between financial and federal income tax reporting. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. NOTE 3 - FAIR VALUE MEASUREMENTS The detail of RSPI's investment measured at fair value is as follows: Level 1 Level 2 Level 3 Total Investment in unconsolidated affiliate $- $- $2,675,441 $2,675,441 There were no transfers into and out of the investment classified in Level 3 of the fair value hierarchy during the year ended December 31, 2024. The following table provides quantitative information about the investment categorized in Level III of the fair value hierarchy as of December 31, 2024. Fair Value Valuation Technique Unobservable Input Input Value Investment in unconsolidated affiliate $2,675,441 NAV per share Capitalization rate 5.25% - 6.0%

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![](a2024realsourcefs012.jpg)

RealSource Properties, Inc. NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 12 NOTE 4 - INCOME TAXES The (expense)/benefit for income taxes consisted of the following for the year ended: December 31, 2024 Current: Federal $100 State 100 Total current 100 Deferred: Federal - State - Total deferred - Total income tax benefit $100 As of December 31, 2024, actual income tax expense differs from the expected U.S. statutory rate of 21%, principally as a result of: Income taxes (benefit) at statutory rates 21.00% State income tax (benefit), net of federal benefit 3.55% Return to provision adjustments 0.00% Change In valuation allowance (24.56)% Total (0.01)% The Company's net deferred tax assets (liabilities) are comprised of the following: 2024 Assets Net operating losses $83,731 83,731 Valuation allowance (83,731) Total deferred tax asset after valuation allowance $- Liabilities $- Total deferred tax liability - Net deferred tax asset/(liability) $-

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![](a2024realsourcefs013.jpg)

RealSource Properties, Inc. NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 13 The Company records valuation allowances against deferred income tax assets when it determines that is more likely than not based upon all the available evidence that such deferred income tax assets will not be realized. As of December 31, 2024, the Company's valuation allowance of $83,731 relates to net operating losses that are not expected to be utilized. Therefore, the Company determined these loss carryforwards to be more likely than not unrealizable. At December 31, 2024 the Company established net operating loss carryforwards of $340,000 and $340,000 for federal and state purposes, respectively. The Company's federal and state net operating losses will carryforward indefinitely. Uncertain Tax Positions The Company accounts for uncertain tax positions when it is more likely than not that the tax position will not be sustained on examination by the taxing authorities, based on the technical merits of the position. As of December 31, 2024, the Company had no material unrecognized tax benefits and, therefore, has not recorded a liability for unrecognized tax benefits. Interest and penalties related to unrecognized tax benefits are recognized in provision for income taxes. At December 31, 2024, no interest and penalties were incurred. The Company is subject to U.S. federal, state and local income tax, and in the normal course of business, its income tax returns are subject to examination by the relevant tax authorities. The 2021-2024 tax years remain subject to examination for federal and state purposes. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. NOTE 5 - STOCKHOLDERS' EQUITY The Company has one class of common stock with a par value of $0.01 per share. During the year ended December 31, 2024, the Company issued 50,980 shares for a total of $625,046. Distributions on our common stock are determined by the board of directors based on our financial condition and other relevant factors. The Company made cash distributions of $119,749 in the year ended December 31, 2024. NOTE 6 - SUBSEQUENT EVENTS We have evaluated subsequent events through November 11, 2025, the date the financial statements were available to be issued for recognition or disclosure and have determined there are none to be reported or disclosed in the financial statements other than those mentioned below. Merger On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RealSource Properties, Inc. ("RS") and RPOP (together with RS, the "RS Parties"), entered into an Agreement and Plan of Merger (the "Merger Agreement"). The merger is a stock-for-stock and unit-for-unit transaction whereby RS will be merged with and into Merger Sub and RPOP will be merged with and into CROP. Subject to the terms and conditions of the Merger Agreement, (i) RS will merge with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI (the "Company Merger") and (ii) RPOP will merge with and into CROP, with CROP surviving (the "Partnership Merger" and, together with the Company Merger, the "Merger"). At such time, the separate existence of RS and RPOP will cease.

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## Exhibit 99.2

![](a2024rspiopfs001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Financial Statements and Report of Independent Certified Public Accountants RealSource Properties OP, LP December 31, 2024 and 2023

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![](a2024rspiopfs002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contents Page Report of Independent Certified Public Accountants 3 Financial Statements Consolidated balance sheets 5 Consolidated statements of operations 6 Consolidated statements of equity 7 Consolidated statements of cash flows 8 Notes to consolidated financial statements 9

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GT.COM Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. Board of Directors RealSource Properties OP, LP Opinion We have audited the consolidated financial statements of RealSource Properties OP, LP (a Delaware partnership) and its subsidiaries (the "Partnership"), which comprise the consolidated balance sheets as of December 31, 2024, and 2023, and the related consolidated statements of operations, equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024, and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for opinion We conducted our audits of the consolidated financial statements in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Partnership and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of management for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for one year after the date the consolidated financial statements are available to be issued. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS GRANT THORNTON LLP Two Commerce Square 2001 Market St., Suite 800 Philadelphia, PA 19103 D +1 215 561 4200 F +1 215 561 1066

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditor's responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements. In performing an audit in accordance with US GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Philadelphia, Pennsylvania November 11, 2025

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2024 2023 ASSETS Current assets Cash and cash equivalents 3,016,504$3,982,185$ Restricted cash 1,067,795 920,337 Accounts receivable 647,270 929,996 Real estate assets, net 379,084,048 383,433,016 Investments in affiliates, at fair value 25,886,083 35,067,131 Other assets 5,325,172 4,566,453 Total assets 415,026,872$428,899,118$ LIABILITIES AND EQUITY Liabilities Accounts payable, accrued expenses, and other liabilities 9,216,556$8,228,369$ Long-term debt, net 270,519,555 260,409,398 Total liabilities 279,736,111 268,637,767 Equity Special limited partner units (790,150 and 790,150 OP units issued and outstanding at December 31, 2024 and 2023, respectively) 10,321,470 10,321,470 General partner and common limited partner units (17,712,670 and 17,569,811 OP units issued and outstanding at December 31, 2024 and 2023, respectively) 191,561,336 189,687,155 Accumulated distributions in excess of retained earnings (70,681,392) (45,104,329) Equity attributable to RealSource Properties OP, LP 131,201,414 154,904,296 Non-controlling interests 4,089,347 5,357,055 Total equity 135,290,761 160,261,351 Total liabilities and equity 415,026,872$428,899,118$ RealSource Properties OP, LP CONSOLIDATED BALANCE SHEETS December 31, The accompanying notes are an integral part of these consolidated financial statements. 5

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2024 2023 Rental and other property revenues 48,448,036$46,027,727$ Expenses Property operations expenses 21,045,700 19,316,986 General and administrative expenses 2,034,170 2,165,041 Asset management fee to related party 2,940,822 2,332,178 Depreciation and amortization expense 19,439,642 20,072,244 Total operating expenses 45,460,334 43,886,450 Operating income 2,987,702 2,141,277 Other income (loss) Interest expense (12,776,710) (11,405,886) Impairment loss - (943,232) Distribution income from investments in affiliates 1,310,000 1,510,000 Change in fair value of investments in affiliates (5,533,747) (2,849,306) Total other income (loss) (17,000,457) (13,688,424) NET LOSS (14,012,755) (11,547,147) Net loss attributable to non-controlling interest (407,759) (344,521) Net loss attributed to RealSource Properties OP, LP (13,604,996)$(11,202,626)$ RealSource Properties OP, LP CONSOLIDATED STATEMENTS OF OPERATIONS Years ended December 31, The accompanying notes are an integral part of these consolidated financial statements. 6

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Accumulated Partners' Capital General Partner Distributions Attributable to and Common Special in Excess of RealSource Non-Controlling Total Limited Partners Limited Partner Retained Earnings Properties OP, LP Interests Equity Balance - December 31, 2022 158,626,833$4,341,000$(16,455,974)$146,511,859$6,758,195$153,270,054$ Contributions 2,231,328 - - 2,231,328 - 2,231,328 Units issued for acquisition 31,182,218 - - 31,182,218 - 31,182,218 Special Participation - 5,980,470 (5,980,470) - - - Non-controlling interest redeemed - - - - (356,400) (356,400) Units Redeemed (2,353,224) - - (2,353,224) - (2,353,224) Distributions paid - - (11,465,259) (11,465,259) (700,219) (12,165,478) Net loss - - (11,202,626) (11,202,626) (344,521) (11,547,147) Balance - December 31, 2023 189,687,155 10,321,470 (45,104,329) 154,904,296 5,357,055 160,261,351 Contributions 2,306,143 - - 2,306,143 - 2,306,143 Units issued for acquisition 177,935 - - 177,935 - 177,935 Non-controlling interest redeemed - - - - (325,340) (325,340) Units Redeemed (609,897) - - (609,897) - (609,897) Distributions paid - - (11,972,067) (11,972,067) (534,609) (12,506,676) Net loss - - (13,604,996) (13,604,996) (407,759) (14,012,755) Balance - December 31, 2024 191,561,336$10,321,470$(70,681,392)$131,201,414$4,089,347$135,290,761$ RealSource Properties OP, LP CONSOLIDATED STATEMENTS OF EQUITY Years ended December 31, 2024 and 2023 The accompanying notes are an integral part of these consolidated financial statements. 7

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2024 2023 Cash flows from operating activities Net loss (14,012,755)$(11,547,147)$ Adjustments to reconcile net loss to net cash provided by operating activities: Change in fair value of investments in affiliates 5,533,747 2,849,303 Depreciation and amortization expense 18,277,937 19,041,392 Amortization of deferred financing fees 1,161,705 1,030,852 Loss on impairment - 943,232 Changes in operating assets and liabilities: Accounts receivable 264,574 104,715 Other assets 30,534 (370,890) Accounts payable, accrued expenses and other liabilities 8,002 (826,346) Net cash provided by operating activities 11,263,744 11,225,111 Cash flows from investing activities Acquisition of real estate, net of cash acquired - (12,097,044) Proceeds from sale of real estate 7,426,899 - Capital improvements to real estate (4,492,546) (10,263,907) Net cash provided by (used in) 2,934,353 (22,360,951) Cash flows from financing activities Proceeds from issuance of debt 67,661,000 74,003,235 Principal payments on debt (68,846,179) (65,336,909) Deferred financing fees paid (2,695,371) (312,727) Proceeds from issuance of units 2,306,143 2,231,328 Units redeemed (609,897) (2,353,224) Distributions to unit holders (11,972,067) (11,465,258) Purchase of non-controlling interest (325,340) (356,400) Distributions paid to non-controlling interests (534,609) (700,219) Net cash used in financing activities (15,016,320) (4,290,174) NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (818,223) (15,426,015) Cash, cash equivalents and restricted cash, beginning of year 4,902,522 20,328,537 Cash, cash equivalents and restricted cash, end of year 4,084,299$4,902,522$ Cash and cash equivalents 3,016,504$3,982,185$ Restricted cash 1,067,795 920,337 Total cash, cash equivalent and restricted cash 4,084,299$4,902,522$ Supplemental disclosures Cash paid for interest 14,760,182$13,444,752$ RealSource Properties OP, LP CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended December 31, The accompanying notes are an integral part of these consolidated financial statements. 8

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024 and 2023 9 NOTE 1 - ORGANIZATION AND BUSINESS RealSource Properties OP, LP ("RPOP") is a Delaware Limited Partnership formed on August 28, 2020. Unless the context indicates otherwise, the "Partnership," "we," "our" or "us" refers to RPOP and its consolidated subsidiaries. We were formed to invest in multifamily apartment communities and real estate related assets located throughout the United States. Substantially all of our business is conducted through RPOP. The sole general partner of the Partnership is RealSource Properties, Inc. (the "General Partner"), a Maryland corporation. The properties are operated through joint ventures between the RPOP and the current investors in such joint venture who elect not to contribute their property interests into RPOP. In such case, RPOP will retain management rights over such joint venture. On February 17, 2023, RPOP acquired Lake St. James Apartments through a unit purchase exchange for the majority property interests. On December 20, 2024, RPOP sold Nevin Place Apartments. We are externally managed and have no employees. RealSource Properties Advisor, LLC ("Advisor), is our advisor and RS Properties Management, LLC ("Property Manager"), is our property manager for our multifamily apartment communities. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Principles of Consolidation The consolidated financial statements include the accounts of RPOP and its majority-owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Variable Interest Entities We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity ("VIE"). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest. We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 10 RPOP is the primary beneficiary of, and therefore consolidates, VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of RPOP. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Those estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. Fair Value Measurements In determining the fair value of our financial instruments, we apply Accounting Standards Codification ("ASC") 820, Fair Value Measurement and Disclosures. Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity's own assumptions about market participant data (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. Real Estate Assets, Net We state real estate assets at cost, less accumulated depreciation and amortization. We capitalize costs related to the development, construction, improvement, and significant renovation of properties, which include capital replacements such as scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools, and various exterior building improvements. We capitalize significant renovations and improvements that improve and/or extend the useful life of an asset and amortize over their estimated useful life, generally five to 10 years. We expense ordinary maintenance and repairs to operations as incurred. In accordance with the guidance for business combinations, we determine whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired, and liabilities assumed constitute a business. If the property acquired does not constitute a business, we account for the transaction as an asset acquisition. When substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions. We account for asset acquisitions by allocating the total cost to the individual assets acquired and liabilities assumed on a relative fair value basis. Transaction costs associated with the acquisition of a property are capitalized as incurred and are allocated to land, building, furniture, fixtures and equipment and intangible assets on a relative fair value basis. Real estate assets and liabilities include land, building, furniture, fixtures and equipment, other personal property, in-place lease intangibles and debt. The fair value of assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. Fair values are determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. If any debt is assumed in an acquisition, the difference between the fair value and face value of the debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed.

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 11 We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible assets are amortized over the remaining lease term. The useful lives of our real estate assets, and other property and equipment are as follows (in years): Real estate structures 30 years Land and site improvements to the real property 10 years Interior apartment improvements 5 years Furniture, fixtures, and equipment 7 years Computer equipment 5 years In-place lease intangible assets Over lease term Impairment of Long-Lived Assets Long-lived assets include real estate assets and acquired intangible assets. Intangible assets are amortized on a straight-line basis over their estimated useful lives. On an annual basis, we assess potential impairment indicators of long-lived assets. We also review for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Indicators that may cause an impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant market or economic trends. When we determine the carrying value of a long-lived asset may not be recoverable based upon the existence of one or more of the above indicators, we determine recoverability by comparing the carrying amount of the asset to the net future undiscounted cash flows the asset is expected to generate. We recognize, if appropriate, an impairment charge equal to the amount by which the carrying amount exceeds the fair value of the asset. There were no impairments recorded during 2024. In 2023, we recognized an impairment loss of $943,232. Investments in Affiliates Investments in affiliates includes investments in two real estate properties through ownership of undivided tenant in common (TIC) interests. As of December 31, 2024 and 2023, the Partnership owned 96.795% of the TIC interests in Autumn Ridge. As of December 31, 2023, the Partnership owned 96.89% of the interest in Steepleway Downs. Although RPOP has majority ownership of the properties, the TIC is not a legal entity and under the TIC structure, unanimous consent is required for major decisions. Therefore, the Partnership accounts for its interests under the equity method of accounting. RPOP has elected the fair value option under ASC 825-10-15-4 to account for its interests in the TICs. Changes in the fair value and income from distributions are recorded as change in fair value of investments in affiliates and distribution income from investments in affiliates, respectively, in the consolidated statements of operations during the periods such changes occur. On December 1, 2024, RPOP acquired the remaining interests in Steepleway Downs at which point the entity, which included the property, was consolidated. Assets Held for Sale, Net We classify properties as held for sale when they meet the GAAP criteria, which include (among others): (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non- refundable deposit from the buyer pursuant to a sales contract. We present the assets and liabilities of any real estate properties held for sale separately in the Consolidated Balance Sheets. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying consolidated

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 12 balance sheets. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations. Gain or (Loss) on Dispositions of Real Estate Gains or losses on dispositions are recognized when the criteria for the derecognition of a nonfinancial asset are met, including when control of the real estate has transferred. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. Cash and Cash Equivalents We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Partnership has on deposit with major commercial financial institutions. Restricted Cash Restricted cash includes residents' security deposits, utility deposits, and escrow deposits held by the lender for property related items. Accounts Receivable, net We present our accounts receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. As of December 31, 2024 and 2023, the allowance was $648,969 and $585,851, respectively. Rental and Other Property Revenues RPOP's rental revenue is obtained from tenants through rental payments as provided under noncancelable operating leases. Revenue related to leases is recognized on an accrual basis when due from residents. Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the lease term because collection of the lease payments was probable at lease commencement. Leases entered into with a resident for the rental of an apartment unit are generally six months to one year in length and are renewable upon consent of the parties to the lease, subject to potential changes in rental rates. The majority of lease payments we receive from our residents and tenants are fixed. Our leases with residents may also provide that the resident reimburse us for certain costs, primarily the resident's share of utilities expenses, incurred by the apartment community. These services are considered variable payments from residents that represent non-lease components in a contract as we transfer a service to the lessee other than the right to use the underlying asset. We have elected the practical expedient under the GAAP leasing standard to not separate lease and non-lease components from our lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. As such, all rental and reimbursements pursuant to tenant leases are reflected as one line item, rental and other property revenues, in the consolidated statements of operations. The Partnership reviews the collectability of all charges under its tenant operating leases on a regular basis including current and future rent and cost reimbursements, taking into consideration changes in factors such as the tenant's payment history, the financial condition of the tenant, and economic conditions in the area where the property is located. In the event that collectability of unpaid rental revenue with respect to any tenant changes, the Partnership recognizes an adjustment to rental revenue. The Partnership's review

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 13 of collectability of charges under its operating leases also includes any accrued rental revenue related to the straight-line method of reporting rental revenue. Concentration of Credit Risks Financial instruments that potentially subject RPOP to concentrations of credit risk consist principally of cash and cash equivalents. At times balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. RPOP believes it mitigates this risk by investing its cash with high-credit quality financial institutions. Share-Based Compensation Share-based compensation is accounted for in accordance with ASC 718, Compensation – Stock Compensation, which requires that all share-based payments to employees and non-employee directors be recognized in the consolidated statement of operations over the service period based on expected vesting. In October 2024, the Partnership's general partner, RealSource Properties, Inc. ("RSPI"), established a Long-Term Incentive Plan where time-based awards of limited partnership units in RPOP to employees for services provided to RSPI and RPOP. Units vest over a 12-month period. Fair value of the LTIP units is determined based on the grant date net asset value ("NAV"). In August 2025, the Board of Directors approved cancelation of the LTIP plan. Income Taxes Due to RPOP being a partnership it has no tax liability, and all of its income or losses are passed onto the individual investor. NOTE 3 - REAL ESTATE ASSETS, NET The following table summarizes the carrying amounts of our consolidated real estate assets as of: December 31, 2024 December 31, 2023 Land and land improvements $58,530,825 $54,972,198 Building and building improvements 362,505,665 353,456,241 Furniture, fixtures and equipment 7,894,876 7,748,898 Intangible assets 10,611,721 10,729,196 Less: accumulated depreciation and amortization (60,459,039) (43,473,517) Real estate assets, net $379,084,048 $383,433,016 Depreciation expense related to real estate assets, other than intangible assets, for the year ended December 31, 2024 and 2023, was $17,838,598 and $16,478,616, respectively. Amortization expense related to intangible assets for the year ended December 31, 2024 and 2023, was $1,601,044 and $3,593,628, respectively. Asset Acquisitions and Dispositions Lake St. James Acquisition On February 17, 2023, we acquired Lake St. James Apartments, a garden style multifamily apartment community. The property is located at 50 St. James Drive, Conyers, GA. The property was purchased for

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 14 $84,352,490. Consideration consisted of $40,704,151 of assumed liabilities, $31,182,218 of OP units and $12,466,121 of cash. Acquired assets were recorded at relative fair value as an asset acquisition and were allocated as follows: Assets acquired Land $12,842,068 Building 66,546,390 Furniture, fixtures and equipment 966,916 Intangible assets 2,606,626 Other assets 1,021,413 Cash 369,077 Total identifiable assets acquired $84,352,490 Liabilites assumed Long-term debt $(38,582,782) Acccounts payable, accrued expense and other liabilities (2,121,369) Total liabilities assumed (40,704,151) Net identified assets acquired $43,648,339 Steepleway Acquisition On December 1, 2024, we acquired the remaining interests in Steepleway Downs, a multifamily apartment community in Houston, TX. Prior to the December acquisition the property was accounted for within investment in affiliates within the consolidate balance sheets of RPOP. The property was purchased for consideration of 13,480 OP units at a value of $177,935. Acquired assets were recorded at relative fair value as an asset acquisition and allocated as follows: Assets acquired Real estate assets $17,390,150 Other assets 395,686 Total identifiable assets acquired $17,785,836 Liabilites assumed Long-term debt $(12,829,000) Acccounts payable, accrued expense and other liabilities (1,131,600) Total liabilities assumed (13,960,600) Net identified assets acquired $3,825,236 Investment in unconsolidated affiliate prior to acquisition $3,647,301 Nevin Place Disposition On December 20, 2024, we sold the Nevin Place Apartments. The sale price was $7,426,899 and resulted in no recognized gain or loss. During 2023 the property recognized an impairment loss of $943,232 to

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 15 account for the difference between the carrying value and fair value of the property, which was determined unrecoverable. NOTE 4 - INTANGIBLE ASSETS, NET Intangible assets consist of acquired in-place leases and are included in Real Estate Assets, net in the consolidated balance sheets. The following table details intangible assets and liabilities, net of accumulated amortization, as of December 31, 2024 and 2023: As of December 31, 2024 2023 Intangible assets $10,611,721 $10,729,196 Less: accumulated amortization (10,611,721) (10,294,758) Intangible assets, net $- $434,438 NOTE 5 - FAIR VALUE MEASUREMENTS The detail of RPOP's investment measured at fair value as of December 31, 2024 is as follows: As of December 31, 2024 Level 1 Level 2 Level 3 Total Investment in affiliate $- $- $25,886,080 $25,886,080 As of December 31, 2023 Level 1 Level 2 Level 3 Total Investment in affiliates $- $- $35,067,088 $35,067,088 In December 2024 RPOP acquired the remaining interests of the Steepleway Downs property. Upon acquiring 100% interest, the property was consolidated through asset acquisition accounting and no longer accounted for as an investment in affiliate. The following table provides quantitative information about the investment categorized in Level 3 of the fair value hierarchy. As of December 31, 2024 Fair Value Valuation Technique Unobservable Input Input Value Investment in affiliate $25,886,080 NAV per share Capitalization rate 5.25%

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 16 As of December 31, 2023 Fair Value Valuation Technique Unobservable Input Input Value Investment in affiliates $35,067,088 NAV per share Capitalization rate 5.0% - 6.0% NOTE 6 - DEBT The Partnership's consolidated indebtedness is currently comprised of borrowings under mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages in collateralized properties, which are generally owned by single purpose entities. A summary of the Partnership's debt is as follows: Interest Rate as of December 31, 2024 Maturity Date Balance as of December 31, 2024 Balance as of December 31, 2023 Fixed-rate mortgage notes (1) 4.75% January 2026 - December 2032 $247,049,675 $235,405,854 Floating-rate mortgage notes (2) 6.84% June 2032 29,085,000 29,085,000 Total principal amount / weighted average 4.94% 276,134,675 264,490,854 Less unamortized debt issuance costs - - (5, 6215,120) (4,081,456) Total debt, net - - $270,519,555 $260,409,398 (1) The interest rates range from 3.59% to 6.20%. The assets and credit of each of the Partnership's consolidated properties pledged as collateral for the Partnership's mortgage notes are not available to satisfy the Partnership's other debt and obligations unless the Partnership first satisfies the mortgage notes payable on the respective underlying properties. As of December 31, 2024, mortgage notes were secured by properties with an aggregate net book value of $334,312,090. (2) The effective interest rate on the $29,085,000 million mortgage note is calculated based on an Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus a range up to 2.35%.

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 17 As of December 31, 2024, the principal payments due on RPOP's consolidated debt during the next five years and thereafter are as follows: Principal Maturity Payments 2025 $838,538 2026 41,575,901 2027 1,269,153 2028 73,490,745 2029 68,309,618 Thereafter 90,650,720 Total principal payments $276,134,675 Debt Covenants RPOP's mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the mortgage note agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. RPOP was in compliance with all covenants as of December 31, 2024, except for Fairways at Royal Oak Apartments and Nevin Place Apartments. These two loans were not in compliance for year ending 2023 and 2024, however, the lender waived those covenants during those time periods. The Fairways at Royal Oak loan was refinanced on November 26, 2024 and the Nevin Place loan was paid in full on December 20, 2024. NOTE 7 - EQUITY As of December 31, 2024, RPOP had three classes of equity: general partner units, common limited partner units and special limited partner units. As of December 31, 2024 and 2023, RPOP had 18,502,820 and 18,359,961 total units outstanding. The price of the shares on the date of issuance is the NAV, which is determined by the Board of Directors in its sole discretion. In determining the NAV, the Board may obtain appraisals or other valuations of all or some of the assets of RPOP. NAV is determined by dividing RPOP's current net asset value by the number of outstanding units on such a date. All distributions of distributable cash are first made to the special limited partner, our Advisor, until distributions equal their accrued but undistributed special participation, which is an annual amount equal to 15% of net income and cash distributions, but only after our unit holders receive in the aggregate, cumulative distributions sufficient to provide a return of 6% on the Partnership NAV, as defined in the Limited Partnership Agreement. Thereafter, distributions are made to the common limited partners and the general partner in proportion to their partnership units. As the general partner and common limited partner units have the same distribution rights, the units are classified within General Partner and Common Limited Partners' capital, and the Special Limited Partner units held by our Advisor are classified separately in the consolidated balance sheets. Contributions We received contributions of $2,306,143 and $2,231,328 for the years ended December 31, 2024 and 2023, respectively.

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 18 Common Units Distributions Distributions on our common units are determined by the Partnership based on our financial condition and other relevant factors. We have paid distributions from cash flows from operations, sales of properties, and refinance of debt. We paid distributions of $11,972,067 and $11,465,259 for the years ended December 31, 2024 and 2023, respectively. Special Limited Partner Participation On April 1, 2023, the Special Limited Partner received 428,400 units from RPOP as payment of its special participation at a value of $5,980,470. No special participation was required to be recorded in the year ended December 31, 2024. Unit Repurchases Our board of directors has adopted a unit repurchase program that permits holders of units to request, on a quarterly basis, that we repurchase all or any portion of their units. We may choose to repurchase all, some or none of the units that have been requested to be repurchased at our discretion, subject to limitations in the unit repurchase plan. The total amount of aggregate repurchased units will be limited to 10% of the units outstanding as of December 31, 2024. The repurchase price is subject to the following discounts, depending on how long a redeeming unitholder has held each share: Share Purchase 13 months - 24 months 15% 25 months - 36 months 10% 37 months - 48 months 5% 49 months and thereafter 0% A unitholder's death 0% During 2024 our unitholders redeemed 49,485 units in the amount of $609,897. During 2023, our unitholders redeemed 174,180 units in the amount of $2,353,224. Our board of directors may, in its sole discretion, amend, suspend, or terminate our share repurchase program for any reason. NOTE 8 - SHARE-BASED COMPENSATION For the year ended December 31, 2024, RPOP granted 5,844 time-based LTIP units with a value of $77,140 recognized over a 12-month vesting period. Compensation expense for the year-ended December 31, 2024 was $19,285. In August 2025, RSPI cancelled the LTIP units and RPOP issued a total of 5,844 common units to the LTIP unit holders.

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 19 NOTE 9 - RELATED-PARTY TRANSACTIONS Advisory Agreement Our Advisor is responsible for making decisions related to the structuring, acquisition, management, financing, and disposition of our assets in accordance with our investment objectives, guidelines, policies and limitations. Our advisor also manages day-to-day operations, retains property managers, and performs other duties. These activities are all subject to oversight by our board of directors. Per the terms of our advisory agreement, our advisor is entitled to receive the fees for these services which are disclosed below. Asset Management Fee Our Advisor receives annual asset management fees, paid monthly, for 2024 in an amount equal to 0.55% and 0.65% and for 2023 in the amount equal to 0.45% and 0.55% of gross assets, as defined in the advisory agreement, as of the last day of the prior month. We incurred asset management fees of $2,940,822 and $2,332,178 for the years ended December 31, 2024 and 2023, respectively. Property Management Fee Our property manager operates under the terms of separate property management agreements for each community. Our property manager receives from us a property management fee in an amount up to 3.5% of the annual gross revenues of the multifamily apartment communities that it manages. We incurred property management fees of $1,691,896 and $1,585,837 for the years ended December 31, 2024 and 2023, respectively. Property management fees are presented within property operations expense on the consolidated statements of operations. NOTE 10 - ECONOMIC DEPENDENCY Under various agreements, we have engaged or will engage our Advisor or its affiliates to provide certain services that are essential to us, including asset management services and other administrative responsibilities for the Partnership including accounting services and investor relations. Because of these relationships, we are dependent upon our Advisor. If these companies were unable to provide us with the respective services, we would be required to find alternative providers of these services. NOTE 11 - COMMITMENTS AND CONTINGENCIES From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. As of December 31, 2024, we were not subject to any material litigation nor were we aware of any material litigation threatened against us. NOTE 12 - SUBSEQUENT EVENTS We have evaluated subsequent events through November 11, 2025, the date the consolidated financial statements were available to be issued, and have determined there are no events to be reported or disclosed in the consolidated financial statements other than those mentioned below.

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RealSource Properties OP, LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 and 2023 20 Distributions Paid Distributions paid to holders of RPOP units subsequent to December 31, 2024 were as follows: Period Month Paid Amount December 1, 2024 - December 31, 2024 January-25 $1,001,411 January 1, 2025 - January 31, 2025 February-25 1,002,236 February 1, 2025 - February 28, 2025 March-25 1,013,264 March 1, 2025 - March 31, 2025 April-25 891,285 April 1, 2025 - April 30, 2025 May-25 891,285 May 1, 2025 - May 31, 2025 June-25 891,285 June 1, 2025 - June 30, 2025 July-25 891,285 July 1, 2025 - July 31, 2025 August-25 445,643 August 1, 2025 - August 31, 2025 September-25 445,643 Merger On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RealSource Properties, Inc. ("RS") and RPOP (together with RS, the "RS Parties"), entered into an Agreement and Plan of Merger (the "Merger Agreement"). The merger is a stock-for-stock and unit-for-unit transaction whereby RS will be merged with and into Merger Sub and RPOP will be merged with and into CROP. Subject to the terms and conditions of the Merger Agreement, (i) RS will merge with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI (the "Company Merger") and (ii) RPOP will merge with and into CROP, with CROP surviving (the "Partnership Merger" and, together with the Company Merger, the "Merger"). At such time, the separate existence of RS and RPOP will cease.

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## Exhibit 99.3

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Financial Statements and Report of Independent Certified Public Accountants RealSource Properties Advisor, LLC December 31, 2024

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contents Page Report of Independent Certified Public Accountants 3 Financial Statements Balance sheet 5 Statement of operations 6 Statement of member's equity 7 Statement of cash flows 8 Notes to financial statements 9

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GT.COM Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. Board of Directors RealSource Properties Advisor, LLC Opinion We have audited the financial statements of RealSource Properties Advisor, LLC (a Delaware limited liability company) (the "Company"), which comprise the balance sheet as of December 31, 2024, and the related statements of operations, member's equity, and cash flows for the year then ended, and the related notes to the financial statements. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for opinion We conducted our audit of the financial statements in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of management for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the financial statements are available to be issued. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS GRANT THORNTON LLP Two Commerce Square 2001 Market St., Suite 800 Philadelphia, PA 19103 D +1 215 561 4200 F +1 215 561 1066

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Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with US GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Philadelphia, Pennsylvania November 11, 2025

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ASSETS Cash 158,931$ Accounts receivable from affiliate 504,709 Due from related parties 599,509 Other current assets 87,479 Total current assets 1,350,628 Investments in affiliates, at fair value 5,707,935 Total assets 7,058,563$ LIABILITIES AND MEMBER'S EQUITY Liabilities Accounts payable, accrued expenses, and other current liabilities 239,470$ Total liabilities 239,470 Member's equity 6,819,093 Total liabilities and member's equity 7,058,563$ RealSource Properties Advisor, LLC BALANCE SHEET December 31, 2024 The accompanying notes are an integral part of this financial statement. 5

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Property management fees and other revenues - related parties 3,068,615$ Expenses Payroll and consulting expenses 1,716,951 General and administrative expenses 861,972 Total operating expenses 2,578,923 Operating income 489,692 Other income (loss) Change in fair value of investments in unconsolidated affiliates (81,220) Dividend income from investments in unconsolidated affiliates 309,287 NET INCOME 717,759$ RealSource Properties Advisor, LLC STATEMENT OF OPERATIONS Year ended December 31, 2024 The accompanying notes are an integral part of this financial statement. 6

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Member's Equity Balance - December 31, 2023 6,491,971$ Distributions (390,637) Net income 717,759 Balance - December 31, 2024 6,819,093$ Year ended December 31, 2024 STATEMENT OF MEMBER'S EQUITY RealSource Properties Advisor, LLC The accompanying notes are an integral part of this financial statement. 7

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Cash flows from operating activities Net income 717,759$ Adjustments to reconcile net income to net cash provided by operating activities: Change in fair value of investments in unconsolidated affiliates 81,220 Changes in operating assets and liabilities: Accounts receivable from affiliates (465,897) Due from related parties (174,841) Other current assets 410,760 Accounts payable and accrued expenses (127,157) Net cash provided by operating activities 441,844 Cash flows from financing activities Distributions to member (390,637) Net cash used in financing activities (390,637) NET CHANGE IN CASH 51,207 Cash, beginning of year 107,724 Cash, end of year 158,931$ RealSource Properties Advisor, LLC STATEMENT OF CASH FLOWS Year ended December 31, 2024 The accompanying notes are an integral part of this financial statement. 8

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RealSource Properties Advisor, LLC NOTES TO FINANCIAL STATEMENTS December 31, 2024 9 NOTE 1 - ORGANIZATION AND BUSINESS RealSource Properties Advisor, LLC ("RSPA") is a Delaware Limited Liability Company formed on December 3, 2020. Unless the context indicates otherwise, the "Partnership," "we," "our" or "us" refers to RSPA. We were formed to provide advisory services for RealSource Properties OP, LP ("RPOP"). NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Use of Estimates The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Company has on deposit with major commercial financial institutions. There were no cash equivalents as of December 31, 2024. Accounts Receivable From Affiliate Accounts receivable consists of amounts due under our advisory agreement with RealSource Properties OP, LP. We assess amounts due for credit losses and reflect the amount expected to be collected. The allowance is determined based on an assessment of historical collection activity, the nature of the receivable, and the current business environment. As of December 31, 2024, there was no allowance for credit losses. Due From Related Parties Due from related parties consists of amounts due from other entities owned by RSPA's CEO to which we provide advisory services or incur costs on behalf of those entities. We assess amounts due for credit losses and reflect the amount expected to be collected. As of December 31, 2024, there was no allowance for credit losses. Investments in Affiliates RSPA holds a 2.4% interest in RPOP and a 0.5% interest in RealSource Properties, Inc. ("RSPI"). RSPA potentially has a significant economic interest in RPOP but does not have the power to direct the significant activities of RPOP. RSPA does not have direct authority or control over RSPI. Thus, RSPA is not required to consolidate RPOP or RSPI. Entities for which RSPA can exercise significant influence but does not have control are accounted for under the equity method unless RSPA elects the fair value option of accounting. RSPA has elected the fair value option of accounting to account for its interests in RPOP and RSPI so as to not track separately the basis differences using the equity method of accounting. Changes in the fair value, which are inclusive of equity in income, are recorded as changes in fair value of unconsolidated affiliates in the statement of operations during the periods such changes occur.

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RealSource Properties Advisor, LLC NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 10 Variable Interest Entities We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity ("VIE"). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest. We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. During fiscal year 2024, RSPA had a 2.4% interest in RPOP and a 0.5% interest in RSP, and serves as an advisor to them, reporting to the board of directors. Although RSPA has the power to direct the activities of RPOP through its advisory agreement, RSPA's interests, without other sources of potential variability, does not constitute a potentially significant variable interest in either RPOP or RSP, and therefore the Company is not the primary beneficiary. The primary beneficiary determination is a continuous assessment that may change in the future. Fair Value Measurement The Company applies the provisions of Financial Accounting Standards Board Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures ("ASC 820"). The Company applies the provisions of ASC 820 to all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability.

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RealSource Properties Advisor, LLC NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 11 In determining fair value, the RSPA utilized valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counter party credit risk and nonperformance risk in its assessment of fair value. The carrying value of RSPA's short-term financial instruments, such as cash and accounts payable, approximate the fair value due to the immediate or short-term maturity of these instruments. RSPA's investment in unconsolidated affiliates is accounted for under the fair value option and is a Level 3 fair value measurement. The valuation of the unit value is based on the net asset value (NAV) of the underlying investments. Revenues Revenue consists of asset management fees, acquisition fees and finance fees charged to RealSource Properties OP, LP and other entities controlled by RSPA's CEO under advisory agreements, as well as cost reimbursement revenue, if any, accounted for on a gross basis. Performance obligations are defined in each agreement. Asset management fee revenue is recognized on a monthly basis over the term of the agreement as services are performed and acquisition and finance fee revenues are recognized upon completion of a transaction. Fees are variable consideration, as the transaction prices are based on 1) a percentage of the gross value of total assets managed, 2) a percentage of the gross purchase price of property acquisitions, and 3) a percentage of the principal amount of financing or refinancing transactions. RSPA is reimbursed for all of the expenses paid or incurred by RSPA in connection with the services it provides. RSPA records reimbursements for out-of-pocket expenses as cost reimbursement revenue and recognizes expenses within the reimbursed expenses line as they are incurred. RSPA generally receives payments from customers as it satisfies its performance obligations. RSPA records a receivable when it has an unconditional right to receive payment and only the passage of time is required before payment is due. Concentration of Credit Risks Financial instruments that potentially subject RSPA to concentrations of credit risk consist principally of cash, accounts receivable from related parties and amounts due from affiliates. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. RSPA believes it mitigates this risk by investing its cash with high-credit quality financial institutions. Concentration of credit risk with respect to accounts receivable from related parties and amounts due from affiliates is due to the limited number of customers comprising RSPA's customer base, which is entirely due from related parties or affiliated entities. Income Taxes Due to RSPA being a partnership it has no tax liability, and all of its income or losses are passed onto the individual member. NOTE 3 - FAIR VALUE MEASUREMENTS The detail of RSPA's investments measured at fair value is as follows: Level 1 Level 2 Level 3 Total Investments in unconsolidated affiliates $- $- $5,707,935 $5,707,935

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RealSource Properties Advisor, LLC NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 12 There were no transfers into and out of the investment classified in Level 3 of the fair value hierarchy during the year ended December 31, 2024. The following table provides quantitative information about the investment categorized in Level III of the fair value hierarchy as of December 31, 2024. Fair Value Valuation Technique Unobservable Input Input Value Investments in unconsolidated affiliates $5,707,935 NAV per share Capitalization rate 5.25% - 6.0% NOTE 4 - MEMBER'S EQUITY Member's equity consists of one class of member units held by RealSource Advisor Holdings, LLC. As of December 31, 2024, total member's equity was $6,819,093. Cash from operations with respect to each calendar year may be distributed to the member. For the year ended December 31, 2024, we paid distributions of $390,637. NOTE 5 - TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES RSPA entered into an advisory agreement with RPOP. In addition, RSPA provides services and incurs reimbursable costs for entities owned by RSPA's CEO. RSPA's revenues, accounts receivable, and balances due from affiliates and related parties as reflected in the accompanying balance sheet and statement of operation, respectively, are entirely due from affiliates and related parties. See also Note 2. NOTE 6 - SUBSEQUENT EVENTS We have evaluated subsequent events through November 11, 2025, the date the financial statements were available to be issued for recognition or disclosure and have determined there are none to be reported or disclosed in the financial statements other than those mentioned below. Merger On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RealSource Properties, Inc. ("RS") and RealSource Properties OP, LP ("RPOP") (together with RS, the "RS Parties"), entered into an Agreement and Plan of Merger (the "Merger Agreement"). Contemporaneously with signing the Merger Agreement, the RS Parties entered into an Internalization Agreement with (i) RealSource Properties Advisor, LLC ("RSPA"), which is the external advisor to the RS Parties, (ii) RS Property Management, LLC ("RSPM"), which provides property management services to properties owned by subsidiaries of RPOP, (iii) RealSource Management, LLC ("RSM"), which provides personnel to RSPA and RSPM and property management services to properties owned by subsidiaries of RSOP as well as seven properties held by third parties (RSPA, RSPM and RSM are referred to collectively as the "Contributed Entities").

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RealSource Properties Advisor, LLC NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 13 Pursuant to the Internalization Agreement, RPOP will acquire all of the equity interest in RSPA, RSPM and RSM (collectively, the "Contributed Equity Interests"). The Internalization Agreement also provides for, among other things:  The termination of the RSPA's Advisory Agreement with RPOP (the "Advisory Agreement") other than those sections which expressly survive termination of the Advisory Agreement and other matters related to the termination of the Advisory Agreement, including the following: o The waiver of the right of RSPA, as holder of a special limited partnership interest in RPOP, to require RPOP to purchase such special limited partnership interest in connection with the termination of the Advisory Agreement; and o A waiver of RSPA's right under the Advisory Agreement to receive disposition fees in connection with the Merger.

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## Exhibit 99.4

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Financial Statements and Report of Independent Certified Public Accountants RS Properties Management, LLC December 31, 2024

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contents Page Report of Independent Certified Public Accountants 3 Financial Statements Balance sheet 5 Statement of operations 6 Statement of member's equity 7 Statement of cash flows 8 Notes to financial statements 9

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GT.COM Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. Board of Directors RS Properties Management, LLC Opinion We have audited the financial statements of RS Properties Management, LLC (a Delaware limited liability company) (the "Company"), which comprise the balance sheet as of December 31, 2024, and the related statements of operations, member's equity, and cash flows for the year then ended, and the related notes to the financial statements. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for opinion We conducted our audit of the financial statements in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of management for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the financial statements are available to be issued. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS GRANT THORNTON LLP Two Commerce Square 2001 Market St., Suite 800 Philadelphia, PA 19103 D +1 215 561 4200 F +1 215 561 1066

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Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with US GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Philadelphia, Pennsylvania November 11, 2025

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ASSETS Cash 45,264$ Accounts receivable - related parties 666,143 Total assets 711,408$ LIABILITIES AND MEMBER'S EQUITY Liabilities Accounts payable - related parties 628,558$ Total liabilities 628,558 Member's equity 82,850 Total liabilities and member's equity 711,408$ RS Properties Management, LLC BALANCE SHEET December 31, 2024 The accompanying notes are an integral part of this financial statement. 5

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Property management fees and other revenues - related parties 1,940,081$ Expenses Management fees and related expenses 1,890,981 General and administrative expenses 1,227 Total operating expenses 1,892,208 NET INCOME 47,873$ RS Properties Management, LLC STATEMENT OF OPERATIONS Year ended December 31, 2024 The accompanying notes are an integral part of this financial statement. 6

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![](a2024rspropmgmtfs007.jpg)

Total Member's Equity Balance - December 31, 2023 34,977$ Net income 47,873 Balance - December 31, 2024 82,850$ Year ended December 31, 2024 STATEMENT OF MEMBER'S EQUITY RS Properties Management, LLC The accompanying notes are an integral part of this financial statement. 7

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![](a2024rspropmgmtfs008.jpg)

Cash flows from operating activities Net income 47,873$ Changes in operating assets and liabilities: Accounts receivable - related party (88,644) Accounts payable - related party (37,676) Net cash used in operating activities (78,447) NET CHANGE IN CASH (78,447) Cash, beginning of year 123,711 Cash, end of year 45,264$ RS Properties Management, LLC STATEMENT OF CASH FLOWS Year ended December 31, 2024 The accompanying notes are an integral part of this financial statement. 8

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![](a2024rspropmgmtfs009.jpg)

RS Properties Management, LLC NOTES TO FINANCIAL STATEMENTS December 31, 2024 9 NOTE 1 - ORGANIZATION AND BUSINESS RS Properties Management, LLC ("RSPM") is a Delaware Limited Liability Company formed on December 3, 2020. Unless the context indicates otherwise, the "Partnership," "we," "our" or "us" refers to RSPM. We were formed to provide property management services for multifamily apartment communities located throughout the United States. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Use of Estimates The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Company has on deposit with major commercial financial institutions. There were no cash equivalents during the year ended December 31, 2024. Accounts Receivable – Related Parties Accounts receivable consists of amounts due from managed properties for fees and other reimbursable expenses. We present our accounts receivable net of allowances for amounts that may not be collected. We assess all accounts receivable for credit losses and establish an allowance to reflect the net amount expected to be collected. The allowance is determined based on an assessment of historical collection activity, the nature of the receivable, and the current business environment. As of December 31, 2024, there was no allowance for credit losses. Revenues – Related Parties Revenue consists of property management fees, construction management fees and other fees charged to properties under management. Performance obligations are defined in each contract and revenue is recognized on a monthly basis over the term of the agreement as services are performed. Fees are variable consideration, as the property management fees are based on a percentage of the total gross rental income, and construction management fees are based on a percentage of the cost of construction expenditures. At the point the revenues are invoiced and recognized, the amount of consideration to be received is finalized and the uncertainty has been resolved. RSPM is also reimbursed for expenses paid or incurred on behalf of its customers in connection with the services it provides on a monthly basis. RSPM generally receives payments from properties as it satisfies its performance obligations and records a receivable when it has an unconditional right to receive payment and only the passage of time is required before payment is due. Construction management fees are paid when the related construction is complete.

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![](a2024rspropmgmtfs010.jpg)

RS Properties Management, LLC NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 10 Concentration of Credit Risks Financial instruments that potentially subject RSPM to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limits. RSPM believes it mitigates this risk by investing its cash with high-credit quality financial institutions. Income Taxes Due to RSPM being a partnership, it has no tax liability, and all of its income or losses are passed onto the individual member. NOTE 3 - MEMBER'S EQUITY Members' equity consists of one class of member units held by one single member. As of December 31, 2024, total owner equity was $82,850. There were no distributions for the year ended December 31, 2024. NOTE 4 - TRANSACTIONS WITH RELATED PARTIES RSPM's operations are entirely to perform services for real estate properties owned by RealSource Properties OP, LP ("RSOP") subsidiaries under property management agreements. RSPM owners also have ownership in RSOP and serve on the board of directors of RealSource Properties, Inc., the general partner of RSOP. RSPM's revenues, accounts receivable, and accounts payable reflected in the accompanying statement of operations and balance sheet, respectively, are entirely due from and to related parties. See also Note 2. NOTE 5 - SUBSEQUENT EVENTS We have evaluated subsequent events through November 11, 2025, the date the financial statements were available to be issued for recognition or disclosure and have determined there are none to be reported or disclosed in the financial statements other than those mentioned below. Merger On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RealSource Properties, Inc. ("RS") and RealSource Properties OP, LP ("RPOP") (together with RS, the "RS Parties"), entered into an Agreement and Plan of Merger (the "Merger Agreement"). Contemporaneously with signing the Merger Agreement, the RS Parties entered into an Internalization Agreement with (i) RealSource Properties Advisor, LLC ("RSPA"), which is the external advisor to the RS Parties, (ii) RS Property Management, LLC ("RSPM"), which provides property management services to properties owned by subsidiaries of RPOP, (iii) RealSource Management, LLC ("RSM"), which provides personnel to RSPA and RSPM and property management services to properties owned by subsidiaries of RSOP as well as seven properties held by third parties (RSPA, RSPM and RSM are referred to collectively as the "Contributed Entities").

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RS Properties Management, LLC NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2024 11 Pursuant to the Internalization Agreement, RPOP will acquire all of the equity interest in RSPA, RSPM and RSM (collectively, the "Contributed Equity Interests"). The Internalization Agreement also provides for, among other things:  The termination of the RSPA's Advisory Agreement with RPOP (the "Advisory Agreement") other than those sections which expressly survive termination of the Advisory Agreement and other matters related to the termination of the Advisory Agreement, including the following: o The waiver of the right of RSPA, as holder of a special limited partnership interest in RPOP, to require RPOP to purchase such special limited partnership interest in connection with the termination of the Advisory Agreement; and o A waiver of RSPA's right under the Advisory Agreement to receive disposition fees in connection with the Merger.

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## Exhibit 99.5

![](a2024realsourcemgmtfs001.jpg)

Consolidated Financial Statements and Report of Independent Certified Public Accountants RealSource Management, LLC December 31, 2024

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contents Page Report of Independent Certified Public Accountants 3 Consolidated Financial Statements Consolidated balance sheet 5 Consolidated statement of operations 6 Consolidated statement of members' equity 7 Consolidated statement of cash flows 8 Notes to consolidated financial statements 9

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GT.COM Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. Board of Directors RealSource Management, LLC Opinion We have audited the consolidated financial statements of RealSource Management, LLC (a Utah limited liability company) and subsidiary (the "Company"), which comprise the consolidated balance sheet as of December 31, 2024, and the related consolidated statements of operations, members' equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for opinion We conducted our audit of the consolidated financial statements in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of management for the financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the consolidated financial statements are available to be issued. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS GRANT THORNTON LLP Two Commerce Square 2001 Market St., Suite 800 Philadelphia, PA 19103 D +1 215 561 4200 F +1 215 561 1066

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Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with US GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Philadelphia, Pennsylvania November 11, 2025

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ASSETS Cash 203,399$ Accounts receivable - related parties 2,347,749 Prepaid and other current assets 36,880 Total current assets 2,588,028 Other assets 148,814 Total assets 2,736,842$ LIABILITIES AND MEMBERS' EQUITY Liabilities Accounts payable and accrued expenses 154,013$ Other liabilities 175,529 Due to affiliate 29,528 Total liabilities 359,070 Members' equity 2,377,772 Total liabilities and members' equity 2,736,842$ RealSource Management, LLC CONSOLIDATED BALANCE SHEET December 31, 2024 The accompanying notes are an integral part of this consolidated financial statement. 5

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Revenue - related parties Property management fees and other revenues 4,638,237$ Cost reimbursement revenue 2,062,860 Support and advertising revenue 700,784 Total revenue - related parties 7,401,881 Operating expenses Reimbursable expenses 2,069,316 Support and advertising expenses 143,495 Payroll expenses 3,185,002 General and administrative expenses 1,427,469 Total operating expenses 6,825,282 Operating income 576,599 Other income, net 37,108 NET INCOME 613,707$ RealSource Management, LLC CONSOLIDATED STATEMENT OF OPERATIONS Year ended December 31, 2024 The accompanying notes are an integral part of this consolidated financial statement. 6

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Members' Equity Balance - December 31, 2023 1,708,272$ Contributions 502,589 Distributions (446,796) Net income 613,707 Balance - December 31, 2024 2,377,772$ Year ended December 31, 2024 CONSOLIDATED STATEMENT OF MEMBERS' EQUITY RealSource Management, LLC The accompanying notes are an integral part of this consolidated financial statement. 7

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Cash flows from operating activities Net income 613,707$ Changes in operating assets and liabilities: Accounts receivable - related parties 276,830 Prepaid and other current assets (176,492) Accounts payable and accrued expenses (384,660) Other assets (339,425) Other liabilities (27,117) Due to affiliate 29,528 Net cash used in operating activities (7,629) Cash flows from financing activities Contributions 502,589 Distributions (446,796) Net cash provided by financing activities 55,793 NET CHANGE IN CASH 48,164 Cash, beginning of year 155,235 Cash, end of year 203,399$ RealSource Management, LLC CONSOLIDATED STATEMENT OF CASH FLOWS Year ended December 31, 2024 The accompanying notes are an integral part of this consolidated financial statement. 8

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RealSource Management, LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024 9 NOTE 1 - ORGANIZATION AND BUSINESS RealSource Management, LLC ("RSM") is a Utah Limited Liability Company formed on January 1, 2006. Unless the context indicates otherwise, the "Partnership," "we," "our" or "us" refers to RSM and its wholly- owned subsidiary RSM Investment Club, LLC ("RSM Investment Club"). RSM was formed to provide property management services for multifamily apartment communities located throughout the United States. RSM Investment Club was formed to assist employees with investing in real estate properties. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance accounting principles generally accepted in the United States of America ("GAAP") and includes the accounts of RSM and RSM Investment Club. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Company has on deposit with major commercial financial institutions. There were no cash equivalents during the year ended December 31, 2024. Accounts Receivable - Related Parties Accounts receivable consists of amounts due from managed properties for fees and other reimbursable expenses. We present our accounts receivable net of allowances for amounts that may not be collected. We assess all accounts receivable for credit losses and establish an allowance to reflect the net amount expected to be collected. The allowance is determined based on an assessment of historical collection activity, the nature of the receivable, and the current business environment. As of December 31, 2024, there was no allowance for credit losses. Loans Payable Loans payable consist of loans provided by employees to invest in certain real estate properties. The loans are payable on demand and do not carry an interest rate. Subsequent to December 31, 2024, RSM repaid the loans to employees in full. Revenues - Related Parties Revenue consists of property management fees, construction management fees and other fees charged to properties under management, including allocated shared costs or fees paid by tenants who opt into a waiver program that covers accidental property damage. Performance obligations are defined in each contract and revenue is recognized on a monthly basis over the term of the agreement as services are performed. Fees are variable consideration, as the property management fees are based on a percentage of the total gross rental income, and construction management fees are based on a percentage of the cost of construction expenditures. At the point the revenues are invoiced and recognized, the amount of

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![](a2024realsourcemgmtfs010.jpg)

RealSource Management, LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 10 consideration to be received is finalized and the uncertainty has been resolved. In addition, RSM provides shared services such as support and advertising based on fees in accordance with the property operating budgets. The support and advertising fees will be used for advertising, marketing, promotion and sales services on a group basis. Support and advertising fees earned are included in support and advertising revenue in the accompanying statement of operations. Support and advertising fee revenue is recognized on a monthly basis over the term of the agreements as services are performed. RSM is also reimbursed for expenses paid or incurred on behalf of the properties under management in connection with the services it provides. Revenue for cost reimbursements is recognized on a gross basis as incurred, included in cost reimbursement revenue and reimbursable expenses, respectively, in the accompanying statement of operations. RSM generally receives payments from properties as it satisfies its performance obligations and records a receivable when it has an unconditional right to receive payment and only the passage of time is required before payment is due. Construction management fees are paid when the related construction is complete. Concentration of Credit Risks Financial instruments that potentially subject RSM to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. RSM believes it mitigates this risk by investing its cash with high- credit quality financial institutions. Advertising Costs RSM expenses advertising costs as incurred. Advertising costs for the year ended December 31, 2024 totaled $146,913 and are included in general and administrative expenses and support and advertising expenses in the accompanying statement of operations. Leases RSM leases office space from an entity owned by the RSM's CEO under a month-to-month lease arrangement with no expiration date. RSM determines if an arrangement is a lease or contains a lease at the inception of a contract and categorizes leases at inception as either operating or finance leases. As the lease arrangement is month-to-month, we do not recognize a lease right-of-use asset and lease liability related to such payments. Rent expense is recognized as incurred and is included in general and administrative expenses on the accompanying consolidated statement of operations, which totaled $27,054 for the year ended December 31, 2024. Income Taxes Due to RSM being a partnership, it has no tax liability, and all of its income or losses are passed onto the individual members. NOTE 3 - MEMBERS' EQUITY Members' equity consists of one class of member units. As of December 31, 2024, total members' equity was $2,377,772. For the year ended December 31, 2024, we paid distributions of $446,796.

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RealSource Management, LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2024 11 NOTE 4 - TRANSACTIONS WITH RELATED PARTIES RSM's operations are entirely to perform services for real estate properties owned by RealSource Properties OP, LP subsidiaries under property management agreements. RSM's revenues and accounts receivable reflected in the accompanying statement of operations and balance sheet, respectively, are entirely due from related parties. See also Note 2. The due to affiliates balance of $29,528 is due to RealSource Properties Advisor, LLC for payroll and benefits expense allocation. RSM leases office space from an entity owned by RSM's CEO under a month-to-month lease arrangement. Total rent paid during the year ended December 31, 2024 was $27,054. NOTE 5 - SUBSEQUENT EVENTS We have evaluated subsequent events through November 11, 2025, the date the financial statements were available to be issued for recognition or disclosure and have determined there are none to be reported or disclosed in the financial statements other than those mentioned below. Merger On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RealSource Properties, Inc. ("RS") and RealSource Properties OP, LP ("RPOP") (together with RS, the "RS Parties"), entered into an Agreement and Plan of Merger (the "Merger Agreement"). Contemporaneously with signing the Merger Agreement, the RS Parties entered into an Internalization Agreement with (i) RealSource Properties Advisor, LLC ("RSPA"), which is the external advisor to the RS Parties, (ii) RS Property Management, LLC ("RSPM"), which provides property management services to properties owned by subsidiaries of RPOP, (iii) RealSource Management, LLC ("RSM"), which provides personnel to RSPA and RSPM and property management services to properties owned by subsidiaries of RSOP as well as seven properties held by third parties (RSPA, RSPM and RSM are referred to collectively as the "Contributed Entities"). Pursuant to the Internalization Agreement, RPOP will acquire all of the equity interest in RSPA, RSPM and RSM (collectively, the "Contributed Equity Interests"). The Internalization Agreement also provides for, among other things:  The termination of the RSPA's Advisory Agreement with RPOP (the "Advisory Agreement") other than those sections which expressly survive termination of the Advisory Agreement and other matters related to the termination of the Advisory Agreement, including the following: o The waiver of the right of RSPA, as holder of a special limited partnership interest in RPOP, to require RPOP to purchase such special limited partnership interest in connection with the termination of the Advisory Agreement; and o A waiver of RSPA's right under the Advisory Agreement to receive disposition fees in connection with the Merger.

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## Exhibit 99.6

**RealSource Properties, Inc.**

Financial Statements

September 30, 2025 (Unaudited)

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**RealSource Properties, Inc.**

Financial Statements

September 30, 2025 (Unaudited)

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| | |
|:---|:---|
| **Table of Contents** | **Table of Contents** |
| Financial Statements |  |
| &nbsp;&nbsp;Balance Sheets as of September 30, 2025 (Unaudited) | <u>[1](#idf5a6a593d0849e0aefdf029b0ef27aa_7)</u> |
| &nbsp;&nbsp;Statements of Operations for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[2](#idf5a6a593d0849e0aefdf029b0ef27aa_10)</u> |
| &nbsp;&nbsp;Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[3](#idf5a6a593d0849e0aefdf029b0ef27aa_13)</u> |
| &nbsp;&nbsp;Statements of Cash Flows for the Nine Months Ended September 30, 2025 (Unaudited) | <u>[4](#idf5a6a593d0849e0aefdf029b0ef27aa_16)</u> |
| &nbsp;&nbsp;Notes to Financial Statements | <u>[5](#idf5a6a593d0849e0aefdf029b0ef27aa_19)</u> |

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| | |
|:---|:---|
| **RealSource Properties, Inc.** | **RealSource Properties, Inc.** |
| Balance Sheets | Balance Sheets |
|  | **September 30, 2025** |
| **Assets** | (Unaudited) |
| Cash | $929 |
| Investment in unconsolidated affiliate at fair value | 2188812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2189741 |
| **Liabilities and stockholders' equity** |  |
| Liabilities |  |
| &nbsp;&nbsp;&nbsp;Accounts payable - related parties | $200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 200 |
| Stockholders' equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 1,000,000 shares authorized, 211,495 shares issued and outstanding | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 2548887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | (361461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2189541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2189741 |
| *See accompanying notes.* |  |

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| | | |
|:---|:---|:---|
| **RealSource Properties, Inc.** | **RealSource Properties, Inc.** | **RealSource Properties, Inc.** |
| Statements of Operations | Statements of Operations | Statements of Operations |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2025** |
| **Expenses** |  |  |
| &nbsp;&nbsp;General and administrative expenses | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 50 | 50 |
| &nbsp;&nbsp;Operating income | (50) | (50) |
| **Other loss** |  |  |
| &nbsp;&nbsp;Change in fair value of investments in unconsolidated affiliate | $(25379) | $(486629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(25429) | $(486679) |
| *See accompanying notes.* |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **RealSource Properties, Inc.** | **RealSource Properties, Inc.** | **RealSource Properties, Inc.** | **RealSource Properties, Inc.** | **RealSource Properties, Inc.** |
| Statements of Stockholders' Equity | Statements of Stockholders' Equity | Statements of Stockholders' Equity | Statements of Stockholders' Equity | Statements of Stockholders' Equity |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Common Stock** | **Additional Paid-in Capital** | **Retained Earnings** | **Total Stockholders' Equity** |
| Balance at January 1, 2025 | $2115 | $2548887 | $125218 | $2676220 |
| Balance at March 31, 2025 | 2115 | 2548887 | 125218 | 2676220 |
| &nbsp;&nbsp;Net loss |  |  | (461251) | (461251) |
| Balance at June 30, 2025 | $2115 | $2548887 | $(336033) | $2214969 |
| &nbsp;&nbsp;Net loss |  |  | (25428) | (25428) |
| Balance at September 30, 2025 | $2115 | $2548887 | $(361461) | $2189541 |
| *See accompanying notes.* |  |  |  |  |

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| | |
|:---|:---|
| **RealSource Properties, Inc.** | **RealSource Properties, Inc.** |
| Statements of Cash Flows | Statements of Cash Flows |
| (Unaudited) | (Unaudited) |
|  | **Nine Months Ended September 30,** |
|  | **2025** |
| **Cash flows from operating activities** |  |
| Net loss | $(486679) |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |
| Change in fair value of investments in unconsolidated affiliate | 486629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash | (50) |
| Cash, beginning of year | 979 |
| Cash, end of period | $929 |
| *See accompanying notes.* |  |

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**RealSource Properties, Inc.**

Notes to the Financial Statements

(Unaudited)

**NOTE 1 - ORGANIZATION AND BUSINESS**

RealSource Properties, Inc. ("RSPI") is a Maryland Corporation formed on August 8, 2020. Unless the context indicates otherwise, the "Company," "we," "our" or "us" refers to RSPI. RSPI was formed to serve as the general partner of RealSource Properties OP, LP ("RPOP," and together with RSPI, the "RS Parties").

***Pending Merger***

On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RSPI and RPOP, entered into an Agreement and Plan of Merger (the "Merger Agreement"). The merger is a stock-for-stock and unit-for-unit transaction whereby subject to the terms and conditions of the Merger Agreement, (i) RSPI will be merged with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI (the "Company Merger") and (ii) RPOP will be merged with and into CROP, with CROP surviving (the "Partnership Merger" and, together with the Company Merger, the "Mergers"). At such time, the separate existence of RSPI and RPOP will cease.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

***Use of Estimates***

The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

***Variable Interest Entities***

We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity ("VIE"). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest.

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**RealSource Properties, Inc.**

Notes to the Financial Statements - (Continued)

(Unaudited)

We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

During the nine months ended September 30, 2025, RSPI had a 0.01% interest in RPOP, and serves as the general partner. Although RSPI has the power to direct the activities of RPOP as general partner, RSPI's interests, without other sources of potential variability, does not constitute a potentially significant variable interest in RPOP, and therefore the Company is not the primary beneficiary. The primary beneficiary determination is a continuous assessment that may change in the future.

***Fair Value Measurement***

RSPI applies the provisions of Financial Accounting Standards Board Accounting Standards Codification (ASC) 820, *Fair Value Measurements and Disclosures* ("ASC 820"). RSPI applies the provisions of ASC 820 to all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability.

In determining fair value, RSPI utilized valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counter party credit risk and nonperformance risk in its assessment of fair value. The carrying value of RSPI's short-term financial instruments, such as cash and accounts payable, approximate the fair value due to the immediate or short-term maturity of these instruments. RSPI's investment in unconsolidated affiliate is

------

**RealSource Properties, Inc.**

Notes to the Financial Statements - (Continued)

(Unaudited)

accounted for under the fair value option and is a Level 3 fair value measurement. The valuation of the unit value is based on the net asset value (NAV) of the underlying investments.

***Cash and Cash Equivalents***

We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Company has on deposit with major commercial financial institutions. There were no cash equivalents as of September 30, 2025.

***Investments in Affiliate***

RSPI holds a 0.01% interest in RPOP. RSPI does not have a significant variable interest in RPOP and thus does not qualify for consolidation. Entities for which RSPI can exercise significant influence but does not have control are accounted for under the equity method unless RSPI elects the fair value option of accounting. RSPI has elected the fair value option of accounting to account for its interests in RPOP so as to not track separately the basis differences using the equity method of accounting.

Changes in the fair value, which are inclusive of equity in income, are recorded as changes in fair value of unconsolidated affiliate in the consolidated statement of operations during the periods such changes occur.

***Concentration of Credit Risks***

Financial instruments that potentially subject RSPI to concentrations of credit risk consist principally of cash. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. RSPI believes it mitigates this risk by investing its cash with high-credit quality financial institutions.

RSPI's transactions as reflected in the accompanying balance sheet and statement of operation are entirely with affiliates and related parties. See also Note 3.

***Income Taxes***

The Company accounts for income taxes using the liability method, which provides for an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities arising from temporary differences between financial and federal income tax reporting. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. At September 30, 2025, we had a full valuation allowance on all deferred tax assets and no deferred tax liabilities.

**NOTE 3 - FAIR VALUE MEASUREMENTS**

Our investment in our unconsolidated affiliate is classified as Level 3 under the fair value hierarchy. There were no transfers into and out of the investment classified in Level 3 of the fair value hierarchy during the nine months ended September 30, 2025.

------

**RealSource Properties, Inc.**

Notes to the Financial Statements - (Continued)

(Unaudited)

**NOTE 5 - STOCKHOLDERS' EQUITY**

The Company has one class of common stock with a par value of $0.01 per share. Distributions on our common stock are determined by the board of directors based on our financial condition and other relevant factors.

**NOTE 6 - SUBSEQUENT EVENTS**

We have evaluated subsequent events through March 3, 2026, the date the financial statements were available to be issued for recognition or disclosure and have determined there are none to be reported or disclosed in the financial statements other than those mentioned below.

***Merger***

On December 18, 2025, upon the terms and subject to the conditions of the Merger Agreement, (i) RSPI merged with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI and (ii) RPOP merged with and into CROP, with CROP surviving. At such time, in accordance with the Maryland General Corporation Law, the Maryland Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act, as applicable, the separate existences of RSPI and RPOP ceased.

At the effective time of the Mergers each issued and outstanding share of RSPI common stock was converted into 0.8634 shares of Class I common stock of CCI and each issued and outstanding common unit of limited partnership interests in RPOP was converted into 0.8634 common units of limited partnership interest in CROP ("CROP Units"). The exchange ratio is subject to further adjustment as described in the Merger Agreement. A total of 182,605 shares of Class I common stock and 17,502,690 CROP Units were issued in connection with the Mergers.

## Exhibit 99.7

**RealSource Properties OP, LP**

Financial Statements

September 30, 2025 (Unaudited)

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**RealSource Properties OP, LP**

Financial Statements

September 30, 2025 (Unaudited)

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| | |
|:---|:---|
| **Table of Contents** | **Table of Contents** |
| Financial Statements |  |
| &nbsp;&nbsp;Balance Sheets as of September 30, 2025 (Unaudited) | <u>[1](#i45b9c3d17189450ba42ad9ceaf27dbd3_7)</u> |
| &nbsp;&nbsp;Statements of Operations for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[2](#i45b9c3d17189450ba42ad9ceaf27dbd3_10)</u> |
| &nbsp;&nbsp;Statements of Members' Equity for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[3](#i45b9c3d17189450ba42ad9ceaf27dbd3_13)</u> |
| &nbsp;&nbsp;Statements of Cash Flows for the Nine Months Ended September 30, 2025 (Unaudited) | <u>[4](#i45b9c3d17189450ba42ad9ceaf27dbd3_16)</u> |
| &nbsp;&nbsp;Notes to Financial Statements | <u>[5](#i45b9c3d17189450ba42ad9ceaf27dbd3_19)</u> |

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| | |
|:---|:---|
| **RealSource Properties OP, LP** | **RealSource Properties OP, LP** |
| Balance Sheets | Balance Sheets |
|  | **September 30, 2025** |
| **ASSETS** | (Unaudited) |
| Cash and cash equivalents | $1748758 |
| Restricted cash | 1006156 |
| Accounts receivable | 893446 |
| Real estate assets, net | 368760666 |
| Investments in affiliates, at fair value | 24921518 |
| Other assets | 5394187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $402724731 |
| **LIABILITIES AND EQUITY** |  |
| **Liabilities** |  |
| Accounts payable, accrued expenses, and other liabilities | $11866948 |
| Long-term debt, net | 273041236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 284908184 |
| **Equity** |  |
| Special limited partner units 790,150 OP units issued and outstanding at September 30, 2025 | 10321470 |
| General partner and common limited partner units 17,712,670 OP units issued and outstanding at September 30, 2025 | 191561336 |
| Accumulated distributions in excess of retained earnings | (87501011) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity attributable to RealSource Properties OP, LP | 114381795 |
| &nbsp;&nbsp;Non-controlling interests | 3434752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 117816547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $402724731 |
| *See accompanying notes.* |  |

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| | | |
|:---|:---|:---|
| **RealSource Properties OP, LP** | **RealSource Properties OP, LP** | **RealSource Properties OP, LP** |
| Statements of Operations | Statements of Operations | Statements of Operations |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2025** |
| Rental and other property revenues | $12560119 | $37827312 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operations expenses | 5886418 | 17447370 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 1304363 | 2004055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fee to related party | 805218 | 2438771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 5521696 | 14700233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 13517695 | 36590429 |
| Operating (loss) income | (957576) | 1236883 |
| Other income (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (3573489) | (10592198) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expenses | 181595 | (168250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution income from investments in affiliates | 180000 | 825000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of investments in affiliates | (346139) | (964562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (loss) | (3558033) | (10900010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | (4515609) | (9663127) |
| Net loss attributable to non-controlling interest | (145931) | (320848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributed to RealSource Properties OP, LP | $(4369678) | $(9342279) |
| *See accompanying notes.* |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **RealSource Properties OP, LP** | **RealSource Properties OP, LP** | **RealSource Properties OP, LP** | **RealSource Properties OP, LP** | **RealSource Properties OP, LP** | **RealSource Properties OP, LP** | **RealSource Properties OP, LP** |
| Statements of Member's Equity | Statements of Member's Equity | Statements of Member's Equity | Statements of Member's Equity | Statements of Member's Equity | Statements of Member's Equity | Statements of Member's Equity |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **General Partner and Common Limited Partners** | **Special Limited Partner** | **Accumulated Distributions in Excess of Retained Earnings** | **Partners' Capital Attributable to RealSource Properties OP, LP** | **Non-Controlling Interests** | **Total Equity** |
| Balance at January 1, 2025 | $191561336 | $10321470 | $(70681392) | $131201414 | $4089347 | $135290761 |
| &nbsp;&nbsp;&nbsp;Distributions paid |  |  | (3016915) | (3016915) | (108985) | (3125900) |
| &nbsp;&nbsp;&nbsp;Net loss |  |  | (2333534) | (2333534) | (118439) | (2451973) |
| Balance at March 31, 2025 | $191561336 | $10321470 | $(76031841) | $125850965 | $3861923 | $129712888 |
| &nbsp;&nbsp;&nbsp;Distributions paid |  |  | (2712426) | (2712426) | (108697) | (2821123) |
| &nbsp;&nbsp;&nbsp;Net loss |  |  | (2639067) | (2639067) | (56478) | (2695545) |
| Balance at June 30, 2025 | $191561336 | $10321470 | $(81383334) | $120499472 | $3696748 | $124196220 |
| &nbsp;&nbsp;&nbsp;Distributions paid |  |  | (1747999) | (1747999) | (116065) | (1864064) |
| &nbsp;&nbsp;&nbsp;Net loss |  |  | (4369678) | (4369678) | (145931) | (4515609) |
| Balance at September 30, 2025 | $191561336 | $10321470 | $(87501011) | $114381795 | $3434752 | $117816547 |
| *See accompanying notes.* |  |  |  |  |  |  |

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| | |
|:---|:---|
| **RealSource Properties OP, LP** | **RealSource Properties OP, LP** |
| Statements of Cash Flows | Statements of Cash Flows |
| (Unaudited) | (Unaudited) |
|  | **Nine Months Ended September 30,** |
|  | **2025** |
| **Cash flows from operating activities** |  |
| Net loss | $(9663127) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 13948191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 752042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (246176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (69015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 2650392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 7372307 |
| **Cash flows from investing activities** |  |
| &nbsp;&nbsp;Capital improvements to real estate | (3371931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (3371931) |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;Proceeds from issuance of debt | 32658000 |
| &nbsp;&nbsp;Principal payments on debt | (29708439) |
| &nbsp;&nbsp;Deferred financing fees paid | (468235) |
| &nbsp;&nbsp;Distributions to unit holders | (7811087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (5329761) |
| Net change in cash and cash equivalents and restricted cash | (1329385) |
| **Cash, cash equivalents and restricted cash, beginning of year** | 4084299 |
| **Cash, cash equivalents and restricted cash, end of year** | $2754914 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1748758 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 1006156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalent and restricted cash | $2754914 |
| &nbsp;&nbsp;&nbsp;*See accompanying notes.* |  |

---

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**RealSource Properties OP, LP**

Notes to the Financial Statements

(Unaudited)

**NOTE 1 - ORGANIZATION AND BUSINESS**

RealSource Properties OP, LP ("RPOP") is a Delaware Limited Partnership formed on August 28, 2020. Unless the context indicates otherwise, the "Partnership," "we," "our" or "us" refers to RPOP and its consolidated subsidiaries. We were formed to invest in multifamily apartment communities and real estate related assets located throughout the United States. Substantially all of our business is conducted through RPOP. The sole general partner of the Partnership is RealSource Properties, Inc. ("RSPI"), a Maryland corporation.

The properties are operated through joint ventures between RPOP and the current investors in such joint venture who elect not to contribute their property interests into RPOP. In such case, RPOP retains management rights over such joint venture.

We are externally managed and have no employees. RealSource Properties Advisor, LLC ("RS Advisor), is our advisor and RS Properties Management, LLC ("RS Property Manager"), is our property manager for our multifamily apartment communities.

***Pending Merger and Internalization Transactions***

On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RSPI, and RPOP, entered into an Agreement and Plan of Merger (the "Merger Agreement"). The merger is a stock-for-stock and unit-for-unit transaction whereby subject to the terms and conditions of the Merger Agreement, (i) RSPI will be merged with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI (the "Company Merger") and (ii) RPOP will be merged with and into CROP, with CROP surviving (the "Partnership Merger" and, together with the Company Merger, the "Mergers"). At such time, the separate existence of RS and RPOP will cease.

Contemporaneously with signing the Merger Agreement, the RS Parties entered into an Internalization Agreement pursuant to which RPOP will acquire all of the equity interest in RS Advisor, RS Property Manager, and RealSource Management LLC, which provides personnel to RS Advisor and RS Property Manager and property management services to properties owned by subsidiaries of RPOP as well as seven properties held by third parties ("RSM" and together with RS Advisor and RS Property Manager, the "Contributed Entities"). The transactions to be effected pursuant to the Internalization Agreement are referred to herein as the "Internalization Transactions" and will occur contemporaneously with the closing of the Mergers. The total consideration under the Internalization Agreement is 2,142,135.1721 common units of RPOP, which units will be converted into CROP common units in the Mergers as described above.

The Internalization Agreement also provides for, among other things:

The termination of RS Advisor's Advisory Agreement with RPOP (the "Advisory Agreement") other than those sections which expressly survive termination of the Advisory Agreement and other matters related to the termination of the Advisory Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The waiver of the right of RS Advisor, as holder of a special limited partnership interest in RPOP, to require RPOP to purchase such special limited partnership interest in connection with the termination of the Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A waiver of RS Advisor's right under the Advisory Agreement to receive disposition fees in connection with the Mergers.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP").

------

**RealSource Properties OP, LP**

Notes to the Financial Statements - (Continued)

(Unaudited)

***Principles of Consolidation***

The consolidated financial statements include the accounts of RPOP and its majority-owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

***Variable Interest Entities***

We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity ("VIE"). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest.

We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

RPOP is the primary beneficiary of, and therefore consolidates, VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of RPOP.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Those estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates.

***Fair Value Measurements***

In determining the fair value of our financial instruments, we apply Accounting Standards Codification ("ASC") 820, *Fair Value Measurement and Disclosures.* Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity's own assumptions about market participant data (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities.

***Real Estate Assets, Net***

We state real estate assets at cost, less accumulated depreciation and amortization. We capitalize costs related to the development, construction, improvement, and significant renovation of properties, which include capital replacements such as scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools, and various exterior building improvements. We capitalize significant renovations and improvements that improve and/or extend the useful life of an asset and amortize over their estimated useful life, generally five to 10 years. We expense ordinary maintenance and repairs to operations as incurred.

In accordance with the guidance for business combinations, we determine whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired, and liabilities assumed constitute a business. If the property acquired does not constitute a business, we account for the transaction as an asset acquisition. When substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions.

------

**RealSource Properties OP, LP**

Notes to the Financial Statements - (Continued)

(Unaudited)

We account for asset acquisitions by allocating the total cost to the individual assets acquired and liabilities assumed on a relative fair value basis. Transaction costs associated with the acquisition of a property are capitalized as incurred and are allocated to land, building, furniture, fixtures and equipment and intangible assets on a relative fair value basis. Real estate assets and liabilities include land, building, furniture, fixtures and equipment, other personal property, in-place lease intangibles and debt. The fair value of assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. Fair values are determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income.

If any debt is assumed in an acquisition, the difference between the fair value and face value of the debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed.

We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible assets are amortized over the remaining lease term. The useful lives of our real estate assets, and other property and equipment are as follows (in years):

---

| | |
|:---|:---|
| Real estate structures | 30 Years |
| Land and site improvements to the real property | 10 Years |
| Interior apartment improvements | 5 Years |
| Furniture, fixtures, and equipment | 7 Years |
| Computer equipment | 5 Years |
| In-place lease intangible assets | Over lease term |

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***Impairment of Long-Lived Assets***

Long-lived assets include real estate assets and acquired intangible assets. Intangible assets are amortized on a straight-line basis over their estimated useful lives. On an annual basis, we assess potential impairment indicators of long-lived assets. We also review for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Indicators that may cause an impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant market or economic trends. When we determine the carrying value of a long-lived asset may not be recoverable based upon the existence of one or more of the above indicators, we determine recoverability by comparing the carrying amount of the asset to the net future undiscounted cash flows the asset is expected to generate. We recognize, if appropriate, an impairment charge equal to the amount by which the carrying amount exceeds the fair value of the asset. There were no impairments recorded during the nine months ended September 30, 2025.

***Investments in Affiliates***

Investments in affiliates includes investments in one real estate property through ownership of undivided tenant in common (TIC) interests. As of September 30, 2025, the Partnership owned 96.795% of the TIC interests in Autumn Ridge. Although RPOP has majority ownership of the properties, the TIC is not a legal entity and under the TIC structure, unanimous consent is required for major decisions. Therefore, the Partnership accounts for its interests under the equity method of accounting.

RPOP has elected the fair value option under ASC 825-10-15-4 to account for its interests in the TICs. Changes in the fair value and income from distributions are recorded as change in fair value of investments in affiliates and distribution income from investments in affiliates, respectively, in the consolidated statements of operations during the periods such changes occur.

***Assets Held for Sale, Net***

We classify properties as held for sale when they meet the GAAP criteria, which include (among others):

(a) management commits to and initiates a plan to sell the asset;

(b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and

------

**RealSource Properties OP, LP**

Notes to the Financial Statements - (Continued)

(Unaudited)

(c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract. We present the assets and liabilities of any real estate properties held for sale separately in the Consolidated Balance Sheets. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying consolidated balance sheets. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations.

***Gain or (Loss) on Dispositions of Real Estate***

Gains or losses on dispositions are recognized when the criteria for the derecognition of a nonfinancial asset are met, including when control of the real estate has transferred. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received.

***Cash and Cash Equivalents***

We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Partnership has on deposit with major commercial financial institutions.

***Restricted Cash***

Restricted cash includes residents' security deposits, utility deposits, and escrow deposits held by the lender for property related items.

***Accounts Receivable, net***

We present our accounts receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. As of September 30, 2025, the allowance was $663,295.

***Rental and Other Property Revenues***

RPOP's rental revenue is obtained from tenants through rental payments as provided under noncancelable operating leases. Revenue related to leases is recognized on an accrual basis when due from residents. Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the lease term because collection of the lease payments was probable at lease commencement. Leases entered into with a resident for the rental of an apartment unit are generally six months to one year in length and are renewable upon consent of the parties to the lease, subject to potential changes in rental rates. The majority of lease payments we receive from our residents and tenants are fixed.

Our leases with residents may also provide that the resident reimburse us for certain costs, primarily the resident's share of utilities expenses, incurred by the apartment community. These services are considered variable payments from residents that represent non-lease components in a contract as we transfer a service to the lessee other than the right to use the underlying asset. We have elected the practical expedient under the GAAP leasing standard to not separate lease and non-lease components from our lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. As such, all rental and reimbursements pursuant to tenant leases are reflected as one line item, rental and other property revenues, in the consolidated statements of operations.

The Partnership reviews the collectability of all charges under its tenant operating leases on a regular basis including current and future rent and cost reimbursements, taking into consideration changes in factors such as the tenant's payment history, the financial condition of the tenant, and economic conditions in the area where the property is located. In the event that collectability of unpaid rental revenue with respect to any tenant changes, the Partnership recognizes an adjustment to rental revenue. The Partnership's review of collectability of charges under its operating leases also includes any accrued rental revenue related to the straight-line method of reporting rental revenue.

------

**RealSource Properties OP, LP**

Notes to the Financial Statements - (Continued)

(Unaudited)

***Concentration of Credit Risks***

Financial instruments that potentially subject RPOP to concentrations of credit risk consist principally of cash and cash equivalents. At times balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. RPOP believes it mitigates this risk by investing its cash with high-credit quality financial institutions.

***Share-Based Compensation***

Share-based compensation is accounted for in accordance with ASC 718, *Compensation – Stock Compensation*, which requires that all share-based payments to employees and non-employee directors be recognized in the consolidated statement of operations over the service period based on expected vesting. In October 2024, RSPI, the Partnership's general partner, established a Long-Term Incentive Plan (the "LTIP Plan") where time-based awards of limited partnership units in RPOP to employees for services provided to RSPI and RPOP. Units vest over a 12-month period. Fair value of the LTIP units is determined based on the grant date net asset value ("NAV"). In August 2025, the Board of Directors approved cancellation of the LTIP Plan.

***Income Taxes***

Due to RPOP being a partnership, it has no tax liability, and all of its income or losses are passed onto the individual investor.

**NOTE 3 - REAL ESTATE ASSETS, NET**

The following table summarizes the carrying amounts of our consolidated real estate assets as of:

---

| | |
|:---|:---|
| | **September 30, 2025** |
| Land and land improvement | $58593226 |
| Building and building improvement | 365467545 |
| Furniture, fixtures and equipment | 7894876 |
| Intangible asset | 10611721 |
| Less: accumulated depreciation and amortization | (73806702) |
| Real estate assets, net | $368760666 |

---

**NOTE 4 - FAIR VALUE MEASUREMENTS**

RPOP's investment in affiliate is measured at fair value and is classified as Level 3 in the fair value hierarchy. It is valued using using estimated capitalization rates on net operating income.

**NOTE 5 - DEBT**

The Partnership's consolidated indebtedness is currently comprised of borrowings under mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages in collateralized properties, which are generally owned by single purpose entities. A summary of the Partnership's debt is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Interest rate as of September 30, 2025** | **Maturity Date** | **Balance as of** | **Balance as of** |
|<br>**Indebtedness** | **Interest rate as of September 30, 2025** | **Maturity Date** | **September 30, 2025** | **September 30, 2025** |
| Fixed-rate mortgage notes <sup>(1)</sup> | 4.75% | January 2026 - December 2032 | $| 280686793 |
| Less unamortized debt issuance costs |  |  | (7645557) | (7645557) |
| &nbsp;&nbsp;&nbsp;Total debt, net |  |  | $| 273041236 |
| <sup>(1)</sup> The interest rates range from 3.59% to 6.20%. The assets and credit of each of the Partnership's consolidated properties pledged as collateral for the Partnership's mortgage notes are not available to satisfy the Partnership's other debt and obligations unless the Partnership first satisfies the mortgage notes payable on the respective underlying properties. | <sup>(1)</sup> The interest rates range from 3.59% to 6.20%. The assets and credit of each of the Partnership's consolidated properties pledged as collateral for the Partnership's mortgage notes are not available to satisfy the Partnership's other debt and obligations unless the Partnership first satisfies the mortgage notes payable on the respective underlying properties. | <sup>(1)</sup> The interest rates range from 3.59% to 6.20%. The assets and credit of each of the Partnership's consolidated properties pledged as collateral for the Partnership's mortgage notes are not available to satisfy the Partnership's other debt and obligations unless the Partnership first satisfies the mortgage notes payable on the respective underlying properties. | <sup>(1)</sup> The interest rates range from 3.59% to 6.20%. The assets and credit of each of the Partnership's consolidated properties pledged as collateral for the Partnership's mortgage notes are not available to satisfy the Partnership's other debt and obligations unless the Partnership first satisfies the mortgage notes payable on the respective underlying properties. | <sup>(1)</sup> The interest rates range from 3.59% to 6.20%. The assets and credit of each of the Partnership's consolidated properties pledged as collateral for the Partnership's mortgage notes are not available to satisfy the Partnership's other debt and obligations unless the Partnership first satisfies the mortgage notes payable on the respective underlying properties. |

---

------

**RealSource Properties OP, LP**

Notes to the Financial Statements - (Continued)

(Unaudited)

As of September 30, 2025, the principal payments due on RPOP's consolidated debt during the next five years and thereafter are as follows:

---

| | |
|:---|:---|
| | **Principal Maturity Payments** |
| 2025 | $1009296 |
| 2026 | 42383749 |
| 2027 | 1107881 |
| 2028 | 73609744 |
| 2029 | 68576149 |
| Thereafter | 93999974 |
| &nbsp;&nbsp;&nbsp;Total principal payments | $280686793 |

---

RPOP's mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the mortgage note agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. RPOP was in compliance with all covenants as of September 30, 2025.

**NOTE 6 - EQUITY**

As of September 30, 2025, RPOP had three classes of equity: general partner units, common limited partner units and special limited partner units. As of September 30, 2025, RPOP had 18,502,820 total units outstanding. The price of the shares on the date of issuance is the NAV, which is determined by the Board of Directors in its sole discretion. In determining the NAV, the Board may obtain appraisals or other valuations of all or some of the assets of RPOP. NAV is determined by dividing RPOP's current net asset value by the number of outstanding units on such a date.

All distributions of distributable cash are first made to the special limited partner, our Advisor, until distributions equal their accrued but undistributed special participation, which is an annual amount equal to 15% of net income and cash distributions, but only after our unit holders receive in the aggregate, cumulative distributions sufficient to provide a return of 6% on the Partnership NAV, as defined in the Limited Partnership Agreement. Thereafter, distributions are made to the common limited partners and the general partner in proportion to their partnership units.

As the general partner and common limited partner units have the same distribution rights, the units are classified within General Partner and Common Limited Partners' capital, and the Special Limited Partner units held by our Advisor are classified separately in the consolidated balance sheets.

***Contributions***

We did not receive contributions for the nine months ended September 30, 2025.

***Common Units Distributions***

Distributions on our common units are determined by the Partnership based on our financial condition and other relevant factors. We have paid distributions from cash flows from operations, sales of properties, and refinance of debt. We paid distributions of $7,811,087 for the nine months ended September 30, 2025.

------

**RealSource Properties OP, LP**

Notes to the Financial Statements - (Continued)

(Unaudited)

***Unit Repurchases***

Our board of directors has adopted a unit repurchase program that permits holders of units to request, on a quarterly basis, that we repurchase all or any portion of their units. We may choose to repurchase all, some or none of the units that have been requested to be repurchased at our discretion, subject to limitations in the unit repurchase plan. The total amount of aggregate repurchased units will be limited to 10% of the units outstanding.

The repurchase price is subject to the following discounts, depending on how long a redeeming unitholder has held each share:

---

| | |
|:---|:---|
| <u>Share Purchase</u> |  |
| &nbsp;&nbsp;&nbsp;<br>13 months - 24 months | 15% |
| &nbsp;&nbsp;&nbsp;25 months - 36 months | 10% |
| &nbsp;&nbsp;&nbsp;37 months - 48 months | 5% |
| &nbsp;&nbsp;&nbsp;49 months and thereafter | —% |
| &nbsp;&nbsp;&nbsp;A unitholder's death | —% |

---

During the nine months ended September 30, 2025, we had no redemptions. Our board of directors may, in its sole discretion, amend, suspend, or terminate our share repurchase program for any reason.

**NOTE 7 - SHARE-BASED COMPENSATION**

In August 2025, RSPI cancelled the LTIP units and RPOP issued a total of 5,844 common units to the LTIP unit holders.

**NOTE 8 - RELATED-PARTY TRANSACTIONS**

***Advisory Agreement***

RS Advisor is responsible for making decisions related to the structuring, acquisition, management, financing, and disposition of our assets in accordance with our investment objectives, guidelines, policies and limitations. Our advisor also manages day-to-day operations, retains property managers, and performs other duties. These activities are all subject to oversight by our board of directors. Per the terms of our advisory agreement, our advisor is entitled to receive the fees for these services which are disclosed below.

***Asset Management Fee***

RS Advisor receives annual asset management fees, paid monthly, for the nine months ending September 30, 2025 in the amount of 0.65% and 2024 in an amount equal to 0.55% and 0.65% of gross assets, as defined in the advisory agreement, as of the last day of the prior month. We incurred asset management fees of $2.4 million for the nine months ending September 30, 2025.

***Property Management Fee***

Our property manager operates under the terms of separate property management agreements for each community. Our property manager receives from us a property management fee in an amount up to 3.5% of the annual gross revenues of the multifamily apartment communities that it manages. We incurred property management fees of $1.3 million for the nine months ending September 30, 2025. Property management fees are presented within property operations expense on the consolidated statements of operations.

**NOTE 9 - ECONOMIC DEPENDENCY**

Under various agreements, we have engaged or will engage our Advisor or its affiliates to provide certain services that are essential to us, including asset management services and other administrative responsibilities for the Partnership including accounting services and investor relations. Because of these relationships, we are dependent upon our Advisor. If these companies were unable to provide us with the respective services, we would be required to find alternative providers of these services.

------

**RealSource Properties OP, LP**

Notes to the Financial Statements - (Continued)

(Unaudited)

**NOTE 10 - COMMITMENTS AND CONTINGENCIES**

From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. As of September 30, 2025, we were not subject to any material litigation nor were we aware of any material litigation threatened against us.

**NOTE 11 - SUBSEQUENT EVENTS**

We have evaluated subsequent events through March 3, 2026, the date the consolidated financial statements were available to be issued, and have determined there are no events to be reported or disclosed in the consolidated financial statements other than those mentioned below.

***Distributions Paid***

Distributions paid to holders of RPOP units subsequent to September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Period** | **Month Paid** | **Amount** |
| September 1, 2025 - September 30 | October-25 | $227542 |
| November 1, 2025 - November 30 | November-25 | 227542 |

---

***Merger and Internalization Transactions***

On December 18, 2025, upon the terms and subject to the conditions of the Merger Agreement, (i) RSPI merged with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI and (ii) RPOP merged with and into CROP, with CROP surviving. At such time, in accordance with the Maryland General Corporation Law, the Maryland Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act, as applicable, the separate existences of RSPI and RPOP ceased.

At the effective time of the Mergers each issued and outstanding share of RSPI common stock was converted into 0.8634 shares of Class I common stock of CCI and each issued and outstanding common unit of limited partnership interests in RPOP was converted into 0.8634 common units of limited partnership interest in CROP ("CROP Units"). The exchange ratio is subject to further adjustment as described in the Merger Agreement. A total of 182,605 shares of Class I common stock and 17,502,690 CROP Units were issued in connection with the Mergers.

Contemporaneously with closing the Mergers, the RS Parties completed certain Internalization Transactions pursuant to an Internalization Agreement as follows. RPOP acquired all of the equity interest in the Contributed Entities. In addition, (i) the RS Advisory Agreement was terminated, (ii) RS Advisor, as holder of a special limited partnership interest in RPOP, waived the right to require RPOP to purchase such special limited partnership interest in connection with the termination of the RS Advisory Agreement and (iii) RS Advisor waived its right under the RS Advisory Agreement to receive disposition fees in connection with the Mergers. The total consideration under the Internalization Agreement was 2,142,135.1721 common units of RPOP, which units converted into the right to receive CROP Units in the Mergers as described above.

## Exhibit 99.8

**RealSource Properties Advisor, LLC**

Financial Statements

September 30, 2025 (Unaudited)

------

**RealSource Properties Advisor, LLC**

Financial Statements

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Table of Contents** | **Table of Contents** |
| Financial Statements |  |
| &nbsp;&nbsp;Balance Sheets as of September 30, 2025 (Unaudited) | <u>[1](#i82d976dce82d42bd9470f4cd7dbbce96_7)</u> |
| &nbsp;&nbsp;Statements of Operations for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[2](#i82d976dce82d42bd9470f4cd7dbbce96_10)</u> |
| &nbsp;&nbsp;Statements of Members' Equity for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[3](#i82d976dce82d42bd9470f4cd7dbbce96_13)</u> |
| &nbsp;&nbsp;Statements of Cash Flows for the Nine Months Ended September 30, 2025 (Unaudited) | <u>[4](#i82d976dce82d42bd9470f4cd7dbbce96_16)</u> |
| &nbsp;&nbsp;Notes to Financial Statements | <u>[5](#i82d976dce82d42bd9470f4cd7dbbce96_19)</u> |

---

------

---

| | |
|:---|:---|
| **RealSource Properties Advisor, LLC** | **RealSource Properties Advisor, LLC** |
| Balance Sheets | Balance Sheets |
|  | **September 30, 2025** |
| **Assets** | (Unaudited) |
| Cash | $466952 |
| Accounts receivable from affiliate | 1240116 |
| Due from related parties | 760426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2467494 |
| Investments in affiliates, at fair value | 4669768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $7137262 |
| **Liabilities and member's equity** |  |
| Liabilities |  |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses, and other current liabilities | $119847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 119847 |
| Member's equity | 7017415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and member's equity | $7137262 |
| *See accompanying notes.* |  |

---

------

---

| | | |
|:---|:---|:---|
| **RealSource Properties Advisor, LLC** | **RealSource Properties Advisor, LLC** | **RealSource Properties Advisor, LLC** |
| Statements of Operations | Statements of Operations | Statements of Operations |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2025** |
| **Property management fees and other revenues - related parties** | $664650 | $2343645 |
| **Expenses** |  |  |
| &nbsp;&nbsp;Payroll and consulting expenses | 230082 | 928427 |
| &nbsp;&nbsp;General and administrative expenses | 69679 | 175354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 299761 | 1103781 |
| &nbsp;&nbsp;Operating income | 364889 | 1239864 |
| **Other income (loss)** |  |  |
| &nbsp;&nbsp;Change in fair value of investments in unconsolidated affiliates | (54507) | (1038167) |
| &nbsp;&nbsp;Dividend income from investments in unconsolidated affiliates | 43618 | 182368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income | $354000 | $384065 |
| *See accompanying notes.* |  |  |

---

------

---

| | |
|:---|:---|
| **RealSource Properties Advisor, LLC** | **RealSource Properties Advisor, LLC** |
| Statements of Member's Equity | Statements of Member's Equity |
| (Unaudited) | (Unaudited) |
|  | **Total Member's Equity** |
| Balance at January 1, 2025 | $6819093 |
| &nbsp;&nbsp;Distributions | (71118) |
| &nbsp;&nbsp;Net income | 354356 |
| Balance at March 31, 2025 | $7102331 |
| &nbsp;&nbsp;Distributions | (65183) |
| &nbsp;&nbsp;Net loss | (324291) |
| Balance at June 30, 2025 | $6712857 |
| &nbsp;&nbsp;Distributions | (49442) |
| &nbsp;&nbsp;Net income | 354000 |
| Balance at September 30, 2025 | $7017415 |
| *See accompanying notes.* |  |

---

------

---

| | |
|:---|:---|
| **RealSource Properties Advisor, LLC** | **RealSource Properties Advisor, LLC** |
| Statements of Cash Flows | Statements of Cash Flows |
| (Unaudited) | (Unaudited) |
|  | **Nine Months Ended September 30,** |
|  | **2025** |
| **Cash flows from operating activities** |  |
| Net income | $384065 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |
| Change in fair value of investments in unconsolidated affiliates | 855799 |
| Changes in operating assets and liabilities |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable from affiliates | (735407) |
| &nbsp;&nbsp;&nbsp;Due from related parties | (160917) |
| &nbsp;&nbsp;&nbsp;Other current assets | 87479 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (119623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 311396 |
| **Cash flows from investing activities** |  |
| &nbsp;&nbsp;Distributions from affiliates | 182368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 182368 |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;Distributions to members | (185743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (185743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash | 308021 |
| Cash, beginning of year | 158931 |
| Cash, end of period | $466952 |
| *See accompanying notes.* |  |

---

------

**RealSource Properties Advisor, LLC**

Notes to the Financial Statements

(Unaudited)

**NOTE 1 - ORGANIZATION AND BUSINESS**

RealSource Properties Advisor, LLC ("RSPA") is a Delaware Limited Liability Company formed on December 3, 2020. Unless the context indicates otherwise, the "Company," "we," "our" or "us" refers to RSPA. We were formed to provide advisory services for RealSource Properties OP, LP ("RPOP").

***Pending Merger and Internalization Transactions***

On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RealSource Properties, Inc. ("RSPI") and RPOP (together with RSPI, the "RS Parties"), entered into an Agreement and Plan of Merger (the "Merger Agreement") pursuant to which the RS Parties will merge with and into the CCI Parties in a stock-for-stock and unit-for unit transaction (the "Mergers").

Contemporaneously with signing the Merger Agreement, the RS Parties entered into an Internalization Agreement with (i) RSPA, (ii) RS Property Management, LLC ("RSPM"), which provides property management services to properties owned by subsidiaries of RPOP, and (iii) RealSource Management LLC, which provides personnel to RSPA and RSPM and property management services to properties owned by subsidiaries of RPOP as well as seven properties held by third parties ("RSM" and together with RSPA and RSPM, the "Contributed Entities"). Pursuant to the Internalization Agreement, RPOP will acquire all of the equity interest in RSPA, RSPM and RSM (collectively, the "Contributed Equity Interests").

The Internalization Agreement also provides for, among other things:

The termination of RSPA's Advisory Agreement with RPOP (the "Advisory Agreement") other than those sections which expressly survive termination of the Advisory Agreement and other matters related to the termination of the Advisory Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The waiver of the right of RSPA, as holder of a special limited partnership interest in RPOP, to require RPOP to purchase such special limited partnership interest in connection with the termination of the Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A waiver of RSPA's right under the Advisory Agreement to receive disposition fees in connection with the Mergers.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

------

**RealSource Properties Advisor, LLC**

Notes to the Financial Statements - (Continued)

(Unaudited)

***Use of Estimates***

The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

***Cash***

We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Company has on deposit with major commercial financial institutions. There were no cash equivalents as of September 30, 2025.

***Accounts Receivable From Affiliate***

Accounts receivable consists of amounts due under the Advisory Agreement with RPOP. We assess amounts due for credit losses and reflect the amount expected to be collected. The allowance is determined based on an assessment of historical collection activity, the nature of the receivable, and the current business environment. As of September 30, 2025, there was no allowance for credit losses.

***Due From Related Parties***

Due from related parties consists of amounts due from other entities owned by RSPA's CEO to which we provide advisory services or incur costs on behalf of those entities. We assess amounts due for credit losses and reflect the amount expected to be collected. As of September 30, 2025, there was no allowance for credit losses.

***Investments in Affiliates***

RSPA holds a 2.4% interest in RPOP and a 0.5% interest in RSPI. RSPA potentially has a significant economic interest in RPOP but does not have the power to direct the significant activities of RPOP. RSPA does not have direct authority or control over RSPI. Thus, RSPA is not required to consolidate RPOP or RSPI. Entities for which RSPA can exercise significant influence but does not have control are accounted for under the equity method unless RSPA elects the fair value option of accounting. RSPA has elected the fair value option of accounting to account for its interests in RPOP and RSPI so as to not track separately the basis differences using the equity method of accounting. Changes in the fair value, which are inclusive of equity in income, are recorded as changes in fair value of unconsolidated affiliates in the statement of operations during the periods such changes occur.

***Variable Interest Entities***

We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity ("VIE"). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. In addition, when an

------

**RealSource Properties Advisor, LLC**

Notes to the Financial Statements - (Continued)

(Unaudited)

entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest.

We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

During the nine months ended September 30, 2025, RSPA had a 2.4% interest in RPOP and a 0.5% interest in RSPI, and serves as an advisor to them, reporting to the board of directors. Although RSPA has the power to direct the activities of RPOP through its advisory agreement, RSPA's interests, without other sources of potential variability, does not constitute a potentially significant variable interest in either RPOP or RSPI, and therefore the Company is not the primary beneficiary. The primary beneficiary determination is a continuous assessment that may change in the future.

***Fair Value Measurement***

The Company applies the provisions of Financial Accounting Standards Board Accounting Standards Codification ("ASC") 820, *Fair Value Measurements and Disclosures* ("ASC 820"). The Company applies the provisions of ASC 820 to all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability.

------

**RealSource Properties Advisor, LLC**

Notes to the Financial Statements - (Continued)

(Unaudited)

In determining fair value, the RSPA utilized valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counter party credit risk and nonperformance risk in its assessment of fair value. The carrying value of RSPA's short-term financial instruments, such as cash and accounts payable, approximate the fair value due to the immediate or short-term maturity of these instruments. RSPA's investment in unconsolidated affiliates is accounted for under the fair value option and is a Level 3 fair value measurement. The valuation of the unit value is based on the net asset value (NAV) of the underlying investments.

***Revenues***

Revenue consists of asset management fees, acquisition fees and finance fees charged to RealSource Properties OP, LP and other entities controlled by RSPA's CEO under advisory agreements, as well as cost reimbursement revenue, if any, accounted for on a gross basis. Performance obligations are defined in each agreement. Asset management fee revenue is recognized on a monthly basis over the term of the agreement as services are performed and acquisition and finance fee revenues are recognized upon completion of a transaction. Fees are variable consideration, as the transaction prices are based on 1) a percentage of the gross value of total assets managed, 2) a percentage of the gross purchase price of property acquisitions, and 3) a percentage of the principal amount of financing or refinancing transactions.

RSPA is reimbursed for all of the expenses paid or incurred by RSPA in connection with the services it provides. RSPA records reimbursements for out-of-pocket expenses as cost reimbursement revenue and recognizes expenses within the reimbursed expenses line as they are incurred.

RSPA generally receives payments from customers as it satisfies its performance obligations. RSPA records a receivable when it has an unconditional right to receive payment and only the passage of time is required before payment is due.

***Concentration of Credit Risks***

Financial instruments that potentially subject RSPA to concentrations of credit risk consist principally of cash, accounts receivable from related parties and amounts due from affiliates. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. RSPA believes it mitigates this risk by investing its cash with high-credit quality financial institutions.

Concentration of credit risk with respect to accounts receivable from related parties and amounts due from affiliates is due to the limited number of customers comprising RSPA's customer base, which is entirely due from related parties or affiliated entities.

***Taxes***

Due to RSPA being a partnership, it has no tax liability, and all of its income or losses are passed onto the individual member.

------

**RealSource Properties Advisor, LLC**

Notes to the Financial Statements - (Continued)

(Unaudited)

**NOTE 3 - FAIR VALUE MEASUREMENTS**

The detail of RSPA's investments in unconsolidated affiliates are classified as Level 3 in the fair value hierarchy. There were no transfers into and out of the investment classified in Level 3 of the fair value hierarchy during the nine months ended September 30, 2025.

**NOTE 4 - MEMBER'S EQUITY**

Member's equity consists of one class of member units held by RealSource Advisor Holdings, LLC. As of September 30, 2025, total member's equity was $7.0 million. Cash from operations with respect to each calendar year may be distributed to the member.

For the nine months ended September 30, 2025, we paid distributions of $185,743.

**NOTE 5 - TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

RSPA entered into an advisory agreement with RPOP. In addition, RSPA provides services and incurs reimbursable costs for entities owned by RSPA's CEO. RSPA's revenues, accounts receivable, and balances due from affiliates and related parties as reflected in the accompanying balance sheet and statement of operation, respectively, are entirely due from affiliates and related parties. See also Note 2.

**NOTE 6 - SUBSEQUENT EVENTS**

We have evaluated subsequent events through March 3, 2026, the date the financial statements were available to be issued for recognition or disclosure and have determined there are none to be reported or disclosed in the financial statements other than those mentioned below.

***Merger and Internalization Transactions***

On December 18, 2025, upon the terms and subject to the conditions of the Merger Agreement, (i) RSPI merged with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI and (ii) RPOP merged with and into CROP, with CROP surviving. At such time, in accordance with the Maryland General Corporation Law, the Maryland Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act, as applicable, the separate existences of RSPI and RPOP ceased.

At the effective time of the Mergers each issued and outstanding share of RSPI common stock was converted into 0.8634 shares of Class I common stock of CCI and each issued and outstanding common unit of limited partnership interests in RPOP was converted into 0.8634 common units of limited partnership interest in CROP ("CROP Units"). The exchange ratio is subject to further adjustment as described in the Merger Agreement.

Contemporaneously with closing the Mergers, the Internalization Transactions were completed pursuant to the Internalization Agreement and RPOP acquired all of the equity interests in RSPA and the other Contributed Equity Interests. The total consideration under the Internalization Agreement was 2,142,135.1721 common units of RPOP, which units converted into the right to receive CROP Units in the Mergers as described above.

------

**RealSource Properties Advisor, LLC**

Notes to the Financial Statements - (Continued)

(Unaudited)

In addition, pursuant to the Internalization Agreement, (i) the Advisory Agreement terminated other than those sections which expressly survive termination of the Advisory Agreement, (ii) RSPA, as holder of a special limited partnership interest in RPOP, waived its right to require RPOP to purchase such special limited partnership interest in connection with the termination of the Advisory Agreement; and (iii) RSPA waived its right under the Advisory Agreement to receive disposition fees in connection with the Mergers.

## Exhibit 99.9

**RS Properties Management, LLC**

Financial Statements

September 30, 2025 (Unaudited)

------

**RS Properties Management, LLC**

Financial Statements

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Table of Contents** | **Table of Contents** |
| Financial Statements |  |
| &nbsp;&nbsp;Balance Sheets as of September 30, 2025 (Unaudited) | <u>[1](#i12a102f5737f4a9eb5cfb1a9c61b4d4f_7)</u> |
| &nbsp;&nbsp;Statements of Operations for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[2](#i12a102f5737f4a9eb5cfb1a9c61b4d4f_10)</u> |
| &nbsp;&nbsp;Statements of Members' Equity for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[3](#i12a102f5737f4a9eb5cfb1a9c61b4d4f_13)</u> |
| &nbsp;&nbsp;Statements of Cash Flows for the Nine Months Ended September 30, 2025 (Unaudited) | <u>[4](#i12a102f5737f4a9eb5cfb1a9c61b4d4f_16)</u> |
| &nbsp;&nbsp;Notes to Financial Statements | <u>[5](#i12a102f5737f4a9eb5cfb1a9c61b4d4f_19)</u> |

---

------

---

| | |
|:---|:---|
| **RS Properties Management, LLC** | **RS Properties Management, LLC** |
| Balance Sheets | Balance Sheets |
|  | **September 30, 2025** |
| **Assets** | (Unaudited) |
| Cash | $187422 |
| Accounts receivable - related parties | 560811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $748233 |
| **Liabilities and member's equity** |  |
| Liabilities |  |
| &nbsp;&nbsp;Accounts payable - related parties | $632384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 632384 |
| Members' equity | 115849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and members' equity | $748233 |
| *See accompanying notes.* |  |

---

------

---

| | | |
|:---|:---|:---|
| **RS Properties Management, LLC** | **RS Properties Management, LLC** | **RS Properties Management, LLC** |
| Statements of Operations | Statements of Operations | Statements of Operations |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2025** |
| **Property management fees and other revenues - related parties** | $484503 | $1458259 |
| **Expenses** |  |  |
| &nbsp;&nbsp;Management fees and related expenses | 473273 | 1423998 |
| &nbsp;&nbsp;General and administrative expenses |  | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 473273 | 1425260 |
| &nbsp;&nbsp;Net income | $11230 | $32999 |
| *See accompanying notes.* |  |  |

---

------

---

| | |
|:---|:---|
| **RS Properties Management, LLC** | **RS Properties Management, LLC** |
| Statements of Member's Equity | Statements of Member's Equity |
| (Unaudited) | (Unaudited) |
|  | **Total Member's Equity** |
| Balance at January 1, 2025 | $82850 |
| &nbsp;&nbsp;Net income | 11171 |
| Balance at March 31, 2025 | $94021 |
| &nbsp;&nbsp;Net income | 10598 |
| Balance at June 30, 2025 | $104619 |
| &nbsp;&nbsp;Net income | 11230 |
| Balance at September 30, 2025 | $115849 |
| *See accompanying notes.* |  |

---

------

---

| | |
|:---|:---|
| **RS Properties Management, LLC** | **RS Properties Management, LLC** |
| Statements of Cash Flows | Statements of Cash Flows |
| (Unaudited) | (Unaudited) |
|  | **Nine Months Ended September 30,** |
|  | **2025** |
| **Cash flows from operating activities** |  |
| Net income | $32999 |
| Changes in operating assets and liabilities |  |
| &nbsp;&nbsp;Accounts receivable - related party | 105333 |
| &nbsp;&nbsp;Accounts payable - related party | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 142158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash | 142158 |
| Cash, beginning of year | 45264 |
| Cash, end of year | $187422 |
| *See accompanying notes.* |  |

---

------

**RS Properties Management, LLC**

Notes to the Financial Statements

(Unaudited)

N**OTE 1 - ORGANIZATION AND BUSINESS**

RS Properties Management, LLC ("RSPM") is a Delaware Limited Liability Company formed on December 3, 2020. Unless the context indicates otherwise, the "Company," "we," "our" or "us" refers to RSPM. We were formed to provide property management services for multifamily apartment communities located throughout the United States.

***Pending Merger and Internalization Transaction***

On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RealSource Properties, Inc. ("RS") and RealSource Properties OP, LP ("RPOP") (together with RS, the "RS Parties"), entered into an Agreement and Plan of Merger (the "Merger Agreement") pursuant to which the RS Parties will merge with and into the CCI Parties in a stock-for-stock and unit-for unit transaction (the "Mergers").

Contemporaneously with signing the Merger Agreement, the RS Parties entered into an Internalization Agreement with (i) RealSource Properties Advisor, LLC ("RSPA"), which is the external advisor to the RS Parties, (ii) RSPM, and (iii) RealSource Management LLC, which provides personnel to RSPA and RSPM and property management services to properties owned by subsidiaries of RPOP as well as seven properties held by third parties ("RSM" and together with RSPA and RSPM, the "Contributed Entities"). Pursuant to the Internalization Agreement, RPOP will acquire all of the equity interest in RSPA, RSPM and RSM (collectively, the "Contributed Equity Interests").

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

***Use of Estimates***

The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

***Cash***

We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Company has on deposit with major commercial financial institutions. There were no cash equivalents at September 30, 2025.

------

**RS Properties Management, LLC**

Notes to the Financial Statements- (Continued)

(Unaudited)

***Accounts Receivable – Related Parties***

<br>Accounts receivable consists of amounts due from managed properties for fees and other reimbursable expenses. We present our accounts receivable net of allowances for amounts that may not be collected. We assess all accounts receivable for credit losses and establish an allowance to reflect the net amount expected to be collected. The allowance is determined based on an assessment of historical collection activity, the nature of the receivable, and the current business environment. As of September 30, 2025, there was no allowance for credit losses.

***Revenues – Related Parties***

Revenue consists of property management fees, construction management fees and other fees charged to properties under management. Performance obligations are defined in each contract and revenue is recognized on a monthly basis over the term of the agreement as services are performed. Fees are variable consideration, as the property management fees are based on a percentage of the total gross rental income, and construction management fees are based on a percentage of the cost of construction expenditures. At the point the revenues are invoiced and recognized, the amount of consideration to be received is finalized and the uncertainty has been resolved. RSPM is also reimbursed for expenses paid or incurred on behalf of its customers in connection with the services it provides on a monthly basis.

RSPM generally receives payments from properties as it satisfies its performance obligations and records a receivable when it has an unconditional right to receive payment and only the passage of time is required before payment is due. Construction management fees are paid when the related construction is complete.

***Concentration of Credit Risks***

Financial instruments that potentially subject RSPM to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limits. RSPM believes it mitigates this risk by investing its cash with high-credit quality financial institutions.

***Income Taxes***

Due to RSPM being a partnership, it has no tax liability, and all of its income or losses are passed onto the individual member.

**NOTE 3 - MEMBER'S EQUITY**

Members' equity consists of one class of member units held by one single member. As of September 30, 2025, total owner equity was $115,849. There were no distributions for the nine months ended September 30, 2025.

------

**RS Properties Management, LLC**

Notes to the Financial Statements- (Continued)

(Unaudited)

**NOTE 4 - TRANSACTIONS WITH RELATED PARTIES**

RSPM's operations are entirely to perform services for real estate properties owned by RPOP subsidiaries under property management agreements. RSPM owners also have ownership in RPOP and serve on the board of directors of RealSource Properties, Inc., the general partner of RPOP. RSPM's revenues, accounts receivable, and accounts payable reflected in the accompanying statement of operations and balance sheet, respectively, are entirely due from and to related parties. See also Note 2.

**NOTE 5 - SUBSEQUENT EVENTS**

We have evaluated subsequent events through March 3, 2026, the date the financial statements were available to be issued for recognition or disclosure and have determined there are none to be reported or disclosed in the financial statements other than those mentioned below.

***Merger and Internalization Transactions***

On December 18, 2025, upon the terms and subject to the conditions of the Merger Agreement, (i) RSPI merged with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI and (ii) RPOP merged with and into CROP, with CROP surviving. At such time, in accordance with the Maryland General Corporation Law, the Maryland Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act, as applicable, the separate existences of RSPI and RPOP ceased.

At the effective time of the Mergers each issued and outstanding share of RSPI common stock was converted into 0.8634 shares of Class I common stock of CCI and each issued and outstanding common unit of limited partnership interests in RPOP was converted into 0.8634 common units of limited partnership interest in CROP ("CROP Units"). The exchange ratio is subject to further adjustment as described in the Merger Agreement.

Contemporaneously with closing the Mergers, the Internalization Transactions were completed pursuant to the Internalization Agreement and RPOP acquired all of the equity interests in RSPM and the other Contributed Equity Interests. The total consideration under the Internalization Agreement was 2,142,135.1721 common units of RPOP, which units converted into the right to receive CROP Units in the Mergers as described above.

## Exhibit 99.10

**RealSource Management, LLC**

Financial Statements

September 30, 2025 (Unaudited)

------

**RealSource Management, LLC**

Financial Statements

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Table of Contents** | **Table of Contents** |
| Financial Statements |  |
| &nbsp;&nbsp;Balance Sheets as of September 30, 2025 (Unaudited) | <u>[1](#i4221e1bc3cb7455d864df3cd82fa6e37_7)</u> |
| &nbsp;&nbsp;Statements of Operations for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[2](#i4221e1bc3cb7455d864df3cd82fa6e37_10)</u> |
| &nbsp;&nbsp;Statements of Members' Equity for the Three and Nine Months Ended September 30, 2025 (Unaudited) | <u>[3](#i4221e1bc3cb7455d864df3cd82fa6e37_13)</u> |
| &nbsp;&nbsp;Statements of Cash Flows for the Nine Months Ended September 30, 2025 (Unaudited) | <u>[4](#i4221e1bc3cb7455d864df3cd82fa6e37_16)</u> |
| &nbsp;&nbsp;Notes to Financial Statements | <u>[5](#i4221e1bc3cb7455d864df3cd82fa6e37_19)</u> |

---

------

---

| | |
|:---|:---|
| **RealSource Management, LLC** | **RealSource Management, LLC** |
| Consolidated Balance Sheets | Consolidated Balance Sheets |
|  | **September 30, 2025** |
| **Assets** | (Unaudited) |
| Cash | $1249286 |
| Accounts receivable - related parties | 1859573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | $3108859 |
| Other assets | (27744) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3081115 |
| **Liabilities and members' equity** |  |
| Liabilities |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $157078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 157078 |
| Members' equity | 2924037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and members' equity | $3081115 |
| *See accompanying notes.* |  |

---

------

---

| | | |
|:---|:---|:---|
| **RealSource Management, LLC** | **RealSource Management, LLC** | **RealSource Management, LLC** |
| Consolidated Statements of Operations | Consolidated Statements of Operations | Consolidated Statements of Operations |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2025** |
| **Revenue - related parties** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management fees and other revenues | $1106576 | $3224258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursement revenue | 544651 | 1614175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Support and advertising revenue | 201843 | 605529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue - related parties | 1853070 | 5443962 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;Reimbursable expenses | 548618 | 1633939 |
| &nbsp;&nbsp;Support and advertising expenses | 42875 | 101889 |
| &nbsp;&nbsp;Payroll expenses | 471280 | 2064403 |
| &nbsp;&nbsp;General and administrative expenses | 442046 | 876139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1504819 | 4676370 |
| &nbsp;&nbsp;Operating income | 348251 | 767592 |
| &nbsp;&nbsp;Other income, net | 342685 | 370477 |
| &nbsp;&nbsp;Net income | $690936 | $1138069 |
| *See accompanying notes.* |  |  |

---

------

---

| | |
|:---|:---|
| **RealSource Management, LLC** | **RealSource Management, LLC** |
| Statements of Members' Equity | Statements of Members' Equity |
| (Unaudited) | (Unaudited) |
|  | **Total Members' Equity** |
| Balance at January 1, 2025 | $2377772 |
| &nbsp;&nbsp;Contributions | (24744) |
| &nbsp;&nbsp;Distributions | (77207) |
| &nbsp;&nbsp;Net income | 220796 |
| Balance at March 31, 2025 | $2496617 |
| &nbsp;&nbsp;Contributions | 4975 |
| &nbsp;&nbsp;Distributions | (599997) |
| &nbsp;&nbsp;Net income | 226338 |
| Balance at June 30, 2025 | $2127933 |
| &nbsp;&nbsp;Contributions | 105169 |
| &nbsp;&nbsp;Distributions |  |
| &nbsp;&nbsp;Net income | 690935 |
| Balance at September 30, 2025 | $2924037 |
| *See accompanying notes.* |  |

---

------

---

| | |
|:---|:---|
| **RealSource Management, LLC** | **RealSource Management, LLC** |
| Statements of Cash Flows | Statements of Cash Flows |
| (Unaudited) | (Unaudited) |
|  | **Nine Months Ended September 30,** |
|  | **2025** |
| **Cash flows from operating activities** |  |
| Net income | $1138069 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;Accounts receivable - related parties | 488175 |
| &nbsp;&nbsp;Prepaid and other current assets | 36880 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | (201992) |
| &nbsp;&nbsp;Other assets | 176558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1637690 |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;Contributions | 85401 |
| &nbsp;&nbsp;Distributions | (677204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (591803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash | 1045887 |
| Cash, beginning of year | 203399 |
| Cash, end of year | $1249286 |
| *See accompanying notes.* |  |

---

------

**RealSource Management, LLC**

Notes to the Financial Statements

(Unaudited)

N**OTE 1 - ORGANIZATION AND BUSINESS**

RealSource Management, LLC ("RSM") is a Utah Limited Liability Company formed on January 1, 2006. Unless the context indicates otherwise, the "Company," "we," "our" or "us" refers to RSM and its wholly-owned subsidiary RSM Investment Club, LLC ("RSM Investment Club"). RSM was formed to provide property management services for multifamily apartment communities located throughout the United States. RSM Investment Club was formed to assist employees with investing in real estate properties.

***Pending Merger and Internalization Transactions***

On June 25, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP, a subsidiary and the operating partnership of CCI ("CROP"), Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RealSource Properties, Inc. ("RSPI") and RealSource Properties OP, LP ("RPOP") (together with RSPI, the "RS Parties"), entered into an Agreement and Plan of Merger (the "Merger Agreement") pursuant to which the RS Parties will merge with and into the CCI Parties in a stock-for-stock and unit-for unit transaction (the "Mergers").

Contemporaneously with signing the Merger Agreement, the RS Parties entered into an Internalization Agreement with (i) RealSource Properties Advisor, LLC ("RSPA"), which is the external advisor to the RS Parties, (ii) RS Property Management, LLC ("RSPM"), which provides property management services to properties owned by subsidiaries of RPOP, and (iii) RSM (together with RSPA and RSPM, the "Contributed Entities"). Pursuant to the Internalization Agreement, RPOP will acquire all of the equity interest in RSPA, RSPM and RSM (collectively, the "Contributed Equity Interests").

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying financial statements have been prepared in accordance accounting principles generally accepted in the United States of America ("GAAP") and includes the accounts of RSM and RSM Investment Club. All intercompany transactions and balances have been eliminated in consolidation.

***Use of Estimates***

The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

------

**RealSource Management, LLC**

Notes to the Financial Statements- Continued

(Unaudited)

***Cash***

We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. Cash and cash equivalents consist of amounts the Company has on deposit with major commercial financial institutions. There were no cash equivalents at September 30, 2025.

***Accounts Receivable – Related Parties***

<br>Accounts receivable consists of amounts due from managed properties for fees and other reimbursable expenses. We present our accounts receivable net of allowances for amounts that may not be collected. We assess all accounts receivable for credit losses and establish an allowance to reflect the net amount expected to be collected. The allowance is determined based on an assessment of historical collection activity, the nature of the receivable, and the current business environment. As of September 30, 2025, there was no allowance for credit losses.

***Revenues – Related Parties***

Revenue consists of property management fees, construction management fees and other fees charged to properties under management, including allocated shared costs or fees paid by tenants who opt into a waiver program that covers accidental property damage. Performance obligations are defined in each contract and revenue is recognized on a monthly basis over the term of the agreement as services are performed. Fees are variable consideration, as the property management fees are based on a percentage of the total gross rental income, and construction management fees are based on a percentage of the cost of construction expenditures. At the point the revenues are invoiced and recognized, the amount of consideration to be received is finalized and the uncertainty has been resolved. In addition, RSM provides shared services such as support and advertising based on fees in accordance with the property operating budgets. The support and advertising fees will be used for advertising, marketing, promotion and sales services on a group basis. Support and advertising fees earned are included in support and advertising revenue in the accompanying statement of operations. Support and advertising fee revenue is recognized on a monthly basis over the term of the agreements as services are performed.

RSM is also reimbursed for expenses paid or incurred on behalf of the properties under management in connection with the services it provides. Revenue for cost reimbursements is recognized on a gross basis as incurred, included in cost reimbursement revenue and reimbursable expenses, respectively, in the accompanying statement of operations.

RSM generally receives payments from properties as it satisfies its performance obligations and records a receivable when it has an unconditional right to receive payment and only the passage of time is required before payment is due. Construction management fees are paid when the related construction is complete.

***Concentration of Credit Risks***

Financial instruments that potentially subject RSM to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. RSM believes it mitigates this risk by investing its cash with high-credit quality financial institutions.

------

**RealSource Management, LLC**

Notes to the Financial Statements- Continued

(Unaudited)

***Advertising Costs***

RSM expenses advertising costs as incurred. Advertising costs are included in general and administrative expenses and support and advertising expenses in the accompanying statement of operations.

***Leases***

RSM leases office space from an entity owned by the RSM's CEO under a month-to-month lease arrangement with no expiration date. RSM determines if an arrangement is a lease or contains a lease at the inception of a contract and categorizes leases at inception as either operating or finance leases. As the lease arrangement is month-to-month, we do not recognize a lease right-of-use asset and lease liability related to such payments. Rent expense is recognized as incurred and is included in general and administrative expenses on the accompanying consolidated statement of operations.

***Income Taxes***

Due to RSM being a partnership, it has no tax liability, and all of its income or losses are passed onto the individual members.

**NOTE 3 - MEMBER'S EQUITY**

Members' equity consists of one class of member units. As of September 30, 2025, total owner equity was $2.9 million.

**NOTE 4 - TRANSACTIONS WITH RELATED PARTIES**

RSM's operations are entirely to perform services for real estate properties owned by RealSource Properties OP, LP subsidiaries under property management agreements. RSM's revenues and accounts receivable reflected in the accompanying statement of operations and balance sheet, respectively, are entirely due from related parties. See also Note 2.

There was no due to affiliates balance at September 30, 2025.

RSM leases office space from an entity owned by RSM's CEO under a month-to-month lease arrangement. Total rent paid during the nine months ended September 30, 2025 was not significant.

**NOTE 5 - SUBSEQUENT EVENTS**

We have evaluated subsequent events through March 3, 2026, the date the financial statements were available to be issued for recognition or disclosure and have determined there are none to be reported or disclosed in the financial statements other than those mentioned below.

------

**RealSource Management, LLC**

Notes to the Financial Statements- Continued

(Unaudited)

***Merger and Internalization Transactions***

On December 18, 2025, upon the terms and subject to the conditions of the Merger Agreement, (i) RSPI merged with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI and (ii) RPOP merged with and into CROP, with CROP surviving. At such time, in accordance with the Maryland General Corporation Law, the Maryland Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act, as applicable, the separate existences of RSPI and RPOP ceased.

At the effective time of the Mergers each issued and outstanding share of RSPI common stock was converted into 0.8634 shares of Class I common stock of CCI and each issued and outstanding common unit of limited partnership interests in RPOP was converted into 0.8634 common units of limited partnership interest in CROP ("CROP Units"). The exchange ratio is subject to further adjustment as described in the Merger Agreement.

Contemporaneously with closing the Mergers, the Internalization Transactions were completed pursuant to the Internalization Agreement and RPOP acquired all of the equity interests in RSM and the other Contributed Equity Interests. The total consideration under the Internalization Agreement was 2,142,135.1721 common units of RPOP, which units converted into the right to receive CROP Units in the Mergers as described above.

## Exhibit 99.11

<u>[**Table of Contents**](#i27a517a6621d4a3fa7102c7a5d5f1f8b_1)</u>

**INDEX TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS**

**Pro Forma Combined Financial Statements (Unaudited)**

---

| | |
|:---|:---|
| | <u>Page</u> |
| <u>[Introduction](#i27a517a6621d4a3fa7102c7a5d5f1f8b_4)</u> | <u>M[-](#i27a517a6621d4a3fa7102c7a5d5f1f8b_4)</u><u>[1](#i27a517a6621d4a3fa7102c7a5d5f1f8b_4)</u> |
| <u>[Unaudited Pro Forma Combined Balance Sheets as of](#i27a517a6621d4a3fa7102c7a5d5f1f8b_7)[September](#i27a517a6621d4a3fa7102c7a5d5f1f8b_7)[30, 2025](#i27a517a6621d4a3fa7102c7a5d5f1f8b_7)</u> | <u>M[-](#i27a517a6621d4a3fa7102c7a5d5f1f8b_7)</u><u>[3](#i27a517a6621d4a3fa7102c7a5d5f1f8b_7)</u> |
| <u>[Unaudited Pro Forma Combined Statements of Operations for the](#i27a517a6621d4a3fa7102c7a5d5f1f8b_10)[Nine](#i27a517a6621d4a3fa7102c7a5d5f1f8b_10)[Months Ended](#i27a517a6621d4a3fa7102c7a5d5f1f8b_10)[September](#i27a517a6621d4a3fa7102c7a5d5f1f8b_10)[30, 2025](#i27a517a6621d4a3fa7102c7a5d5f1f8b_10)</u> | <u>M[-](#i27a517a6621d4a3fa7102c7a5d5f1f8b_10)</u><u>[4](#i27a517a6621d4a3fa7102c7a5d5f1f8b_10)</u> |
| <u>[Unaudited Pro Forma Combined Statements of Operations for the Year Ended December 31, 2024](#i27a517a6621d4a3fa7102c7a5d5f1f8b_13)</u> | <u>M</u><u>[-](#i27a517a6621d4a3fa7102c7a5d5f1f8b_13)[5](#i27a517a6621d4a3fa7102c7a5d5f1f8b_13)</u> |
| <u>Combined Notes to Unaudited Pro Forma Combined Financial Statements</u> | <u>M</u><u>[-6](#i27a517a6621d4a3fa7102c7a5d5f1f8b_25)</u> |

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<u>[**Table of Contents**](#i27a517a6621d4a3fa7102c7a5d5f1f8b_1)</u>

**UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS**

On December 18, 2025, (i) a wholly owned subsidiary of Cottonwood Communities, Inc. ("CCI") merged with RealSource Properties, Inc. ("RS") (the "CCI Merger") and (i) Cottonwood Residential O.P., LP, CCI's operating partnership ("CROP"), merged with RealSource Properties O.P., LP ("RSOP"), the operating partnership of RS (the "Partnership Merger" and, together with the CCI Merger, the "Mergers"). CCI and CROP survived the respective Mergers and the separate existences of RS and RSOP ceased.

With the Mergers, each issued and outstanding share of RS common stock, was converted into 0.8634 shares of Class I common stock of CCI ("CCI Common Stock"), and each issued and outstanding common unit of limited partnership interests in RSOP was converted into 0.8634 common unit of limited partnership interests in CROP ("CROP Common Units"). The Merger Agreement provides for post-closing adjustments to the 0.8634 exchange ratio should certain events occur.

Contemporaneously with the closing of the Mergers, RSOP acquired all of the equity interests in RealSource Properties Advisor, LLC, RS Properties Management, LLC and RealSource Management LLC (together the "Contributed Entities"), referred to as the "Internalization Transactions." The total consideration for the Contributed Entities was 2,142,135.1721 common units of RSOP, which units then converted into CROP common units in the Partnership Merger as described above.

The Mergers and Internalization Transactions were conditional upon one another and, accordingly, are treated as a single transaction for accounting and reporting purposes. In addition, the Contributed Entities are under common control and as such present their present combined financial information.

The following unaudited pro forma condensed combined financial information have been prepared in accordance with Article 11 of SEC Regulation S-X. These unaudited pro forma combined financial statements are prepared for informational purposes only and are based on assumptions and estimates considered appropriate by management; however, they are not necessarily indicative of what the consolidated financial condition or results of operations for CCI actually would be assuming the Mergers and the Internalization Transactions had been consummated as of the dates indicated, nor do they purport to represent the consolidated financial position or results of operations for future periods. These unaudited pro forma combined financial statements do not include the impact of any synergies that may be achieved through the Mergers nor any strategies that management may consider in order to continue to efficiently manage its operations.

The following unaudited pro forma combined financial information sets forth:

*Historical Financial Information*

• the historical consolidated financial information of CCI as of and for the nine months ended September 30, 2025, derived from CCI's unaudited consolidated financial statements, and the historical consolidated financial information of CCI for the year ended December 31, 2024, derived from CCI's audited consolidated financial statements;

• the historical financial information of RS as of and for the nine months ended September 30, 2025, derived from RS's unaudited financial statements, and the historical financial information of RS for the year ended December 31, 2024, derived from RS's audited financial statements;

• the historical consolidated financial information of RSOP as of and for the nine months ended September 30, 2025, derived from RSOP's unaudited consolidated financial statements, and the historical consolidated financial information of RSOP for the year ended December 31, 2024, derived from RSOP's audited consolidated financial statements;

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<u>[**Table of Contents**](#i27a517a6621d4a3fa7102c7a5d5f1f8b_1)</u>

• the historical consolidated financial information of the Contributed Entities as of and for the nine months ended September 30, 2025 derived from the Contributed Entities unaudited consolidated financial statements, and the historical consolidated financial information of the Contributed Entities for the year ended December 31, 2024, derived from the Contributed Entities' audited consolidated financial statements.

Pro Forma Statements (Mergers and Internalization Transactions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pro forma adjustments to give effect to the Mergers on CCI's consolidated balance sheet as of September 30, 2025, as if the Mergers closed on September 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pro forma adjustments to give effect to the Mergers on CCI's consolidated statements of operations for the nine months ended September 30, 2025, and for the year ended December 31, 2024, as if the Mergers closed on January 1, 2024.

This unaudited pro forma combined financial information should be read in conjunction with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CCI's unaudited consolidated financial statements and the related notes as included in CCI's quarterly report on Form 10-Q for the nine months ended September 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CCI's audited consolidated financial statements and the related notes as included in CCI's annual report on Form 10-K for the year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RS's unaudited financial statements and the related notes as of and for the nine months ended September 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RS's audited financial statements and the related notes as of and for the year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RSOP's unaudited consolidated financial statements and the related notes as of and for the nine months ended September 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RSOP's audited consolidated financial statements and the related notes as of and for the year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Contributed Entities' unaudited consolidated financial statements and the related notes as of and for the nine months ended September 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Contributed Entities' audited consolidated financial statements and the related notes as of and for the year ended December 31, 2024.

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<u>[**Table of Contents**](#i27a517a6621d4a3fa7102c7a5d5f1f8b_1)</u>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS<br>AS OF SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** |
| | **CCI<br>Historical<br>September 30,<br>2025** | **RS<br>Historical<br>September 30,<br>2025** | **RSOP Historical<br> September 30, 2025** | **Contributed Entities Historical<br>September 30, 2025** | **Internalization Transactions Accounting Adjustments** | **Note** | **<br>Transaction<br>Accounting<br> Adjustments** | **Note** | **Pro Forma <br>Combined<br>Company** |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |  |  |  |  |  |
| **Assets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate assets, net | $1415574 | $— | $368761 | $— | $— |  | $103114 | **(A)** | $1887449 |
| &nbsp;&nbsp;&nbsp;Investment in unconsolidated real estate entities | 126972 |  | 24922 |  |  |  | (1414) | **(B)** | 150480 |
| &nbsp;&nbsp;&nbsp;Investment in unconsolidated affiliates |  | 2189 |  | 4670 | (4670) | **(C)** | (2189) | **(C)** |  |
| &nbsp;&nbsp;&nbsp;Investments in real estate-related loans, net | 40715 |  |  |  |  |  |  |  | 40715 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 110951 | 1 | 1749 | 1903 |  |  | (11704) | **(D)** | 102900 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 24720 |  | 1006 |  |  |  | 5394 | **(F)** | 31120 |
| &nbsp;&nbsp;&nbsp;Related party receivables |  |  |  | 4421 | (4421) | **(E)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 39511 |  | 6287 |  |  |  | (922) | **(F)** | 44876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1758443 | $2190 | $402725 | $10994 | $(9091) |  | $92279 |  | $2257540 |
| **Liabilities, Equity and Noncontrolling Interests** |  |  |  |  |  |  |  |  |  |
| Liabilities |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage notes and revolving credit facility, net | $965536 | $— | $273042 | $— | $— |  | $3643 | **(G)** | $1242221 |
| &nbsp;&nbsp;&nbsp;Construction loans, net | 7386 |  |  |  |  |  |  |  | 7386 |
| &nbsp;&nbsp;&nbsp;Loan, net | $19155 | $— | $— | $— | $— |  | $— |  | $19155 |
| &nbsp;&nbsp;&nbsp;Related party accounts payable |  |  | 3789 | 632 | (4421) | **(D)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, net | 243962 |  |  |  |  |  |  |  | 243962 |
| &nbsp;&nbsp;&nbsp;Unsecured promissory notes, net | 20336 |  |  |  |  |  |  |  | 20336 |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 70557 |  | 8078 | 305 |  |  |  |  | 78940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1326932 |  | 284909 | 937 | (4421) |  | 3643 |  | 1612000 |
| Equity and noncontrolling interests |  |  |  |  |  |  |  |  |  |
| Equity |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A Convertible Preferred Stock | 93437 |  |  |  |  |  |  |  | 93437 |
| &nbsp;&nbsp;&nbsp;Common Stock |  | 2 |  |  |  |  | (2) | **(I)** |  |
| &nbsp;&nbsp;&nbsp;Common Stock, Class T shares | 42 |  |  |  |  |  |  |  | 42 |
| &nbsp;&nbsp;&nbsp;Common Stock, Class D shares | 5 |  |  |  |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Common Stock, Class I shares | 65 |  |  |  |  |  |  |  | 65 |
| &nbsp;&nbsp;&nbsp;Common Stock, Class A shares | 178 |  |  |  |  |  |  |  | 178 |
| &nbsp;&nbsp;&nbsp;Special Limited Partner Units |  |  | 10321 |  |  |  | (10321) | **(I)** |  |
| &nbsp;&nbsp;&nbsp;Common Units |  |  | 191562 |  |  |  | (191562) | **(I)** |  |
| &nbsp;&nbsp;&nbsp;Members' equity |  |  |  | 10057 | (4670) | **(D)** | (5387) | **(I)** |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 359623 | 2549 |  |  |  |  | (475) | **(I)** | 361697 |
| &nbsp;&nbsp;&nbsp;Accumulated distributions - Series A Convertible preferred Stock | (7251) |  |  |  |  |  |  |  | (7251) |
| &nbsp;&nbsp;&nbsp;Accumulated distributions - common units |  |  | (54416) |  |  |  | 54416 | **(I)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated distributions - common stock | (101244) | (162) |  |  |  |  | 162 | **(I)** | (101244) |
| &nbsp;&nbsp;&nbsp;Accumulated (deficit) earnings | (100725) | (199) | (33202) |  |  |  | 33401 | **(I)** | (100725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 244130 | 2190 | 114265 | 10057 | (4670) |  | (119768) |  | 246204 |
| Noncontrolling interests |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Limited partners | 160720 |  |  |  |  |  | 198792 | **(I)** | 359512 |
| &nbsp;&nbsp;&nbsp;Partially owned entities | 26661 |  | 3551 |  |  |  | 9612 |  | 39824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncontrolling interest | 187381 |  | 3551 |  |  |  | 208404 |  | 399336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity and noncontrolling interests | 431511 | 2190 | 117816 | 10057 | (4670) |  | 88636 |  | 645540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, equity and noncontrolling interests | $1758443 | $2190 | $402725 | $10994 | $(9091) |  | $92279 |  | $2257540 |

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<u>[**Table of Contents**](#i27a517a6621d4a3fa7102c7a5d5f1f8b_1)</u>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 <br>(in thousands, except share and per share data)** |
| | **CCI<br>Historical<br>September 30, 2025** | **RS**<br>**Historical**<br>**September 30, 2025**  | **RSOP Historical<br>September 30, 2025** | **Contributed Entities Historical<br>September 30, 2025** | **Internalization Transactions Accounting Adjustments** | **Note** | **<br>Transaction<br>Accounting <br>Adjustments** | **Note** | **Pro Forma<br>Combined<br>Company** |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |  |  |  |  |  |
| **Revenues** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental and other property revenues | $104980 | $— | $37827 | $— | $— |  | $— |  | $142807 |
| &nbsp;&nbsp;&nbsp;Property management revenues | 4938 |  |  | 7026 | (3643) | **(a)** |  |  | 8321 |
| &nbsp;&nbsp;&nbsp;Other revenues | 5954 |  |  | 2220 |  |  |  |  | 8174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 115872 |  | 37827 | 9246 | (3643) |  |  |  | 159302 |
| **Operating Expenses** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operations expense | 39356 |  | 17447 | 3800 | (1299) | **(a)** |  |  | 59304 |
| &nbsp;&nbsp;&nbsp;Property management expense | 13594 |  |  |  |  |  |  |  | 13594 |
| &nbsp;&nbsp;&nbsp;Asset management fee | 9137 |  | 2439 | 1424 | (2344) | **(a)** | 263 | **(b)** | 10919 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 42282 |  | 14700 |  |  |  | 10515 | **(c)** | 67497 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 7325 |  | 2004 | 1981 |  |  |  |  | 11310 |
| &nbsp;&nbsp;&nbsp;Impairment loss | 957 |  |  |  |  |  |  |  | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 112651 |  | 36590 | 7205 | (3643) |  | 10778 |  | 163581 |
| Income (loss) from operations | 3221 |  | 1237 | 2041 |  |  | (10778) |  | (4279) |
| &nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated real estate entities | 4415 |  |  |  |  |  | (485) | **(d)** | 3930 |
| &nbsp;&nbsp;&nbsp;Change in fair value of unconsolidated affiliates |  | (25) | (965) | (1038) |  |  | 2028 | **(d)** |  |
| &nbsp;&nbsp;&nbsp;Dividend income from unconsolidated affiliates |  |  | 825 | 182 |  |  | (1007) | **(d)** |  |
| &nbsp;&nbsp;&nbsp;Interest income | 1453 |  |  | 307 |  |  |  |  | 1760 |
| &nbsp;&nbsp;&nbsp;Interest expense | (55101) |  | (10592) |  |  |  | (1001) | **(e)** | (66694) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment | (1732) |  |  |  |  |  |  |  | (1732) |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate assets | 64766 |  |  |  |  |  |  |  | 64766 |
| &nbsp;&nbsp;&nbsp;Gain on legal settlement | 400 |  |  |  |  |  |  |  | 400 |
| &nbsp;&nbsp;&nbsp;Other (expense) income | (10123) |  | (168) | 63 |  |  |  |  | (10228) |
| Income (loss) before income taxes | 7299 | (25) | (9663) | 1555 |  |  | (11243) |  | (12077) |
| &nbsp;&nbsp;&nbsp;Income tax benefit | 1523 |  |  |  |  |  |  |  | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | 8822 | (25) | (9663) | 1555 |  |  | (11243) |  | (10554) |
| Net (income) loss attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |  |
| Limited partners | (5014) |  |  |  |  |  | 12127 | **(f)** | 7113 |
| Partially owned entities | 1184 |  | 321 |  |  |  |  |  | 1505 |
| **Net income (loss) attributable to controlling interests** | 4992 | (25) | (9342) | 1555 |  |  | 884 |  | (1936) |
| Less: preferred stock dividends | 4996 |  |  |  |  |  |  |  | 4996 |
| **Net income (loss) attributable to common stockholders** | $(4.067) | $(25) | $(9342) | $1555 | $— |  | $884 |  | $(6932) |
| Weighted-average common shares outstanding - basic and diluted | 30873016 |  |  |  |  |  | 182605 | **(g)** | 31055621 |
| Net earnings (loss) per common share - basic and diluted | $— |  |  |  |  |  |  |  | $(0.22) |

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<u>[**Table of Contents**](#i27a517a6621d4a3fa7102c7a5d5f1f8b_1)</u>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** | **<br>UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS<br>FOR THE YEAR ENDED DECEMBER 31, 2024 <br>(in thousands, except share and per share data)** |
| | **CCI<br>Historical<br>December 31, 2024** | **RS<br>Historical<br>December 31, 2024** | **RSOP Historical<br> December 31, 2024** | **Contributed Entities Historical<br>December 31, 2024** | **Internalization Transactions Accounting Adjustments** | **Note** | **<br>Transaction<br>Accounting <br>Adjustments** | **Note** | **Pro Forma<br>Combined<br>Company** |
|  | (Audited) | (Audited) | (Audited) | (Audited) |  |  |  |  |  |
| **Revenues** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental and other property revenues | $145749 | $— | $48448 | $— | $— |  | $— |  | $194197 |
| &nbsp;&nbsp;&nbsp;Property management revenues | 8322 |  |  | 12411 | (6180) | **(a)** |  |  | 14553 |
| &nbsp;&nbsp;&nbsp;Other revenues | 4412 |  |  |  |  |  |  |  | 4412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 158483 |  | 48448 | 12411 | (6180) |  |  |  | 213162 |
| **Operating expenses** |  |  |  |  |  |  |  |  | 0 |
| &nbsp;&nbsp;&nbsp;Property operations expense | 56701 |  | 21046 | 5397 | (1692) | **(a)** |  |  | 81452 |
| &nbsp;&nbsp;&nbsp;Property management expense | 17896 |  |  |  |  |  |  |  | 17896 |
| &nbsp;&nbsp;&nbsp;Asset management fee | 12485 |  | 2941 | 1891 | (4283) | **(a)** | 175 | **(b)** | 13209 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65343 |  | 19439 |  |  |  | 11341 | **(c)** | 96123 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 9083 | 1 | 2034 | 4007 |  |  |  |  | 15125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 161508 | 1 | 45460 | 11295 | (5975) |  | 11516 |  | 223805 |
| (Loss) income from operations | (3025) | (1) | 2988 | 1116 | (205) |  | (11516) |  | (10643) |
| &nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated real estate entities | 5761 |  |  |  |  |  | (722) | **(d)** | 5039 |
| &nbsp;&nbsp;&nbsp;Change in fair value of unconsolidated affiliates |  | (10) | (5534) | (81) |  |  | 5625 | **(d)** |  |
| &nbsp;&nbsp;&nbsp;Dividend income from unconsolidated affiliates |  | 120 | 1310 | 309 |  |  | (1739) | **(d)** |  |
| &nbsp;&nbsp;&nbsp;Interest income | 1866 |  |  |  |  |  |  |  | 1866 |
| &nbsp;&nbsp;&nbsp;Interest expense | (83598) |  | (12777) |  |  |  | (1334) | **(e)** | (97709) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment | (2554) |  |  |  |  |  |  |  | (2554) |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate assets | 47311 |  |  |  |  |  |  |  | 47311 |
| &nbsp;&nbsp;&nbsp;Gain on legal settlement | 16020 |  |  |  |  |  |  |  | 16020 |
| &nbsp;&nbsp;&nbsp;Other (expense) income | (2366) |  |  | 37 |  |  |  |  | (2329) |
| (Loss) income before income taxes | (20585) | 109 | (14013) | 1381 | (205) |  | (9686) |  | (42999) |
| &nbsp;&nbsp;&nbsp;Income tax expense | (38) |  |  |  |  |  |  |  | (38) |
| **Net (loss) income** | (20623) | 109 | (14013) | 1381 | (205) |  | (9686) |  | (43037) |
| Net loss (income) attributable to noncontrolling interests: |  |  |  |  |  |  |  |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partners | 10819 |  |  |  |  |  | 6062 | **(f)** | 16881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partially owned entities | (1152) |  | 408 |  |  |  |  |  | (744) |
| **Net (loss) income attributable to controlling interests** | $(10956) | $109 | $(13605) | $1381 | $(205) |  | $(3624) |  | $(26899) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less preferred stock dividends | 2241 |  |  |  |  |  |  |  | 2241 |
| **Net (loss) income attributable to common stockholders** | $(13197) | $109 | $(13605) | $1381 | $(205) |  | $(3624) |  | $(29140) |
|  |  |  |  |  |  |  |  |  | $— |
| Weighted-average common shares outstanding - basic and diluted | 31658678 |  |  |  |  |  | 182605 | **(g)** | 31841283 |
| Net loss per common share - basic and diluted | $(0.42) |  |  |  |  |  |  |  | $(0.92) |

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**NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS**

**As of September 30, 2025**

**NOTE 1—BASIS OF PRO FORMA PRESENTATION**

The Mergers will be accounted for as an asset acquisition under Accounting Standards Codification ("ASC") 805, Business Combinations. In asset acquisitions, the total cost is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Real estate assets and liabilities include land, building, furniture, fixtures and equipment, other personal property, in-place lease intangibles and debt. Transactions costs are included in the total cost allocated.

The allocation of the purchase price reflected in these unaudited pro forma combined financial statements is based upon preliminary estimates of fair value as of the date of the close of the Mergers. Consequently, amounts allocated to the tangible and intangible assets acquired and liabilities assumed could change from those used in the unaudited pro forma combined financial statements and could result in a material change in depreciation and amortization of tangible and intangible assets and liabilities as well as revenues and expenses. The completion of the valuations, the impact of ongoing integration activities, and other changes in tangible and intangible assets and liabilities that occur could cause material differences in the information presented.

The following unaudited pro forma condensed combined financial information has been prepared to illustrate the estimated effects of the Mergers and the Internalization Transactions with respect to CCI. The unaudited pro forma condensed combined financial information has been prepared by CCI in accordance with Article 11 of SEC Regulation S-X. These unaudited pro forma combined financial statements are prepared for informational purposes only and are based on assumptions and estimates considered appropriate by management; however, they are not necessarily indicative of what CCI's consolidated financial condition or results of operations actually would be assuming the Mergers, as applicable, and the Internalization Transactions had been consummated as of the dates previously indicated, nor do they purport to represent the consolidated financial position or results of operations for future periods. These unaudited pro forma combined financial statements do not include the impact of any synergies that may be achieved through the Mergers nor any strategies that management of CCI may consider in order to continue to efficiently manage its operations.

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**NOTE 2—PRELIMINARY PURCHASE PRICE ALLOCATION**

The following table summarizes the fair value of total consideration in the Mergers (in thousands):

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| | |
|:---|:---|
| **Consideration** | **December 18, 2025** |
| CCI Common Stock | $2074 |
| CROP Common Units | 198792 |
| Cash for RSOP Units | 1605 |
| Transaction Costs | 3539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Consideration | $206011 |

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Consideration for the CCI Merger was $2.1 million of CCI Common Stock. Consideration for the Partnership Merger was $198.8 million and $1.6 million in cash. Total transaction costs were $3.5 million. The merger sgreement provides for post-closing adjustments to the 0.8634 exchange ratio should certain events occur.

The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed:

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| | |
|:---|:---|
| | **December 18, 2025** |
| Real estate assets | $471874 |
| Investments in unconsolidated real estate entities | 23507 |
| Intangible assets - other | 4472 |
| Cash and restricted cash | 9380 |
| Other assets | 1629 |
| Mortgage notes | (274941) |
| Accounts payable, accrued expenses and other liabilities | (17502) |
| Noncontrolling interest | (12408) |
|  | 206011 |

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The pro forma adjustments are preliminary and have been made solely for illustrative purposes.

**NOTE 3—PRO FORMA ADJUSTMENTS** 

*Adjustments to the unaudited pro forma balance sheets as of September 30, 2025*

The pro forma adjustments are based on our preliminary estimates and assumptions and are subject to change. The following adjustments have been reflected in the unaudited pro forma combined balance sheets of the Mergers as of September 30, 2025.

(A) To adjust for acquired real estate assets, net, which includes land and land improvements, buildings and improvements, furniture, fixtures, and equipment, and in-place lease intangible assets, to their estimated relative fair values, as of September 30, 2025 as follows (in thousands):

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| | |
|:---|:---|
| | **September 30, 2025** |
| Removal of RSOP's real estate at historical carrying value | $(368761) |
| Estimated fair value of land and land improvements | 56311 |
| Estimated fair value of building and site improvements | 390122 |
| Estimated fair value of other real estate assets | 11211 |
| Estimated fair value of real estate intangible assets | 14231 |
| &nbsp;&nbsp;Adjustment | $103114 |

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In-place leases are capitalized as intangible lease assets. Methods used in determining fair value are similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. Real estate intangible assets primarily include leases in place, which are valued based on current rental rates and the average time necessary to lease a unit.

(B) To adjust for the acquired interest in Autumn Ridge at relative fair value as of September 30, 2025. Autumn Ridge is accounted for as an investment in unconsolidated entities.

(C) To adjust for the removal of investments in unconsolidated affiliates upon the consolidation of the respective Contributed Entities.

(D) To adjust for cash paid in conjunction with the Mergers, including cash paid for RealSource interests, legal fees, lender fees, insurance, taxes and other fees associated with closing.

(E) To adjust for the elimination of various affiliated accounts receivable, accounts payable and investments in unconsolidated affiliates as a result of the Internalization Transaction between RSOP and the Contributed Entities.

(F) To record the fair value of intangible assets acquired and the reclassification cash reserves to restricted cash as follows (in thousands):

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| | |
|:---|:---|
| | **September 30, 2025** |
| Property management and ancillary contracts | $4472 |
| Cash reserves reclassification | (5394) |
| &nbsp;&nbsp;&nbsp;Adjustment | $(922) |

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(G) To adjust assumed mortgages and long term debt, net to their estimated fair value and write-off of unamortized debt issuance costs as of September 30, 2025 (in thousands):

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| | |
|:---|:---|
| | **As of<br>September 30, 2025** |
| Removal of unamortized deferred financing costs | $(7646) |
| Estimated fair value of mortgage notes and long term debt <sup>(1)</sup> | 4003 |
| &nbsp;&nbsp;&nbsp;Adjustment | $(3643) |

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(I) To adjust for changes to equity from pro forma adjustments in the combined statements of operations, issuance of CCI Common Stock and CROP Common Units with the Mergers, and changes in classifications with the capital structure for CCI and CROP post Mergers.

*Adjustments to the unaudited pro forma combined statements of operations for the nine months ended September 30, 2025 and for the year ended December 31, 2024.*

(a) To adjust for the elimination of various affiliated revenues and expenses as a result of the Internalization Transaction between RSOP and the Contributed Entities.

(b) Upon consummation of the Mergers, CC Advisors III, LLC ("CCI Advisor"), which acts as external advisor to CCI and CROP, will reduce the management fee payable to CCI Advisor from an annualized amount equal to 1.5% of adjusted net asset value ("NAV") of CROP to 1.25% of adjusted NAV of CROP, as defined in the advisory agreement to include the value attributable to preferred stock that is convertible into common equity in the calculation of NAV of CROP. The estimated impact as if this fee reduction had been consummated at the beginning of the respective period is as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Year ended<br>December 31, 2024** |
| Asset management fee under prior advisory services contract | $(9137) | $(12485) |
| Asset management fee under amended advisory services contract | 9400 | 12660 |
| &nbsp;&nbsp;&nbsp;Adjustment | $263 | $175 |

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(c) To adjust for the net effect of depreciation and amortization related to the step up in estimated fair value of real estate assets and acquired intangibles from the business combination, using the estimated fair values as of September 30, 2025. Depreciation and amortization expense is calculated using the straight-line method over an estimated useful life of 30 years for buildings, 5-15 years for building improvements, furniture, fixtures and equipment, and 6 months for in place leases. Other acquired intangibles are amortized over 5-15 years.

(d) To eliminate unrealized loss on investment in unconsolidated affiliate and dividend income from investment in unconsolidated affiliates as a result of the Internalization Transaction between RSOP and the Contributed Entities and to account for Autumn Ridge under the equity method of accounting.

(e) To adjust interest expense for amortization related to the mark to market change in debt.

(f) To adjust for changes in net loss (income) attributable to noncontrolling interests as a result of increase of CROP Common Units issued with the Partnership Merger.

(g) Represents CCI Common Stock issued for RS Common Stock.