# EDGAR Filing Document

**Accession Number:** 0001692951
**File Stem:** 0001692951-26-000089
**Filing Date:** 2026-5
**Character Count:** 337022
**Document Hash:** 6a9b228f12edc570eb91854f4458a27f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001692951-26-000089.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001692951-26-000089

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56165
- **FILM NUMBER:** 26969851

**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-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**________________________________**

**FORM 10-Q**

**________________________________**

(Mark one)

🗷**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE TRANSITION PERIOD FROM _________ TO _________**

Commission file number: 000-56165

**________________________________**

![cwlogoa06.gif](cci-20260331_g1.gif)

**Cottonwood Communities, Inc.**

**(Exact name of Registrant as specified in its charter)**

**________________________________**

---

| | |
|:---|:---|
| **Maryland** | **61-1805524** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |

---

**1245 E. Brickyard Road, Suite 250, Salt Lake City, UT 84106**

**(Address of principal executive offices) (Zip code)**

**(801) 278-0700**

**(Registrant's telephone number, including area code)**

**________________________________**

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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 🗷 No ☐

------

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes 🗷 No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-Accelerated filer | 🗷 | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
| 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. | 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. | 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. | ☐ |

---

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No 🗷

As of May 6, 2026, there were 4,527,560 shares of the registrant's Class T common stock, 438,623 shares of the registrant's Class D common stock, 9,345,677 shares of the registrant's Class I common stock, and 16,790,577 shares of the registrant's Class A common stock outstanding.

------

<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** |
| **Table of Contents** | **Table of Contents** | **Table of Contents** | **Table of Contents** |
| PART I | <u>[FINANCIAL INFORMATION](#idf73aa78f8ab4523ad776d1c5576d884_10)</u> | <u>[FINANCIAL INFORMATION](#idf73aa78f8ab4523ad776d1c5576d884_10)</u> |  |
|  | Item 1. | <u>[Financial Statements](#idf73aa78f8ab4523ad776d1c5576d884_13)</u> |  |
|  |  | <u>[Condensed Consolidated Balance Sheets as of](#idf73aa78f8ab4523ad776d1c5576d884_16)[March 31, 202](#idf73aa78f8ab4523ad776d1c5576d884_16)[6](#idf73aa78f8ab4523ad776d1c5576d884_16)[(Unaudited) and December 31, 20](#idf73aa78f8ab4523ad776d1c5576d884_16)[25](#idf73aa78f8ab4523ad776d1c5576d884_16)</u> | <u>[1](#idf73aa78f8ab4523ad776d1c5576d884_16)</u> |
|  |  | <u>[Condensed Consolidated Statements of Operations for the Three](#idf73aa78f8ab4523ad776d1c5576d884_19)[Months Ended](#idf73aa78f8ab4523ad776d1c5576d884_19)[March 31, 2026](#idf73aa78f8ab4523ad776d1c5576d884_19)[and 202](#idf73aa78f8ab4523ad776d1c5576d884_19)[5](#idf73aa78f8ab4523ad776d1c5576d884_19)[(Unaudited)](#idf73aa78f8ab4523ad776d1c5576d884_19)</u> | <u>[2](#idf73aa78f8ab4523ad776d1c5576d884_19)</u> |
|  |  | <u>[Condensed Consolidated Statements of Stockholders' Equity for the Three](#idf73aa78f8ab4523ad776d1c5576d884_22)[Months Ended](#idf73aa78f8ab4523ad776d1c5576d884_22)[March 31, 2026](#idf73aa78f8ab4523ad776d1c5576d884_22)[and 202](#idf73aa78f8ab4523ad776d1c5576d884_22)[5](#idf73aa78f8ab4523ad776d1c5576d884_22)[(Unaudited)](#idf73aa78f8ab4523ad776d1c5576d884_22)</u> | <u>[3](#idf73aa78f8ab4523ad776d1c5576d884_22)</u> |
|  |  | <u>[Condensed Consolidated Statements of Cash Flows for the](#idf73aa78f8ab4523ad776d1c5576d884_25)[Three](#idf73aa78f8ab4523ad776d1c5576d884_25)[Months Ended](#idf73aa78f8ab4523ad776d1c5576d884_25)[March 31](#idf73aa78f8ab4523ad776d1c5576d884_25)[, 202](#idf73aa78f8ab4523ad776d1c5576d884_25)[6](#idf73aa78f8ab4523ad776d1c5576d884_25)[and 202](#idf73aa78f8ab4523ad776d1c5576d884_25)[5](#idf73aa78f8ab4523ad776d1c5576d884_25)[(Unaudited)](#idf73aa78f8ab4523ad776d1c5576d884_25)</u> | <u>[5](#idf73aa78f8ab4523ad776d1c5576d884_25)</u> |
|  |  | <u>[Notes to Condensed Consolidated Financial Statements (Unaudited)](#idf73aa78f8ab4523ad776d1c5576d884_28)</u> | <u>[8](#idf73aa78f8ab4523ad776d1c5576d884_28)</u> |
|  | Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#idf73aa78f8ab4523ad776d1c5576d884_82)</u> | <u>[23](#idf73aa78f8ab4523ad776d1c5576d884_82)</u> |
|  | Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#idf73aa78f8ab4523ad776d1c5576d884_127)</u> | <u>[38](#idf73aa78f8ab4523ad776d1c5576d884_127)</u> |
|  | Item 4. | <u>[Controls and Procedures](#idf73aa78f8ab4523ad776d1c5576d884_130)</u> | <u>[38](#idf73aa78f8ab4523ad776d1c5576d884_130)</u> |
| PART II | <u>[OTHER INFORMATION](#idf73aa78f8ab4523ad776d1c5576d884_133)</u> | <u>[OTHER INFORMATION](#idf73aa78f8ab4523ad776d1c5576d884_133)</u> |  |
|  | Item 1. | <u>[Legal Proceedings](#idf73aa78f8ab4523ad776d1c5576d884_136)</u> | <u>[40](#idf73aa78f8ab4523ad776d1c5576d884_136)</u> |
|  | Item 1A. | <u>[Risk Factors](#idf73aa78f8ab4523ad776d1c5576d884_139)</u> | <u>[40](#idf73aa78f8ab4523ad776d1c5576d884_139)</u> |
|  | Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#idf73aa78f8ab4523ad776d1c5576d884_142)</u> | <u>[41](#idf73aa78f8ab4523ad776d1c5576d884_142)</u> |
|  | Item 3. | <u>[Defaults Upon Senior Securities](#idf73aa78f8ab4523ad776d1c5576d884_145)</u> | <u>[43](#idf73aa78f8ab4523ad776d1c5576d884_145)</u> |
|  | Item 4. | <u>[Mine Safety Disclosures](#idf73aa78f8ab4523ad776d1c5576d884_148)</u> | <u>[43](#idf73aa78f8ab4523ad776d1c5576d884_148)</u> |
|  | Item 5. | <u>[Other Information](#idf73aa78f8ab4523ad776d1c5576d884_151)</u> | <u>[43](#idf73aa78f8ab4523ad776d1c5576d884_151)</u> |
|  | Item 6. | <u>[Exhibits](#idf73aa78f8ab4523ad776d1c5576d884_154)</u> | <u>[44](#idf73aa78f8ab4523ad776d1c5576d884_154)</u> |
|  | <u>[Signatures](#idf73aa78f8ab4523ad776d1c5576d884_157)</u> |  | <u>[46](#idf73aa78f8ab4523ad776d1c5576d884_157)</u> |

---

------

<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

---

| | | |
|:---|:---|:---|
| **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** |
| **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** |
| (in thousands, except share and per share data) | (in thousands, except share and per share data) | (in thousands, except share and per share data) |
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;Real estate assets, net | $1840615 | $1887725 |
| &nbsp;&nbsp;&nbsp;Investments in unconsolidated real estate entities | 143027 | 144939 |
| &nbsp;&nbsp;&nbsp;Investments in real estate-related loans, net | 42953 | 42730 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 42149 | 39454 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 45218 | 28362 |
| &nbsp;&nbsp;&nbsp;Other assets | 47720 | 47256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2161682 | $2190466 |
| **Liabilities, Equity, and Noncontrolling Interests** |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage notes and revolving credit facility, net | $1211623 | $1246637 |
| &nbsp;&nbsp;&nbsp;Construction loans, net | 22714 | 16836 |
| &nbsp;&nbsp;&nbsp;Land loans, net | 15615 | 19211 |
| &nbsp;&nbsp;&nbsp;Preferred stock, net | 205781 | 198567 |
| &nbsp;&nbsp;&nbsp;Unsecured promissory notes, net | 14713 | 9595 |
| &nbsp;&nbsp;&nbsp;Related party payables | 2762 | 2865 |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 67595 | 72579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1540803 | 1566290 |
| Commitments and contingencies (Note 13) |  |  |
| Equity and noncontrolling interests |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;Series A Convertible Preferred Stock, $0.01 par value, 15,000,000 shares authorized at $10.00 per share; 12,888,268 and 11,982,475 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. | 112973 | 105851 |
| &nbsp;&nbsp;Common stock, Class T shares, $0.01 par value, 275,000,000 shares authorized; 4,536,596 and 4,128,149 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. | 45 | 41 |
| &nbsp;&nbsp;Common stock, Class D shares, $0.01 par value, 275,000,000 shares authorized; 437,225 and 433,710 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. | 4 | 4 |
| &nbsp;&nbsp;Common stock, Class I shares, $0.01 par value, 275,000,000 shares authorized; 8,214,276 and 7,149,167 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. | 83 | 72 |
| &nbsp;&nbsp;Common stock, Class A shares, $0.01 par value, 125,000,000 shares authorized; 16,956,756 and 17,547,698 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. | 163 | 169 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 410062 | 402956 |
| &nbsp;&nbsp;&nbsp;Accumulated distributions - Series A Convertible Preferred | (11994) | (9526) |
| &nbsp;&nbsp;&nbsp;Accumulated distributions - common stock | (111250) | (106199) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (114799) | (110561) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 285287 | 282807 |
| Noncontrolling interests |  |  |
| &nbsp;&nbsp;Limited partners | 281759 | 294437 |
| &nbsp;&nbsp;Partially owned entities | 53833 | 46932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncontrolling interests | 335592 | 341369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity and noncontrolling interests | 620879 | 624176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, equity and noncontrolling interests | $2161682 | $2190466 |
| *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* |

---

Note: The condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 include assets of consolidated variable interest entities, or VIEs of $909.3 million and $912.1 million, respectively, and liabilities of $641.7 million and $642.2 million, respectively. Refer to <u>[Note 11](#idf73aa78f8ab4523ad776d1c5576d884_61)</u> for additional discussion of our VIEs.

------

<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

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| | | |
|:---|:---|:---|
| **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** |
| **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** |
| (Unaudited) | (Unaudited) | (Unaudited) |
| (in thousands, except share and per share data) | (in thousands, except share and per share data) | (in thousands, except share and per share data) |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Rental and other property revenues | $43553 | $37308 |
| &nbsp;&nbsp;&nbsp;Property management revenues | 1596 | 1792 |
| &nbsp;&nbsp;&nbsp;Other revenues | 2376 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 47525 | 40666 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Property operations expense | 19460 | 13582 |
| &nbsp;&nbsp;&nbsp;Property management expense | 4460 | 4582 |
| &nbsp;&nbsp;&nbsp;Asset management fee | 3201 | 3091 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24772 | 14950 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 2829 | 2559 |
| &nbsp;&nbsp;&nbsp;Impairment loss |  | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 54722 | 39721 |
| (Loss) income from operations | (7197) | 945 |
| &nbsp;&nbsp;&nbsp;Equity in (losses) earnings of unconsolidated real estate entities | (1591) | 1369 |
| &nbsp;&nbsp;&nbsp;Interest income | 137 | 334 |
| &nbsp;&nbsp;&nbsp;Interest expense | (19206) | (20047) |
| &nbsp;&nbsp;Loss on debt extinguishment | (198) | (98) |
| &nbsp;&nbsp;Gain on sale of real estate assets | 15759 | 7932 |
| &nbsp;&nbsp;Gain on legal settlement |  | 400 |
| &nbsp;&nbsp;Other expense | (154) | (3974) |
| Loss before income taxes | (12450) | (13139) |
| Income tax benefit | 220 | 125 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Net loss** | (12230) | (13014) |
| Net loss attributable to noncontrolling interests: |  |  |
| &nbsp;&nbsp;Limited partners | 6893 | 6405 |
| &nbsp;&nbsp;Partially owned entities | 1099 | 336 |
| **Net loss attributable to controlling interests** | (4238) | (6273) |
| &nbsp;&nbsp;Less: preferred stock dividends | 2467 | 1333 |
| **Net loss attributable to common stockholders** | $(6705) | $(7606) |
| Weighted-average common shares outstanding - basic and diluted | 30336098 | 31543589 |
| Net loss per common share - basic and diluted | $(0.22) | $(0.24) |
| *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* |

---

------

<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** |
| **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** | **Condensed Consolidated Statements of Stockholders' Equity** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  |  | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Noncontrolling interests** | **Noncontrolling interests** |  |
|  | **Series A Convertible Preferred Stock** | **Par Value - Common Stock** | **Par Value - Common Stock** | **Par Value - Common Stock** | **Par Value - Common Stock** | **Additional Paid-In Capital** | **Accumulated Distributions** | **Accumulated Distributions** | **Accumulated Deficit** | **Total Stockholders' Equity** | **Limited Partners** | **Partially Owned Entities** | **Total Equity and Noncontrolling Interests** |
|  | **Series A Convertible Preferred Stock** | **Class T** | **Class D** | **Class I** | **Class A** | **Additional Paid-In Capital** | **Convertible Preferred** | **Common Stock** | **Accumulated Deficit** | **Total Stockholders' Equity** | **Limited Partners** | **Partially Owned Entities** | **Total Equity and Noncontrolling Interests** |
| **Balance at January 1, 2026** | $105851 | $41 | $4 | $72 | $169 | $402956 | $(9526) | $(106199) | $(110561) | $282807 | $294437 | $46932 | $624176 |
| &nbsp;&nbsp;Issuance of Series A Convertible Preferred Stock | 15944 |  |  |  |  |  |  |  |  | 15944 |  |  | 15944 |
| &nbsp;&nbsp;Offering Costs - Series A Convertible Preferred Stock | (1309) |  |  |  |  |  |  |  |  | (1309) |  |  | (1309) |
| &nbsp;&nbsp;Issuance of common stock |  | 6 |  | 6 |  | 13596 |  |  |  | 13608 |  |  | 13608 |
| &nbsp;&nbsp;Offering costs - common stock |  |  |  |  |  | (1632) |  |  |  | (1632) |  |  | (1632) |
| &nbsp;&nbsp;Distribution reinvestment |  |  |  |  |  | 825 |  |  |  | 825 |  |  | 825 |
| &nbsp;&nbsp;Common stock/OP Units repurchased |  | (2) |  | (2) | (6) | (12079) |  |  |  | (12089) | (957) |  | (13046) |
| &nbsp;&nbsp;Exchanges and transfers | (7513) |  |  | 7 |  | 7563 |  |  |  | 57 | (57) |  |  |
| &nbsp;&nbsp;Issuance of OP Units |  |  |  |  |  |  |  |  |  |  | 1525 |  | 1525 |
| &nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  |  | 108 |  |  |  | 108 | 175 | 8417 | 8700 |
| &nbsp;&nbsp;Share-based compensation |  |  |  |  |  | 111 |  |  |  | 111 | 545 |  | 656 |
| &nbsp;&nbsp;Other offering costs |  |  |  |  |  |  |  |  |  |  |  | (236) | (236) |
| &nbsp;&nbsp;Distributions to investors |  |  |  |  |  |  | (2468) | (5051) |  | (7519) | (8402) | (181) | (16102) |
| &nbsp;&nbsp;Net loss |  |  |  |  |  |  |  |  | (4238) | (4238) | (6893) | (1099) | (12230) |
| &nbsp;&nbsp;Reallocation of stockholders' equity and noncontrolling interests |  |  |  |  |  | (1386) |  |  |  | (1386) | 1386 |  |  |
| **Balance at March 31, 2026** | $112973 | $45 | $4 | $83 | $163 | $410062 | $(11994) | $(111250) | $(114799) | $285287 | $281759 | $53833 | $620879 |

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------

<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** |
| **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** | **Condensed Consolidated Statements of Stockholders' Equity (Continued)** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  |  | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Cottonwood Communities, Inc. Stockholders' Equity** | **Noncontrolling interests** | **Noncontrolling interests** |  |
|  | **Series A Convertible Preferred Stock** | **Par Value - Common Stock** | **Par Value - Common Stock** | **Par Value - Common Stock** | **Par Value - Common Stock** | **Additional Paid-In Capital** | **Accumulated Distributions** | **Accumulated Distributions** | **Accumulated Deficit** | **Total Stockholders' Equity** | **Limited Partners** | **Partially Owned Entities** | **Total Equity and Noncontrolling Interests** |
|  | **Series A Convertible Preferred Stock** | **Class T** | **Class D** | **Class I** | **Class A** | **Additional Paid-In Capital** | **Convertible Preferred** | **Common Stock** | **Accumulated Deficit** | **Total Stockholders' Equity** | **Limited Partners** | **Partially Owned Entities** | **Total Equity and Noncontrolling Interests** |
| **Balance at January 1, 2025** | $50668 | $43 | $4 | $62 | $197 | $372611 | $(2255) | $(84797) | $(105717) | $230816 | $186032 | $28081 | $444929 |
| &nbsp;&nbsp;Issuance of Series A Convertible Preferred Stock | 19899 |  |  |  |  |  |  |  |  | 19899 |  |  | 19899 |
| &nbsp;&nbsp;Offering Costs - Series A Convertible Preferred Stock | (1621) |  |  |  |  |  |  |  |  | (1621) |  |  | (1621) |
| &nbsp;&nbsp;Series A Convertible Preferred Stock repurchased | (450) |  |  |  |  |  |  |  |  | (450) |  |  | (450) |
| &nbsp;&nbsp;Issuance of common stock |  | 1 |  | 5 |  | 7660 |  |  |  | 7666 |  |  | 7666 |
| &nbsp;&nbsp;Offering costs - common stock |  |  |  |  |  | (489) |  |  |  | (489) |  |  | (489) |
| &nbsp;&nbsp;Distribution reinvestment |  |  |  |  |  | 871 |  |  |  | 871 |  |  | 871 |
| &nbsp;&nbsp;Common stock/OP Units repurchased |  | (1) |  | (2) | (7) | (11758) |  |  |  | (11768) | (90) |  | (11858) |
| &nbsp;&nbsp;Exchanges and transfers |  |  |  | 1 |  | 1792 |  |  |  | 1793 | (1793) |  |  |
| &nbsp;&nbsp;Share-based compensation |  |  |  |  |  | 93 |  |  |  | 93 | 949 |  | 1042 |
| &nbsp;&nbsp;Distributions to investors |  |  |  |  |  |  | (1333) | (5648) |  | (6981) | (5893) | (93) | (12967) |
| &nbsp;&nbsp;Net loss |  |  |  |  |  |  |  |  | (6273) | (6273) | (6405) | (336) | (13014) |
| &nbsp;&nbsp;Reallocation of stockholders' equity and noncontrolling interests |  |  |  |  |  | 782 |  |  |  | 782 | (782) |  |  |
| **Balance at March 31, 2025** | $68496 | $43 | $4 | $66 | $190 | $371562 | $(3588) | $(90445) | $(111990) | $234338 | $172018 | $27652 | $434008 |
| *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* |  |  |  |

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------

<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

---

| | | |
|:---|:---|:---|
| **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** |
| **Condensed Consolidated Statements of Cash Flows** | **Condensed Consolidated Statements of Cash Flows** | **Condensed Consolidated Statements of Cash Flows** |
| (in thousands) | (in thousands) | (in thousands) |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(12230) | $(13014) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24772 | 14950 |
| &nbsp;&nbsp;Gain on sale of real estate assets | (15759) | (7932) |
| &nbsp;&nbsp;Gain on legal settlement |  | (400) |
| &nbsp;&nbsp;Share-based compensation | 656 | 1042 |
| &nbsp;&nbsp;Deferred taxes | (220) | (126) |
| &nbsp;&nbsp;Amortization of debt issuance costs, discounts and premiums | 1946 | 1881 |
| &nbsp;&nbsp;Derivative fair value adjustments | 103 | 690 |
| &nbsp;&nbsp;Loss on debt extinguishment | 198 | 98 |
| &nbsp;&nbsp;Impairment loss |  | 957 |
| &nbsp;&nbsp;Other operating | (303) | (46) |
| &nbsp;&nbsp;Equity in losses (earnings) of unconsolidated real estate entities | 1591 | (1369) |
| &nbsp;&nbsp;Distributions from unconsolidated real estate entities - return on capital | 605 | 570 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | (413) | 474 |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | (2158) | (3238) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1212) | (5463) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of real estate assets, net | 54512 | 83414 |
| &nbsp;&nbsp;&nbsp;Promissory note to buyer of real estate assets |  | (7000) |
| &nbsp;&nbsp;&nbsp;Capital expenditures and development activities | (10215) | (12931) |
| &nbsp;&nbsp;Contributions to investments in real estate-related loans |  | (27) |
| &nbsp;&nbsp;Proceeds from settlement of investments in real estate-related loans | 44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 44341 | 63456 |

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------

<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

---

| | | |
|:---|:---|:---|
| **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** |
| **Condensed Consolidated Statements of Cash Flows (Continued)** | **Condensed Consolidated Statements of Cash Flows (Continued)** | **Condensed Consolidated Statements of Cash Flows (Continued)** |
| (Unaudited) | (Unaudited) | (Unaudited) |
| (in thousands) | (in thousands) | (in thousands) |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Principal payments on mortgage notes | (605) | (119) |
| &nbsp;&nbsp;Repayments on revolving credit facility |  | (50000) |
| &nbsp;&nbsp;Repayments of mortgage notes | (35430) | (46072) |
| &nbsp;&nbsp;Borrowings from construction loans | 5572 |  |
| &nbsp;&nbsp;Borrowings under land loans |  | 19240 |
| &nbsp;&nbsp;Repayments on land loans | (3625) |  |
| &nbsp;&nbsp;Deferred financing costs on land loans |  | (222) |
| &nbsp;&nbsp;Proceeds from issuance of preferred stock | 7482 | 8013 |
| &nbsp;&nbsp;Redemption of preferred stock | (639) | (619) |
| &nbsp;&nbsp;Offering costs paid on issuance of preferred stock | (767) | (893) |
| &nbsp;&nbsp;Proceeds from issuance of unsecured promissory notes | 5430 |  |
| &nbsp;&nbsp;Offering costs paid on issuance of unsecured notes | (359) |  |
| &nbsp;&nbsp;Repurchase of unsecured promissory notes |  | (643) |
| &nbsp;&nbsp;Proceeds from issuance of Series A Convertible Preferred Stock | 14462 | 19652 |
| &nbsp;&nbsp;Offering costs paid on issuance of Series A Convertible Preferred Stock | (1328) | (1639) |
| &nbsp;&nbsp;Repurchase of Series A Convertible Preferred Stock |  | (450) |
| &nbsp;&nbsp;Proceeds from issuance of common stock | 13557 | 7666 |
| &nbsp;&nbsp;Offering costs paid on issuance of common stock | (1416) | (518) |
| &nbsp;&nbsp;Repurchase of common stock/OP Units | (13111) | (11043) |
| &nbsp;&nbsp;Contributions from noncontrolling interests | 2580 |  |
| &nbsp;&nbsp;Distributions to convertible preferred stockholders | (2401) | (1193) |
| &nbsp;&nbsp;Distributions to common stockholders | (4179) | (4778) |
| &nbsp;&nbsp;Distributions to noncontrolling interests - limited partners | (8383) | (5894) |
| &nbsp;&nbsp;Distributions to noncontrolling interests - partially owned entities | (181) | (94) |
| &nbsp;&nbsp;Other financing activities | (237) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (23578) | (69606) |
| **Net increase (decrease) in cash and cash equivalents and restricted cash** | 19551 | (11613) |
| Cash and cash equivalents and restricted cash, beginning of period | 67816 | 93437 |
| Cash and cash equivalents and restricted cash, end of period | $87367 | $81824 |
| **Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $42149 | $52866 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 45218 | 28958 |
| Total cash and cash equivalents and restricted cash | $87367 | $81824 |

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

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| | | |
|:---|:---|:---|
| **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** | **Cottonwood Communities, Inc.** |
| **Condensed Consolidated Statements of Cash Flows (Continued)** | **Condensed Consolidated Statements of Cash Flows (Continued)** | **Condensed Consolidated Statements of Cash Flows (Continued)** |
| (Unaudited) | (Unaudited) | (Unaudited) |
| (in thousands) | (in thousands) | (in thousands) |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;Cash paid for interest | $18012 | $19992 |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;Changes in accrued deferred offering costs | $227 | $(43) |
| &nbsp;&nbsp;Distributions reinvested in common stock | 825 | 871 |
| &nbsp;&nbsp;Changes in accrued capital expenditures | 725 | (2233) |
| &nbsp;&nbsp;Paid-in-kind interest related to construction | 350 |  |
| &nbsp;&nbsp;Changes in accrued redemptions | (306) | 370 |
| *Cottonwood on 6th Consolidation* |  |  |
| &nbsp;&nbsp;Real estate assets | 6120 |  |
| &nbsp;&nbsp;Noncontrolling interest | (6120) |  |
| *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* | *See accompanying notes to condensed consolidated financial statements* |

---

------

**Cottonwood Communities, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**1. Organization and Business**

Cottonwood Communities, Inc. ("CCI," the "Company," "we," "us," or "our") invests in a diverse portfolio of multifamily apartment communities and multifamily real estate-related assets throughout the United States. We are externally managed by our advisor, CC Advisors III, LLC ("CC Advisors III"), a wholly owned subsidiary of our sponsor, Cottonwood Communities Advisors, LLC ("CCA"). We were incorporated in Maryland in 2016. We own all of our assets through our operating partnership, Cottonwood Residential O.P., LP ("CROP"), and its subsidiaries. We are the sole member of Cottonwood Communities GP Subsidiary, LLC, the sole general partner of CROP ("CCGP") and own general partner interests in CROP alongside third-party limited partners.

We are a non-listed, perpetual-life, net asset value ("NAV"), real estate investment trust ("REIT"). We qualified as a REIT for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2019. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT.

As a perpetual-life REIT, we intend to offer common stock through public offerings that do not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. Our current offering, which commenced November 4, 2025, is for $675.0 million of shares of common stock in a primary offering and $75.0 million under our distribution reinvestment plan ("DRP"). As of March 31, 2026, we have raised gross proceeds of $402.9 million from all our public offerings, including $12.1 million in proceeds through our DRP.

Since November 2019, we have periodically conducted private placement offerings exempt from registration under the Securities Act pursuant to which we have offered for sale to accredited investors preferred stock at a purchase price of $10.00 per share of preferred stock (the "Private Offerings"). As of March 31, 2026, we have raised gross proceeds of $412.4 million from the Private Offerings. Additional information about our preferred stock is included in <u>[Note 8](#idf73aa78f8ab4523ad776d1c5576d884_52)</u> for preferred stock accounted for as liabilities and <u>[Note 9](#idf73aa78f8ab4523ad776d1c5576d884_55)</u> for preferred stock accounted for as equity.

In addition, we have a program through our taxable REIT subsidiary (the "DST Program"), to sell beneficial interests ("DST Interests") in Delaware statutory trusts ("DSTs") holding real properties to accredited investors through private placement offerings exempt from registration under the Securities Act. We commenced our first offering of DST Interests in Cottonwood Riverfront DST, a DST holding 805 Riverfront, in the third quarter of 2025. Our ownership interest in 805 Riverfront will decline as we raise proceeds in this DST offering. As of March 31, 2026, $14.0 million of DST Interests had been sold.

We own and operate a diverse portfolio of investments in multifamily apartment communities located in targeted markets throughout the United States. As of March 31, 2026, our portfolio consists of ownership interests or structured investment interests in 44 multifamily apartment communities with a total of 12,516 units, including 198 units in one multifamily apartment community under construction and another 1,545 units in seven multifamily apartment communities in which we have a structured investment interest. In addition, we have an ownership interest in five land sites.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies**

*Basis of Presentation*

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and pursuant to the rules and regulations of the SEC for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. The condensed consolidated balance sheet as of December 31, 2025 has been derived from our audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.

In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1692951/000169295126000055/cci-20251231.htm)</u> for the period ending December 31, 2025 filed with the SEC. As our comprehensive income is equivalent to net income, our accompanying condensed consolidated financial statements do not include a Statement of Other Comprehensive Income.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

The accompanying condensed consolidated financial statements include our accounts and the accounts of our subsidiaries for which we have a controlling interest. All intercompany balances and transactions have been eliminated in consolidation.

Certain amounts in the prior year condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Assets, Net**

The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Land | $279575 | $280011 |
| Buildings and improvements | 1578846 | 1617134 |
| Furniture, fixtures and equipment | 71770 | 72834 |
| Intangible assets | 48174 | 49348 |
| Construction in progress <sup>(1)</sup> | 98023 | 89184 |
|  | 2076388 | 2108511 |
| Less: Accumulated depreciation and amortization | (235773) | (220786) |
| Real estate assets, net | $1840615 | $1887725 |
| <sup>(1)</sup> Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our operating properties. | <sup>(1)</sup> Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our operating properties. | <sup>(1)</sup> Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our operating properties. |

---

*Cottonwood Apartments Sale*

On February 6, 2026, we completed the sale of a 99.9% interest in Cottonwood Apartments for gross proceeds of $57.7 million. We reserved net proceeds of $20.8 million for a potential Section 1031 exchange and recognized a gain of $15.8 million.

*Cottonwood on 6th*

Cottonwood on 6th (formerly "Western Gardens") is an early-stage multifamily development project in Salt Lake City, Utah, partially owned by affiliates of certain of our executive officers. In January 2026, we consolidated the project upon becoming the primary beneficiary after becoming the manager of the owning entity and obtaining rights to a promoted interest, subject to specified performance hurdles.

To fund development, we plan to sponsor an offering of up to $21.1 million. In the interim, we have provided a promissory note of up to $21.1 million to finance the project during the capital raise. As of March 31, 2026, $2.4 million had been advanced under the note and is expected to be repaid from the offering proceeds. We will provide development and property management services, guarantee the related construction loan, and may permit additional investments by our executive officers and/or CROP. CROP or its affiliates will earn customary fees for these services; such fees and the interim note are eliminated in consolidation.

As of March 31, 2026, we had $8.4 million of capitalized development costs on the condensed consolidated balance sheet, along with $6.1 million of noncontrolling interests related to the project.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

**4.&nbsp;&nbsp;&nbsp;&nbsp;Investments in Unconsolidated Real Estate Entities**

Our investments in unconsolidated real estate entities consist of ownership interests in operating properties and preferred equity investments as follows as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Balance at** | **Balance at** |
|<br>**Property / Development** |<br>**Location** |<br>**% Owned** | **March 31, 2026** | **December 31, 2025** |
| *Operating Properties* |  |  |  |  |
| &nbsp;&nbsp;Cottonwood Bayview <sup>(1)</sup> | St. Petersburg, FL | 71.0% | $7951 | $8377 |
| &nbsp;&nbsp;Toscana at Valley Ridge <sup>(1)</sup> | Lewisville, TX | 58.6% | 5069 | 5298 |
| &nbsp;&nbsp;Fox Point <sup>(1)</sup> | Salt Lake City, UT | 52.8% | 11479 | 11775 |
| &nbsp;&nbsp;The Marq Highland Park <sup>(1)</sup> | Tampa, FL | 74.1% | 19466 | 19860 |
| &nbsp;&nbsp;Autumn Ridge <sup>(1)</sup> | Raleigh, NC | 92.4% | 22627 | 23259 |
| *Preferred Equity Investments* |  |  |  |  |
| &nbsp;&nbsp;417 Callowhill <sup>(2)</sup> | Philadelphia, PA |  | 43970 | 44752 |
| &nbsp;&nbsp;Infield <sup>(2)</sup> | Kissimmee, FL |  | 21236 | 20389 |
| *Other Investments* |  |  |  |  |
| &nbsp;&nbsp;Regenerant Venture | Various |  | 10987 | 10987 |
| &nbsp;&nbsp;Other |  |  | 242 | 242 |
| **Total** |  |  | $143027 | $144939 |
| <sup>(1)</sup> We account for our tenant in common interests in these properties as equity method investments. | <sup>(1)</sup> We account for our tenant in common interests in these properties as equity method investments. | <sup>(1)</sup> We account for our tenant in common interests in these properties as equity method investments. | <sup>(1)</sup> We account for our tenant in common interests in these properties as equity method investments. | <sup>(1)</sup> We account for our tenant in common interests in these properties as equity method investments. |
| <sup>(2)</sup> As of March 31, 2026, we have fully funded our commitments on both 417 Callowhill and Infield. | <sup>(2)</sup> As of March 31, 2026, we have fully funded our commitments on both 417 Callowhill and Infield. | <sup>(2)</sup> As of March 31, 2026, we have fully funded our commitments on both 417 Callowhill and Infield. | <sup>(2)</sup> As of March 31, 2026, we have fully funded our commitments on both 417 Callowhill and Infield. | <sup>(2)</sup> As of March 31, 2026, we have fully funded our commitments on both 417 Callowhill and Infield. |

---

Our proportionate share of losses from unconsolidated operating properties for the three months ended March 31, 2026 and 2025 were $1.7 million and $0.7 million, respectively. These amounts are included in equity in (losses) earnings of unconsolidated real estate entities in the condensed consolidated statements of operations.

Certain investments have liquidation rights and priorities that are different from ownership percentages. For these investments, the hypothetical liquidation book value ("HLBV") method was used to calculate equity in earnings. Under this method, equity in earnings or losses is based on changes in the amounts that would be received if the investee liquidated its assets at GAAP carrying values and distributed the proceeds in accordance with the governing agreements. The HLBV method is a balance sheet focused approach commonly applied to equity method investments where cash distributions are not aligned with ownership percentages.

Equity in earnings recorded under the HLBV method for our preferred equity investments for the three months ended March 31, 2026 and 2025 were $0.1 million and $2.1 million, respectively.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

**5.&nbsp;&nbsp;&nbsp;&nbsp;Investments in Real Estate-Related Loans**

Our investments in real estate-related loans consist of the following mezzanine loans as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Property Name** |<br>**Loan Type** |<br>**Fixed Interest Rate** |<br>**Maturity Date** | **Amortized Cost** | **Allowance for Credit Losses** | **Carrying Value** | **Amortized Cost** | **Allowance for Credit Losses** | **Carrying Value** |
| 2215 Hollywood <sup>(1)</sup> | Mezzanine | 14.5% | April 14, 2026 | $10045 | $— | $10045 | $10045 | $(9) | $10036 |
| Monrovia Station <sup>(2)</sup> | Mezzanine | 16.5% | July 18, 2027 | 20150 | (63) | 20087 | 20150 | (76) | 20074 |
| Prospect on Central <sup>(3)</sup> | Mezzanine | 15.0% | May 8, 2027 | 4490 | (22) | 4468 | 4299 | (27) | 4272 |
| Bowline <sup>(4)</sup> | Mezzanine | 14.8% | May 20, 2029 | 8418 | (65) | 8353 | 8418 | (70) | 8348 |
| **Total** |  |  |  | $43103 | $(150) | $42953 | $42912 | $(182) | $42730 |
| <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. | <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. | <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. | <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. | <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. | <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. | <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. | <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. | <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. | <sup>(1)</sup> The 2215 Hollywood loan was originated in April 2023 and has one 12-month extension option. |
| <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  | <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  | <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  | <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  | <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  | <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  | <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  | <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  | <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  | <sup>(2)</sup> The Monrovia Station loan was originated in July 2023 and has two 12-month extension options.  |
| <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. | <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. | <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. | <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. | <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. | <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. | <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. | <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. | <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. | <sup>(3)</sup> The Prospect on Central loan was originated in April 2025 and has two 12-month extension options. As of March 31, 2026, carrying value includes $0.6 million of unamortized discount. |
| <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. | <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. | <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. | <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. | <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. | <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. | <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. | <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. | <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. | <sup>(4)</sup> The Bowline loan was originated in May 2025 and has two 12-month extension options. |

---

We elected not to measure an allowance for credit losses on accrued interest receivable due to our policy of writing off uncollectible accrued interest receivable balances in a timely manner. As of March 31, 2026 and December 31, 2025, interest receivable of $15.0 million and $13.0 million, respectively, is included within other assets on the condensed consolidated balance sheets and is excluded from the carrying value of investments in real estate-related loans.

**6.&nbsp;&nbsp;&nbsp;&nbsp;Debt**

*Mortgage Notes and Revolving Credit Facility*

The following table is a summary of the mortgage notes and revolving credit facility secured by our properties as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Weighted-Average Interest Rate** | **Weighted-Average Remaining Term** <sup>(1)</sup> | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
|<br>**Indebtedness** | **Weighted-Average Interest Rate** | **Weighted-Average Remaining Term** <sup>(1)</sup> | **March 31, 2026** | **December 31, 2025** |
| *Fixed rate loans* |  |  |  |  |
| &nbsp;&nbsp;Fixed rate mortgages | 4.5% | 3.3 Years | $1084313 | $1084660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed rate loans |  |  | 1084313 | 1084660 |
| *Variable rate loans* <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Floating rate mortgages | &nbsp;&nbsp;&nbsp;&nbsp; 5.6% <sup>(3)</sup> | 4.8 Years | 130909 | 166598 |
| &nbsp;&nbsp;Variable rate revolving credit facility | 6.3% | 1.7 Years | 6000 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total variable rate loans |  |  | 136909 | 172598 |
| Total secured loans |  |  | 1221222 | 1257258 |
| Unamortized debt issuance costs and discounts |  |  | (1847) | (2429) |
| Premium on assumed debt, net |  |  | (7752) | (8192) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes and revolving credit facility, net |  |  | $1211623 | $1246637 |
| <sup>(1)</sup> For loans where we have the ability to exercise extension options at our own discretion, subject to certain debt service coverage ratio, loan to cost or debt yield requirements, the maximum maturity date has been assumed. | <sup>(1)</sup> For loans where we have the ability to exercise extension options at our own discretion, subject to certain debt service coverage ratio, loan to cost or debt yield requirements, the maximum maturity date has been assumed. | <sup>(1)</sup> For loans where we have the ability to exercise extension options at our own discretion, subject to certain debt service coverage ratio, loan to cost or debt yield requirements, the maximum maturity date has been assumed. | <sup>(1)</sup> For loans where we have the ability to exercise extension options at our own discretion, subject to certain debt service coverage ratio, loan to cost or debt yield requirements, the maximum maturity date has been assumed. | <sup>(1)</sup> For loans where we have the ability to exercise extension options at our own discretion, subject to certain debt service coverage ratio, loan to cost or debt yield requirements, the maximum maturity date has been assumed. |
| <sup>(2)</sup> The interest rates of our variable rate loans are based on 30-Day Average SOFR or one-month SOFR (CME Term). | <sup>(2)</sup> The interest rates of our variable rate loans are based on 30-Day Average SOFR or one-month SOFR (CME Term). | <sup>(2)</sup> The interest rates of our variable rate loans are based on 30-Day Average SOFR or one-month SOFR (CME Term). | <sup>(2)</sup> The interest rates of our variable rate loans are based on 30-Day Average SOFR or one-month SOFR (CME Term). | <sup>(2)</sup> The interest rates of our variable rate loans are based on 30-Day Average SOFR or one-month SOFR (CME Term). |
| <sup>(3)</sup> Includes the impact of interest rate caps in effect on March 31, 2026. | <sup>(3)</sup> Includes the impact of interest rate caps in effect on March 31, 2026. | <sup>(3)</sup> Includes the impact of interest rate caps in effect on March 31, 2026. | <sup>(3)</sup> Includes the impact of interest rate caps in effect on March 31, 2026. | <sup>(3)</sup> Includes the impact of interest rate caps in effect on March 31, 2026. |

---

As of March 31, 2026, our $100.0 million variable rate revolving credit facility was secured by Alpha Mill, with the amount available to draw subject to a cap based on certain loan-to-value ratios and other requirements. As of March 31, 2026, the amount available to draw on our variable rate revolving credit facility was capped at $26.4 million primarily due to the interest rate environment and the applicable debt-service coverage ratio.

------

<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

Included in the December 31, 2025 principal balance outstanding is $35.4 million of variable rate mortgage debt on Cottonwood Apartments, which was sold in February 2026. Refer to <u>[Note 3](#idf73aa78f8ab4523ad776d1c5576d884_37)</u> above for additional discussion on this transaction.

*Construction Loans*

Information on our construction loans is as follows ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Development** | **Interest Rate** | **Final Expiration Date** | **Loan Amount** | **Amount Drawn** | **Amount Drawn** |
| **Development** | **Interest Rate** | **Final Expiration Date** | **Loan Amount** | **March 31, 2026** | **December 31, 2025** |
| The Westerly <sup>(1)</sup> | One-Month SOFR + 3.00% | July 12, 2028 | $42000 | $22714 | $16836 |
| <sup>(1)</sup> In July 2023, we entered into a construction loan agreement for The Westerly, a development project in Millcreek, UT. Construction is expected to be completed in 2026.  | <sup>(1)</sup> In July 2023, we entered into a construction loan agreement for The Westerly, a development project in Millcreek, UT. Construction is expected to be completed in 2026.  | <sup>(1)</sup> In July 2023, we entered into a construction loan agreement for The Westerly, a development project in Millcreek, UT. Construction is expected to be completed in 2026.  | <sup>(1)</sup> In July 2023, we entered into a construction loan agreement for The Westerly, a development project in Millcreek, UT. Construction is expected to be completed in 2026.  | <sup>(1)</sup> In July 2023, we entered into a construction loan agreement for The Westerly, a development project in Millcreek, UT. Construction is expected to be completed in 2026.  | <sup>(1)</sup> In July 2023, we entered into a construction loan agreement for The Westerly, a development project in Millcreek, UT. Construction is expected to be completed in 2026.  |

---

*Land Loans*

Information on our land loans is as follows ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Principal Balance Outstanding** | **Principal Balance Outstanding** | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
|<br>**Development** |<br>**Interest Rate** |<br>**Maturity Date** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| Galleria <sup>(1)(2)</sup> | One-Month SOFR + 3.00% | August 25, 2026 | $| 10875 | $| 14500 |
| 3300 Cottonwood <sup>(1)(3)</sup> | One-Month SOFR + 3.00% | January 22, 2027 | 4740 | 4740 | 4740 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total land loans |  |  | 15615 | 15615 | 19240 | 19240 |
| Unamortized debt issuance costs |  |  |  |  | (29) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Land loans, net |  |  | $| 15615 | $| 19211 |
| <sup>(1)</sup> We intend to repay these loans in cash upon maturity with proceeds from cash on hand and available capacity on our revolving credit facility. | <sup>(1)</sup> We intend to repay these loans in cash upon maturity with proceeds from cash on hand and available capacity on our revolving credit facility. | <sup>(1)</sup> We intend to repay these loans in cash upon maturity with proceeds from cash on hand and available capacity on our revolving credit facility. | <sup>(1)</sup> We intend to repay these loans in cash upon maturity with proceeds from cash on hand and available capacity on our revolving credit facility. | <sup>(1)</sup> We intend to repay these loans in cash upon maturity with proceeds from cash on hand and available capacity on our revolving credit facility. | <sup>(1)</sup> We intend to repay these loans in cash upon maturity with proceeds from cash on hand and available capacity on our revolving credit facility. | <sup>(1)</sup> We intend to repay these loans in cash upon maturity with proceeds from cash on hand and available capacity on our revolving credit facility. |
| <sup>(2)</sup> On January 21, 2026, we repaid $3.6 million of this loan to extend the maturity date to August 25, 2026. | <sup>(2)</sup> On January 21, 2026, we repaid $3.6 million of this loan to extend the maturity date to August 25, 2026. | <sup>(2)</sup> On January 21, 2026, we repaid $3.6 million of this loan to extend the maturity date to August 25, 2026. | <sup>(2)</sup> On January 21, 2026, we repaid $3.6 million of this loan to extend the maturity date to August 25, 2026. | <sup>(2)</sup> On January 21, 2026, we repaid $3.6 million of this loan to extend the maturity date to August 25, 2026. | <sup>(2)</sup> On January 21, 2026, we repaid $3.6 million of this loan to extend the maturity date to August 25, 2026. | <sup>(2)</sup> On January 21, 2026, we repaid $3.6 million of this loan to extend the maturity date to August 25, 2026. |
| <sup>(3)</sup> On January 22, 2026, we extended the maturity date to January 22, 2027 and the interest rate changed to one-month SOFR + 3.00%. | <sup>(3)</sup> On January 22, 2026, we extended the maturity date to January 22, 2027 and the interest rate changed to one-month SOFR + 3.00%. | <sup>(3)</sup> On January 22, 2026, we extended the maturity date to January 22, 2027 and the interest rate changed to one-month SOFR + 3.00%. | <sup>(3)</sup> On January 22, 2026, we extended the maturity date to January 22, 2027 and the interest rate changed to one-month SOFR + 3.00%. | <sup>(3)</sup> On January 22, 2026, we extended the maturity date to January 22, 2027 and the interest rate changed to one-month SOFR + 3.00%. | <sup>(3)</sup> On January 22, 2026, we extended the maturity date to January 22, 2027 and the interest rate changed to one-month SOFR + 3.00%. | <sup>(3)</sup> On January 22, 2026, we extended the maturity date to January 22, 2027 and the interest rate changed to one-month SOFR + 3.00%. |

---

*Unsecured Promissory Notes, Net*

We have issued unsecured promissory notes to investors outside of the United States. These notes are subordinate to all of CROP's debt. Information on our unsecured promissory notes is as follows ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
| |<br>**Offering Size** |<br>**Interest Rate** |<br>**Maturity Date** | **March 31, 2026** | **December 31, 2025** |
| 2025 7.25% Notes | $50000 | 7.25% | December 31, 2029 | $15625 | $10195 |
|  | $50000 |  |  | 15625 | 10195 |
| Unamortized debt issuance costs |  |  |  | (912) | (600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured promissory notes, net |  |  |  | $14713 | $9595 |

---

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

The aggregate maturities, including amortizing principal payments on our debt for years subsequent to March 31, 2026 are as follows ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year | **Mortgage Notes and Revolving Credit Facility** | **Construction Loans** | **Land Loans** | **Unsecured <br>Promissory Notes** | **Total** |
| 2026 | $48496 | $— | $10875 | $— | $59371 |
| 2027 | 365232 | 22714 | 4740 |  | 392686 |
| 2028 | 145891 |  |  |  | 145891 |
| 2029 | 70041 |  |  | 15625 | 85666 |
| 2030 | 409072 |  |  |  | 409072 |
| Thereafter | 182490 |  |  |  | 182490 |
|  | $1221222 | $22714 | $15615 | $15625 | $1275176 |

---

Approximately $427.6 million of debt, which primarily comprises eight mortgage notes with an aggregate principal balance of $403.0 million and land loans with an aggregate principal balance of $15.6 million, is scheduled to mature within twelve months of the issuance date of these condensed consolidated financial statements. Our cash on hand and other liquidity sources are less than these maturities as of the issuance date of these condensed consolidated financial statements. However, we intend to address these upcoming maturities primarily through refinancing the maturing mortgage loans, selling a land parcel, and using cash on hand and available borrowing capacity under current and future credit facilities. We are actively engaged with our existing lenders and other potential financing sources regarding these refinancing efforts. The mortgage loans are secured by operating, income-producing properties. We believe the operating performance of the underlying assets, current collateral values, and prevailing market conditions support refinancing. Accordingly, we believe it is probable that these plans will be effectively implemented and will enable us to satisfy our obligations as they come due.

We are in compliance with all covenants associated with our debt as of March 31, 2026.

**7.&nbsp;&nbsp;&nbsp;&nbsp;Fair Value of Financial Instruments**

We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate. As of March 31, 2026 and December 31, 2025, the fair values of cash and cash equivalents, restricted cash, other assets, related party payables, and accounts payable, accrued expenses and other liabilities approximate their carrying values due to the short-term nature of these instruments.

Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement.

The fair value hierarchy is as follows:

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

Level 2 - Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices for similar assets/liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatility, default rates); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inputs that are derived principally from or corroborated by other observable market data.

Level 3 - Unobservable inputs that cannot be corroborated by observable market data.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| Financial Asset: |  |  |  |  |
| &nbsp;&nbsp;Investments in real estate-related loans | $42953 | $43713 | $42730 | $43713 |
| &nbsp;&nbsp;Unsecured note receivable | 6938 | 7000 | 6936 | 7000 |
| Total | $49891 | $50713 | $49666 | $50713 |
| Financial Liability: |  |  |  |  |
| &nbsp;&nbsp;Fixed rate mortgages | $1084313 | $1070372 | $1084660 | $1069179 |
| &nbsp;&nbsp;Floating rate mortgages | 130909 | 131568 | 166598 | 167569 |
| &nbsp;&nbsp;Variable rate revolving credit facility | 6000 | 6000 | 6000 | 6000 |
| &nbsp;&nbsp;Construction loans | 22714 | 22714 | 16836 | 16836 |
| &nbsp;&nbsp;Land loans | 15615 | 15615 | 19240 | 19240 |
| &nbsp;&nbsp;Series 2023 Preferred Stock | 102634 | 102634 | 102899 | 102899 |
| &nbsp;&nbsp;Series 2023-A Preferred Stock | 2950 | 2950 | 2950 | 2950 |
| &nbsp;&nbsp;Series 2025 Preferred Stock | 108878 | 108878 | 101780 | 101780 |
| &nbsp;&nbsp;Unsecured promissory notes, net | 15625 | 15625 | 10195 | 10195 |
| Total | $1489638 | $1476356 | $1511158 | $1496648 |

---

All financial instruments in the table above are categorized as Level 2 in the fair value hierarchy.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock**

We have three classes of preferred stock outstanding as of March 31, 2026: Series 2023, Series 2023-A and Series 2025 which are accounted for as liabilities on the condensed consolidated balance sheets as they are mandatorily redeemable. Information on these classes of preferred stock as of March 31, 2026 and December 31, 2025 is as follows ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Current Dividend Rate** | **Redemption Date** | **Maximum Extension Date** | **Shares Outstanding at** | **Shares Outstanding at** |
| | **Current Dividend Rate** | **Redemption Date** | **Maximum Extension Date** | **March 31, 2026** | **December 31, 2025** |
| Series 2023 Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1)</sup> | June 30, 2027 | June 30, 2029 | 10263416 | 10289916 |
| Series 2023-A Preferred Stock | 7.00% | December 31, 2027 | N/A | 295000 | 295000 |
| Series 2025 Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(2)</sup> | December 31, 2028 | December 31, 2030 | 10887847 | 10178030 |
| Total |  |  |  | 21446263 | 20762946 |
|  |  |  |  | \ |  |
| <sup>(1)</sup> The first-year extension dividend rate, applicable from July 1, 2027 to June 30, 2028, is 6.25%. The fully extended dividend rate, applicable from July 1, 2028 to June 30, 2029, is 6.5%. | <sup>(1)</sup> The first-year extension dividend rate, applicable from July 1, 2027 to June 30, 2028, is 6.25%. The fully extended dividend rate, applicable from July 1, 2028 to June 30, 2029, is 6.5%. | <sup>(1)</sup> The first-year extension dividend rate, applicable from July 1, 2027 to June 30, 2028, is 6.25%. The fully extended dividend rate, applicable from July 1, 2028 to June 30, 2029, is 6.5%. | <sup>(1)</sup> The first-year extension dividend rate, applicable from July 1, 2027 to June 30, 2028, is 6.25%. The fully extended dividend rate, applicable from July 1, 2028 to June 30, 2029, is 6.5%. | <sup>(1)</sup> The first-year extension dividend rate, applicable from July 1, 2027 to June 30, 2028, is 6.25%. The fully extended dividend rate, applicable from July 1, 2028 to June 30, 2029, is 6.5%. | <sup>(1)</sup> The first-year extension dividend rate, applicable from July 1, 2027 to June 30, 2028, is 6.25%. The fully extended dividend rate, applicable from July 1, 2028 to June 30, 2029, is 6.5%. |
| <sup>(2)</sup> The first-year extension dividend rate, applicable from January 1, 2029 to December 31, 2029, is 6.75%. The fully extended dividend rate, applicable from January 1, 2030 to December 31, 2030, is 7.0%. | <sup>(2)</sup> The first-year extension dividend rate, applicable from January 1, 2029 to December 31, 2029, is 6.75%. The fully extended dividend rate, applicable from January 1, 2030 to December 31, 2030, is 7.0%. | <sup>(2)</sup> The first-year extension dividend rate, applicable from January 1, 2029 to December 31, 2029, is 6.75%. The fully extended dividend rate, applicable from January 1, 2030 to December 31, 2030, is 7.0%. | <sup>(2)</sup> The first-year extension dividend rate, applicable from January 1, 2029 to December 31, 2029, is 6.75%. The fully extended dividend rate, applicable from January 1, 2030 to December 31, 2030, is 7.0%. | <sup>(2)</sup> The first-year extension dividend rate, applicable from January 1, 2029 to December 31, 2029, is 6.75%. The fully extended dividend rate, applicable from January 1, 2030 to December 31, 2030, is 7.0%. | <sup>(2)</sup> The first-year extension dividend rate, applicable from January 1, 2029 to December 31, 2029, is 6.75%. The fully extended dividend rate, applicable from January 1, 2030 to December 31, 2030, is 7.0%. |

---

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Preferred stock outstanding | $214463 | $207629 |
| Unamortized offering costs and discounts | (8682) | (9062) |
| Preferred stock, net | $205781 | $198567 |

---

All offerings of preferred stock listed above have terminated other than the Series 2025 Preferred Stock offering, which remains ongoing. During the three months ended March 31, 2026, we issued $7.2 million of Series 2025 Preferred Stock.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

*Preferred Stock Dividends*

Dividends on preferred stock accounted for as liabilities are recorded through interest expense in the condensed consolidated statements of operations. The following table summarizes our dividend activity for the three months ended March 31, 2026 and 2025 ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Series 2019 Preferred Stock | $— | $1564 |
| Series 2023 Preferred Stock | 1521 | 1586 |
| Series 2023-A Preferred Stock | 51 | 51 |
| Series 2025 Preferred Stock | 1684 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3256 | $3476 |

---

*Preferred Stock Repurchases*

The following table summarizes our repurchase activity for the three months ended March 31, 2026 and 2025 ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **Number of shares** | **Aggregate dollar amount** | **Number of shares** | **Aggregate dollar amount** |
| Series 2019 Preferred Stock |  | $— | 11130 | $106 |
| Series 2023 Preferred Stock | 26500 | 244 | 6920 | 62 |
| Series 2025 Preferred Stock | 13400 | 121 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 39900 | $365 | 18050 | $168 |

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**9.&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' Equity**

*Convertible Preferred Stock*

As of March 31, 2026, there were 12,888,268 shares of Convertible Preferred Stock issued and outstanding. For the three months ended March 31, 2026, we paid aggregate dividends on our Convertible Preferred Stock of $2.4 million.

Our board of directors has approved the conversion of eligible Convertible Preferred Stock (i.e. those shares that have been outstanding for at least two years) into our Class I common stock through June 1, 2026. As of March 31, 2026, 850,330 shares of Convertible Preferred Stock have been exchanged.

During the three months ended March 31, 2026, we did not repurchase shares of Convertible Preferred Stock and had no unfulfilled repurchase requests.

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*Common Stock*

The following table summarizes the changes in the shares outstanding for each class of outstanding common stock for the periods presented below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class** | **Class** | **Class** | **Class** | |
| | **T** | **D** | **I** | **A** |<br>**Total** |
| Balance at December 31, 2025 | 4128149 | 433710 | 7149167 | 17547698 | 29258724 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock | 589661 |  | 522496 |  | 1112157 |
| &nbsp;&nbsp;&nbsp;Distribution reinvestment | 23955 | 3515 | 19747 | 25396 | 72613 |
| &nbsp;&nbsp;&nbsp;Exchanges and transfers <sup>(1)</sup> |  |  | 756330 |  | 756330 |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | (205169) |  | (233464) | (616338) | (1054971) |
| Balance at March 31, 2026 | 4536596 | 437225 | 8214276 | 16956756 | 30144853 |
| <sup>(1)</sup> Exchanges represent the 5,000 CROP Units and 751,330 shares of Convertible Preferred Stock, respectively, that have been exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period, of which there were none during the three months ended March 31, 2026. | <sup>(1)</sup> Exchanges represent the 5,000 CROP Units and 751,330 shares of Convertible Preferred Stock, respectively, that have been exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period, of which there were none during the three months ended March 31, 2026. | <sup>(1)</sup> Exchanges represent the 5,000 CROP Units and 751,330 shares of Convertible Preferred Stock, respectively, that have been exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period, of which there were none during the three months ended March 31, 2026. | <sup>(1)</sup> Exchanges represent the 5,000 CROP Units and 751,330 shares of Convertible Preferred Stock, respectively, that have been exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period, of which there were none during the three months ended March 31, 2026. | <sup>(1)</sup> Exchanges represent the 5,000 CROP Units and 751,330 shares of Convertible Preferred Stock, respectively, that have been exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period, of which there were none during the three months ended March 31, 2026. | <sup>(1)</sup> Exchanges represent the 5,000 CROP Units and 751,330 shares of Convertible Preferred Stock, respectively, that have been exchanged for Class I shares during the period. Transfers represent Class T shares that were converted to Class I shares during the period, of which there were none during the three months ended March 31, 2026. |

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*Common Stock Distributions*

Distributions on our common stock are determined by the board of directors based on our financial condition and other relevant factors. Common stockholders may choose to receive cash distributions or purchase additional shares through our DRP. For the three months ended March 31, 2026, we paid aggregate distributions of $5.0 million, including $0.8 million of distributions reinvested through our DRP.

We declared the following gross monthly distributions for each share of our common stock as shown in the table below:

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| | | |
|:---|:---|:---|
| **Shareholder Record Date** | **Monthly Rate** | **Annually** |
| January 31, 2026 | $0.05666667 | $0.68 |
| February 28, 2026 | 0.05666667 | 0.68 |
| March 31, 2026 | 0.05666667 | 0.68 |

---

The net distribution varies for each class of our common stock based on the applicable distribution fee, which is deducted from the gross distribution per share and paid to the dealer manager for the Follow-on Offering and reallowed to participating broker-dealers and servicing broker-dealers.

*Common Stock Repurchases* 

During the three months ended March 31, 2026, we repurchased 1,054,971 shares of common stock pursuant to our share repurchase program for $12.1 million, at an average repurchase price of $11.46. We had no unfulfilled repurchase requests during the three months ended March 31, 2026.

**10.&nbsp;&nbsp;&nbsp;&nbsp;Related-Party Transactions**

*Advisor Compensation*

CC Advisors III manages our business as our external advisor and, under the terms of our advisory agreement, performs certain services for us, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; and the management of our business. These activities are all subject to oversight by our board of directors. Our advisor is entitled to receive fees and compensation for services provided as described below.

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*Management Fee*. CROP paid our advisor a monthly management fee, calculated on an annualized basis, of 1.5% of the net asset value of CROP through September 18, 2023, and 1.5% of adjusted net asset value from September 19, 2023 through December 18, 2025. In connection with the merger with RealSource Properties, Inc. and RealSource Properties OP, LP in December 2025 (the "RealSource Merger") pursuant to which we acquired a portfolio of multifamily apartment communities and certain third-party property management contracts, the fee was permanently reduced to 1.25% of the adjusted net asset value of CROP, effective December 19, 2025. The net asset value of CROP is determined pursuant to our valuation guidelines and reflective of the ownership interest held by CROP in such gross assets. Adjusted net asset value of CROP includes the value attributable to preferred stock that is convertible into common equity.

Management fees to our advisor for the three months ended March 31, 2026 and 2025 were $3.2 million and $3.1 million, respectively.

*Acquisition Expense Reimbursement.* We will reimburse our advisor for out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, financing and development of investments, whether or not such investments are acquired, and make payments to third parties or possibly certain of our advisor's affiliates in connection with providing services to us. There were no acquisition expense reimbursements for the three months ended March 31, 2026 and 2025.

*Performance Participation Allocation.* In addition to the fees paid to our advisor for services provided pursuant to our advisory agreement, CC Advisors - SLP, LLC, an affiliate of our advisor and the Special Limited Partner at CROP, holds a performance participation interest in CROP that entitles it to receive an allocation of CROP's total return to its capital account. The performance participation allocation is an incentive fee indirectly paid to our advisor and receipt of the allocation is subject to the ongoing effectiveness of the advisory agreement. As the performance participation allocation is associated with the performance of a service by the advisor, it is expensed in our condensed consolidated statements of operations.

Total return is defined as all distributions accrued or paid (without duplication) on Participating Partnership units (all units in CROP with the exception of preferred units and the Special Limited Partner Interest) plus the change in the aggregate net asset value of such Participating Partnership units. The annual total return will be allocated solely to the Special Limited Partner only after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The performance participation allocation is ultimately determined at the end of each calendar year, accrues monthly and will be paid in cash or Class I units at the election of the Special Limited Partner after the completion of each calendar year.

Due to the decrease in the value of our net assets, no performance participation allocation was incurred during the three months ended March 31, 2026 or during 2025.

*Block C*

We, through our indirect subsidiaries, have a joint venture investment in Block C for the purpose of developing three multifamily development projects near Salt Lake City, Utah: The Westerly, Millcreek North and The Archer. As of March 31, 2026, entities affiliated with us and our advisor (the "Affiliated Members") have made aggregate capital contributions of $10.9 million towards the joint venture. The Affiliated Members are owned directly or indirectly by our officers or directors, as well as certain employees of CROP and our advisor or its affiliates. The Affiliated Members participate in the economics of Block C on the same terms and conditions as us. The development projects are located in an Opportunity Zone, which provides tax benefits for development programs located in designated areas as established by Congress in the Tax Cuts and Jobs Act of 2017. As of March 31, 2026, our ownership in the Block C joint venture was 82.4%.

On January 31, 2025, we entered into a contract to sell The Archer to an unrelated party for $3.0 million. This transaction closed on May 7, 2026. We intend to use proceeds from The Archer sale toward the development of other Block C development projects.

*Assumption of Related Party Notes and Interest*

On December 18, 2025, in conjunction with the RS Merger, we assumed a $1.6 million loan payable to Nate Hanks, brother to our Chief Development Officer, Stan Hanks. This loan matures on June 30, 2026 and accrues interest at a fixed rate of 5.0%. On December 31, 2025, we repaid $0.8 million of this loan. Accrued interest at March 31, 2026 was $0.1 million. This loan, plus its accrued interest, is included within related party payables on the condensed consolidated balance sheets.

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*APT Cowork, LLC*

APT Cowork, LLC ("APT") engages in the business of converting underutilized and unused common space in multifamily apartment communities or retail space to revenue producing co-working space. Our officers and directors own 93.14% of APT through direct or indirect ownership interests. We and several of our properties have entered into agreements with APT, which were primarily terminated on September 30, 2025. Fees paid to or incurred from APT under these agreements for the three months ended March 31, 2025 were $87,000.

On March 24, 2026, following its review of a third-party opinion of value, our conflicts committee approved the acquisition by CROP of APT for $1.1 million, inclusive of net working capital. Consideration to our officers will consist of CROP Units at the February 28, 2026 NAV and will be allocated to the members in accordance with their capital contributions. In addition, approximately $20,000 in cash will be paid to a non-accredited investor employee. The acquisition is anticipated to be effective April 1, 2026, with closing expected to occur in May 2026.

**11.&nbsp;&nbsp;&nbsp;&nbsp;Variable Interest Entities**

A VIE is a legal entity in which the equity investors at risk lack sufficient equity to finance the entity's activities without additional subordinated financial support or, as a group, the equity investors at risk lack: the power to direct the entity's activities, the obligation to absorb the entity's expected losses or the right to receive the entity's expected residual returns. Qualitative and quantitative factors are considered in determining whether we are the primary beneficiary of a VIE, including, but not limited to, which activities most significantly impact economic performance, which party controls such activities, the amount and characteristics of our investments, the obligation or likelihood for us or other investors to provide financial support, and the management relationship of the property.

CROP is a VIE as the limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of CROP as we have the power to direct the activities that most significantly impact economic performance and the rights to receive economic benefits. Substantially all of our assets and liabilities are held in CROP.

As of both March 31, 2026 and December 31, 2025, we had 17 consolidated properties not wholly owned by us that are VIEs. As with our wholly owned properties, the debt is collateralized by the real estate for each respective property and assets can only be used to settle obligations of each respective VIE. Creditors of consolidated VIEs do not have recourse to our general credit.

In cases where we become the primary beneficiary of a VIE, we recognize a gain or loss for the difference between the sum of (1) the fair value of any consideration paid, the fair value of the noncontrolling interest, and the reported amount of our equity method investment and (2) the net fair value of identifiable assets and liabilities of the VIE.

The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets:** | | |
| &nbsp;&nbsp;Real estate assets, net | $887242 | $889047 |
| &nbsp;&nbsp;Cash and cash equivalents | 9566 | 8094 |
| &nbsp;&nbsp;Restricted cash | 11262 | 12314 |
| &nbsp;&nbsp;Other assets | 1264 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $909334 | $912101 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;Mortgage notes and revolving credit facility, net | $626550 | $624766 |
| &nbsp;&nbsp;Construction loans, net |  |  |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 15130 | 17412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $641680 | $642178 |

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**12.&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling Interests**

*Noncontrolling Interests - Limited Partners*

Common Limited CROP Units and LTIP Units are CROP units not owned by us and collectively referred to as "Noncontrolling Interests – Limited Partners."

<u>Common Limited CROP Units</u> - During the three months ended March 31, 2026 and 2025, we paid aggregate distributions to noncontrolling CROP Unit holders of $8.4 million and $5.9 million, respectively.

<u>LTIP Units</u> - As of March 31, 2026, there were 466,747 unvested time-based LTIP awards and 778,342 unvested performance-based LTIP awards outstanding. LTIP Unit award share-based compensation, included within share-based compensation in the condensed consolidated statements of stockholders' equity, was $0.5 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively. Total unrecognized compensation expense for LTIP Units as of March 31, 2026 is $5.2 million and is expected to be recognized on a straight-line basis through December 2029.

*Noncontrolling Interests - Partially Owned Entities*

As of March 31, 2026, noncontrolling interests in consolidated entities not wholly owned by us ranged from 1% to 58%, with the average being 10%.

**13.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies**

*Litigation*

We are subject to a variety of legal actions in the ordinary course of our business, most of which are covered by liability insurance. While the resolution of these matters cannot be predicted with certainty, as of March 31, 2026, we believe the final outcome of such legal proceedings and claims will not have a material adverse effect on our liquidity, financial position or results of operations.

**14.&nbsp;&nbsp;&nbsp;&nbsp;Earnings Per Share**

The following table sets forth the computation of our net (loss) earnings per common share - basic and diluted ($ in thousands except share and per share amounts):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Numerator for net loss per common share - basic and diluted:** |  |  |
| &nbsp;&nbsp;Net loss | $(12230) | $(13014) |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests - limited partners | 6893 | 6405 |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests - partially owned entities | 1099 | 336 |
| &nbsp;&nbsp;Preferred distributions | (2467) | (1333) |
| &nbsp;&nbsp;Numerator for net loss per common share - basic and diluted | $(6705) | $(7606) |
| **Denominator for net loss per common share - basic and diluted:** | 30336098 | 31543589 |
| **Net loss per common share - basic and diluted** | $(0.22) | $(0.24) |

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For the three months ended March 31, 2026 and 2025, CROP units and long-term compensation shares/units are excluded from the calculation of diluted earnings per share as the inclusion of such potential common shares in the calculation would be anti-dilutive.

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**15.&nbsp;&nbsp;&nbsp;&nbsp;Segment Financial Information**

As of March 31, 2026, we owned and operated 36 multifamily apartment communities, which account for the vast majority of our earnings and operating cash flows. Our chief operating decision maker ("CODM"), comprised of our Chief Executive Officer and Executive Chairman, evaluates operating performance on a same store basis and in total on a non-same store basis, which represent our operating segments. We have aggregated our same store operating segments into one reportable segment called same store as we believe properties in the same store reportable segment have similar economic characteristics, facilities, services and residents, which is in alignment with the required aggregation criteria. The following reflects our two reportable segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Same Store* includes communities that we have owned and operated for at least a full 12 months as of the first day of the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Same Store and Other* includes recently acquired communities, communities being developed or in lease-up and communities that have been disposed.

On the first day of each calendar year, we determine the composition of our reportable segments for that year as well as adjust the previous year to allow full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store reportable segment on the first day of the calendar year after the community has operated for 12 months.

Our CODM utilizes reportable net operating income ("Reportable NOI") to assess performance and determine the allocation of resources. Reportable NOI includes 100% of rental and other property revenues, as well as property operating expenses, for our consolidated and unconsolidated communities. Of our multifamily portfolio, 31 are consolidated and five are unconsolidated for financial reporting purposes. We believe the operations and economics of our unconsolidated communities, of which we own an average interest of 69.8%, are generally consistent with those of our consolidated communities, and our CODM evaluates their operating results on a comparable basis regardless of accounting treatment. We believe Reportable NOI is a useful supplemental measure of operating performance as it reflects the core results of property operations, excluding corporate-level expenses, depreciation and amortization, and other items not directly related to ongoing property performance. Our CODM does not regularly review total assets by reportable segment, as this measure is not used in evaluating performance or making resource allocation decisions.

During the three months ended March 31, 2026, we changed from one reportable segment to two reportable segments. The change reflects modifications to our internal reporting packages and financial information regularly reviewed by the CODM to evaluate performance and allocate resources primarily due to the RealSource Merger and transactional activity.

Prior-period segment information has been recast to conform to the current presentation. The change did not affect our consolidated financial position, results of operations, or cash flows.

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The following table presents property revenues, property operating expenses, and Reportable NOI for each reportable segment for the three months ended March 31, 2026 and 2025 ($ in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Reportable rental and other property revenues:** |  |  |
| Same Store | $38374 | $39242 |
| Non-Same Store and Other | 13468 | 5146 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total reportable rental and other property revenues** | $51842 | $44388 |
| **Reportable property operations expenses:** |  |  |
| Same Store |  |  |
| &nbsp;&nbsp;Real estate taxes | $5168 | $5119 |
| &nbsp;&nbsp;Payroll and benefits | 2781 | 2824 |
| &nbsp;&nbsp;Utilities | 2796 | 2566 |
| &nbsp;&nbsp;Repairs and maintenance | 1697 | 1626 |
| &nbsp;&nbsp;Insurance | 1516 | 1811 |
| &nbsp;&nbsp;Other property expenses <sup>(1)</sup> | 1640 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Same Store expenses | 15598 | 14794 |
| Non-Same Store and Other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Non-Same Store expenses | 7021 | 1188 |
| **Total reportable property operations expense** | 22619 | 15982 |
| **Reportable NOI** |  |  |
| &nbsp;&nbsp;Same Store | 22776 | 24448 |
| &nbsp;&nbsp;Non-Same Store and Other | 6447 | 3958 |
| **Total Reportable NOI** | $29223 | $28406 |
| <sup>(1)</sup> Other property expenses include general and administrative, marketing and advertising, and other non-recurring expenses. | <sup>(1)</sup> Other property expenses include general and administrative, marketing and advertising, and other non-recurring expenses. | <sup>(1)</sup> Other property expenses include general and administrative, marketing and advertising, and other non-recurring expenses. |

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The following table reconciles Reportable NOI to net loss attributable to common stockholders in the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 ($ in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Total Reportable NOI** | $29223 | $28406 |
| &nbsp;&nbsp;Rental and other property revenues of unconsolidated properties <sup>(1)</sup> | (8289) | (7080) |
| &nbsp;&nbsp;Property operations expense of unconsolidated properties <sup>(1)</sup> | 3159 | 2400 |
| &nbsp;&nbsp;Equity in (losses) earnings of unconsolidated real estate entities <sup>(2)</sup> | (1591) | 1369 |
| &nbsp;&nbsp;Property management revenues | 1596 | 1792 |
| &nbsp;&nbsp;Other revenues | 2376 | 1566 |
| &nbsp;&nbsp;Property management expense | (4460) | (4582) |
| &nbsp;&nbsp;Asset management fee | (3201) | (3091) |
| &nbsp;&nbsp;Depreciation and amortization | (24772) | (14950) |
| &nbsp;&nbsp;General and administrative expenses | (2829) | (2559) |
| &nbsp;&nbsp;Impairment loss |  | (957) |
| &nbsp;&nbsp;Interest income | 137 | 334 |
| &nbsp;&nbsp;Interest expense | (19206) | (20047) |
| &nbsp;&nbsp;Loss on debt extinguishment | (198) | (98) |
| &nbsp;&nbsp;Gain on sale of real estate assets | 15759 | 7932 |
| &nbsp;&nbsp;Gain on legal settlement |  | 400 |
| &nbsp;&nbsp;Other expense | (154) | (3974) |
| &nbsp;&nbsp;Income tax benefit | 220 | 125 |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests - limited partners | 6893 | 6405 |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests - partially owned entities | 1099 | 336 |
| &nbsp;&nbsp;Preferred stock dividends | (2467) | (1333) |
| **Net loss attributable to common stockholders** | $(6705) | $(7606) |
| <sup>(1)</sup> Rental and other property revenues and property operations expense for unconsolidated properties are included in Reportable NOI. They are removed here as this activity is included in equity in earnings of unconsolidated real estate entities on our condensed consolidated statements of operations. | <sup>(1)</sup> Rental and other property revenues and property operations expense for unconsolidated properties are included in Reportable NOI. They are removed here as this activity is included in equity in earnings of unconsolidated real estate entities on our condensed consolidated statements of operations. | <sup>(1)</sup> Rental and other property revenues and property operations expense for unconsolidated properties are included in Reportable NOI. They are removed here as this activity is included in equity in earnings of unconsolidated real estate entities on our condensed consolidated statements of operations. |
| <sup>(2)</sup> Equity in (losses) earnings of unconsolidated real estate entities includes our portion of revenues and expenses of unconsolidated properties as recorded under the equity method of accounting. | <sup>(2)</sup> Equity in (losses) earnings of unconsolidated real estate entities includes our portion of revenues and expenses of unconsolidated properties as recorded under the equity method of accounting. | <sup>(2)</sup> Equity in (losses) earnings of unconsolidated real estate entities includes our portion of revenues and expenses of unconsolidated properties as recorded under the equity method of accounting. |

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The following table reconciles total reportable rental and other property revenues and total reportable property operations expenses to rental and other property revenues and property operations expense as reported in the condensed consolidated statements of operations ($ in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Reportable rental and other property revenues | $51842 | $44388 |
| Rental and other property revenues of unconsolidated properties | (8289) | (7080) |
| &nbsp;&nbsp;Rental and other property revenues | $43553 | $37308 |
| Reportable property operations expense | $22619 | $15982 |
| Property operations expense of unconsolidated properties | (3159) | (2400) |
| &nbsp;&nbsp;Property operations expense | $19460 | $13582 |

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**16.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events** 

We evaluate subsequent events up until the date the condensed consolidated financial statements are issued and have determined there are none to be reported or disclosed in the condensed consolidated financial statements other than those mentioned below.

*Sale of The Archer*

On May 7, 2026, we sold land held for investment for The Archer development project for net proceeds of $3.2 million. We expect to recognize a gain on sale during the three months ended June 30, 2026.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*References herein to "Company," "we," "us," and "our" refer to Cottonwood Communities, Inc. together with its subsidiaries. The following discussion of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes.* 

**Forward-Looking Statements** 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements about our business, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. You should not rely on these forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our actual results, performance and achievements may be materially different from those expressed or implied by these forward-looking statements.

The following is a summary of the principal risks that could adversely affect our business, financial condition, results of operations and cash flows and an investment in our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depend on our advisor to identify suitable investments and to manage our investments. There is no assurance that we will be able to successfully achieve our investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no public trading market for shares of our common stock and the repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase program provides stockholders with the opportunity to request that we repurchase their shares on a monthly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. In addition, repurchases are subject to available liquidity and other significant restrictions. Further, our board of directors may modify or suspend our share repurchase program if in its reasonable judgment it deems a suspension to be in our best interest and the best interest of our stockholders, such as when a repurchase request would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the company that would outweigh the benefit of the repurchase offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The offering price and repurchase price for shares of our common stock are generally based on our prior month's NAV plus, in the case of our offering price, applicable upfront selling commissions and dealer manager fees, and are not based on any public trading market. In addition to being up to a month old when share purchases and repurchases take place, our NAV does not currently represent our enterprise value and may not accurately reflect the actual prices at which our assets could be liquidated on any given day, the value a third-party would pay for all or substantially all of our shares, or the price that our shares would trade at on a national stock exchange. Furthermore, our board of directors may amend our NAV procedures from time to time. Although there will be independent appraisals of our properties, the appraisal of properties is inherently subjective and our NAV may not accurately reflect the actual price at which our properties could be liquidated on any given day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in commercial real estate assets involves certain risks, including, but not limited to: changes in values caused by global, national, regional or local economic performance, the performance of the real estate sector, unemployment and stock market volatility, demographic or capital market conditions; increases in interest rates and lack of availability of financing; vacancies, fluctuations in the average occupancy and rental rates for our residential properties; and residents experiencing financial hardships (resulting in an inability to pay rent). Disruptions in the financial markets and economic uncertainty, including as a result of uncertainties regarding actual and potential shifts in U.S. and foreign policies on trade and other fiscal, monetary and regulatory policies, including with respect to treaties and tariffs, could adversely affect our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have paid distributions from offering proceeds and may continue to fund distributions with offering proceeds. We have not established a limit on the amount of proceeds from our offering that we may use to fund distributions. To the extent we fund distributions from sources other than our cash flow from operations, we will have less funds available for investment in multifamily apartment communities and multifamily real estate-related assets and the overall return to our stockholders may be reduced. Distributions may also be paid from other sources such as borrowings, advances or the deferral of fees and expense reimbursements. These distributions may constitute a return of capital.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of our officers and certain of our directors are also officers of our sponsor, advisor and their affiliates and, as a result, are subject to conflicts of interest, including conflicts arising from time constraints and the fact that the fees our advisor receives for services rendered to us are based on our NAV, which our advisor is responsible for determining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We pay certain fees and expenses to our advisor and its affiliates. These fees were not negotiated at arm's length and therefore may be higher than fees payable to unaffiliated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development projects in which we invest will be subject to potential development and construction delays as well as the impact of any rising costs associated with increased inflation, or the persistence of elevated rates of inflation, as well as changes to tariffs and trade policies, all of which could result in unanticipated increased costs and risks and may hinder our operating results and ability to make distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may incur significant debt in certain circumstances, including through the issuance of preferred equity that is accounted for as debt. Our use of leverage increases the risk of an investment in us. Loans we obtain may be collateralized by some or all of our investments, which will put those investments at risk of forfeiture if we are unable to pay our debts. Principal and interest payments on these loans and dividend payments on our preferred shares reduce the amount of money that would otherwise be available for other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility in the debt markets could affect our ability to obtain financing for investments or other activities related to real estate assets and the diversification or value of our portfolio, potentially reducing cash available for distribution to our stockholders or our ability to make investments. In addition, volatility in the debt markets could negatively impact our loans with variable interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are limits on the ownership and transferability of our shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to continue to qualify as a real estate investment trust ("REIT"), it would adversely affect our operations and our ability to make distributions to our stockholders because we will be subject to United States federal income tax at regular corporate rates with no ability to deduct distributions made to our stockholders.

Additional risks related to our business are discussed herein and in our prior period Quarterly Reports under Part II - "Item 1A. Risk Factors" and under the heading "Risk Factors" in our Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1692951/000169295126000055/cci-20251231.htm)</u> for the year ended December 31, 2025. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

**Overview**

Cottonwood Communities, Inc. invests in a diverse portfolio of multifamily apartment communities and multifamily real estate-related assets throughout the United States. We are externally managed by our advisor, CC Advisors III, LLC ("CC Advisors III"), a wholly owned subsidiary of our sponsor, Cottonwood Communities Advisors, LLC ("CCA"). We were incorporated in Maryland in 2016. We hold our assets through Cottonwood Residential O.P., LP ("CROP"), our operating partnership. We are the sole member of the sole general partner of CROP and own general partner interests in CROP alongside third-party limited partners.

We are a non-listed perpetual-life, net asset value ("NAV"), REIT. We qualified as a REIT for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2019. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT.

As of March 31, 2026, we have raised $402.9 million from the sale of common stock in our public offerings and $412.4 million from the sale of our preferred stock in periodic private offerings to accredited investors (the "Private Offerings"). We have contributed our net proceeds from our offerings to CROP in exchange for a corresponding number of mirrored OP Units in CROP. In addition, the DST Program has raised $14.0 million from the sale of beneficial interests in Delaware statutory trust.

As of our March 31, 2026 NAV, we had a portfolio of $2.6 billion in total assets, with 79.9% of our equity value in operating properties, 2.7% in development, 13.5% in real estate-related structured investments and 3.9% in land held for development. Refer to the sections entitled "Our Investments" and "Net Asset Value" below for further description of our portfolio and NAV.

**Highlights for the Three Months Ended March 31, 2026**

The following highlights activities that occurred during the three months ended March 31, 2026:

*Operating Results and Net Asset Value*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders was $(0.22) per diluted share compared to net loss attributable to common stockholders of $(0.24) per diluted share for the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable net operating income ("Reportable NOI") was $29.2 million compared to $28.4 million for the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted same store reportable net operating income ("Adjusted Same Store Reportable NOI") was $20.2 million compared to $20.7 million for the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funds from operations attributable to common stockholders and unit holders ("FFO") was $(0.01) per diluted share/unit compared to $(0.07) for the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO was $0.05 per diluted share/unit, compared to $0.05 for the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net asset value was $11.3416 per share/unit at March 31, 2026, compared to $11.3574 per share/unit at December 31, 2025.

*Transaction Activity*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed the sale of a 99.9% interest in Cottonwood Apartments, reserving $20.8 million in net proceeds for a future Section 1031 exchange.

*Financing and Capital Raise Activity*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised $5.4 million from the issuance of 2025 7.25% Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised $6.7 million of net proceeds from the sale of Series 2025 Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised $14.6 million of net proceeds from the sale of Series A Convertible Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised $12.1 million of net proceeds from the sale of our common stock issued under our registered public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased $13.0 million of common stock and OP Units at an average discount of 0.2% to NAV.

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**Our Investments**

&nbsp;&nbsp;&nbsp;&nbsp;

Information regarding our investments as of March 31, 2026 is as follows:

*Operating Properties ($ in thousands, except net effective rent)*

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Market** | **Number<br>of Units** | **Average<br>Unit Size<br>(Sq Ft)** | **Purchase<br>Date** | **Purchase Price** | **Purchase Price** | | **Mortgage Debt Outstanding** <sup>(1)</sup> | **Mortgage Debt Outstanding** <sup>(1)</sup> | **Net Effective Rent** | **Net Effective Rent** | **Physical<br>Occupancy<br>Rate** | **Percentage<br>Owned by<br>CROP** |
| 805 Riverfront <sup>(2)(3)</sup> | West Sacramento, CA | 285 | 746 | Sept 2023 | $| 104646 | <sup>(4)</sup> | $| 42556 | $| 2185 | 92.98% | 81.03% |
| Alpha Mill | Charlotte, NC | 267 | 830 | May 2021 | 69500 | 69500 |  | 6000 | 6000 | 1592 | 1592 | 95.13% | 100.00% |
| Alkire Glen | Columbus, OH | 252 | 822 | December 2025 | 41100 | 41100 |  | 19593 | 19593 | 1234 | 1234 | 93.63% | 93.47% |
| Antero | Colorado Springs, CO | 528 | 828 | December 2025 | 76300 | 76300 |  | 40877 | 40877 | 1229 | 1229 | 75.00% | 94.70% |
| Autumn Ridge | Raleigh, NC | 398 | 803 | December 2025 | 61550 | 61550 |  | 36289 | 36289 | 1127 | 1127 | 89.45% | 92.39% |
| Cason Estates | Murfreesboro, TN | 262 | 1078 | May 2021 | 51400 | 51400 |  | 37462 | 37462 | 1511 | 1511 | 91.22% | 100.00% |
| Cottonwood Bayview | St. Petersburg, FL | 309 | 805 | May 2021 | 95900 | 95900 |  | 71417 | 71417 | 2509 | 2509 | 95.47% | 71.00% |
| Cottonwood Clermont | Clermont, FL | 230 | 1111 | Sept 2022 | 85000 | 85000 |  | 33887 | 33887 | 2012 | 2012 | 94.35% | 100.00% |
| Cottonwood Highland <sup>(2)(5)</sup> | Salt Lake City, UT | 250 | 745 | May 2021 | 65210 | 65210 | <sup>(4)</sup> | 46862 | 46862 | 1719 | 1719 | 88.00% | 41.98% |
| Cottonwood Lighthouse Point | Pompano Beach, FL | 243 | 996 | June 2022 | 95500 | 95500 |  | 47964 | 47964 | 2230 | 2230 | 93.83% | 100.00% |
| Cottonwood Reserve | Charlotte, NC | 352 | 1021 | May 2021 | 77500 | 77500 |  | 48049 | 48049 | 1436 | 1436 | 89.77% | 91.14% |
| Cottonwood Ridgeview | Plano, TX | 322 | 1156 | May 2021 | 72930 | 72930 |  | 65300 | 65300 | 1770 | 1770 | 95.03% | 100.00% |
| Cottonwood Westside | Atlanta, GA | 197 | 860 | May 2021 | 47900 | 47900 |  | 26986 | 26986 | 1566 | 1566 | 95.94% | 100.00% |
| Enclave on Golden Triangle | Keller, TX | 273 | 1048 | May 2021 | 51600 | 51600 |  | 48400 | 48400 | 1656 | 1656 | 96.34% | 98.93% |
| Fox Point | Salt Lake City, UT | 398 | 841 | May 2021 | 79400 | 79400 |  | 44249 | 44249 | 1396 | 1396 | 93.97% | 52.75% |
| Heights at Meridian | Durham, NC | 339 | 997 | May 2021 | 79900 | 79900 |  | 53401 | 53401 | 1541 | 1541 | 95.58% | 100.00% |
| Lake St. James | Conyers, GA | 484 | 1005 | December 2025 | 58850 | 58850 |  | 48724 | 48724 | 1325 | 1325 | 79.30% | 100.00% |
| Melrose <sup>(2)</sup> | Nashville, TN | 220 | 951 | May 2021 | 67400 | 67400 |  | 56600 | 56600 | 1717 | 1717 | 93.18% | 100.00% |
| Melrose Phase II <sup>(2)</sup> | Nashville, TN | 139 | 675 | May 2021 | 40350 | 40350 |  | 32400 | 32400 | 1518 | 1518 | 97.84% | 100.00% |
| Morgan Ridge | Winston-Salem, NC | 432 | 956 | December 2025 | 67800 | 67800 |  | 33425 | 33425 | 1211 | 1211 | 85.42% | 96.05% |
| Park at Midtown | Greensboro, NC | 216 | 905 | December 2025 | 31900 | 31900 |  | 15979 | 15979 | 1209 | 1209 | 89.35% | 93.04% |
| Park at Oakridge | Greensboro, NC | 232 | 1035 | December 2025 | 34250 | 34250 |  | 18367 | 18367 | 1251 | 1251 | 89.18% | 93.04% |
| Park Avenue | Salt Lake City, UT | 234 | 714 | May 2021 | 67525 | 67525 | <sup>(4)</sup> | 43453 | 43453 | 1848 | 1848 | 91.45% | 100.00% |
| Pavilions | Albuquerque, NM | 240 | 1162 | May 2021 | 61100 | 61100 |  | 58500 | 58500 | 1908 | 1908 | 98.75% | 96.35% |
| Raveneaux | Houston, TX | 382 | 1065 | May 2021 | 57500 | 57500 |  | 47400 | 47400 | 1446 | 1446 | 95.55% | 96.97% |
| Regatta | Houston, TX | 490 | 862 | May 2021 | 48100 | 48100 |  | 34988 | 34988 | 1100 | 1100 | 94.07% | 100.00% |
| Retreat at Peachtree City | Peachtree City, GA | 312 | 980 | May 2021 | 72500 | 72500 |  | 58412 | 58412 | 1770 | 1770 | 95.19% | 100.00% |
| Scott Mountain | Portland, OR | 262 | 927 | May 2021 | 70700 | 70700 |  | 47958 | 47958 | 1811 | 1811 | 90.46% | 95.80% |
| Steepleway Downs | Houston, TX | 224 | 684 | December 2025 | 14904 | 14904 |  | 12829 | 12829 | 962 | 962 | 92.38% | 100.00% |
| Stonebriar of Frisco | Frisco, TX | 306 | 963 | May 2021 | 59200 | 59200 |  | 53600 | 53600 | 1490 | 1490 | 91.50% | 84.19% |
| Summer Park | Buford, GA | 358 | 1064 | May 2021 | 75500 | 75500 |  | 52398 | 52398 | 1511 | 1511 | 92.46% | 98.68% |
| The Marq Highland Park <sup>(2)</sup> | Tampa, FL | 239 | 999 | May 2021 | 65700 | 65700 |  | 46802 | 46802 | 2100 | 2100 | 94.98% | 74.10% |
| The Retreat at Stillmeadow | Cincinnati, OH | 214 | 1002 | December 2025 | 30500 | 30500 |  | 18937 | 18937 | 1306 | 1306 | 91.12% | 85.00% |
| The Mill at Georgetown | Georgetown, KY | 228 | 992 | December 2025 | 51250 | 51250 |  | 32658 | 32658 | 1529 | 1529 | 94.30% | 96.02% |
| Timber Hollow | Fairfield, OH | 368 | 782 | December 2025 | 59730 | 59730 |  | 37257 | 37257 | 1332 | 1332 | 92.12% | 84.96% |
| Toscana at Valley Ridge | Lewisville, TX | 288 | 738 | May 2021 | 47700 | 47700 |  | 32571 | 32571 | 1249 | 1249 | 94.10% | 58.60% |
| **Total / Weighted-Average** |  | 10773 | 923 |  | $| 2237795 |  | $| 1452550 | $| 1530 | 91.41% | 90.76% |
| <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. | <sup>(1)</sup> Mortgage debt outstanding is shown as if CROP owned 100% of the property. |
| <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. | <sup>(2)</sup> Data from commercial retail units are excluded from number of units and physical occupancy. |
| <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold | <sup>(3)</sup> Beneficial interests in 805 Riverfront are currently being offered for purchase under our DST Program. Our ownership in the property will decrease as these interests are sold |
| <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  | <sup>(4)</sup> These purchase price amounts represent the acquisition date fair value plus subsequent capitalized costs on the projects placed in service.  |
| <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. | <sup>(5)</sup> CROP's percentage ownership is not proportionate to the total amount CROP invested in the project due to a disproportionate ownership percentage assigned to CROP and related parties as fees and commissions were waived for the sponsor and its affiliates. On December 31, 2025, CROP's ownership percentage increased from 36.93% to 41.98%. |

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

*Development Property ($ in thousands)*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Market** | **Units to<br>be Built** | **Average<br>Unit Size<br>(Sq Ft)** | **Purchase Date** | **Total Project Investment** | **Debt Outstanding** <sup>(1)</sup> | **Physical Occupancy Rate** <sup>(2)</sup> | **Percentage<br>Owned by<br>CROP** |
| The Westerly <sup>(3)</sup> | Salt Lake City, UT | 198 | 808 | May 2021 <sup>(3)</sup> | 50413 | 22714 | —% | 82.45% |
| Cottonwood on 6th <sup>(4)</sup> | Salt Lake City, UT | 166 | 719 | January 2026 |  |  | —% | —% |
| <sup>(1)</sup> Debt outstanding is shown as if CROP owned 100% of the development property. | <sup>(1)</sup> Debt outstanding is shown as if CROP owned 100% of the development property. | <sup>(1)</sup> Debt outstanding is shown as if CROP owned 100% of the development property. | <sup>(1)</sup> Debt outstanding is shown as if CROP owned 100% of the development property. | <sup>(1)</sup> Debt outstanding is shown as if CROP owned 100% of the development property. | <sup>(1)</sup> Debt outstanding is shown as if CROP owned 100% of the development property. | <sup>(1)</sup> Debt outstanding is shown as if CROP owned 100% of the development property. | <sup>(1)</sup> Debt outstanding is shown as if CROP owned 100% of the development property. | <sup>(1)</sup> Debt outstanding is shown as if CROP owned 100% of the development property. |
| <sup>(2)</sup> The Westerly is estimated to be completed in the second quarter of 2026. Cottonwood on 6th is estimated to be completed in 2028. | <sup>(2)</sup> The Westerly is estimated to be completed in the second quarter of 2026. Cottonwood on 6th is estimated to be completed in 2028. | <sup>(2)</sup> The Westerly is estimated to be completed in the second quarter of 2026. Cottonwood on 6th is estimated to be completed in 2028. | <sup>(2)</sup> The Westerly is estimated to be completed in the second quarter of 2026. Cottonwood on 6th is estimated to be completed in 2028. | <sup>(2)</sup> The Westerly is estimated to be completed in the second quarter of 2026. Cottonwood on 6th is estimated to be completed in 2028. | <sup>(2)</sup> The Westerly is estimated to be completed in the second quarter of 2026. Cottonwood on 6th is estimated to be completed in 2028. | <sup>(2)</sup> The Westerly is estimated to be completed in the second quarter of 2026. Cottonwood on 6th is estimated to be completed in 2028. | <sup>(2)</sup> The Westerly is estimated to be completed in the second quarter of 2026. Cottonwood on 6th is estimated to be completed in 2028. | <sup>(2)</sup> The Westerly is estimated to be completed in the second quarter of 2026. Cottonwood on 6th is estimated to be completed in 2028. |
| <sup>(3)</sup> Construction on The Westerly began in July 2023. The amount above includes contributions from the Block C Joint Venture to The Westerly as of March 31, 2026 including the related land cost and capital expenditures. Refer to the land held for development table below for additional information on the Block C Joint Venture. | <sup>(3)</sup> Construction on The Westerly began in July 2023. The amount above includes contributions from the Block C Joint Venture to The Westerly as of March 31, 2026 including the related land cost and capital expenditures. Refer to the land held for development table below for additional information on the Block C Joint Venture. | <sup>(3)</sup> Construction on The Westerly began in July 2023. The amount above includes contributions from the Block C Joint Venture to The Westerly as of March 31, 2026 including the related land cost and capital expenditures. Refer to the land held for development table below for additional information on the Block C Joint Venture. | <sup>(3)</sup> Construction on The Westerly began in July 2023. The amount above includes contributions from the Block C Joint Venture to The Westerly as of March 31, 2026 including the related land cost and capital expenditures. Refer to the land held for development table below for additional information on the Block C Joint Venture. | <sup>(3)</sup> Construction on The Westerly began in July 2023. The amount above includes contributions from the Block C Joint Venture to The Westerly as of March 31, 2026 including the related land cost and capital expenditures. Refer to the land held for development table below for additional information on the Block C Joint Venture. | <sup>(3)</sup> Construction on The Westerly began in July 2023. The amount above includes contributions from the Block C Joint Venture to The Westerly as of March 31, 2026 including the related land cost and capital expenditures. Refer to the land held for development table below for additional information on the Block C Joint Venture. | <sup>(3)</sup> Construction on The Westerly began in July 2023. The amount above includes contributions from the Block C Joint Venture to The Westerly as of March 31, 2026 including the related land cost and capital expenditures. Refer to the land held for development table below for additional information on the Block C Joint Venture. | <sup>(3)</sup> Construction on The Westerly began in July 2023. The amount above includes contributions from the Block C Joint Venture to The Westerly as of March 31, 2026 including the related land cost and capital expenditures. Refer to the land held for development table below for additional information on the Block C Joint Venture. | <sup>(3)</sup> Construction on The Westerly began in July 2023. The amount above includes contributions from the Block C Joint Venture to The Westerly as of March 31, 2026 including the related land cost and capital expenditures. Refer to the land held for development table below for additional information on the Block C Joint Venture. |
| <sup>(4)</sup> Cottonwood on 6th is a development project in which we are the manager of the owning entity and have rights to a promoted interest.  | <sup>(4)</sup> Cottonwood on 6th is a development project in which we are the manager of the owning entity and have rights to a promoted interest.  | <sup>(4)</sup> Cottonwood on 6th is a development project in which we are the manager of the owning entity and have rights to a promoted interest.  | <sup>(4)</sup> Cottonwood on 6th is a development project in which we are the manager of the owning entity and have rights to a promoted interest.  | <sup>(4)</sup> Cottonwood on 6th is a development project in which we are the manager of the owning entity and have rights to a promoted interest.  | <sup>(4)</sup> Cottonwood on 6th is a development project in which we are the manager of the owning entity and have rights to a promoted interest.  | <sup>(4)</sup> Cottonwood on 6th is a development project in which we are the manager of the owning entity and have rights to a promoted interest.  | <sup>(4)</sup> Cottonwood on 6th is a development project in which we are the manager of the owning entity and have rights to a promoted interest.  | <sup>(4)</sup> Cottonwood on 6th is a development project in which we are the manager of the owning entity and have rights to a promoted interest.  |

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*Structured Investments ($ in thousands)*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Market** | **Investment Type** | **Fixed Interest Rate** | **Date of Initial Investment** | **Maturity Date** <sup>(1)</sup> | **Number of Units** | **Funding Commitment** | **Amount Funded to Date** |
| 417 Callowhill | Philadelphia, PA | Preferred Equity | n/a | November 2022 | n/a | 220 | $33413 | $33413 |
| 2215 Hollywood | Hollywood, FL | Mezzanine Loan | 14.5% | April 2023 | April 14, 2026 | 180 | 10045 | 10045 |
| Monrovia Station | Monrovia, CA | Mezzanine Loan | 16.5% | July 2023 | July 18, 2027 | 296 | 20150 | 20150 |
| Infield | Kissimmee, FL | Preferred Equity | n/a | November 2023 | n/a | 384 | 14650 | 14650 |
| Prospect at Central | Denver, CO | Mezzanine Loan | 15.0% | April 2025 | May 8, 2027 | 65 | 5100 | 5100 |
| The Bowline | Santa Rosa Beach, FL | Mezzanine Loan | 14.8% | May 2025 | May 20, 2029 | 162 | 8418 | 6611 |
| Regenerant Venture | Various | Joint Venture | n/a | August 2025 | n/a | 238 |  | 11189 |
| **Total** |  |  |  |  |  | 1545 | $91776 | $101158 |
| <sup>(1)</sup> Our mezzanine loans have the following extension options: Hollywood- one 12-month option, Monrovia- two 12-month options, Prospect- two 12-month options and Bowline- two 12-month options.  | <sup>(1)</sup> Our mezzanine loans have the following extension options: Hollywood- one 12-month option, Monrovia- two 12-month options, Prospect- two 12-month options and Bowline- two 12-month options.  | <sup>(1)</sup> Our mezzanine loans have the following extension options: Hollywood- one 12-month option, Monrovia- two 12-month options, Prospect- two 12-month options and Bowline- two 12-month options.  | <sup>(1)</sup> Our mezzanine loans have the following extension options: Hollywood- one 12-month option, Monrovia- two 12-month options, Prospect- two 12-month options and Bowline- two 12-month options.  | <sup>(1)</sup> Our mezzanine loans have the following extension options: Hollywood- one 12-month option, Monrovia- two 12-month options, Prospect- two 12-month options and Bowline- two 12-month options.  | <sup>(1)</sup> Our mezzanine loans have the following extension options: Hollywood- one 12-month option, Monrovia- two 12-month options, Prospect- two 12-month options and Bowline- two 12-month options.  | <sup>(1)</sup> Our mezzanine loans have the following extension options: Hollywood- one 12-month option, Monrovia- two 12-month options, Prospect- two 12-month options and Bowline- two 12-month options.  | <sup>(1)</sup> Our mezzanine loans have the following extension options: Hollywood- one 12-month option, Monrovia- two 12-month options, Prospect- two 12-month options and Bowline- two 12-month options.  | <sup>(1)</sup> Our mezzanine loans have the following extension options: Hollywood- one 12-month option, Monrovia- two 12-month options, Prospect- two 12-month options and Bowline- two 12-month options.  |

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*Land Held for Development ($ in thousands)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Market** | **Acreage** | **Purchase Date** | **Total Investment Amount** | **Percentage Owned by CROP** |
| Block C Joint Venture <sup>(1)</sup> | Salt Lake City, UT | 1.69 acres | May 2021 | $9014 | 82.45% |
| 3300 Cottonwood | Salt Lake City, UT | 1.76 acres | October 2021 | 7928 | 100.00% |
| Galleria <sup>(2)</sup> | Salt Lake City, UT | 26.07 acres | September 2022 | 35730 | 100.00% |
| Westgate <sup>(3)</sup> | Colorado Springs, CO | 27.5 acres | December 2025 | 9125 | 100.00% |
| **Total** |  |  |  | $61797 |  |
| <sup>(1)</sup> The Block C Joint Venture includes land held for development for Millcreek North and The Archer development projects as well as cash held at the joint venture for future investment. The Block C Joint Venture also includes The Westerly, which is reflected in the separate development property table above. On January 31, 2025, we entered into a contract to sell The Archer for $3.0 million, which closed on May 7, 2026. | <sup>(1)</sup> The Block C Joint Venture includes land held for development for Millcreek North and The Archer development projects as well as cash held at the joint venture for future investment. The Block C Joint Venture also includes The Westerly, which is reflected in the separate development property table above. On January 31, 2025, we entered into a contract to sell The Archer for $3.0 million, which closed on May 7, 2026. | <sup>(1)</sup> The Block C Joint Venture includes land held for development for Millcreek North and The Archer development projects as well as cash held at the joint venture for future investment. The Block C Joint Venture also includes The Westerly, which is reflected in the separate development property table above. On January 31, 2025, we entered into a contract to sell The Archer for $3.0 million, which closed on May 7, 2026. | <sup>(1)</sup> The Block C Joint Venture includes land held for development for Millcreek North and The Archer development projects as well as cash held at the joint venture for future investment. The Block C Joint Venture also includes The Westerly, which is reflected in the separate development property table above. On January 31, 2025, we entered into a contract to sell The Archer for $3.0 million, which closed on May 7, 2026. | <sup>(1)</sup> The Block C Joint Venture includes land held for development for Millcreek North and The Archer development projects as well as cash held at the joint venture for future investment. The Block C Joint Venture also includes The Westerly, which is reflected in the separate development property table above. On January 31, 2025, we entered into a contract to sell The Archer for $3.0 million, which closed on May 7, 2026. | <sup>(1)</sup> The Block C Joint Venture includes land held for development for Millcreek North and The Archer development projects as well as cash held at the joint venture for future investment. The Block C Joint Venture also includes The Westerly, which is reflected in the separate development property table above. On January 31, 2025, we entered into a contract to sell The Archer for $3.0 million, which closed on May 7, 2026. |
| <sup>(2)</sup> On October 15, 2024, we entered into a contract to sell approximately 6.9 acres of land at Galleria for $8.0 million. We expect to close during 2026 | <sup>(2)</sup> On October 15, 2024, we entered into a contract to sell approximately 6.9 acres of land at Galleria for $8.0 million. We expect to close during 2026 | <sup>(2)</sup> On October 15, 2024, we entered into a contract to sell approximately 6.9 acres of land at Galleria for $8.0 million. We expect to close during 2026 | <sup>(2)</sup> On October 15, 2024, we entered into a contract to sell approximately 6.9 acres of land at Galleria for $8.0 million. We expect to close during 2026 | <sup>(2)</sup> On October 15, 2024, we entered into a contract to sell approximately 6.9 acres of land at Galleria for $8.0 million. We expect to close during 2026 | <sup>(2)</sup> On October 15, 2024, we entered into a contract to sell approximately 6.9 acres of land at Galleria for $8.0 million. We expect to close during 2026 |
| <sup>(3)</sup> On December 18, 2025, we acquired this investment as part of the RS Merger and it is currently under contract to be sold. We expect to close during 2026. | <sup>(3)</sup> On December 18, 2025, we acquired this investment as part of the RS Merger and it is currently under contract to be sold. We expect to close during 2026. | <sup>(3)</sup> On December 18, 2025, we acquired this investment as part of the RS Merger and it is currently under contract to be sold. We expect to close during 2026. | <sup>(3)</sup> On December 18, 2025, we acquired this investment as part of the RS Merger and it is currently under contract to be sold. We expect to close during 2026. | <sup>(3)</sup> On December 18, 2025, we acquired this investment as part of the RS Merger and it is currently under contract to be sold. We expect to close during 2026. | <sup>(3)</sup> On December 18, 2025, we acquired this investment as part of the RS Merger and it is currently under contract to be sold. We expect to close during 2026. |

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

**Results of Operations**

Our results of operations for the three months ended March 31, 2026 and 2025 are as follows ($ in thousands, except share and per share data):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** | |
| | **2026** | **2025** |<br>**Change** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;Rental and other property revenues | $43553 | $37308 | $6245 |
| &nbsp;&nbsp;Property management revenues | 1596 | 1792 | (196) |
| &nbsp;&nbsp;Other revenues | 2376 | 1566 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 47525 | 40666 | 6859 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Property operations expense | 19460 | 13582 | 5878 |
| &nbsp;&nbsp;Property management expense | 4460 | 4582 | (122) |
| &nbsp;&nbsp;Asset management fee | 3201 | 3091 | 110 |
| &nbsp;&nbsp;Depreciation and amortization | 24772 | 14950 | 9822 |
| &nbsp;&nbsp;General and administrative expenses | 2829 | 2559 | 270 |
| &nbsp;&nbsp;Impairment loss |  | 957 | (957) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 54722 | 39721 | 15001 |
| (Loss) income from operations | (7197) | 945 | (8142) |
| &nbsp;&nbsp;Equity in (losses) earnings of unconsolidated real estate entities | (1591) | 1369 | (2960) |
| &nbsp;&nbsp;Interest income | 137 | 334 | (197) |
| &nbsp;&nbsp;Interest expense | (19206) | (20047) | 841 |
| &nbsp;&nbsp;Loss on debt extinguishment | (198) | (98) | (100) |
| &nbsp;&nbsp;Gain on sale of real estate assets | 15759 | 7932 | 7827 |
| &nbsp;&nbsp;Gain on legal settlement |  | 400 | (400) |
| &nbsp;&nbsp;Other expense | (154) | (3974) | 3820 |
| Loss before income taxes | (12450) | (13139) | 689 |
| &nbsp;&nbsp;Income tax benefit | 220 | 125 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Net loss** | (12230) | (13014) | 784 |
| Net loss attributable to noncontrolling interests: |  |  |  |
| &nbsp;&nbsp;&nbsp;Limited partners | 6893 | 6405 | 488 |
| &nbsp;&nbsp;&nbsp;Partially owned entities | 1099 | 336 | 763 |
| **Net loss attributable to controlling interests** | (4238) | (6273) | 2035 |
| &nbsp;&nbsp;&nbsp;Less: preferred stock dividends | $2467 | $1333 | $1134 |
| **Net loss attributable to common stockholders** | $(6705) | $(7606) | $901 |
| Weighted-average common shares outstanding - basic and diluted | 30336098 | 31543589 |  |
| Net loss per common share - basic and diluted | $(0.22) | $(0.24) |  |

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***Comparison of the Three Months Ended March 31, 2026 and 2025***

*Rental and Other Property Revenues*

Rental and other property revenues increased by $6.2 million, driven by $11.9 million from properties acquired through the merger with RealSource Properties, Inc. and RealSource Properties OP, LP in December 2025 (the "RealSource Merger") pursuant to which we acquired a portfolio of multifamily apartment communities and certain third-party property management contracts. This growth was partially offset by a $5.8 million decline from the sales of Cottonwood Broadway, Parc Westborough, and Sugarmont in 2025 and Cottonwood Apartments in 2026.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

*Property operations expense*

Property operations expense increased by $5.9 million, primarily driven by $5.9 million from properties acquired through the RealSource Merger, increased insurance costs, and taxes. This was partially offset by a $2.0 million decline from property sales in 2025 and 2026.

*Gain on Sale of Real Estate Assets*

The $15.8 million gain on sale of real estate during the three months ended March 31, 2026 was from the sale of a 99.9% interest in Cottonwood Apartments. The $7.9 million gain on sale of real estate during the three months ended March 31, 2025 was from the sale of Cottonwood Broadway.

*Other Expense*

Other expense decreased by $3.8 million primarily due to $3.1 million in selling commissions expensed in the first quarter of 2025 from the exchange of Series 2019 Preferred Stock for Series 2025 Preferred Stock. No such exchanges occurred in 2026.

**Reportable Net Operating Income**

Reportable net operating income ("Reportable NOI") is a supplemental non-GAAP measure of our property operating results, defined as operating revenues less operating expenses. While we consider net income (loss), as defined by GAAP, to be the most appropriate measure of overall performance, we also view Reportable NOI as an appropriate supplemental performance measure as it provides investors with useful information as to the ongoing operating performance of our properties by excluding items not considered controllable through property management, such as real estate-related depreciation and amortization, general and administrative expenses, advisory and property management fees, interest expense, gains on sale of real estate, other income and expense, and noncontrolling interests. Reportable NOI should not be viewed as an alternative to net income (loss) as a measure of financial performance, as it excludes items that may materially impact our results. In addition, our definition of Reportable NOI may differ from that used by other real estate companies. Accordingly, net income (loss) should be considered the primary indicator of our overall financial performance.

Reportable NOI represents 100% of each of our consolidated and unconsolidated properties' reportable rental and other property revenues and reportable property operations expense. As of March 31, 2026, our same store portfolio consisted of 21 consolidated properties and four unconsolidated properties. Our non-same store and other portfolio consisted of 10 consolidated properties, three sold properties, and one unconsolidated property. Refer to <u>[Note 15](#idf73aa78f8ab4523ad776d1c5576d884_76)</u> of the condensed consolidated financial statements for details of Reportable NOI, including significant expenses.

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Reportable NOI** |  |  |
| &nbsp;&nbsp;Same Store | $22776 | $24448 |
| &nbsp;&nbsp;Non-Same Store and Other | 6447 | 3958 |
| **Total Reportable NOI** | $29223 | $28406 |

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***Comparison of the Three Months Ended March 31, 2026 and 2025***

*Same Store*

Same store NOI was flat for the three months ended March 31, 2026 when compared to the same period in the prior year. The weighted-average rents for the same store portfolio were $1,671 and $1,696, while the weighted-average occupancy rate for the same store portfolio was 93.8% and 94.1% at March 31, 2026 and 2025, respectively.

*Non-Same Store and Other*

Reportable NOI for Non-Same Store and Other increased by $3.0 million, primarily driven by contributions from properties acquired through the RealSource Merger in December 2025, partially offset by lost NOI from the sale of three properties in 2025.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

The following table reconciles the net loss attributable to common stockholders in the condensed consolidated statements of operations to total Reportable NOI for the three months ended March 31, 2026 and 2025 ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net loss attributable to common stockholders | $(6705) | $(7606) |
| &nbsp;&nbsp;Depreciation and amortization | 24772 | 14950 |
| &nbsp;&nbsp;General and administrative expenses | 2829 | 2559 |
| &nbsp;&nbsp;Impairment loss |  | 957 |
| &nbsp;&nbsp;Property management revenues | (1596) | (1792) |
| &nbsp;&nbsp;Property management expense | 4460 | 4582 |
| &nbsp;&nbsp;Asset management fee | 3201 | 3091 |
| &nbsp;&nbsp;Other revenues | (2376) | (1566) |
| &nbsp;&nbsp;Equity in losses (earnings) of unconsolidated real estate entities | 1591 | (1369) |
| &nbsp;&nbsp;Interest income | (137) | (334) |
| &nbsp;&nbsp;Interest expense | 19206 | 20047 |
| &nbsp;&nbsp;Loss on debt extinguishment | 198 | 98 |
| &nbsp;&nbsp;Gain on sale of real estate assets | (15759) | (7932) |
| &nbsp;&nbsp;Gain on legal settlement |  | (400) |
| &nbsp;&nbsp;Other expense | 154 | 3974 |
| &nbsp;&nbsp;Income tax benefit | (220) | (125) |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests - limited partners | (6893) | (6405) |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests - partially owned entities | (1099) | (336) |
| &nbsp;&nbsp;Preferred stock dividends | 2467 | 1333 |
| &nbsp;&nbsp;Rental and other property revenues of unconsolidated properties | 8289 | 7080 |
| &nbsp;&nbsp;Property operations expense of unconsolidated properties | (3159) | (2400) |
| Reportable NOI | $29223 | $28406 |

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We further evaluate the performance of properties in our Same Store reportable segment on an adjusted, at-share basis ("Adjusted Same Store Reportable NOI"), reflecting CROP's ownership at the end of the period for all properties within the same-store portfolio. This analysis may not be comparable to that of other real estate companies and should not be considered more relevant or accurate than GAAP measures in evaluating our operating performance.

The following table reconciles Same Store Reportable NOI to Adjusted Same Store Reportable NOI at Share for the three months ended March 31, 2026 and 2025 ($ in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Same Store Reportable NOI | $22776 | $24448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-core property expenses, net | 206 | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;At share adjustments <sup>(1)</sup> | (2806) | (3516) |
| Adjusted Same Store Reportable NOI | $20176 | $20683 |
| <sup>(1)</sup> Adjustment to apply CROP's ownership percentage in the properties within the same store portfolio. | <sup>(1)</sup> Adjustment to apply CROP's ownership percentage in the properties within the same store portfolio. | <sup>(1)</sup> Adjustment to apply CROP's ownership percentage in the properties within the same store portfolio. |

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**Funds from Operations**

We believe funds from operations, or FFO, is a beneficial indicator of the performance of an equity REIT and of our company. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT, as net income or loss (computed in accordance with GAAP), excluding gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), gains and losses from change in control, impairment losses on operating real estate assets, the cumulative effect of changes in accounting principles, real estate-related depreciation and amortization, and after adjustments for our share of unconsolidated partnerships and joint ventures.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

We believe FFO facilitates comparisons of operating performance between periods and among other REITs. However, our computation of FFO may not be comparable to other REITs that do not define FFO in accordance with the NAREIT definition or that interpret the current NAREIT definition differently than we do. Our management believes that historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. As a result, we believe that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of our performance relative to our competitors and provides a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities.

We adjust FFO by the items below to arrive at Core FFO. Our management uses Core FFO as a measure of our operating performance. Our calculation of Core FFO may differ from the methodology used for calculating Core FFO by other REITs and, accordingly, our Core FFO may not be comparable. We believe these measures are useful to investors because they facilitate an understanding of our operating performance after adjusting for non-cash expenses and other items not indicative of ongoing operating performance.

Neither FFO nor Core FFO is equivalent to net income or cash generated from operating activities determined in accordance with U.S. GAAP. Furthermore, FFO and Core FFO do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor Core FFO should be considered as an alternative to net income as an indicator of our operating performance.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

The following table presents a reconciliation of FFO and Core FFO to net loss attributable to CROP ($ in thousands, except share and per share data):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net loss attributable to controlling interests | $(4238) | $(6273) |
| Adjustments to arrive at FFO: |  |  |
| &nbsp;&nbsp;Real estate-related depreciation and amortization | 24017 | 14349 |
| &nbsp;&nbsp;Depreciation and amortization from unconsolidated real estate entities | 3136 | 1988 |
| &nbsp;&nbsp;Gain on sale of real estate assets | (15759) | (7932) |
| &nbsp;&nbsp;Loss allocated to noncontrolling interests - limited partners | (6893) | (6405) |
| &nbsp;&nbsp;Amount attributable to above from noncontrolling interests - partially owned entities | (1442) | (514) |
| Funds from operations attributable to common stockholders and unit holders | (1179) | (4787) |
| Adjustments: |  |  |
| &nbsp;&nbsp;Gain on legal settlement |  | (400) |
| &nbsp;&nbsp;Amortization of intangible assets | 755 | 601 |
| &nbsp;&nbsp;Amortization of debt issuance costs | 804 | 946 |
| &nbsp;&nbsp;Accretion of discount on preferred stock | 1178 | 939 |
| &nbsp;&nbsp;Difference between hypothetical liquidation book value and fair value <sup>(1)</sup> | 1845 |  |
| &nbsp;&nbsp;Selling commissions and expenses from Series 2025 Preferred Stock Exchanges |  | 3090 |
| &nbsp;&nbsp;Share-based compensation | 656 | 1042 |
| &nbsp;&nbsp;Losses on debt extinguishment | 198 | 98 |
| &nbsp;&nbsp;Impairment loss |  | 957 |
| &nbsp;&nbsp;Losses on derivatives | 103 | 690 |
| &nbsp;&nbsp;Legal costs and settlements, net |  | (7) |
| &nbsp;&nbsp;Other adjustments <sup>(2)</sup> | 225 | 320 |
| &nbsp;&nbsp;Amount attributable to above from noncontrolling interests and unconsolidated entities | (78) | 55 |
| Core funds from operations attributable to common stockholders and unit holders | $4507 | $3544 |
| FFO per common share and unit - diluted | $(0.01) | $(0.07) |
| Core FFO per common share and unit - diluted | $0.05 | $0.05 |
| Weighted-average diluted common shares and units outstanding - FFO and Core FFO | 91454214 | 69794328 |
| <sup>(1)</sup> Represents preferred interest earned but not recognized under the hypothetical liquidation at book value accounting method. | <sup>(1)</sup> Represents preferred interest earned but not recognized under the hypothetical liquidation at book value accounting method. | <sup>(1)</sup> Represents preferred interest earned but not recognized under the hypothetical liquidation at book value accounting method. |
| <sup>(2)</sup> Other adjustments include acquisition fees and expenses, including those for the RealSource Merger, insurance losses, and other miscellaneous non-cash or non-recurring items. | <sup>(2)</sup> Other adjustments include acquisition fees and expenses, including those for the RealSource Merger, insurance losses, and other miscellaneous non-cash or non-recurring items. | <sup>(2)</sup> Other adjustments include acquisition fees and expenses, including those for the RealSource Merger, insurance losses, and other miscellaneous non-cash or non-recurring items. |

---

Weighted-average dilutive common shares and units for FFO and Core FFO are as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Dilutive weighted-average Series A Convertible Preferred shares | 11777700 | 6038949 |
| Weighted-average common shares | 30336098 | 31543589 |
| Weighted-average limited partnership units | 49340416 | 32211790 |
| Weighted-average common shares and units outstanding | 91454214 | 69794328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;FFO increased on a nominal basis but declined on a per unit basis. The primary driver was $1.2 million of insurance claims incurred under our aggregate deductible program during the period. Excluding these claims, Core FFO per unit would have been $0.06 for the first quarter. Property management expenses were also higher due to increased payroll and the timing of professional fees, partially offset by lower corporate interest expense.

Refer to "<u>[Results of Operations](#idf73aa78f8ab4523ad776d1c5576d884_97)</u>" and "<u>[Reportable Net Operating Income](#idf73aa78f8ab4523ad776d1c5576d884_100)</u>" above for further detail.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

**Net Asset Value**

Our board of directors, including a majority of our independent directors, has adopted valuation guidelines, as amended from time to time, that contain a comprehensive set of methodologies to be used in connection with the calculation of our net asset value ("NAV"). Pursuant to these valuation procedures, we computed a March 31, 2026 NAV per share for our outstanding Class T, Class D, Class I, and Class A shares of $11.3416.

The purchase price per share for each class of common stock will vary and will generally equal our prior month's NAV per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. Refer to Part II. Item 5. "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Repurchase of Equity Securities – Net Asset Value and — NAV and NAV Per Share Calculation" in our Annual Report on Form 10-K for further information on the valuation methods used for the purposes of determining the valuations of our assets and liabilities.

CROP has certain classes or series of OP Units that are each economically equivalent to a corresponding class of shares. Accordingly, on the last day of each month, for such classes or series of OP Units, the NAV per OP Unit equals the NAV per share of the corresponding class. To the extent CROP has classes of units that do not correspond to a class of our shares, such units will be valued in a manner consistent with our valuation guidelines. The NAV of CROP on the last day of each month equals the sum of the NAVs of each fully-diluted outstanding OP Unit on such day. In calculating the fully-diluted outstanding OP Units we include all outstanding vested LTIP Units, unvested time-based LTIP Units and those performance-based LTIP Units that would be earned based on the internal rate of return as of such day.

Our total NAV in the following table includes (i) the NAV of our outstanding classes of common stock as of March 31, 2026, assuming all outstanding shares of Series A Convertible Preferred Stock have converted to Class I common stock as of March 31, 2026 and (ii) the partnership interests of CROP held by limited partners in CROP. The following table sets forth the components of our NAV as of March 31, 2026 ($ in thousands except share data):

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| | |
|:---|:---|
| **Components of NAV\*** | **As of March 31, 2026** |
| Investments in Multifamily Operating Properties | $2243526 |
| Investments in Multifamily Development Properties | 65635 |
| Investments in Real Estate-Related Structured Investments | 131286 |
| Investments in Land Held for Development | 46673 |
| Operating Company and Other Net Current Assets | 88223 |
| Cash and Cash Equivalents | 16793 |
| Secured Real Estate Financing | (1330786) |
| Subordinated Unsecured Notes | (15844) |
| Preferred Equity | (214463) |
| Net Asset Value | $1031043 |
| Fully-diluted Shares/Units Outstanding | 90908114 |
| *\* Presented as adjusted for our economic ownership percentage in each asset.* | *\* Presented as adjusted for our economic ownership percentage in each asset.* |

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The following table provides a breakdown of our total NAV and NAV per share/unit by class as of March 31, 2026 ($ in thousands, except share and per share data):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class** | **Class** | **Class** | **Class** | **Class** | |
| | **T** | **D** | **I**<sup>(1)</sup> | **A** | **OP**<sup>(2)</sup> |<br>**Total** |
| **As of March 31, 2026** | | | | | | |
| Monthly NAV | $51452 | $4959 | $223275 | $192317 | $559040 | $1031043 |
| Fully-diluted Outstanding Shares/Units | 4536596 | 437225 | 19686374 | 16956755 | 49291164 | 90908114 |
| NAV per Fully-diluted Share/Unit | $11.3416 | $11.3416 | $11.3416 | $11.3416 | $11.3416 |  |
| <sup>(1)</sup> Commencing with our determination of NAV as of December 31, 2025, we have assumed all outstanding convertible preferred equity as of our NAV determination date has been converted to Class I shares based on the NAV per share of Class I common stock as of the determination date.  | <sup>(1)</sup> Commencing with our determination of NAV as of December 31, 2025, we have assumed all outstanding convertible preferred equity as of our NAV determination date has been converted to Class I shares based on the NAV per share of Class I common stock as of the determination date.  | <sup>(1)</sup> Commencing with our determination of NAV as of December 31, 2025, we have assumed all outstanding convertible preferred equity as of our NAV determination date has been converted to Class I shares based on the NAV per share of Class I common stock as of the determination date.  | <sup>(1)</sup> Commencing with our determination of NAV as of December 31, 2025, we have assumed all outstanding convertible preferred equity as of our NAV determination date has been converted to Class I shares based on the NAV per share of Class I common stock as of the determination date.  | <sup>(1)</sup> Commencing with our determination of NAV as of December 31, 2025, we have assumed all outstanding convertible preferred equity as of our NAV determination date has been converted to Class I shares based on the NAV per share of Class I common stock as of the determination date.  | <sup>(1)</sup> Commencing with our determination of NAV as of December 31, 2025, we have assumed all outstanding convertible preferred equity as of our NAV determination date has been converted to Class I shares based on the NAV per share of Class I common stock as of the determination date.  | <sup>(1)</sup> Commencing with our determination of NAV as of December 31, 2025, we have assumed all outstanding convertible preferred equity as of our NAV determination date has been converted to Class I shares based on the NAV per share of Class I common stock as of the determination date.  |
| <sup>(2)</sup> Includes the partnership interests of CROP held by High Traverse Holdings, an entity beneficially owned by Daniel Shaeffer, Chad Christensen, Gregg Christensen and Eric Marlin and other CROP interests, including LTIP Units as described above, held by parties other than us. | <sup>(2)</sup> Includes the partnership interests of CROP held by High Traverse Holdings, an entity beneficially owned by Daniel Shaeffer, Chad Christensen, Gregg Christensen and Eric Marlin and other CROP interests, including LTIP Units as described above, held by parties other than us. | <sup>(2)</sup> Includes the partnership interests of CROP held by High Traverse Holdings, an entity beneficially owned by Daniel Shaeffer, Chad Christensen, Gregg Christensen and Eric Marlin and other CROP interests, including LTIP Units as described above, held by parties other than us. | <sup>(2)</sup> Includes the partnership interests of CROP held by High Traverse Holdings, an entity beneficially owned by Daniel Shaeffer, Chad Christensen, Gregg Christensen and Eric Marlin and other CROP interests, including LTIP Units as described above, held by parties other than us. | <sup>(2)</sup> Includes the partnership interests of CROP held by High Traverse Holdings, an entity beneficially owned by Daniel Shaeffer, Chad Christensen, Gregg Christensen and Eric Marlin and other CROP interests, including LTIP Units as described above, held by parties other than us. | <sup>(2)</sup> Includes the partnership interests of CROP held by High Traverse Holdings, an entity beneficially owned by Daniel Shaeffer, Chad Christensen, Gregg Christensen and Eric Marlin and other CROP interests, including LTIP Units as described above, held by parties other than us. | <sup>(2)</sup> Includes the partnership interests of CROP held by High Traverse Holdings, an entity beneficially owned by Daniel Shaeffer, Chad Christensen, Gregg Christensen and Eric Marlin and other CROP interests, including LTIP Units as described above, held by parties other than us. |

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

Set forth below are the weighted averages of the key assumptions that were used by the independent appraisal firms in the discounted cash flow methodology in the March 31, 2026 valuations of our real property assets, based on property types:

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| | | |
|:---|:---|:---|
| | **Discount Rate** | **Exit Capitalization Rate** |
| Operating Assets | 6.93% | 5.52% |
| Development Assets | 7.05% | 5.25% |
| *\* Presented as adjusted for our economic ownership percentage in each asset, weighted by gross value. The weighted averages were calculated by our advisor based on the information provided by the Independent Appraisal Firms.* | *\* Presented as adjusted for our economic ownership percentage in each asset, weighted by gross value. The weighted averages were calculated by our advisor based on the information provided by the Independent Appraisal Firms.* | *\* Presented as adjusted for our economic ownership percentage in each asset, weighted by gross value. The weighted averages were calculated by our advisor based on the information provided by the Independent Appraisal Firms.* |

---

A change in these assumptions would impact the calculation by the Independent Appraisal Firms of the value of our operating and development assets. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our operating and development asset values:

---

| | | | |
|:---|:---|:---|:---|
| **Sensitivities** | **Change** | **Operating Asset <br>Values** | **Development Asset <br>Values** |
| Discount Rate | 0.25% decrease | 2.7% | 2.5% |
|  | 0.25% increase | (2.6)% | (2.3)% |
| Exit Capitalization Rate | 0.25% decrease | 3.8% | 4.0% |
|  | 0.25% increase | (3.4)% | (3.7)% |
| *\* Presented as adjusted for our economic ownership percentage in each asset.* | *\* Presented as adjusted for our economic ownership percentage in each asset.* | *\* Presented as adjusted for our economic ownership percentage in each asset.* | *\* Presented as adjusted for our economic ownership percentage in each asset.* |

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The following table reconciles stockholders' equity and CROP partners' capital per our condensed consolidated balance sheet to our NAV ($ in thousands):

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| | |
|:---|:---|
| | **March 31, 2026** |
| Stockholders' equity | $285287 |
| Noncontrolling interests attributable to limited partners | 281759 |
|  | 567046 |
| Adjustments at share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization, consolidated and unconsolidated entities | 281453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized net real estate and debt appreciation | 139730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and financing costs | 19421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 13291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Difference between hypothetical liquidation book value accounting and fair value | 7943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 7844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount on preferred stock | (8842) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAV | $1031043 |
| <sup>(1)</sup> Other includes non-current commissions and derivative assets where settlement is not imminent. | <sup>(1)</sup> Other includes non-current commissions and derivative assets where settlement is not imminent. |

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The following describes the adjustments to reconcile GAAP stockholders' equity and CROP partners' capital per our condensed consolidated balance sheet to our NAV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization is not recorded for purposes of determining our NAV. Accumulated depreciation and amortization associated with our investments in unconsolidated real estate entities is also not recorded for purposes of determining our NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in real estate are presented under historical cost in our GAAP condensed consolidated financial statements. Additionally, our mortgage notes, revolving credit facility and construction loans are presented at their carrying value in our consolidated GAAP financial statements. As such, any increases or decreases in the fair market value of our investments in real estate or our debt instruments are not included in our GAAP results. For purposes of determining our NAV, our investments in real estate and our instruments are recorded at fair value.

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<u>[**Table of Contents**](#idf73aa78f8ab4523ad776d1c5576d884_7)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction and financing costs are added back and amortized according to NAV policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We exclude deferred revenue as recorded under GAAP for funds received from an easement agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain preferred equity investments are accounted under the hypothetical liquidation book value method. The adjustment reflects the difference between using that method and fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We exclude deferred tax assets and liabilities unless a refund or payment is likely or probable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our preferred stock that is mandatorily redeemable is accounted for as a liability with associated issuance costs deferred and amortized under GAAP. These issuance costs are excluded for purposes of determining our NAV.

**Policies Regarding Operating Expenses**

Our advisor must reimburse us the amount by which our aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of our average invested assets or 25% of our net income (the "2%/25% Limitation"), unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. For the four consecutive quarters ended March 31, 2026, our total operating expenses were less than the 2%/25% Limitation.

**Liquidity and Capital Resources**

Our principal demands for funds during the short and long-term are and will be for the acquisition of multifamily apartment communities and investments in multifamily real estate-related assets, including funding commitments on our structured investments; operating expenses, including the management fee we pay to our advisor and the performance participation allocation (when applicable); capital expenditures, including those on our development projects; general and administrative expenses; payments under debt obligations; repurchases of common and preferred stock; and payments of distributions to stockholders. We will obtain the capital required to purchase multifamily apartment communities and make investments in multifamily real estate-related assets and conduct our operations from the proceeds of our public and private offerings, our credit facilities, other secured or unsecured financings from banks and other lenders, and from any undistributed funds from our operations.

We intend to strengthen our capital and liquidity positions by continuing to focus on our core fundamentals at the property level. Factors which could increase or decrease our future liquidity include but are not limited to operating performance of the properties, the interest rate environment and inflation which could increase our expenses, the satisfaction of REIT dividend requirements and the volume of repurchase requests under our share purchase program. We have satisfied all of our repurchase requests to date.

Due to commitments on our structured investments and development projects, which we believe will be accretive to our portfolio, our available cash to fund repurchase requests is limited. We completed the sale of 99.9% of our interests in Cottonwood Apartments (February 2026), which currently has the net proceeds reserved for a potential 1031 exchange, to strengthen our liquidity position and enhance our ability to fund repurchase requests and anticipate we will be able to fully fund repurchase requests. To continue to bolster our liquidity position, we may pursue additional strategic asset sales in the future or seek additional sources of capital.

As of March 31, 2026, we have $1.1 billion of fixed rate debt and $175.2 million of variable rate debt, which includes $15.6 million of land loans and $22.7 million of construction loans. We have interest rate cap hedging instruments on $118.8 million, or 67.8%, of our variable rate debt. In addition, CROP has issued unsecured promissory notes in a private placement offering maturing in December 2029, in an aggregate amount of $15.6 million.

We have a credit facility in place with JP Morgan that provides us with additional liquidity. Our JP Morgan Revolving Credit Facility has a variable rate and is secured by Alpha Mill. We may obtain advances secured against Alpha Mill up to $100.0 million on the JP Morgan Revolving Credit Facility. We can draw upon or pay down the JP Morgan Revolving Credit Facility at our discretion, subject to loan-to-value requirements, debt-service coverage ratios and other covenants and restrictions as set forth in the loan documents. As of March 31, 2026, the amount available to draw on this facility was capped at $26.4 million primarily due to the current interest rate environment and the applicable debt-service coverage ratio. On April 7, 2026, we drew $9.0 million on this facility.

One of our principal long-term liquidity requirements includes the repayment of maturing debt. Aggregate maturities will be $59.4 million for the year ended December 31, 2026 and for the years ending 2027 through 2030 will be $392.7 million, $145.9 million, $85.7 million, and $409.1 million, respectively, and $182.5 million in the aggregate thereafter. Of the $59.4 million maturing during the current year ended December 31, 2026, $6.0 million relates to our outstanding revolving credit facility and $41.1 million relates to debt secured by our operating property investment, Antero.

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Approximately $427.6 million of debt, which primarily comprises eight mortgage notes with an aggregate principal balance of $403.0 million and land loans with an aggregate principal balance of $15.6 million, is scheduled to mature within twelve months of the issuance date of these condensed consolidated financial statements. Our cash on hand and other liquidity sources are less than these maturities as of the issuance date of these condensed consolidated financial statements. However, we intend to address these upcoming maturities primarily through refinancing the maturing mortgage loans, selling a land parcel, and using cash on hand and available borrowing capacity under current and future credit facilities. We are actively engaged with our existing lenders and other potential financing sources regarding these refinancing efforts. The mortgage loans are secured by operating and income-producing properties. We believe the operating performance of the underlying assets, current collateral values, and prevailing market conditions support refinancing. Accordingly, we believe it is probable that these plans will be effectively implemented and will enable us to satisfy our obligations as they come due.

We have issued different series of preferred stock and have outstanding Series 2023, Series 2023-A and Series 2025 Preferred Stock, each of which were similar in nature. Each series must be redeemed for cash at a redemption price per share equal to $10.00 plus any accrued and unpaid dividends, to the extent there are funds legally available, on the redemption date.

&nbsp;&nbsp;&nbsp;&nbsp;The Series 2023 Preferred Stock redemption date is June 30, 2027, subject to two one-year extensions at our option. The Series 2023-A Preferred Stock redemption date is December 31, 2027. The Series 2025 Preferred Stock redemption date is December 31, 2028, subject to two one-year extension options at our discretion.

As of March 31, 2026, we had 10.3 million shares outstanding for our Series 2023 Preferred Stock, 0.3 million shares outstanding for our Series 2023-A Preferred Stock, and 10.9 million shares outstanding for our Series 2025 Preferred Stock.

In addition to making investments in accordance with our investment objectives, we expect to use our capital resources to pay offering costs in connection with our securities offerings, as well as make certain payments to our advisor pursuant to the terms of our advisory management agreement.

To maintain our qualification as a REIT, we will be required to make aggregate annual distributions to our stockholders of at least 90% of our REIT taxable income (computed without regard to the dividends-paid deduction and excluding net capital gain). Our board of directors may authorize distributions in excess of those required for us to maintain REIT status depending on our financial condition and such other factors as our board of directors deems relevant.

**Cash Flows**

The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash ($ in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net cash from operating activities | $(1212) | $(5463) |
| Net cash from investing activities | 44341 | 63456 |
| Net cash from financing activities | (23578) | (69606) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | $19551 | $(11613) |

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Net cash flows from operating activities improved by $4.3 million compared to the prior-year period, primarily driven by $3.1 million of selling commissions and expenses related to Series 2025 Preferred Stock exchanges incurred in 2025 that did not recur in 2026, as well as incremental cash flows from properties acquired in the RealSource Merger. This increase was partially offset by the loss of cash flows from three properties sold in 2025.

Net cash flows from investing activities decreased by $19.1 million compared to the prior-year period, primarily due to $28.9 million of lower proceeds from property sales in 2026 relative to 2025. This decrease was partially offset by $3.4 million in lower capital expenditures and the issuance of a $7.0 million promissory note in 2025.

Net cash flows from financing activities increased by $46.0 million compared to the prior-year period, primarily driven by a $65.7 million increase in borrowings on our revolving credit facility, mortgage notes, and construction loans, along with $5.1 million of unsecured notes and $2.6 million raised through our DST program in 2026. This increase was partially offset by higher distributions of $3.1 million, increased redemptions of $1.0 million, and $22.6 million of proceeds from land loans in 2025.

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**Distributions** 

The following table shows distributions paid and cash flow used in operating activities during the three months ended March 31, 2026 and the year ended December 31, 2025 ($ in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31, 2026** | **Year Ended <br>December 31, 2025** |
| Distributions paid in cash - convertible preferred stockholders | $2401 | $6842 |
| Distributions paid in cash - common stockholders | 4179 | 18222 |
| Distributions paid in cash to noncontrolling interests - limited partners | 8383 | 22949 |
| Distributions of DRP (reinvested) | 825 | 3411 |
| &nbsp;&nbsp;Total distributions <sup>(1)</sup> | $15788 | $51424 |
| Source of distributions <sup>(2)</sup> |  |  |
| Paid from proceeds from realized investments | $— | $48013 |
| Paid from additional borrowings | 6000 |  |
| Paid from offering proceeds | 8963 |  |
| Offering proceeds from issuance of common stock pursuant to the DRP | 825 | 3411 |
| &nbsp;&nbsp;Total sources | $15788 | $51424 |
| Net cash used in operating activities <sup>(2)</sup> | $(1212) | $(20574) |
| <sup>(1)</sup> Distributions are paid on a monthly basis. In general, distributions for all record dates of a given month are paid on or about the fifth business day of the following month. | <sup>(1)</sup> Distributions are paid on a monthly basis. In general, distributions for all record dates of a given month are paid on or about the fifth business day of the following month. | <sup>(1)</sup> Distributions are paid on a monthly basis. In general, distributions for all record dates of a given month are paid on or about the fifth business day of the following month. |
| <sup>(2)</sup> The allocation of total sources is calculated on a quarterly basis. Generally, for purposes of determining the source of our distributions paid, we assume first that we use positive cash flow from operating activities from the relevant or prior quarter to fund distribution payments. As such, amounts reflected above as distributions paid from cash flows provided by operations may be from prior quarters which had positive cash flow from operations. | <sup>(2)</sup> The allocation of total sources is calculated on a quarterly basis. Generally, for purposes of determining the source of our distributions paid, we assume first that we use positive cash flow from operating activities from the relevant or prior quarter to fund distribution payments. As such, amounts reflected above as distributions paid from cash flows provided by operations may be from prior quarters which had positive cash flow from operations. | <sup>(2)</sup> The allocation of total sources is calculated on a quarterly basis. Generally, for purposes of determining the source of our distributions paid, we assume first that we use positive cash flow from operating activities from the relevant or prior quarter to fund distribution payments. As such, amounts reflected above as distributions paid from cash flows provided by operations may be from prior quarters which had positive cash flow from operations. |

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For the three months ended March 31, 2026, distributions declared to convertible preferred stockholders, common stockholders and limited partners were $2.5 million, $5.1 million and $8.4 million, respectively.

For the three months ended March 31, 2026, we paid cash distributions to convertible preferred stockholders, common stockholders and limited partners of $2.4 million, $4.2 million and $8.4 million, respectively. For the three months ended March 31, 2026, our net loss was $12.2 million. Cash flows used in operating activities for the three months ended March 31, 2026 were $1.2 million.

**Critical Accounting Policies**

Please refer to Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001692951/000169295126000055/cci-20251231.htm#ic14cf79dba274594bacb5bc5944883c6_61)</u> for the period ending December 31, 2025 for discussions of our critical accounting estimates. As of March 31, 2026, our critical accounting estimates have not changed from those described in that report.

**Subsequent Events**

*Sale of The Archer*

On May 7, 2026, we sold land held for investment for The Archer development project for net proceeds of $3.2 million. We expect to recognize a gain on sale during the three months ended June 30, 2026.

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**Item 3. Quantitative and Qualitative Disclosure about Market Risk**

*Interest Rate Risk*

We are exposed to the effects of interest rate changes as we incur debt to maintain liquidity and to finance our real estate investment portfolio and operations. Interest rate changes affect our profitability and the value of our real estate investment portfolio. Our objective with interest rate risk is to reduce the potentially adverse effects of interest rate changes on earnings, prepayment penalties and cash flows and to lower overall borrowing costs. We manage interest rate risk by maintaining a ratio of fixed rate, long-term debt such that variable rate exposure is kept at an acceptable level. We also utilize a variety of derivative financial instruments, including interest rate caps. These financial instruments may be subject to the risk that losses on a hedge position will reduce the funds available for the payment of distributions to our stockholders and/or that the losses may exceed the amount we invested in the derivative instrument itself.

We have both fixed and variable rate debt. Interest rate fluctuations will generally not affect future earnings or cash flows on fixed rate debt unless such debt matures or is otherwise terminated. However, interest rate changes do affect the fair value of fixed rate instruments. As of March 31, 2026, both the face value and estimated aggregate fair value of our fixed rate mortgage debt was $1.1 billion. Fair value is computed using rates available to us for debt with similar terms and remaining maturities. If interest rates had been 100 basis points higher as of March 31, 2026, the fair value of our fixed rate debt would have decreased by $15.2 million.

Conversely, movements in interest rates on variable rate debt change future earnings and cash flows, but, other than changes in required risk premiums, do not significantly affect fair value. As of March 31, 2026, we had $175.2 million of variable rate debt outstanding with 67.8% of our variable rate debt under rate cap hedging arrangements and 32.2% of our variable rate debt as construction or land loans. If interest rates on non-hedged variable rate debt had been 100 basis points higher during the year ended March 31, 2026, our interest expense would have increased by $15,000. Interest on construction loans and land loans prior to being placed in service is capitalized; therefore, the impact of a change in interest rates on our condensed consolidated statements of operations would be less than the total change, but we would incur higher cash payments and capitalized costs, resulting in greater depreciation in later years.

The weighted-average interest rate of our variable rate debt at March 31, 2026 was 5.6%. The interest rate represents the actual interest rate in effect at March 31, 2026 (consisting of the contractual interest rate and the effect of interest rate swaps, if applicable), using interest rate indices as of March 31, 2026 where applicable.

*Credit Risk*

For our structured investments, we are exposed to the risk of a borrower's ability to perform under the terms of their obligations to us. We manage this credit risk by conducting a comprehensive due diligence process prior to making an investment and by actively monitoring the projects we have invested in. The performance and value of our real estate-related structured investments depend upon the sponsors' ability to manage the development of the respective properties that serve as collateral so that each property's value ultimately supports the repayment of the investment and accrued returns. Mezzanine loans and preferred equity investments are subordinate to senior mortgage loans and, therefore, involve a higher degree of risk. In the event of a default, mezzanine loans and preferred equity investments will be satisfied only after the senior lender's investment is fully recovered. As a result, in the event of a default, we may not recover all of our investment.

In addition, we are exposed to the risks generally associated with the commercial real estate market, including variances in occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to manage these risks through our underwriting and asset management processes.

**Item 4. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

Under the direction of our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2026, our disclosure controls and procedures were effective.

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*Changes in Internal Control Over Financial Reporting*

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2026, we were not involved in any material legal proceedings.

**Item 1A. Risk Factors**

Please see the risks discussed below, in Part II, Item 1A of our prior period Quarterly Reports, and in Part I, Item 1A of our Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001692951/000169295126000055/cci-20251231.htm#ic14cf79dba274594bacb5bc5944883c6_16)</u> for the year ended December 31, 2025.

**Risks Related to our Company**

***We have incurred net losses under GAAP in the past and may incur net losses in the future, and we have an accumulated deficit and may continue to have an accumulated deficit in the future.***

For the three months ended March 31, 2026, we had consolidated net loss of $12.2 million. For the year ended December 31, 2025, we had consolidated net loss of $12.9 million. As of March 31, 2026, we had an accumulated deficit of $114.8 million. These amounts largely reflect the expense of real estate depreciation and amortization in accordance with GAAP, which was $24.8 million for the three months ended March 31, 2026 and $57.4 million for the year ended December 31, 2025.

Net income (loss) and accumulated deficit are calculated and presented in accordance with GAAP, which, among other things, requires depreciation of real estate investments. We calculate depreciation on a straight-line basis. As a result, our operating results imply that the value of our real estate investments will decrease evenly over a set time period. However, we believe that the value of real estate investments will fluctuate over time based on market conditions. Thus, in addition to GAAP financial metrics, management reviews certain non-GAAP financial metrics, including funds from operations, or FFO and Core FFO. FFO measures operating performance that excludes gains or losses from sales of depreciable properties, real estate-related depreciation and amortization and after adjustments for our share of consolidated and unconsolidated entities. See Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations– Funds from Operations" for considerations on how to review this metric.

***We have paid distributions from offering proceeds. In the future we may continue to fund distributions with offering proceeds. To the extent we fund distributions from sources other than our cash flow from operations, we will have less funds available for investment in multifamily apartment communities and multifamily real estate-related assets and the overall return to our stockholders may be reduced.***

Our charter permits us to make distributions from any source, including offering proceeds or borrowings (which may constitute a return of capital), and our charter does not limit the amount of funds we may use from any source to pay such distributions. We intend to make distributions on our common stock on a per share basis with each share receiving the same distribution, subject to any class-specific expenses such as distribution fees on our Class T and Class D shares. If we fund distributions from financings, our offerings or other sources, we will have less funds available for investment in multifamily apartment communities and other multifamily real estate-related assets and the number of real estate properties that we invest in and the overall return to our stockholders may be reduced. If we fund distributions from borrowings, our interest expense and other financing costs, as well as the repayment of such borrowings, will reduce our earnings and cash flow from operations available for distribution in future periods. If we fund distributions from the sale of assets or the maturity, payoff or settlement of multifamily real estate-related assets, this will affect our ability to generate cash flows from operations in future periods.

It is likely that we will use sources of funds, which may constitute a return of capital to fund distributions. During our offering stage, when we may raise capital more quickly than we acquire income-producing assets, and for some period after, we may not be able to make distributions solely from our cash flow from operations. Further, because we may receive income from our investments at various times during our fiscal year and because we may need cash flow from operations during a particular period to fund capital expenditures and other expenses, we expect that we will declare distributions in anticipation of cash flow that we expect to receive during a later period and we will make these distributions in advance of our actual receipt of these funds. In addition, to the extent our investments are in development or redevelopment projects or in properties that have significant capital requirements, our ability to make distributions may be negatively impacted. In these instances, we expect to look to third-party borrowings to fund our distributions. We may also fund such distributions from the sale of assets. To the

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extent distributions exceed cash flow from operations, a stockholder's basis in our stock will be reduced and, to the extent distributions exceed a stockholder's basis, the stockholder may recognize capital gain.

For the three months ended March 31, 2026, and the year ended December 31, 2025, we paid aggregate distributions to convertible preferred stockholders, common stockholders and limited partnership unit holders of $15.8 million and $51.4 million, including $15.0 million and $48.0 million of distributions paid in cash and $0.8 million and $3.4 million of distributions reinvested through our distribution reinvestment plan, respectively.

Our net loss for the three months ended March 31, 2026 was $12.2 million and our net loss for the year ended December 31, 2025 was $12.9 million. Cash flows used in operating activities were $1.2 million for the three months ended March 31, 2026, and cash flows used in operating activities were $20.6 million for the year ended December 31, 2025.

We funded our total distribution paid during the three months ended March 31, 2026, which includes net cash distributions and distribution reinvestment by stockholders, with $0.8 million of offering proceeds from issuance of common stock pursuant to our distribution reinvestment plan, $6.0 million from additional borrowings and $9.0 million from offering proceeds.

We funded our total distributions paid during the year ended December 31, 2025, which includes net cash distributions and distributions reinvested by stockholders, with $3.4 million of offering proceeds from issuance of common stock pursuant to our distribution reinvestment plan and $48.0 million from proceeds from realized investment.

Generally, for purposes of determining the source of our distributions paid, we assume first that we use cash flow from operating activities from the relevant or prior periods to fund distribution payments. To the extent that we pay distributions from sources other than our cash flow from operating activities, we will have less funds available for the acquisition of real estate investments, the overall return to our stockholders may be reduced and subsequent investors will experience dilution. In addition, to the extent distributions exceed cash flow from operating activities, a stockholder's basis in our stock will be reduced and, to the extent distributions exceed a stockholder's basis, the stockholder may recognize capital gain.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Unregistered Sale of Equity Securities**

During the three months ended March 31, 2026, we sold equity securities that were not registered under the Securities Act and not previously included in a Quarterly Report on Form 10-Q or Current Report on Form 8-K as described below.

*LTIP Units*

On January 2, 2026, we granted 25,093 time-based LTIP Units in CROP with an aggregate value of $0.3 million, to our three independent directors as compensation for serving as directors. The LTIP Units have a one-year vesting schedule.

On January 2, 2026, we granted an aggregate of 263,468 time-based LTIP Units in CROP with an aggregate value of $3.0 million to our executive officers and certain of our employees as equity compensation. The LTIP Units vest over four years in equal installments on a quarterly basis, subject to continued service.

The value of the LTIP Units granted in January 2026 was determined by reference to the November 30, 2025 net asset value of OP Units of $11.3578. The issuance of all such shares of LTIP Units was effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act and the rules and regulations promulgated thereunder.

Over time, the LTIP Units can achieve full parity with OP Units for all purposes. If such parity is reached, non-forfeitable LTIP Units may be converted into OP Units. OP Units may be redeemed for cash equal to the then-current market value of one share of Class I common stock or, at our election, for shares of Class I common stock on a one-for-one basis. The OP Units were issued at the most recently disclosed NAV per unit of the OP Units as determined based on the valuation guidelines adopted by our board of directors.

*Class I Common Stock*

On January 2, 2026, we granted 33,308 restricted shares of our Class I common stock to certain employees of us and our advisor and its affiliates for past and future services for us. The restricted stock units have a four-year vesting schedule. The

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shares were issued exclusively to accredited investors in reliance on Rule 506(b) of Regulation D. No general solicitation or underwriters were involved in the issuance. The shares were issued at the most recently disclosed net asset value or NAV of per share on November 30, 2025, as determined based on the valuation guidelines adopted by our board of directors which was $11.3578.

During the three months ended March 31, 2026, we issued 5,000 shares of Class I common stock upon exchange of corresponding CROP Units held by various limited partners. The issuance of such shares of common stock was effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act and the rules and regulations promulgated thereunder. We relied on the exemption based on representations given by the holders of the CROP Units. The Class I common stock was issued at the most recently disclosed NAV of the Class I shares as determined based on the valuation guidelines adopted by our board of directors.

During the three months ended March 31, 2026, we issued 661,246 shares of Class I common stock upon exchange of 751,330 Series A Convertible Preferred Stock pursuant to the terms of the Series A Convertible Preferred Stock which provide that after the holder of the Series A Convertible Preferred Stock has held the shares for two years, we have the right, in our sole discretion, to convert the Series A Convertible Preferred Stock into shares of our Class I common stock at the most recently disclosed NAV per share of Class I common stock. The issuance of such shares of common stock was effected in reliance upon an exemption from registration provided by Section 3(a)(9) of the Securities Act on the basis that the issuance of Class I common stock constituted an exchange with existing holders of the Company's securities and no commission or other remuneration was paid or given directly or indirectly for soliciting such transaction.

*Share Repurchase Program*

We have adopted a share repurchase program, whereby subject to the limitations of the program, on a monthly basis, stockholders may request that we repurchase all or any portion of their shares. We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion.

Under our share repurchase program, to the extent we choose to repurchase shares in any particular month, we will only repurchase shares as of the last calendar day of that month (a "Repurchase Date"). Repurchases will be made at the transaction price in effect on the Repurchase Date (which will generally be equal to our prior month's NAV per share), except that depending on the class of shares requested to be repurchased and how long the shares have been outstanding, the shares may be repurchased at a discount to the transaction price (an "Early Repurchase Deduction") as described in the Share Repurchase Program which is filed as exhibit 99.1 in our Annual Report on <u>[Form 10-K](https://www.sec.gov/Archives/edgar/data/1692951/000169295125000198/ccisharerepurchaseprogramn.htm)</u>, subject to certain limited exceptions.

The total amount of aggregate repurchases of our Class T, Class D, Class I, and Class A shares (all of our outstanding classes of common stock) is limited to no more than 2% of the aggregate NAV of our common stock outstanding per month and no more than 5% of our aggregate NAV of our common stock outstanding per calendar quarter.

During the three months ended March 31, 2026, we repurchased shares of our common stock in the following amounts at the then-applicable transaction price (reduced as applicable by the Early Repurchase Deduction):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Month of:** | **Total Number of Shares Repurchased** <sup>(1)</sup> | **Repurchases as a Percentage of NAV** <sup>(2)</sup> | **Average Price Paid per Share** | **Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Programs** <sup>(3)</sup> |
| January 2026 | 305440 | 1.0380303% | $11.2932 |  |
| February 2026 | 285162 | 0.9538392% | $11.3587 |  |
| March 2026 | 464369 | 1.5414406% | $11.3428 |  |
| Total | 1054971 |  |  |  |
| <sup>(1)</sup> All shares were repurchased through our share purchase program.  | <sup>(1)</sup> All shares were repurchased through our share purchase program.  | <sup>(1)</sup> All shares were repurchased through our share purchase program.  | <sup>(1)</sup> All shares were repurchased through our share purchase program.  | <sup>(1)</sup> All shares were repurchased through our share purchase program.  |
| <sup>(2)</sup> Represents aggregate NAV of the shares repurchased under our share repurchase plan over aggregate NAV of all shares of our common stock outstanding, in each case, based on our NAV as of the last calendar day of the prior month. Pursuant to our share repurchase program, we may repurchase up to 2% of the aggregate NAV of our common stock outstanding per month and 5% of the aggregate NAV of our common stock outstanding per calendar quarter.  | <sup>(2)</sup> Represents aggregate NAV of the shares repurchased under our share repurchase plan over aggregate NAV of all shares of our common stock outstanding, in each case, based on our NAV as of the last calendar day of the prior month. Pursuant to our share repurchase program, we may repurchase up to 2% of the aggregate NAV of our common stock outstanding per month and 5% of the aggregate NAV of our common stock outstanding per calendar quarter.  | <sup>(2)</sup> Represents aggregate NAV of the shares repurchased under our share repurchase plan over aggregate NAV of all shares of our common stock outstanding, in each case, based on our NAV as of the last calendar day of the prior month. Pursuant to our share repurchase program, we may repurchase up to 2% of the aggregate NAV of our common stock outstanding per month and 5% of the aggregate NAV of our common stock outstanding per calendar quarter.  | <sup>(2)</sup> Represents aggregate NAV of the shares repurchased under our share repurchase plan over aggregate NAV of all shares of our common stock outstanding, in each case, based on our NAV as of the last calendar day of the prior month. Pursuant to our share repurchase program, we may repurchase up to 2% of the aggregate NAV of our common stock outstanding per month and 5% of the aggregate NAV of our common stock outstanding per calendar quarter.  | <sup>(2)</sup> Represents aggregate NAV of the shares repurchased under our share repurchase plan over aggregate NAV of all shares of our common stock outstanding, in each case, based on our NAV as of the last calendar day of the prior month. Pursuant to our share repurchase program, we may repurchase up to 2% of the aggregate NAV of our common stock outstanding per month and 5% of the aggregate NAV of our common stock outstanding per calendar quarter.  |
| <sup>(3)</sup> All repurchase requests under our share repurchase plan were satisfied. We funded our repurchases with cash available from operations, financing activities and capital raising activities. | <sup>(3)</sup> All repurchase requests under our share repurchase plan were satisfied. We funded our repurchases with cash available from operations, financing activities and capital raising activities. | <sup>(3)</sup> All repurchase requests under our share repurchase plan were satisfied. We funded our repurchases with cash available from operations, financing activities and capital raising activities. | <sup>(3)</sup> All repurchase requests under our share repurchase plan were satisfied. We funded our repurchases with cash available from operations, financing activities and capital raising activities. | <sup>(3)</sup> All repurchase requests under our share repurchase plan were satisfied. We funded our repurchases with cash available from operations, financing activities and capital raising activities. |

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**Item 3. Defaults Upon Senior Securities**

None

**Item 4. Mine Safety Disclosures**

Not applicable

**Item 5. Other Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the quarterly period ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) adopted or terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

*Preferred Stock Articles Supplementary*

On May 1, 2026, we filed with the State Department of Assessments and Taxation of Maryland (the "SDAT") Articles Supplementary to classify and designate 5,000,000 additional shares of authorized but unissued preferred stock as shares of Series A Convertible Preferred Stock in connection with the determination by the board of directors of the Company to increase the offering size of the Company's private offering to $200,000,000. There were no changes made to the preferences, limitations, powers and relative rights of the Series A Convertible Preferred Stock. Additional information regarding the Series A Convertible Preferred Stock and the related private offering is included in the Company's Current Report on Form 8-K dated September 22, 2023. The Articles Supplementary were effective upon filing with the SDAT.

*Renewal of the Advisory Agreement*

On May 7, 2026, we renewed the advisory agreement by and among us, CROP and CC Advisors III. The renewed advisory agreement is effective through May 7, 2026; however, either party may terminate the renewed advisory agreement without cause or penalty upon providing 60 days' written notice. The terms of the renewed advisory agreement are identical to those of the advisory agreement that was previously in effect.

*Renewal of Reimbursement and Cost Sharing Agreement*

Also on May 7, 2026, we renewed the reimbursement and cost sharing agreement between Cottonwood Capital Management, Inc. ("CCMI"), a subsidiary of CROP, and Cottonwood Communities Advisors, LLC, the parent of CC Advisors III. The renewed reimbursement and cost sharing agreement is effective through May 7, 2026; however, CCMI may cease to make available any or all of its employees upon providing 60 days' written notice. The terms of the renewed reimbursement and cost sharing agreement are identical to those of the reimbursement and cost sharing agreement that was previously in effect.

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**Item 6. Exhibits** 

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 2.1 | <u>[Agreement and Plan of Merger dated June 25, 2025, by and among Cottonwood Communities, Inc., Cottonwood Residential O.P., LP, Cottonwood Communities GP Subsidiary, LLC, RealSource Properties, Inc. and RealSource Properties OP, LP (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed June 26, 2025)](https://www.sec.gov/Archives/edgar/data/1692951/000119312525148962/d921117dex21.htm)</u> |
| 2.2 | <u>[Amendment to Merger Agreement dated November 12, 2025, by and among Cottonwood Communities, Inc., Cottonwood Residential O.P., LP, Cottonwood Communities GP Subsidiary, LLC, RealSource Properties, Inc. and RealSource Properties OP, LP (incorporated by reference to Exhibit 2.2 to the Company's Quarterly Report on Form 10-Q filed November 13, 2025)](https://www.sec.gov/Archives/edgar/data/1692951/000169295125000256/mergeragreementamendment11.htm)</u> |
| 3.1 | <u>[Articles of Amendment and Restatement, incorporated by reference to Exhibit 3.1 to Pre-Effective Amendment No. 3 to the Company's Registration Statement on Form S-11 (No. 333-215272) filed June 27, 2018](https://www.sec.gov/Archives/edgar/data/1692951/000119312518204294/d574119dex31.htm)</u> |
| 3.2 | <u>[Bylaws, incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form S-11 (No. 333-215272) filed December 22, 2016](https://www.sec.gov/Archives/edgar/data/1692951/000119312516802208/d275505dex32.htm)</u> |
| 3.3 | <u>[Articles Supplementary for the Class A shares of common stock, incorporated by reference to Exhibit 3.1 on Form 8-K (No. 333-215272) filed August 19, 2019](https://www.sec.gov/Archives/edgar/data/1692951/000169295119000031/cci-articlessupplementarya.htm)</u> |
| 3.4 | <u>[Articles Supplementary for the Class T shares of common stock, incorporated by reference to Exhibit 3.2 on Form 8-K (No. 333-215272) filed August 19, 2019](https://www.sec.gov/Archives/edgar/data/1692951/000169295119000031/cci-articlessupplementaryt.htm)</u> |
| 3.5 | <u>[Articles of Amendment, incorporated by reference to Exhibit 3.3 on Form 8-K (No. 333-215272) filed August 19, 2019](https://www.sec.gov/Archives/edgar/data/1692951/000169295119000031/cci-articlesofamendmentaug.htm)</u> |
| 3.6 | <u>[Article Supplementary – Preferred Stock, incorporated by reference to Exhibit 3.6 to the Company's Quarterly Report on Form 10-Q filed November 13, 2019](https://www.sec.gov/Archives/edgar/data/1692951/000169295119000038/articlessupplpreferredstock.htm)</u> |
| 3.7 | <u>[Articles Supplementary for the Series 2019 Preferred Stock, incorporated by reference to Exhibit 3.3 on Form 8-K (No. 000-56165) filed April 2, 2021](https://www.sec.gov/Archives/edgar/data/0001692951/000169295121000011/exhibit33-articlessuppleme.htm)</u> |
| 3.8 | <u>[Articles of Amendment for the Class TX shares of common stock, incorporated by reference to Exhibit 3.4 on Form 8-K (No. 000-56165) filed April 2, 2021](https://www.sec.gov/Archives/edgar/data/0001692951/000169295121000011/exhibit34-articlessuppleme.htm)</u> |
| 3.9 | <u>[Articles Supplementary for the Class D, Class I and Class T shares of common stock, incorporated by reference to Exhibit 3.5 on Form 8-K (No. 000-56165) filed April 2, 2021](https://www.sec.gov/Archives/edgar/data/0001692951/000169295121000011/exhibit35-articlessuppleme.htm)</u> |
| 3.10 | <u>[Articles Supplementary for the Class D shares of common stock, incorporated by reference to Exhibit 3.12 to the Company's Registration Statement on Form S-4/A (file no. 333-255171) filing dated May 13, 2021](https://www.sec.gov/Archives/edgar/data/1692951/000114036121017198/nt10022672x6_ex3-12.htm)</u> |
| 3.11 | <u>[Articles Supplementary for the Class D and Class T shares of common stock, incorporated by reference to Exhibit 3.1 to the Company's Post-Effective Amendment no. 7 to its Registration Statement on Form S-11 (No. 333-215272) filed August 11, 2021](https://www.sec.gov/Archives/edgar/data/1692951/000119312521243363/d203934dex31.htm)</u> |
| 3.12 | <u>[Articles Supplementary for the Series 2019 Preferred Stock (incorporated by reference to Exhibit 3.1 on Form 8-K (No. 000-56165) filed October 18, 2021)](https://www.sec.gov/Archives/edgar/data/1692951/000169295121000077/exhibit31-articlessuppleme.htm)</u> |
| 3.13 | <u>[Articles of Amendment (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed December 20, 2021)](https://www.sec.gov/Archives/edgar/data/0001692951/000169295121000117/exhibit31-cciamendmenttoch.htm)</u> |
| 3.14 | <u>[Articles Supplementary for the Series 2019 Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed February 7, 2022)](https://www.sec.gov/Archives/edgar/data/0001692951/000169295122000012/exhibit31-articlessuppleme.htm)</u> |
| 3.15 | <u>[Articles Supplementary for the Series 2023 Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed December 16, 2022)](https://www.sec.gov/Archives/edgar/data/1692951/000169295122000124/exhibit31-articlessuppleme.htm)</u> |
| 3.16 | <u>[Articles Supplementary for the Series 2023-A Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed July 28, 2023)](https://www.sec.gov/Archives/edgar/data/1692951/000169295123000120/exhibit31-articlessuppleme.htm)</u> |
| 3.17 | <u>[Articles Supplementary for the Series 2023 Preferred Stock of Cottonwood Communities, Inc. (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed August 23, 2023)](https://www.sec.gov/Archives/edgar/data/1692951/000169295123000136/exhibit31-articlessuppleme.htm)</u> |
| 3.18 | <u>[Articles Supplementary for the Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed September 22, 2023)](https://www.sec.gov/Archives/edgar/data/1692951/000169295123000171/exhibit31-articlessuppleme.htm)</u> |
| 3.19 | <u>[Articles of Amendment for the terms of the Series A Convertible Preferred Stock of Cottonwood Communities, Inc. (incorporated by reference Exhibit 3.1 to the Company's Current Report on Form 8-K filed February 12, 2024)](https://www.sec.gov/Archives/edgar/data/1692951/000169295124000023/exhibit31-articlesofamendm.htm)</u> |
| 3.20 | <u>[Articles Supplementary for the terms of the Series 2025 Preferred Stock of Cottonwood Communities, Inc. (incorporated by reference Exhibit 3.1 to the Company's Current Report on Form 8-K filed January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1692951/000169295125000053/exhibit31-articlessuppleme.htm)</u> |
| 3.21\* | <u>[Articles Supplementary for](cciarticlessupplementaryse.htm)[the](cciarticlessupplementaryse.htm)[terms of](cciarticlessupplementaryse.htm)[Series A Convertible Preferred Stock](cciarticlessupplementaryse.htm)</u> |

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| | |
|:---|:---|
| 4.1 | <u>[Statement regarding restrictions on transferability of shares of common stock (to appear on stock certificate or to be sent upon request and without charge to stockholders issued shares without certificates), incorporated by reference to Exhibit 4.2 to Pre-Effective Amendment No. 3 to the Company's Registration Statement on Form S-11 (No. 333-215272) filed June 27, 2018](https://www.sec.gov/Archives/edgar/data/1692951/000119312518204294/d574119dex42.htm)</u> |
| 4.2 | <u>[Distribution Reinvestment Plan, incorporated by reference to Appendix A to the prospectus included in the Company's Amendment No. 1 to the Company's Registration Statement on Form S-11 (No. 333-258754) filed October 21, 2021](https://www.sec.gov/Archives/edgar/data/1692951/000119312521304169/d245232ds11a.htm#toc245232_28)</u> |
| 4.3 | <u>[Multiple Class Plan, incorporated by reference to Exhibit 4.1 to the Company's Post-Effective Amendment no. 7 to its Registration Statement on Form S-11 (No. 333-215272) filed August 11, 2021](https://www.sec.gov/Archives/edgar/data/1692951/000119312521243363/d203934dex41.htm)</u> |
| 4.4 | <u>[Form of Subscription Agreement (incorporated by reference to Appendix B to the prospectus included in the Company's Amendment no. 1 to the Registration Statement on Form S-11 (No. 333-258754))](https://www.sec.gov/Archives/edgar/data/1692951/000119312521304169/d245232ds11a.htm#toc245232_29)</u> |
| 10.1\* | <u>[Amended and Restated Advisory Agreement by and among the Company, Cottonwood Residential O.P., LP and CC Advisors III, LLC dated May 7, 2026](advisoryagreementcci-cciad.htm)</u> |
| 10.2\* | <u>[Renewal Agreement dated May 7, 2026 by and among Cottonwood Capital Management, Inc. and Cottonwood Communities Advisors, LLC with respect to Reimbursement and Cost Sharing Agreement dated May 7, 2021](cci-reimbursementandcostsh.htm)</u> |
| 31.1\* | <u>[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex311q126sox302ceocertific.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex312q126sox302cfocertific.htm)</u> |

| 99.1 | <u>[Share Repurchase Program Amended August 2025 (incorporated by reference to Exhibit 99.1 to the Company's Registration Statement on Form S-11/A (No. 333-282872) filed September 29, 2025)](https://www.sec.gov/Archives/edgar/data/1692951/000119312525223343/d80544dex991.htm)</u> |
| 101.INS\* | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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\*Filed herewith

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**SIGNATURES**

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 thereunto duly authorized.

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| | |
|:---|:---|
| **COTTONWOOD COMMUNITIES, INC.** | **COTTONWOOD COMMUNITIES, INC.** |
| By: | /s/ Daniel Shaeffer |
|  | Daniel Shaeffer, Chief Executive Officer |
| By: | /s/ Adam Larson |
|  | Adam Larson, Chief Financial Officer |

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Dated: May 12, 2026

## Exhibit 3.21

**Exhibit 3.21**

**COTTONWOOD COMMUNITIES, INC.**

**<u>ARTICLES SUPPLEMENTARY</u>**

Cottonwood Communities, Inc., a Maryland corporation (the "Corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland (the "SDAT") that:

<u>FIRST</u>: Under a power contained in Article VII of the charter of the Corporation (the "Charter") and in accordance with Section 2-105 of the Maryland General Corporation Law, the Board of Directors of the Corporation (the "Board of Directors"), by duly adopted resolutions, classified an additional 5,000,000 shares of authorized but unissued Preferred Stock, $.01 par value per share, of the Corporation as shares of Series A Convertible Preferred Stock, $.01 par value per share (the "Series A Convertible Preferred Stock"). The total number of shares of Series A Convertible Preferred Stock which the Corporation has authority to issue after giving effect to these Articles Supplementary is 20,000,000. There has been no increase in the authorized shares of stock of the Corporation effected by these Articles Supplementary.

<u>SECOND</u>: A description of the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the Series A Convertible Preferred Stock is contained in the Articles Supplementary of the Corporation filed with, and accepted for record by, the SDAT on September 18, 2023, and remain unchanged by these Articles Supplementary.

<u>THIRD</u>: The additional shares of Series A Convertible Preferred Stock have been classified and designated the Board of Directors under the authority contained in the Charter.

<u>FOURTH</u>: These Articles Supplementary have been approved by the Board of Directors in the manner and by the vote required by law.

<u>FIFTH</u>: The undersigned acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be signed in its name and on its behalf by its Chief Financial Officer and attested by its Secretary on this 1st day of May, 2026.

ATTEST:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COTTONWOOD COMMUNITIES, INC.

<u>/s/ Gregg Christensen</u>*<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;*<u>/s/ Adam Larson</u>*<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>*&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name: Gregg Christensen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Adam Larson

Title:&nbsp;&nbsp;&nbsp;&nbsp;Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

## Exhibit 10.1

**Exhibit 10.1**

AMENDED AND RESTATED

ADVISORY AGREEMENT

among

COTTONWOOD COMMUNITIES, INC.

and

COTTONWOOD RESIDENTIAL O.P., LP

and

CC ADVISORS III, LLC

May 7, 2026

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**TABLE OF CONTENTS**

<u>Page</u>

1.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS&nbsp;&nbsp;&nbsp;&nbsp;1

2. APPOINTMENT; TERMINATION OF PRIOR ADVISORY AGREEMENT.&nbsp;&nbsp;&nbsp;&nbsp;[5](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

3.&nbsp;&nbsp;&nbsp;&nbsp;DUTIES OF THE ADVISOR.&nbsp;&nbsp;&nbsp;&nbsp;[5](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;Organizational and Offering Services. &nbsp;&nbsp;&nbsp;&nbsp;[5](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;Acquisition Services.&nbsp;&nbsp;&nbsp;&nbsp;[6](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;Asset Management Services.&nbsp;&nbsp;&nbsp;&nbsp;[6](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Services.&nbsp;&nbsp;&nbsp;&nbsp;[9](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;Other Services. &nbsp;&nbsp;&nbsp;&nbsp;[9](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

4.&nbsp;&nbsp;&nbsp;&nbsp;AUTHORITY OF ADVISOR.&nbsp;&nbsp;&nbsp;&nbsp;[9](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;General. &nbsp;&nbsp;&nbsp;&nbsp;[9](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;Powers of the Advisor..&nbsp;&nbsp;&nbsp;&nbsp;[9](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;Approval by the Board.&nbsp;&nbsp;&nbsp;&nbsp;[10](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;Modification or Revocation of Authority of Advisor.&nbsp;&nbsp;&nbsp;&nbsp;[10](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

5.&nbsp;&nbsp;&nbsp;&nbsp;BANK ACCOUNTS.&nbsp;&nbsp;&nbsp;&nbsp;[10](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

6.&nbsp;&nbsp;&nbsp;&nbsp;RECORDS AND FINANCIAL STATEMENTS.&nbsp;&nbsp;&nbsp;&nbsp;[10](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

7.&nbsp;&nbsp;&nbsp;&nbsp;LIMITATION ON ACTIVITIES.&nbsp;&nbsp;&nbsp;&nbsp;[11](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

8.&nbsp;&nbsp;&nbsp;&nbsp;FEES.&nbsp;&nbsp;&nbsp;&nbsp;[11](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;Management Fees. &nbsp;&nbsp;&nbsp;&nbsp;[11](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;Form of Consideration. .&nbsp;&nbsp;&nbsp;&nbsp;[11](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;Pro-Rata Payment for Partial-Year Service. .&nbsp;&nbsp;&nbsp;&nbsp;[12](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;Management Fee in Event of Liquidation.&nbsp;&nbsp;&nbsp;&nbsp;[12](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

9.&nbsp;&nbsp;&nbsp;&nbsp;EXPENSES.&nbsp;&nbsp;&nbsp;&nbsp;[12](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;Advisor Expenses.&nbsp;&nbsp;&nbsp;&nbsp;[12](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;Company Expenses. &nbsp;&nbsp;&nbsp;&nbsp;[12](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;Affiliates.&nbsp;&nbsp;&nbsp;&nbsp;[14](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;Non-Waiver. &nbsp;&nbsp;&nbsp;&nbsp;[14](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Reimbursements&nbsp;&nbsp;&nbsp;&nbsp;[14](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

10.&nbsp;&nbsp;&nbsp;&nbsp;VOTING AGREEMENT.&nbsp;&nbsp;&nbsp;&nbsp;[15](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

11.&nbsp;&nbsp;&nbsp;&nbsp;RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR.&nbsp;&nbsp;&nbsp;&nbsp;[15](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&nbsp;&nbsp;&nbsp;&nbsp;Relationship&nbsp;&nbsp;&nbsp;&nbsp;[15](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2&nbsp;&nbsp;&nbsp;&nbsp;Time Commitment..&nbsp;&nbsp;&nbsp;&nbsp;[15](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3&nbsp;&nbsp;&nbsp;&nbsp;Investment Opportunities and Allocation&nbsp;&nbsp;&nbsp;&nbsp;[15](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

i

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12.&nbsp;&nbsp;&nbsp;&nbsp;TERM AND TERMINATION OF THE AGREEMENT.&nbsp;&nbsp;&nbsp;&nbsp;[16](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1&nbsp;&nbsp;&nbsp;&nbsp;Term. &nbsp;&nbsp;&nbsp;&nbsp;[16](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2&nbsp;&nbsp;&nbsp;&nbsp;Termination by Either Party..&nbsp;&nbsp;&nbsp;&nbsp;[16](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3&nbsp;&nbsp;&nbsp;&nbsp;Payments on Termination&nbsp;&nbsp;&nbsp;&nbsp;[16](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4&nbsp;&nbsp;&nbsp;&nbsp;Duties of Advisor Upon Termination&nbsp;&nbsp;&nbsp;&nbsp;[16](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

13.&nbsp;&nbsp;&nbsp;&nbsp;ASSIGNMENT.&nbsp;&nbsp;&nbsp;&nbsp;[17](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

14.&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION AND LIMITATION OF LIABILITY.&nbsp;&nbsp;&nbsp;&nbsp;[17](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1&nbsp;&nbsp;&nbsp;&nbsp;Indemnification&nbsp;&nbsp;&nbsp;&nbsp;[17](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Indemnification&nbsp;&nbsp;&nbsp;&nbsp;[17](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Payment of Expenses&nbsp;&nbsp;&nbsp;&nbsp;[18](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

15.&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS.&nbsp;&nbsp;&nbsp;&nbsp;[18](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1&nbsp;&nbsp;&nbsp;&nbsp;Notices&nbsp;&nbsp;&nbsp;&nbsp;[18](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2&nbsp;&nbsp;&nbsp;&nbsp;Modification.&nbsp;&nbsp;&nbsp;&nbsp;[18](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3&nbsp;&nbsp;&nbsp;&nbsp;Severability&nbsp;&nbsp;&nbsp;&nbsp;[18](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4&nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Venue&nbsp;&nbsp;&nbsp;&nbsp;[19](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement.&nbsp;&nbsp;&nbsp;&nbsp;[19](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6&nbsp;&nbsp;&nbsp;&nbsp;Waiver&nbsp;&nbsp;&nbsp;&nbsp;[19](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7&nbsp;&nbsp;&nbsp;&nbsp;Gender.&nbsp;&nbsp;&nbsp;&nbsp;[19](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8&nbsp;&nbsp;&nbsp;&nbsp;Titles Not to Affect Interpretation&nbsp;&nbsp;&nbsp;&nbsp;[19](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9&nbsp;&nbsp;&nbsp;&nbsp;Counterparts&nbsp;&nbsp;&nbsp;&nbsp;[19](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10&nbsp;&nbsp;&nbsp;&nbsp;Binding Effect.&nbsp;&nbsp;&nbsp;&nbsp;[19](#i2a7b6b21a1c34deb949dbafe9bd01ec9_7)

ii

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ADVISORY AGREEMENT

This Advisory Agreement (this "<u>Agreement</u>"), dated as of May 7, 2026, is entered into by and among Cottonwood Communities, Inc., a Maryland corporation (the "<u>REIT</u>"), Cottonwood Residential O.P., LP (the "<u>Operating Partnership</u>") and CC Advisors III, LLC, a Delaware limited liability company (the "<u>Advisor</u>"). The Operating Partnership, the REIT and their subsidiaries are collectively referred to herein as the "<u>Company</u>."

W I T N E S S E T H

WHEREAS, the Company desires to continue to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the board of directors of the REIT (the "<u>Board</u>"), all as provided herein;

WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

1.<u>Definitions</u>. The following defined terms used in this Agreement shall have the meanings specified below:

"<u>Acquisition Expenses</u>" means any and all costs and expenses incurred by the Company, any Subsidiary, the Advisor or their Affiliates, in connection with the selection, acquisition or development of any Property, Loan or other Permitted Investment, whether or not acquired or originated, as applicable, including, without limitation, due diligence expenses, legal fees and expenses, travel and communications expenses, mortgage tax, escrow fees, loan origination fees and expenses, costs of appraisals, environmental and other third party reports, earnest money deposits and nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, and title insurance premiums, transfer taxes, transfer fees and recording fees and other customary acquisition closing costs.

"<u>Acquisition Fees</u>" shall have the meaning set forth in the REIT's Charter.

"<u>Adjusted NAV</u>" shall mean the NAV, plus the value attributable to any series of Preferred Units that mirror a series of preferred stock of the Company that is convertible into common equity.

"<u>Affiliate</u>" or "<u>Affiliated</u>" means, with respect to any first Person, any of the following: (i) any other Person directly or indirectly controlling, controlled by, or under common control with such first Person; (ii) any other Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such first Person; (iii) any legal entity for which such first Person acts as an executive officer, director, trustee, or general partner; (iv) any other Person 10% or more of whose outstanding voting securities are

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directly or indirectly owned, controlled, or held, with power to vote, by such first Person; and (v) any executive officer, director, trustee, or general partner of such first Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing body) of such program is composed of Affiliates of the entity.

"<u>Agreement</u>" shall mean this Advisory Agreement between the Company and the Advisor, as amended from time to time.

"<u>Average Invested Assets</u>" means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such book values at the end of each month during such period.

"<u>Board</u>" means the board of directors of the REIT, as of any particular time.

"<u>Bylaws</u>" means the bylaws of the REIT, as amended from time to time.

"<u>Charter</u>" means the articles of incorporation of the Company, as amended from time to time.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

"<u>Company</u>" shall mean the Operating Partnership, the REIT and their Subsidiaries.

"<u>Conflicts Committee</u>" shall have the meaning set forth in the REIT's Charter.

"<u>Dealer Manager</u>" means (i) Orchard Securities, LLC, or (ii) any successor dealer manager to the Company.

"<u>Director</u>" means a member of the board of directors of the Company.

"<u>Distribution Fee</u>" means any distribution fee payable to the dealer manager and reallowable to soliciting dealers with respect to shares of REIT common stock in any offering of securities as described the prospectus or private placement memorandum related thereto.

"<u>Distributions</u>" means any distributions of money or other property by the Company to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes.

"<u>GAAP</u>" means accounting principles generally accepted in the United States.

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"<u>GAV</u>" shall mean the Operating Partnership's gross asset value, calculated pursuant to the Valuation Guidelines and reflective of the ownership interest held by the Operating Partnership in such gross assets.

"<u>Joint Venture</u>" means any joint venture, limited liability company or other arrangement between the Company and a third party or an Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments.

"<u>Loans</u>" means mortgage loans and other types of debt financing investments made by the Company, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including, without limitation, mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans.

"<u>Management Fee</u>" shall have the meaning set forth in Section 8.1.

"<u>Merger</u>" shall mean the stock-for-stock transaction whereby Cottonwood Residential II, Inc. merged with and into a wholly owned subsidiary of the Company and the unit-for-unit transaction whereby Cottonwood Communities O.P., LP merged with and into the Operating Partnership.

"<u>NAV</u>" shall mean the net asset value attributable to the Participating Partnership Units of the Operating Partnership, calculated pursuant to the Valuation Guidelines.

"<u>NASAA Guidelines</u>" means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof.

"<u>Net Income</u>" means, for any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain included in the Company's consolidated accounts arising from the sale of assets.

"<u>Operating Partnership Agreement</u>" means the Sixth Amended and Restated Limited Partnership Agreement of CROP, and as further amended from time to time.

"<u>Operating Expenses</u>" means all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital to the extent paid by the Company, including Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on the resale of real property, and other expenses connected with the

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acquisition, disposition, and ownership of real estate interests, loans or other property (other than commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property.

"<u>Organization and Offering Expenses</u>" means all expenses incurred by or on behalf of the Company in connection with or preparing the Company for the offering and distributing of its Shares in a Public Offering, whether incurred before or after the date of this Agreement, which may include but are not limited to, (i) total underwriting and brokerage discounts and commissions (including fees of the underwriters' attorneys); (ii) placement agent fees and expenses; (iii) legal, accounting, tax planning and escrow costs; (iv) printing, attending, supplementing, mailing and distribution costs; (v) expenses for printing, engraving and mailing; (vi) salaries of employees while engaged in sales activity; (vii) charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and (viii) expenses of obtaining exemption or qualification of the sale of the securities under Federal and state laws, including taxes and fees, accountants' and attorneys' fees.

"<u>Participating Partnership Units</u>" shall have the meaning as set forth in the Operating Partnership Agreement.

"<u>Permitted Investments</u>" means all investments (other than Properties and Loans) in which the Company may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management.

"<u>Person</u>" means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

"<u>Preferred Units</u>" shall have the meaning as set forth in the Operating Partnership Agreement.

"<u>Prior Advisory Agreement</u>" means the Advisory Agreement among the REIT, Cottonwood Communities O.P., LP and the Advisor, dated August 13, 2020.

"<u>Property</u>" means any real property transferred or conveyed to the Company, either directly or indirectly, including through ownership interests in a Joint Venture or partnership.

"<u>Public Offering</u>" means any offering of the Company's securities that is registered with the SEC, excluding Shares offered under any employee benefit plan.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

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"<u>Shares</u>" means shares of capital stock of the Company.

"<u>Stockholders</u>" means the registered holders of the Shares.

"<u>Subsidiary</u>" means, with respect to any Person (the "parent"), at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership or limited liability company, more than 50% of the general partnership interests or managing member interests are, as of such date, owned, controlled or held, directly or indirectly, by one or more of the parent and its Subsidiaries.

"<u>Termination Date</u>" means the date of termination of the Agreement determined in accordance with Section 12.

"<u>Valuation Guidelines</u>" shall mean the valuation guidelines adopted by the Board, as amended from time, that contain a comprehensive set of methodologies to be used in connection with the calculation of a net asset value of the REIT common stock for the purpose of establishing a purchase and redemption price for the REIT common stock.

"<u>2%/25% Guidelines</u>" shall have the meaning set forth in Section 9.5.

2.<u>Appointment</u>.

The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.

3.<u>Duties of the Advisor</u>.

The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use commercially reasonable efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Company's Charter, the direction and oversight of the Board and Section 4.3, and to provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Section 4, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Organizational and Offering Services</u>. The Advisor shall perform all services related to the organization of the Company or any offering of its securities or the securities of any Subsidiary, other than services that (i) are to be performed by the Dealer Manager, (ii) the

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Company elects to perform directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Acquisition Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1Serve as the Company's investment and financial advisor and provide relevant market research and economic and statistical data in connection with the Company's assets and investment objectives and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2Subject to Section 4 and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of Properties, Loans and other Permitted Investments on behalf of the Company and its Subsidiaries; (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; and (e) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments of the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3Perform due diligence on prospective investments and create due diligence reports summarizing the results of such work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4With respect to prospective investments presented to the Board, prepare reports regarding such prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6Deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the Company's and its Subsidiaries' investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.7Negotiate and execute approved investments and other transactions, including prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Asset Management Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1<u>Real Estate and Related Services</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, property managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services (when making this determination, the Advisor shall take into account the Company's internalization of certain of the above functions such as property management and development and construction services in connection with the Merger);

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Negotiate and service the Company's and its Subsidiaries' debt facilities and other financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Monitor and evaluate the performance of each asset of the Company and its Subsidiaries and the Company's and its Subsidiaries' overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company's and its Subsidiaries' investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Consult with the Company's officers and the Board and assist the Board in the formulation and implementation of the Company's financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Aggregate property budgets into the Company's overall budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary in light of the Company's internalization of property management functions in connection with the Merger) of the Properties to inspect the physical condition of the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Coordinate and manage relationships between the Company and its Subsidiaries, on the one hand, and any Joint Venture partners on the other; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Consult with the Company's officers and the Board and provide assistance with the evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2<u>Accounting and Other Administrative Services</u>. To the extent the Advisor (acting in its fiduciary capacity) deems appropriate in light of the Company's internalization of accounting services in connection with the Merger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide the day-to-day management of the Company and perform and supervise the various administrative functions reasonably necessary for the management of the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)From time to time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor's performance of services to the Company and its Subsidiaries under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Provide or arrange for any administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company's and its Subsidiaries' businesses and operations;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Provide financial and operational planning services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain accounting and other record-keeping functions at the Company and investment levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service and any other regulatory agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Maintain and preserve all appropriate books and records of the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Provide tax and compliance services and coordinate with appropriate third parties, including the Company's independent auditors and other consultants, on related tax matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Provide the Company and its Subsidiaries with all necessary cash management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Manage and coordinate with the transfer agent the periodic dividend process and payments to Stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Consult with the Company's officers and the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Consult with the Company's officers and the Board relating to the corporate governance structure and appropriate policies and procedures related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company and its Subsidiaries to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002, and provide the Company's officers and the Board with timely updates regarding the Company's compliance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Notify the Board of all proposed material transactions before they are completed and get approval where necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Do all things necessary to assure its ability to render the services described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>Stockholder Services</u>. To the extent the Advisor (acting in its fiduciary capacity) deems appropriate in light of the Company's internalization of personnel historically performing stockholder services in connection with the Merger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1Manage services for and communications with Stockholders and holders of other securities of the Company, including answering phone calls, preparing and sending written and electronic reports and other communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2Oversee the performance of the transfer agent and registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3Establish technology infrastructure to assist in providing Stockholder support and service; and

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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;3.4.4Consistent with Section 3.1, the Advisor shall perform the various subscription processing services reasonably necessary for the admission of new Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5<u>Other Services</u>. Except as provided in Section 7, the Advisor shall perform any other services reasonably requested by the Company (acting through the Conflicts Committee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>In-House Functions</u>. In connection with the Merger, the Company internalized personnel who have historically performed the following services for the Company on behalf of the Advisor: property management, legal, accounting, property development oversight, certain construction management services, certain shareholder services, certain human resources services, certain renter insurance services and certain information technology services. It is acknowledged that the services previously performed by such personnel on behalf of the Advisor will now be performed directly by Company personnel and that the Advisor will have no obligation to perform those services notwithstanding the description of Advisor functions above but rather will oversee and supplement those services to the extent the Advisor (acting in its fiduciary capacity) deems appropriate.

4.<u>Authority of Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>General</u>. Subject to the discretion and supervision of the Board, all rights and powers to manage and control the day-to-day business and affairs of the Company and its Subsidiaries shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company and its Subsidiaries to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Powers of the Advisor</u>. Subject to the express limitations set forth in this Agreement, the investment guidelines and policies adopted by the Board from time to time and the continuing and exclusive authority of the Board over the management of the Company, at the direction of the Board the power to direct the management, operation and policies of the Company, including making, financing and disposing of investments, may be vested in the Advisor, and as so vested the Advisor shall have the power to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Approval by the Board</u>. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company (or its Subsidiaries) without the prior approval of the Board or duly authorized committees thereof if investment guidelines and policies adopted by the Board from time to time, Charter, Bylaws or Maryland General Corporation Law require the prior approval of the Board (or if the governing documents or governing law applicable to any Subsidiary require the prior approval of the governing body of such Subsidiary). If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents required by it to evaluate such investment, financing or disposition. If the Advisor engages a sub-advisor to perform any of the duties of the Advisor as set forth in Section 3, the Company will have no obligation to reimburse the Advisor for the cost of such sub-advisor without the approval of the Board. When deemed by the Advisor to be in the best interests of the Company (taking into account the Company's "in-house" functions described in Section 3.6) and

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consistent with the Company's policies, the Advisor may engage consultants and other third parties at the Company's expense in order to supplement the Advisor's performance hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Modification or Revocation of Authority of Advisor</u>. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Section 3 and this Section 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has in good faith reliance on the authority vested in the Advisor committed the Company or its Subsidiaries prior to the date of receipt by the Advisor of such notification.

5.<u>Bank Accounts</u>.

The Advisor may establish and maintain one or more bank accounts in the name of the Company (and its Subsidiaries) and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company and its Subsidiaries, under such terms and conditions as the Board (or the governing body of such Subsidiary) may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company.

6.<u>Records and Financial Statements</u>.

The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company's and its Subsidiaries' operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and its Subsidiaries and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company's and its Subsidiaries' assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company's officers and independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests.

7.<u>Limitation on Activities</u>.

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a "real estate investment trust" under Sections 856 through 860 of the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any

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state, (v) violate the Charter or Bylaws, or (vi) violate the governing documents of any Subsidiary of the Company. In the event that an action that would violate (i) through (vi) of the preceding sentence has been ordered by the Board, the Advisor shall notify the Board of the Advisor's judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given.

8.<u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1<u>Management Fees</u>. The Operating Partnership will pay the Advisor a monthly management fee (the "Management Fee") equal to 0.104167% of Adjusted NAV, before giving effect to any accruals (related to the month for which the Management Fee is being calculated) for the Management Fee, the Distribution Fee, the Performance Allocation (as defined in the Operating Partnership Agreement) or any distributions. The Advisor shall receive the Management Fee as compensation for services rendered hereunder. If the REIT owns assets other than through the Operating Partnership, the REIT will pay a corresponding fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2<u>Form of Consideration</u>. The Management Fee may be paid, at the Advisor's election, in cash or cash equivalent aggregate NAV amounts of shares of REIT common stock or units of the Operating Partnership. If the Advisor elects to receive any portion of its Management Fee in shares of REIT common stock or units of the Operating Partnership, the Advisor may elect to have the REIT or the Operating Partnership repurchase such securities from the Advisor at a later date. Securities obtained by the Advisor pursuant to this Section 8.2 will not be subject to repurchase plan limits or any reduction or penalty for an early repurchase. Upon the Advisor's request, the REIT or the Operating Partnership will repurchase any such securities for cash unless the Board determines that any such repurchase would be prohibited by applicable law, the Charter or the Operating Partnership Agreement, or otherwise cause Company cash levels or leverage levels to be imprudent as determined by the Board. The Operating Partnership will waive the one-year-holding-period requirement with respect to the "Exchange Right" provided for in the Operating Partnership Agreement. The Advisor will have registration rights with respect to shares of the REIT's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3<u>Pro-Rata Payment for Partial-Year Service</u>. In the event this Agreement is terminated or its term expires without renewal, the Advisor will be entitled to receive its prorated Management Fee through the date of termination. Such pro ration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4<u>Management Fee in Event of Liquidation</u>. In the event the REIT or the Operating Partnership commences a liquidation of its investments during any calendar year, the REIT and the Operating Partnership will pay the Advisor the Management Fee from the proceeds of the liquidation.

9.<u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1<u>Advisor Expenses</u>. Subject to Sections 9.2 and 9.3, the Advisor shall be responsible for the expenses related to any and all personnel of the Advisor who provide investment advisory services to the Company pursuant to this Agreement (including, without limitation, each of the officers of the Company and any Directors who are also directors, officers or employees of the Advisor or any of its Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel,

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and costs of insurance with respect to such personnel ("<u>Advisor Expenses</u>"); provided that the Company shall be responsible for the personnel costs of its employees even if they are also directors or officers of the Advisor or any of its Affiliates except as provided for in a Transitional Services Agreement among the parties hereto or any subsequent agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2<u>Company Expenses</u>. In addition to the compensation paid to the Advisor pursuant to Section 8 hereof, the Company shall pay all of its costs and expenses directly or reimburse the Advisor or its Affiliates for costs and expenses of the Advisor and its Affiliates incurred on behalf of the Company, other than Advisor Expenses. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company are not Advisor Expenses and shall be paid by the Company and shall not be paid by the Advisor or Affiliates of the Advisor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1all expenses incurred by or on behalf of the Company from the date of this agreement in connection with or preparing the Company for an offering and distribution of its securities or the securities of any Subsidiary; *provided* that within 60 days after the end of the month in which a Public Offering terminates, the Advisor shall reimburse the Company to the extent the Organization and Offering Expenses, selling commissions and Distribution Fees borne by the Company exceed 15.0% of the gross proceeds raised in the completed Public Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2Acquisition Expenses, subject to limitations set forth in the Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3fees, costs and expenses in connection with the issuance and transaction costs incident to the trading, settling, disposition and financing of the investments of the Company (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, forfeited deposits, and other investment costs fees and expenses actually incurred in connection with the pursuit, making, holding, settling, monitoring or disposing of actual or potential investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4the actual cost of goods and services used by the Company and obtained from Persons not Affiliated with the Advisor, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the purchase and sale of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.5all fees, costs and expenses of legal, tax, accounting, consulting, auditing (including internal audit), finance, administrative, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, property management, data or technology services and other non-investment advisory services rendered to the Company by the Advisor or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.6the compensation and expenses of the Directors (excluding those directors who are directors, officers or employees of the Advisor) and the cost of liability insurance to indemnify the Company's directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.7interest and fees and expenses arising out of borrowings made by the Company, including, but not limited to, costs associated with the establishment and maintenance of any of the Company's credit facilities, other financing arrangements, or other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company's securities offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.8expenses connected with communications to holders of the Company's securities or securities of the Subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without

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limitation, all costs of preparing and filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar, expenses in connection with the listing and/or trading of the Company's securities on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company's annual report to the Stockholders and proxy materials with respect to any meeting of the Stockholders and any other reports or related statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.9the Company's allocable share of costs associated with technology-related expenses, including without limitation, any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors, technology service providers and related software/hardware utilized in connection with the Company's investment and operational activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.10the Company's allocable share of expenses incurred by managers, officers, personnel and agents of the Advisor for travel on the Company's behalf and other out-of-pocket expenses incurred by them in connection with the purchase, financing, refinancing, sale or other disposition of an investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.11expenses relating to compliance-related matters and regulatory filings relating to the Company's activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.12the costs of any litigation involving the Company or its assets and the amount of any judgments or settlements paid in connection therewith, directors and officers, liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.13all taxes and license fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.14all insurance costs incurred in connection with the operation of the Company's business except for the costs attributable to the insurance that the Advisor elects to carry for itself and its personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.15expenses connected with the payments of interest, dividends or Distributions in cash or any other form authorized or caused to be made by the Board to or on account of holders of the Company's securities, including, without limitation, in connection with any distribution reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.16any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company, or against any Director or officer of the Company or in his or her capacity as such for which the Company is required to indemnify such Director or officer by any court or governmental agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.17expenses incurred in connection with the formation, organization and continuation of any corporation, partnership, Joint Venture or other entity through which the Company's investments are made or in which any such entity invests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.18the Company's allocable share of expenses incurred related to industry association memberships or attending industry conferences on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3<u>Affiliates</u>. Notwithstanding the foregoing, the reimbursement of fees paid to an Affiliate of the Advisor for services the Advisor deems necessary or advisable in connection with the management of the Company shall only be made to the extent such services are approved by a majority of the Directors (including a majority of the members of the Conflicts Committee) not otherwise interested in such transactions as being fair and reasonable to the Company and on

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terms and conditions not less favorable to the Company than those available from non-Affiliated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4<u>Non-Waiver</u>. The Advisor may, at its option, elect not to seek reimbursement for certain expenses during a given period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5<u>Limitation on Reimbursements</u>. The Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating Expenses that in the four consecutive fiscal quarters then ended (the "<u>Expense Year</u>") exceed (the "<u>Excess Amount</u>") the greater of 2% of Average Invested Assets or 25% of Net Income (the "<u>2%/25% Guidelines</u>") for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the record holders of the holders of common stock of the REIT in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Conflicts Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board.

10.<u>Voting Agreement</u>.

The Advisor agrees that, with respect to any Shares now or hereinafter owned by it, neither the Advisor nor any Affiliate will vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company or its Subsidiaries and the Advisor or any of its Affiliates. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the Company.

11.<u>Relationship of Advisor and Company; Other Activities of the Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1<u>Relationship</u>. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other real estate investment trusts) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equity holder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor's obligations to the Company and its obligations to or its interest in any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2<u>Time Commitment</u>. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be

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reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3<u>Investment Opportunities and Allocation</u>. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company as described in the most recent prospectus for any Public Offering of the Company (and subject to any limitations described in such prospectus), but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company.

12.<u>Term and Termination of the Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1<u>Term</u>. Subject to Section 4.2 hereof, this Agreement shall continue in full force for a period of 365 days. Thereafter, this Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Conflicts Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Conflicts Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2<u>Termination by Either Party</u>. This Agreement may be terminated upon 60 days written notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Sections 1, 4, 10, 12, 14 and 15 shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3<u>Payments on Termination</u>. Payments to the Advisor pursuant to this Section 12.3 shall be subject to the 2%/25% Guidelines to the extent applicable. After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except that the Company shall pay within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement, including Contingent Acquisition Fees and Contingent Financing Fees (both as defined and provided for in the Prior Advisory Agreement among the Company, its former operating partnership and the Advisor dated August 13, 2020); provided that the amount of Contingent Acquisition Fees and Contingent Financing Fees shall be equal to $22,269,303 minus the product obtained by multiplying 10% of $22,269,303 by the number of years that the Advisor has been engaged to perform advisory services since the date hereof (but in no event less than $0); and provided further that no Contingent Acquisition Fees or Contingent Financing Fees need be paid if this Agreement is (i) terminated or not renewed by the Company for cause or (ii) notwithstanding the Company's good faith performance under this Agreement or any renewal thereof, terminated or not renewed by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4<u>Duties of Advisor Upon Termination</u>. The Advisor shall promptly upon termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4.1pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;

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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;12.4.2deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4.3deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4.4cooperate with the Company to provide an orderly transition of advisory functions.

13.<u>Assignment</u>.

This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement.

14.<u>Indemnification and Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1<u>Indemnification</u>. Except as prohibited by the restrictions provided in this Section 14.1, Section 14.2 and Section 14.3, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys' fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders.

Notwithstanding the foregoing, the Company shall not indemnify the Advisor or its Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2<u>Limitation on Indemnification</u>. Notwithstanding the foregoing, the Company shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met:

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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;14.2.1The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2The Advisor or its Affiliates were acting on behalf of or performing services for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3<u>Limitation on Payment of Expenses</u>. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who is not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification.

15.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1<u>Notices</u>. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:

To the Company or the Board:

Cottonwood Communities, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;1245 Brickyard Road, Suite 250

&nbsp;&nbsp;&nbsp;&nbsp;Salt Lake City, Utah 84106

To the Advisor:

CC Advisors III, LLC

&nbsp;&nbsp;&nbsp;&nbsp;1245 Brickyard Road, Suite 250

&nbsp;&nbsp;&nbsp;&nbsp;Salt Lake City, Utah 84106

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 16.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2<u>Modification</u>. This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3<u>Severability</u>. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by

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virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4<u>Governing Law; Venue</u>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Utah without regard to any choice of law rules. Any action relating to or arising out of this Agreement shall be brought only in a court of competent jurisdiction located in Salt Lake City, Utah.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5<u>Entire Agreement</u>. The Prior Advisory Agreement (for purposes of defined terms used in this Agreement), the Offset Agreement by and among the Advisor, CROP and Cottonwood Communities Advisors, LLC, the Amended and Restated Promissory Note between Cottonwood Communities Advisors, LLC and CROP, the Allonge to Amended and Restated Promissory Note, the Second Amended and Restated Three-Party Agreement by and among the REIT, Cottonwood Communities O.P., LP and the Advisor and this Agreement contain the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6<u>Waiver</u>. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7<u>Gender</u>. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8<u>Titles Not to Affect Interpretation</u>. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10<u>Binding Effect</u>. This Agreement shall be binding and inure to the benefit of the parties and their respective successors and assigns.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

REIT:

COTTONWOOD COMMUNITIES, INC.,

a Maryland corporation

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gregg Christensen&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Gregg Christensen, Chief Legal Officer

OPERATING PARTNERSHIP:

COTTONWOOD RESIDENTIAL O.P., LP,

a Delaware limited partnership

By: Cottonwood Communities GP Subsidiary, LLC, a Maryland limited liability company, its general partner

By:&nbsp;&nbsp;&nbsp;&nbsp;Cottonwood Communities, Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;a Maryland corporation, its sole member

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gregg Christensen&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Gregg Christensen, Chief Legal Officer

CC ADVISORS III:

CC ADVISORS III, LLC,

a Delaware limited liability company

By: &nbsp;&nbsp;&nbsp;&nbsp;Cottonwood Communities Advisors, LLC, a <br>Delaware limited liability, its sole member

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Gregg Christensen&nbsp;&nbsp;&nbsp;&nbsp;</u> Gregg Christensen, Chief Legal Officer

## Exhibit 10.2

**Exhibit 10.2**

**RENEWAL AGREEMENT**

THIS RENEWAL AGREEMENT, dated as of May 7, 2026 (the "**Agreement**"), is entered into between Cottonwood Capital Management, Inc., a Delaware corporation ("**CCMI**"), and Cottonwood Communities Advisors, LLC, a Delaware limited liability company ("**CCA**").

WHEREAS, Cottonwood Communities, Inc., a Maryland corporation (the "**REIT**"), is taxed and operates in a manner that allows it to qualify as a real estate investment trust for U.S. federal income tax purposes;

WHEREAS, CCMI and CCA are parties to the Reimbursement and Cost Sharing Agreement dated May 7, 2021 (the "**Sharing Agreement**") as renewed annually;

WHEREAS, the Sharing Agreement expires on May 7, 2026, subject to an unlimited number of successive one-year renewals;

WHEREAS, CCMI desires to continue to make available to CCA certain employees of CCMI as set forth on Schedule I of the Sharing Agreement (collectively, the "**Employees**"), and CCA desires to continue to utilize the Employees, on the terms set forth in the Sharing Agreement;

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Term</u>**. In accordance with the provisions of Section 1.4 of the Sharing Agreement, the term of the Sharing Agreement is hereby renewed for an additional one-year term, and notwithstanding the language in Section 1.4 of the Sharing Agreement is acknowledged and agreed by the Parties to be a one-year term commencing May 7, 2026 and ending May 7, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Ratification; Effect on Sharing Agreement</u>**. The Sharing Agreement shall remain in full force and effect and is hereby confirmed in all respects. On and after the date hereof, each reference in the Sharing Agreement to "this Agreement," "herein," "hereof," or words of similar import will mean and be a reference to the Sharing Agreement as renewed hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Modification</u>**. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Construction; Consent to Jurisdiction</u>**. This Agreement shall be governed by and construed in accordance with the laws of the State of Utah, without regard to principles of conflicts of laws. Any suit involving any dispute or matter arising under this Agreement may only be brought in the federal or state courts located in the State of Utah. Each of the parties hereto consents to the exercise of personal jurisdiction by such courts with respect to all such proceedings. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY AND VOLUNTARILY WAIVES ANY AND ALL RIGHTS TO A JURY TRIAL, TO THE FULLEST EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST, IN ANY PROCEEDING, CLAIM, COUNTER-CLAIM OR OTHER ACTION INVOLVING ANY DISPUTE OR MATTER ARISING UNDER THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Execution in Counterparts</u>**. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding

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when the counterparts hereof, taken together, bear the signatures of all of the parties reflected hereon as the signatories.

*[signature page follows]*

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IN WITNESS WHEREOF, the parties hereto have executed this Renewal Agreement as of the date and year first above written.

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| | |
|:---|:---|
| COTTONWOOD CAPITAL MANAGEMENT, INC., a Delaware corporation | COTTONWOOD CAPITAL MANAGEMENT, INC., a Delaware corporation |
| <br>By: | <br>/s/ Gregg Christensen |
|  | Gregg Christensen, Chief Legal Officer |
| COTTONWOOD COMMUNITIES ADVISORS, LLC, a Delaware limited liability company | COTTONWOOD COMMUNITIES ADVISORS, LLC, a Delaware limited liability company |
| <br>By: | <br>/s/ Gregg Christensen |
|  | Gregg Christensen, Chief Legal Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 350)**

I, Daniel Shaeffer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Cottonwood Communities, Inc. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant, as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 12, 2026

---

| |
|:---|
| /s/ Daniel Shaeffer |
| Daniel Shaeffer, Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 350)**

I, Adam Larson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Cottonwood Communities, Inc. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant, as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 12, 2026

---

| |
|:---|
| /s/ Adam Larson |
| Adam Larson, Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATIONS PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

**Certification of Chief Executive Officer**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and in connection with the Quarterly Report on Form 10-Q of Cottonwood Communities, Inc. (the "Company") for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, the Chief Executive Officer of the Company, certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 12, 2026

---

| |
|:---|
| /s/ Daniel Shaeffer |
| Daniel Shaeffer, Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATIONS PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

**Certification of Chief Financial Officer**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and in connection with the Quarterly Report on Form 10-Q of Cottonwood Communities, Inc. (the "Company") for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, the Chief Financial Officer of the Company, certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 12, 2026

---

| |
|:---|
| /s/ Adam Larson |
| Adam Larson, Chief Financial Officer |

---

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