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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


☐	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: 1-13232 (Apartment Investment and Management Company)

Commission File Number: 0-56223 (Aimco OP L.P.)

Apartment Investment and Management Company

Aimco OP L.P.

(Exact name of registrant as specified in its charter)


Maryland (Apartment Investment and Management Company)		84-1259577
Delaware (Aimco OP L.P.)		85-2460835
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

4582 South Ulster Street, Suite 1450
Denver, Colorado		80237
(Address of principal executive offices)		(Zip Code)

(833) 373-1300

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

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


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A Common Stock (Apartment Investment and Management Company)	AIV	New York Stock Exchange

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

None (Apartment Investment and Management Company)

Partnership Common Units (Aimco OP L.P.)

(title of each class)

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.


Apartment Investment and Management Company: Yes ☒ No ☐		Aimco OP L.P.: 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Apartment Investment and Management Company: Yes ☒ No ☐		Aimco OP L.P.: 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.

Apartment Investment and Management Company:


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

Aimco OP L.P.:


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.


Apartment Investment and Management Company:	☐		Aimco OP L.P.:	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Apartment Investment and Management Company: Yes ☐ No ☒		Aimco OP L.P.: Yes ☐ No ☒

The number of shares of Apartment Investment and Management Company Class A common stock (“Common Stock”) outstanding as of May 8, 2026: 143,856,183

EXPLANATORY NOTE

Apartment Investment and Management Company (“Aimco” or “the Company”), a Maryland corporation, is a self-administered and self-managed real estate investment trust, or REIT. On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.

Aimco, through a wholly-owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). As of March 31, 2026, Aimco owned 94.1% of the legal interest in the common partnership units of Aimco Operating Partnership and 95.1% of the dilutive economic interest in Aimco Operating Partnership. The remaining 5.9% legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as “OP Units”. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

Aimco Operating Partnership holds all of Aimco’s assets and manages the daily operations of Aimco’s business. Pursuant to the Aimco Operating Partnership Agreement, Aimco is required to contribute to Aimco Operating Partnership all proceeds from the offerings of its securities. In exchange for the contribution of such proceeds, Aimco receives additional interests in Aimco Operating Partnership with similar terms (e.g., if Aimco contributes proceeds of a stock offering, Aimco receives partnership units with terms substantially similar to the stock issued by Aimco).

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, we refer to them specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.

We believe combining the periodic reports of Aimco and Aimco Operating Partnership into this single report provides the following benefits:

•

We present our business as a whole, in the same manner our management views and operates the business;

•

We eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosures apply to both Aimco and Aimco Operating Partnership; and

•

We save time and cost through the preparation of a single combined report rather than two separate reports.

We operate Aimco and Aimco Operating Partnership as one enterprise; the management of Aimco directs the management and operations of Aimco Operating Partnership; and Aimco OP GP, LLC, Aimco Operating Partnership’s general partner, is managed by Aimco.

We believe it is important to understand the few differences between Aimco and Aimco Operating Partnership in the context of how Aimco and Aimco Operating Partnership operate as a consolidated company. Aimco has no assets or liabilities other than its investment in Aimco Operating Partnership. Also, Aimco is a corporation that issues publicly traded equity from time to time, whereas Aimco Operating Partnership is a partnership that has no publicly traded equity. Except for the net proceeds from stock offerings by Aimco, which are contributed to Aimco Operating Partnership in exchange for additional limited partnership interests (of a similar type and in an amount equal to the shares of stock sold in the offering), Aimco Operating Partnership generates all remaining capital required by its business. These sources include Aimco Operating Partnership’s working capital, net cash provided by operating activities, the issuance of debt and equity securities, including additional partnership units, and proceeds received from the sale of real estate.

Prior to the adoption of the plan of sale and liquidation of Aimco and its subsidiaries (the “Plan of Sale and Liquidation”), equity, partners’ capital, and noncontrolling interests are the main areas of difference between the condensed consolidated financial statements of Aimco and those of Aimco Operating Partnership. Interests in Aimco Operating Partnership held by entities other than Aimco are classified within partners’ capital in Aimco Operating Partnership’s condensed consolidated financial statements and as noncontrolling interests in Aimco’s condensed consolidated financial statements.

After the adoption of the Plan of Sale and Liquidation, liabilities for noncontrolling interests are the main areas of difference between the condensed consolidated financial statements of Aimco and those of Aimco Operating Partnership. Net assets in liquidation allocated to interests in Aimco Operating Partnership held by entities other than Aimco are classified within Net assets in liquidation in Aimco Operating Partnership’s condensed consolidated financial statements and classified within Liabilities for noncontrolling interests in Aimco Operating Partnership in Aimco’s condensed consolidated financial statements.

To help investors understand the differences between Aimco and Aimco Operating Partnership, this report provides: separate condensed consolidated financial statements for Aimco and Aimco Operating Partnership; a single set of condensed consolidated notes to such financial statements that includes separate discussions of each entity’s stockholders’ equity or partners’ capital, and earnings per share or earnings per unit, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity, where appropriate.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for Aimco and Aimco Operating Partnership in order to establish that the requisite certifications have been made and that Aimco and Aimco Operating Partnership are both compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

TABLE OF CONTENTS

FORM 10-Q


		Page
	PART I. FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS
	Apartment Investment and Management Company:
	Condensed Consolidated Statement of Net Assets (Liquidation Basis) (Unaudited)	4
	Condensed Consolidated Balance Sheet (Going Concern Basis) (Unaudited)	5
	Condensed Consolidated Statement of Changes in Net Assets (Liquidation Basis) (Unaudited)	6
	Condensed Consolidated Statements of Operations (Going Concern Basis) (Unaudited)	7
	Condensed Consolidated Statements of Equity (Going Concern Basis) (Unaudited)	8
	Condensed Consolidated Statements of Cash Flows (Going Concern Basis) (Unaudited)	9
	Aimco OP L.P.:
	Condensed Consolidated Statement of Net Assets (Liquidation Basis) (Unaudited)	10
	Condensed Consolidated Balance Sheet (Going Concern Basis) (Unaudited)	11
	Condensed Consolidated Statement of Changes in Net Assets (Liquidation Basis) (Unaudited)	12
	Condensed Consolidated Statements of Operations (Going Concern Basis) (Unaudited)	13
	Condensed Consolidated Statements of Partners’ Capital (Going Concern Basis) (Unaudited)	14
	Condensed Consolidated Statements of Cash Flows (Going Concern Basis) (Unaudited)	15
	Notes to Condensed Consolidated Financial Statements of Apartment Investment and Management Company and Aimco OP L.P. (Unaudited)	16
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	35
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	43
ITEM 4.	CONTROLS AND PROCEDURES	43
	PART II. OTHER INFORMATION
ITEM 1A.	RISK FACTORS	44
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES	44
ITEM 6.	EXHIBITS	47
Signatures		48

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENT OF NET ASSETS

(Liquidation Basis)

(In thousands)

(Unaudited)


	March 31, 2026
ASSETS
Real estate	$	1,061,887
Cash, cash equivalents, and restricted cash		224,333
Unconsolidated real estate partnerships		44,658
Notes receivable and other investments		89,519
Rents and other receivables		13,441
Total assets	$	1,433,838

LIABILITIES
Non-recourse property debt, construction loans, and bridge financing	$	458,770
Lease liabilities - finance leases		11,684
Liabilities for noncontrolling interests in consolidated real estate partnerships		50,190
Liabilities for estimated costs in excess of estimated receipts during liquidation		104,052
Mezzanine investment - participation sold		33,500
Dividends payable		3,415
Accounts payable and accrued expenses		66,325
Total liabilities	$	727,936

Commitments and contingencies (Note 6)

Net assets in liquidation attributable to Aimco		671,569
Net assets in liquidation attributable to noncontrolling interests in Aimco Operating Partnership		34,333
Net assets in liquidation	$	705,902

See notes to condensed consolidated financial statements.

Table of Contents

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEET

(Going Concern Basis)

(In thousands, except share data)

(Unaudited)


	December 31, 2025
ASSETS
Buildings and improvements	$	744,941
Land		199,187
Total real estate		944,128
Accumulated depreciation		(111,585	)
Net real estate		832,543
Cash and cash equivalents		394,891
Restricted cash		10,131
Notes receivable		103,863
Right-of-use lease assets - finance leases		106,438
Other assets, net		81,720
Assets from discontinued operations and held for sale, net		146,147
Total assets	$	1,675,733

LIABILITIES AND EQUITY
Non-recourse property debt, net	$	58,180
Non-recourse construction loans and bridge financing, net		399,142
Total indebtedness		457,322
Lease liabilities - finance leases		124,794
Dividends payable		4,320
Accrued liabilities and other		136,459
Liabilities related to discontinued operations and assets held for sale, net		399,953
Total liabilities		1,122,848

Redeemable noncontrolling interests in consolidated real estate partnerships		158,292

Commitments and contingencies (Note 6)

Equity (510,587,500 shares authorized at December 31, 2025):
Common Stock, $0.01 par value, 140,158,784 shares issued and outstanding at December 31, 2025		1,402
Additional paid-in capital		429,144
Retained earnings (deficit)		(68,693	)
Total Aimco equity		361,853
Noncontrolling interests in consolidated real estate partnerships		20,000
Common noncontrolling interests in Aimco Operating Partnership		12,740
Total equity		394,593
Total liabilities and equity	$	1,675,733

See notes to condensed consolidated financial statements.

Table of Contents

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(Liquidation Basis)

(In thousands)

(Unaudited)


	For the Period from February 1, 2026, to March 31, 2026
	Attributable to Aimco			Attributable to Noncontrolling Interests in Aimco Operating Partnership			Total Net Assets in Liquidation
Net assets in liquidation, beginning of period	$	879,596		$	41,616		$	921,212
Change in net assets in liquidation
Liquidating distributions to stockholders		(207,966	)		—			(207,966	)
Liquidating distributions to noncontrolling interests in Aimco Operating Partnership		—			(7,344	)		(7,344	)
Reallocation of noncontrolling interests in Aimco Operating Partnership		(61	)		61			—
Changes in net assets in liquidation		(208,027	)		(7,283	)		(215,310	)
Net assets in liquidation, end of period	$	671,569		$	34,333		$	705,902

See notes to condensed consolidated financial statements.

Table of Contents

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Going Concern Basis)

(In thousands, except per share data)

(Unaudited)


	Month Ended January 31,			Three Months Ended March 31,
	2026			2025
REVENUES
Rental and other property revenues	$	6,159		$	22,882

OPERATING EXPENSES
Property operating expenses		4,132			13,138
Depreciation and amortization		3,272			12,055
General and administrative expenses		3,295			8,180
Total operating expenses		10,699			33,373

Interest income		2,247			2,085
Interest expense		(3,253	)		(11,695	)
Realized and unrealized gains (losses) on interest rate contracts		(8	)		(261	)
Realized and unrealized gains (losses) on equity investments		258			(397	)
Other income (expense), net		(1,242	)		(479	)
Income (loss) from continuing operations before income tax		(6,538	)		(21,238	)
Income tax benefit (expense)		—			85
Net income (loss) from continuing operations		(6,538	)		(21,153	)
Income (loss) from discontinued operations, net of taxes		863			9,441
Net income (loss)		(5,675	)		(11,712	)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(2,243	)		(2,673	)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(96	)		(296	)
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership		271			765
Net income (loss) attributable to Aimco	$	(7,743	)	$	(13,916	)

Earnings (loss) per common share - basic
Income (loss) from continuing operations attributable to Aimco per common share	$	(0.06	)	$	(0.17	)
Income (loss) from discontinued operations attributable to Aimco per common share		0.01			0.07
Net income (loss) attributable to Aimco per common share – basic (Note 8)	$	(0.05	)	$	(0.10	)

Earnings (loss) per common share - diluted
Income (loss) from continuing operations attributable to Aimco per common share	$	(0.06	)	$	(0.17	)
Income (loss) from discontinued operations attributable to Aimco per common share		0.01			0.07
Net income (loss) attributable to Aimco per common share – diluted (Note 8)	$	(0.05	)	$	(0.10	)

Weighted-average common shares outstanding – basic		140,446			136,903
Weighted-average common shares outstanding – diluted		140,446			136,903

See notes to condensed consolidated financial statements.

Table of Contents

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Month Ended January 31, 2026 and the Three Months Ended March 31, 2025

(Going Concern Basis)

(In thousands)

(Unaudited)


	Common Stock														Noncontrolling Interests in			Common Noncontrolling Interests in
	Shares Issued			Amount		Additional Paid- in Capital			Retained Earnings (Accumulated Deficit)			Total Aimco Equity			Consolidated Real Estate Partnerships			Aimco Operating Partnership			Total Equity
Balances at December 31, 2024		136,352		$	1,364	$	425,002		$	(303,409	)	$	122,957		$	39,560		$	6,849		$	169,366
Net income (loss)		—			—		—			(13,916	)		(13,916	)		296			(765	)		(14,385	)
Share-based compensation expense		—			—		1,222			130			1,352			—			2			1,354
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—		—			—			—			174			—			174
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—		—			—			—			(430	)		—			(430	)
Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership		—			—		(145	)		—			(145	)		—			39			(106	)
Common stock repurchased		(29	)		—		(256	)		—			(256	)		—			—			(256	)
Other common stock issuances, net of withholding taxes		838			8		544			—			552			—			—			552
Other, net		—			—		(58	)		—			(58	)		—			(48	)		(106	)
Balances at March 31, 2025		137,161		$	1,372	$	426,309		$	(317,195	)	$	110,486		$	39,600		$	6,077		$	156,163

Balances at December 31, 2025		140,159		$	1,402	$	429,144		$	(68,693	)	$	361,853		$	20,000		$	12,740		$	394,593
Net income (loss)		—			—		—			(7,743	)		(7,743	)		96			(271	)		(7,918	)
Share-based compensation expense		—			—		596			—			596			—			—			596
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—		—			—			—			(96	)		—			(96	)
Other common stock issuances, net of withholding taxes		671			7		1,653			—			1,660			—			—			1,660
Other, net		—			—		(12	)		—			(12	)		—			(9	)		(21	)
Balances at January 31, 2026		140,830		$	1,409	$	431,381		$	(76,436	)	$	356,354		$	20,000		$	12,460		$	388,814

See notes to condensed consolidated financial statements.

Table of Contents

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Going Concern Basis)

(In thousands)

(Unaudited)


	Month Ended January 31,			Three Months Ended March 31,
	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(5,675	)	$	(11,712	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		3,272			12,055
Realized and unrealized (gains) losses on interest rate contracts		8			261
Realized and unrealized (gains) losses on equity investments		(258	)		397
Income tax expense (benefit)		—			(85	)
Share-based compensation expense		581			1,136
Loss (income) from unconsolidated real estate partnerships		(148	)		(544	)
Other, including amortization of debt issuance costs		450			2,800
Discontinued operations:
Depreciation and amortization		398			4,366
Other adjustments to income (loss) from discontinued operations		24			101
Changes in operating assets and operating liabilities:
Operating assets, net		(1,788	)		(3,163	)
Operating liabilities, net		(36,211	)		(1,784	)
Total adjustments		(33,672	)		15,540
Net cash provided by (used in) operating activities		(39,347	)		3,828
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(1)		(7,535	)		(19,191	)
Proceeds from repayment of seller financing receivable		18,500			—
Other investing activities		(532	)		(557	)
Net cash provided by (used in) investing activities		10,433			(19,748	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse construction loans and bridge financing		4,920			9,589
Principal repayments on non-recourse property debt		—			(817	)
Proceeds from interest rate contracts		6			823
Purchase of interest rate contracts		—			(313	)
Common stock repurchased		—			(256	)
Payments related to withholding taxes for share-based compensation		(192	)		(2,139	)
Dividends paid on common stock and distributions paid on OP Units		(991	)		(88,213	)
Contributions from redeemable noncontrolling interests		1,700			2,877
Distributions to redeemable noncontrolling interests		(749	)		(2,010	)
Contributions from noncontrolling interests in consolidated real estate partnerships		—			174
Distributions to noncontrolling interests in consolidated real estate partnerships		(96	)		(430	)
Redemption of OP Units held by third parties		—			(106	)
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships		(52,182	)		—
Other financing activities		1,844			1,022
Net cash used in financing activities		(45,740	)		(79,799	)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(74,654	)		(95,719	)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR		407,196			172,956
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	332,542		$	77,237

(1) Accrued capital expenditures were $14.9 million and $14.8 million as of January 31, 2026, and March 31, 2025, respectively.

See notes to condensed consolidated financial statements.

Table of Contents

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENT OF NET ASSETS

(Liquidation Basis)

(In thousands)

(Unaudited)


	March 31, 2026
ASSETS
Real estate	$	1,061,887
Cash, cash equivalents, and restricted cash		224,333
Unconsolidated real estate partnerships		44,658
Notes receivable and other investments		89,519
Rents and other receivables		13,441
Total assets	$	1,433,838

LIABILITIES
Non-recourse property debt, construction loans, and bridge financing	$	458,770
Lease liabilities - finance leases		11,684
Liabilities for noncontrolling interests in consolidated real estate partnerships		50,190
Liabilities for estimated costs in excess of estimated receipts during liquidation		104,052
Mezzanine investment - participation sold		33,500
Dividends payable		3,415
Accounts payable and accrued expenses		66,325
Total liabilities	$	727,936

Commitments and contingencies (Note 6)

Net assets in liquidation	$	705,902

See notes to condensed consolidated financial statements.

Table of Contents

AIMCO OP L.P.

CONDENSED CONSOLIDATED BALANCE SHEET

(Going Concern Basis)

(In thousands)

(Unaudited)


	December 31, 2025
ASSETS
Buildings and improvements	$	744,941
Land		199,187
Total real estate		944,128
Accumulated depreciation		(111,585	)
Net real estate		832,543
Cash and cash equivalents		394,891
Restricted cash		10,131
Notes receivable		103,863
Right-of-use lease assets - finance leases		106,438
Other assets, net		81,720
Assets from discontinued operations and held for sale, net		146,147
Total assets	$	1,675,733

LIABILITIES AND EQUITY
Non-recourse property debt, net	$	58,180
Non-recourse construction loans and bridge financing, net		399,142
Total indebtedness		457,322
Lease liabilities - finance leases		124,794
Dividends payable		4,320
Accrued liabilities and other		136,459
Liabilities related to discontinued operations and assets held for sale, net		399,953
Total liabilities		1,122,848

Redeemable noncontrolling interests in consolidated real estate partnerships		158,292

Commitments and contingencies (Note 6)

Partners’ capital:
General Partner and Special Limited Partner (140,158,784 OP Units issued and outstanding at December 31, 2025)		361,853
Limited Partners (4,924,401 OP Units issued and outstanding at December 31, 2025)		12,740
Partners’ capital attributable to Aimco Operating Partnership		374,593
Noncontrolling interests in consolidated real estate partnerships		20,000
Total partners’ capital		394,593
Total liabilities and partners’ capital	$	1,675,733

See notes to condensed consolidated financial statements.

Table of Contents

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(Liquidation Basis)

(In thousands)

(Unaudited)


	For the Period from February 1, 2026, to March 31, 2026
Net assets in liquidation attributable to Aimco Operating Partnership, beginning of period	$	921,212
Change in net assets in liquidation
Liquidating distributions to OP Unit holders		(215,310	)
Changes in net assets in liquidation		(215,310	)
Net assets in liquidation attributable to Aimco Operating Partnership, end of period	$	705,902

See notes to condensed consolidated financial statements.

Table of Contents

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Going Concern Basis)

(In thousands, except per unit data)

(Unaudited)


	Month Ended January 31,			Three Months Ended March 31,
	2026			2025
REVENUES
Rental and other property revenues	$	6,159		$	22,882

OPERATING EXPENSES
Property operating expenses		4,132			13,138
Depreciation and amortization		3,272			12,055
General and administrative expenses		3,295			8,180
Total operating expenses		10,699			33,373

Interest income		2,247			2,085
Interest expense		(3,253	)		(11,695	)
Realized and unrealized gains (losses) on interest rate contracts		(8	)		(261	)
Realized and unrealized gains (losses) on equity investments		258			(397	)
Other income (expense), net		(1,242	)		(479	)
Income (loss) from continuing operations before income tax		(6,538	)		(21,238	)
Income tax benefit (expense)		—			85
Net income (loss) from continuing operations		(6,538	)		(21,153	)
Income (loss) from discontinued operations, net of taxes		863			9,441
Net income (loss)		(5,675	)		(11,712	)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships		(2,243	)		(2,673	)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(96	)		(296	)
Net income (loss) attributable to Aimco Operating Partnership	$	(8,014	)	$	(14,681	)

Earnings (loss) per common unit - basic
Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit	$	(0.06	)	$	(0.17	)
Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit		0.01			0.07
Net income (loss) attributable to Aimco Operating Partnership per common unit – basic (Note 8)	$	(0.05	)	$	(0.10	)

Earnings (loss) per common unit - diluted
Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit	$	(0.06	)	$	(0.17	)
Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit		0.01			0.07
Net income (loss) attributable to Aimco Operating Partnership per common unit – diluted (Note 8)	$	(0.05	)	$	(0.10	)

Weighted-average common units outstanding – basic		145,370			144,457
Weighted-average common units outstanding – diluted		145,370			144,457

See notes to condensed consolidated financial statements.

Table of Contents

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

For the Month Ended January 31, 2026 and the Three Months Ended March 31, 2025

(Going Concern Basis)

(In thousands)

(Unaudited)


	General Partner and Special Limited Partner			Limited Partners			Partners’ Capital Attributable to Aimco Operating Partnership			Noncontrolling Interests in Consolidated Real Estate Partnerships			Total Partners’ Capital
Balances at December 31, 2024	$	122,957		$	6,849		$	129,806		$	39,560		$	169,366
Net income (loss)		(13,916	)		(765	)		(14,681	)		296			(14,385	)
Share-based compensation expense		1,352			2			1,354			—			1,354
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			174			174
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(430	)		(430	)
Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership		(145	)		39			(106	)		—			(106	)
Redemption of OP Units held by Aimco		(256	)		—			(256	)		—			(256	)
Other OP Unit issuances		552			—			552			—			552
Other, net		(58	)		(48	)		(106	)		—			(106	)
Balances at March 31, 2025	$	110,486		$	6,077		$	116,563		$	39,600		$	156,163

Balances at December 31, 2025	$	361,853		$	12,740		$	374,593		$	20,000		$	394,593
Net income (loss)		(7,743	)		(271	)		(8,014	)		96			(7,918	)
Share-based compensation expense		596			—			596			—			596
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(96	)		(96	)
Other OP Unit issuances		1,660			—			1,660			—			1,660
Other, net		(12	)		(9	)		(21	)		—			(21	)
Balances at January 31, 2026	$	356,354		$	12,460		$	368,814		$	20,000		$	388,814

See notes to condensed consolidated financial statements.

Table of Contents

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Going Concern Basis)

(In thousands)

(Unaudited)


	Month Ended January 31,			Three Months Ended March 31,
	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(5,675	)	$	(11,712	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		3,272			12,055
Realized and unrealized (gains) losses on interest rate contracts		8			261
Realized and unrealized (gains) losses on equity investments		(258	)		397
Income tax expense (benefit)		—			(85	)
Share-based compensation expense		581			1,136
Loss (income) from unconsolidated real estate partnerships		(148	)		(544	)
Other, including amortization of debt issuance costs		450			2,800
Discontinued operations:
Depreciation and amortization		398			4,366
Other adjustments to income (loss) from discontinued operations		24			101
Changes in operating assets and operating liabilities:
Operating assets, net		(1,788	)		(3,163	)
Operating liabilities, net		(36,211	)		(1,784	)
Total adjustments		(33,672	)		15,540
Net cash provided by (used in) operating activities		(39,347	)		3,828
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(1)		(7,535	)		(19,191	)
Proceeds from repayment of seller financing receivable		18,500			—
Other investing activities		(532	)		(557	)
Net cash provided by (used in) investing activities		10,433			(19,748	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse construction loans and bridge financing		4,920			9,589
Principal repayments on non-recourse property debt		—			(817	)
Proceeds from interest rate contracts		6			823
Purchase of interest rate contracts		—			(313	)
Common stock repurchased		—			(256	)
Payments related to withholding taxes for share-based compensation		(192	)		(2,139	)
Dividends paid on common stock and distributions paid on OP Units		(991	)		(88,213	)
Contributions from redeemable noncontrolling interests		1,700			2,877
Distributions to redeemable noncontrolling interests		(749	)		(2,010	)
Contributions from noncontrolling interests in consolidated real estate partnerships		—			174
Distributions to noncontrolling interests in consolidated real estate partnerships		(96	)		(430	)
Redemption of OP Units held by third parties		—			(106	)
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships		(52,182	)		—
Other financing activities		1,844			1,022
Net cash used in financing activities		(45,740	)		(79,799	)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(74,654	)		(95,719	)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR		407,196			172,956
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	332,542		$	77,237

(1) Accrued capital expenditures were $14.9 million and $14.8 million as of January 31, 2026, and March 31, 2025, respectively.

See notes to condensed consolidated financial statements.

Table of Contents

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

(Unaudited)

Note 1 — Organization

Apartment Investment and Management Company (“Aimco” or “the Company”), a Maryland corporation, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.

Aimco, through a wholly owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). As of March 31, 2026, Aimco owned 94.1% of the legal interest in the common partnership units of Aimco Operating Partnership and 95.1% of the dilutive economic interest in Aimco Operating Partnership. The remaining 5.9% legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, each is referred to specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.

We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. At March 31, 2026, our portfolio includes six consolidated stabilized operating properties, two completed development properties in lease-up, and four unconsolidated properties. Additionally, we have a completed single family rental community, a waterfront ground-up development under construction, and undeveloped land parcels. In addition, we hold seller financing notes receivable related to the December 2025 sale of the Brickell Assemblage and other alternative investments, including our Mezzanine Investment, our investment in IQHQ Holdings, LP (“IQHQ”), and our investment in real estate technology funds. See Note 3 for further information regarding our Mezzanine Investment and our investment in IQHQ.

On November 10, 2025, our Board of Directors (the “Board”) determined advisable and approved a Plan of Sale and Liquidation, subject to stockholder approval. The Plan of Sale and Liquidation provides for the Company’s complete liquidation and dissolution in accordance with Section 331, Section 336 and Section 346(a) of the Internal Revenue Code of 1986 (the “Code”), as amended, and the Maryland General Corporation Law (“MGCL”). On February 6, 2026, holders of Common Shares representing approximately 83% of the outstanding Common Shares voted in favor of the adoption of the Plan of Sale and Liquidation. As a result, the Plan of Sale and Liquidation was adopted.

Note 2 — Plan of Sale and Liquidation

In accordance with the Plan of Sale and Liquidation, our objectives are to pursue an orderly liquidation by selling or otherwise disposing of our remaining assets, paying or otherwise settling our debts and our known liabilities, providing for the payment of unknown or contingent liabilities, when appropriate and in the Board’s discretion, distributing the net proceeds from liquidation to our stockholders, subject to the creation of necessary reserves for, and the payment or other satisfaction of, expenses and other liabilities and obligations, and winding up our operations and dissolving our Company. The Company is aiming to complete the sales of the remaining assets of the Company and its subsidiaries within 24 months after the February 6, 2026, stockholder approval of the Plan of Sale and Liquidation. There can be no assurance that the Plan of Sale and Liquidation will result in any transaction or that the Plan of Sale and Liquidation will be completed. In connection with the Plan of Sale and Liquidation, we paid a special liquidating distribution of $1.45 per share on March 13, 2026 to shareholders of record at the close of business on February 27, 2026.

The Plan of Sale and Liquidation enables us to sell any and all of our assets without further approval of Aimco's stockholders and provides that the amounts and timing of liquidating distributions will be determined by the Board in its discretion. Pursuant to applicable REIT rules, liquidating distributions we pay pursuant to the Plan of Sale and Liquidation will qualify for the dividends paid deduction, provided that they are paid within 24 months of the approval of the Plan of Sale and Liquidation by

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Aimco's stockholders. However, if we have not sold all of our assets and paid all of our liabilities within such time period, or if the Board otherwise determines that it is advantageous to do so earlier, we may transfer our remaining assets and liabilities to a liquidating trust or other liquidating entity.

The liquidating trust or other liquidating entity would pay or provide for all of our liabilities and distribute any remaining net proceeds from liquidation to the holders of beneficial interests in the liquidating trust or other liquidating entity. If we are not able to sell our properties and pay our debt within the 24-month period and the remaining assets are not transferred to a liquidating trust or other liquidating entity, any distributions made during the 24 months may not qualify for the dividends paid deduction and may increase our tax liability.

No assurance can be given that any liquidating distributions the Company pays to its shareholders will equal or exceed the estimate of net assets in liquidation presented on the Condensed Consolidated Statement of Net Assets as of March 31, 2026. For a discussion of risks related to the Plan of Sale and Liquidation, refer to the section entitled “Risk Factors” described in Item 1A of Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2025. We expect to comply with the requirements necessary to continue to qualify as a REIT through the completion of the liquidation process, or until such time as Aimco terminates its status as a REIT and/or any remaining assets are transferred into a liquidating trust or other liquidating entity. The Board shall use commercially reasonable efforts to continue to cause Aimco to maintain its REIT status; provided, however, that the Board may elect to terminate Aimco’s status as a REIT if it determines that such termination would be in the best interest of the stockholders.

Note 3 — Basis of Presentation and Summary of Significant Accounting Policies

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included.

The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated entities. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated entities. All significant intercompany balances and transactions have been eliminated in consolidation.

As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company.

Going Concern Basis

The Condensed Consolidated Balance Sheet of Aimco and Aimco Operating Partnership as of December 31, 2025 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2025. Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.

We no longer present a condensed consolidated balance sheet, a condensed consolidated statement of operations, a condensed consolidated statement of equity, or a condensed consolidated statement of cash flows subsequent to January 31, 2026. All financial results and disclosure through January 31, 2026, prior to the adoption of the liquidation basis of accounting, are presented on a going concern basis. As a result, the Condensed Consolidated Balance Sheet as of December 31, 2025, as well as the Condensed Consolidated Statements of Operations, the Condensed Consolidated Statements of Equity (Partners Capital) and the Condensed Consolidated Statements of Cash Flow for the month ended January 31, 2026, and the period ended December 31, 2025, are presented using the going concern basis of accounting.

Liquidation Basis

We have prepared the accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the period from February 1, 2026 to March 31, 2026, in accordance with GAAP, as contained within the Accounting Standards Codification (“ASC”), including Subtopic 205-30, “Liquidation Basis of Accounting,” as indicated, and pursuant to the rules and regulations of the Securities and Exchange Commission.

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We determined that liquidation became imminent as defined in ASC 205-30, “Liquidation Basis of Accounting,” based on the results of the Company's solicitation of proxies from its shareholders for their approval of the Plan of Sale and Liquidation. Although shareholder approval of the Plan occurred on February 6, 2026, we adopted the liquidation basis of accounting as of and for the periods subsequent to February 1, 2026. Any activity between February 1, 2026, and February 6, 2026, would not be materially different under the liquidation basis of accounting. Accordingly, on February 1, 2026, assets were adjusted to their estimated net realizable value, also referred to as liquidation value, which represents the estimated amount of cash or other consideration that we expect to collect through the disposal of assets. The liquidation values of our remaining assets are presented on an undiscounted basis. Liabilities are generally carried at their contractual amounts due or estimated settlement amounts.

We accrue costs and income that we expect to incur and earn as we carry out our liquidation activities through the end of the projected liquidation period to the extent we have a reasonable basis for estimation. These amounts are classified within Liabilities for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets. The valuation of these amounts represent estimates based on present facts and circumstances of the net realizable value of the costs and income associated with carrying out the Plan of Sale and Liquidation. Actual costs and income may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion.

Actual costs incurred but unpaid are included in Accounts payable and accrued expenses at March 31, 2026 on the Condensed Consolidated Statement of Net Assets. All our liabilities, under either the going concern basis of accounting or the liquidation basis of accounting, are derecognized when we pay the obligation or when we are legally released from being the primary obligor under the liability.

Net assets in liquidation at March 31, 2026 represents the remaining estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the estimated cash flows from operations and the time required to complete the Plan of Sale and Liquidation, actual liquidation costs and sale proceeds may differ materially from the amounts estimated.

Principles of consolidation

We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity (“VIE”). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. In addition, when an entity is not a VIE, we consolidate under the voting model when we control an entity through ownership of a majority voting interest.

We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

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

In addition, we have seven unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The seven unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and an unconsolidated investment in land held for development in Bethesda, Maryland. Our maximum exposure to loss, because of our involvement with the unconsolidated VIEs, is limited to the carrying value of their assets.

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Real Estate

Liquidation Basis

Upon adoption of the liquidation basis of accounting, our investments in real estate were adjusted to their estimated net realizable value. The liquidation value represents the estimated amount of cash that we expect to receive through the disposal of our assets as we carry out the Plan of Sale and Liquidation. We estimated the liquidation value of our real estate investments generally based on either contractual purchase prices or offers received on the properties or, if no contracts or offers had been received yet, on management’s estimate of a property’s liquidation value, taking into account information obtained during the marketing and sale process for the properties, including broker opinions of value, initial market feedback, and market comparables. The liquidation values of our investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated. Subsequent to February 1, 2026, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to our net assets in liquidation. There were no changes subsequent to February 1, 2026 in the estimated liquidation value of the investments in real estate.

Going Concern Basis

Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the asset. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. There were no impairment losses recognized during the month ended January 31, 2026, or three months ended March 31, 2025.

Non-recourse property debt, construction loans, and bridge financing

Liquidation Basis

Our non-recourse property debt, construction loans, and bridge financing are recognized at the estimated amount we expect to pay in cash, excluding future accrued interest and principal drawdown amounts, which are recognized within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets. Debt issuance costs were written off as a result of the adoption of the liquidation basis of accounting. As of March 31, 2026, we have non-recourse property debt of $59.3 million and non-recourse construction loans and bridge financing of $399.5 million presented within Non-recourse property debt, construction loans, and bridge financing in our Condensed Consolidated Statement of Net Assets.

Common noncontrolling interests in Aimco Operating Partnership

Liquidation Basis

Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties and are reflected in Aimco's accompanying Condensed Consolidated Statement of Net Assets as Net assets attributable to noncontrolling interests in Aimco Operating Partnership. The net assets in liquidation is allocated to the holders of OP Units, other than Aimco, based on the number of OP Units (including OP Units held by Aimco) outstanding at the end of the period. As of March 31, 2026, the holders of OP Units had a dilutive economic ownership interest in Aimco Operating Partnership of approximately 4.9%.

Going Concern Basis

Common noncontrolling interests in Aimco Operating Partnership are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheet as Common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period. For the month ended January 31, 2026, and three months ended March 31, 2025, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 3.4%, and 5.2%, respectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

Redeemable noncontrolling interests in consolidated real estate partnerships

Liquidation Basis

In February 2026, we redeemed the remaining preferred equity interest that receives 8.0% preferred return per annum in an entity that owns a portfolio of operating apartment communities for a cash purchase price of $51.9 million, inclusive of accrued

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preferred return. In addition, we redeemed the preferred equity interest accruing 9.7% preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up for a cash purchase price of $34.0 million, inclusive of accrued preferred return.

As of March 31, 2026, redeemable noncontrolling interests in consolidated real estate partnerships consists of the preferred equity interest accruing 14.5% preferred return per annum in an entity that owns a waterfront ground-up development. The preferred equity contributions received and the accrued preferred return through March 31, 2026 are included within Liabilities for noncontrolling interests in consolidated real estate partnerships in Aimco's Condensed Consolidated Statement of Net Assets. The preferred return expected to accrue in future periods through the estimated sale date of our interest in the development is included within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Going Concern Basis

Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that generally, after a specified holding period, has the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity.

Redeemable noncontrolling interests in consolidated real estate partnerships as of January 31, 2026, consisted of the following: (i) a preferred equity interest that receives 8.0% preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) a preferred equity interest accruing 9.7% preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up, and (iii) a preferred equity interest accruing 14.5% preferred return per annum in an entity that owns a waterfront ground-up development. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet as of December 31, 2025.

The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership.

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships for the month ended January 31, 2026, and the three months ended March 31, 2025, (in thousands):


	Month Ended January 31, 2026			Three Months Ended March 31, 2025
Balance at Beginning of Period	$	158,292		$	142,931
Contributions		1,700			2,877
Distributions		(749	)		(2,010	)
Redemptions(1)		(52,182	)		—
Net income		2,243			2,673
Other		—			(80	)
Balance at End of Period	$	109,304		$	146,391

(1) In January 2026, we redeemed 50% of the preferred equity interest that receives 8.0% preferred return per annum in an entity that owns a portfolio of operating apartment communities for a cash purchase price of $52.2 million.

Noncontrolling interests in consolidated real estate partnerships

As of March 31, 2026 and December 31, 2025, noncontrolling interests in consolidated real estate partnerships consists of the $20.0 million third-party equity interest in a consolidated entity that holds a limited partner interest in a subsidiary that holds our Upton Place property. As of March 31, 2026 and December 31, 2025, the third-party equity interest is presented in Liabilities for noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Statement of Net Assets and Noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet, respectively. The third-party equity interest earns approximately $1.2 million annually, distributed monthly. The distributions expected to occur in future periods through the estimated sale date of the property are included in Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Mezzanine Investment

In November 2019, Aimco Predecessor made a five-year, $275.0 million mezzanine loan to the partnership owning the

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“Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10% annual rate, accruing if not paid from property operations. While legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment.

In June 2023, we closed on the sale of a 20% non-controlling participation in the Mezzanine Investment for $33.5 million. The partial sale and transfer of the financial interest did not qualify for sale accounting and therefore, we recorded the cash received from the purchaser as a liability, which is included in Accrued liabilities and other in our Condensed Consolidated Balance Sheet as of December 31, 2025 and Mezzanine investment - participation sold in our Condensed Consolidated Statement of Net Assets as of March 31, 2026. Although the cash received is accounted for as a liability, no amount is due to the purchaser until after we receive $134.0 million plus an annualized return. While the Mezzanine Investment had not been repaid and was in maturity default as of March 31, 2026, we are precluded from derecognizing the liability under both the liquidation basis and going concern basis of accounting until it has been deemed to be extinguished in accordance with GAAP.

Income tax

Liquidation Basis

Income taxes we expect to incur during the execution of the Plan of Sale and Liquidation are included in Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Going Concern Basis

Certain aspects of our operations are conducted through taxable REIT subsidiaries, or “TRS entities”. Additionally, our TRS entities hold an investment in Oak Shore.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations.

Use of estimates

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

Assets held for sale and discontinued operations

Going Concern Basis

We classify properties as held for sale when they meet the GAAP criteria, which include (among others): (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract. We present the assets and liabilities of any properties held for sale separately in the Condensed Consolidated Balance Sheet as of December 31, 2025. Properties held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Upon the classification of an asset as held for sale, no further depreciation is recorded.

In connection with the held for sale evaluation, if the disposal or intended disposal represents a strategic shift in operations (e.g., a disposal of a major geographic area or a major line of business) that has, or will have, a major effect on our consolidated financial statements, then the property is presented as discontinued operations. For any property qualifying for classification as discontinued operations, the components of net income (loss) presented as discontinued operations are primarily comprised of rental and other property revenues, property operating expenses, depreciation and amortization, and interest expense. We reclassify interest expense related to property debt within discontinued operations when the related property is sold or classified as held for sale. For periods prior to the property qualifying for discontinued operations, we reclassify the results of operations to discontinued operations. The net gain on sale is presented in discontinued operations when recognized. We combine the operating, investing, and financing portions of cash flows attributable to discontinued operations with respective cash flows from continuing operations in the accompanying Condensed Consolidated Statements of Cash Flows. See Note 10 for additional information regarding assets held for sale and discontinued operations. Unless otherwise noted or separately presented, the information

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disclosed in Note 6 through Note 11 (with the exception of Note 10) refer only to our continuing operations and do not include discussion of balances or activity related to the properties presented within discontinued operations.

Cash equivalents

We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash and cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.

Restricted cash

Restricted cash consists of tenant security deposits, cash restricted as required by our debt agreements, and cash restricted in association with legal, municipal, federal, or tax requirements. As of March 31, 2026, we had $216.0 million of cash and cash equivalents and $8.3 million of restricted cash included within Cash, cash equivalents, and restricted cash in our Condensed Consolidated Statement of Net Assets. The reconciliation of cash flow information for the month ended January 31, 2026, and three months ended March 31, 2025, is as follows (in thousands):


	January 31, 2026		December 31, 2025
Cash and cash equivalents	$	320,360	$	394,891
Restricted cash		9,611		10,131
Restricted cash from discontinued operations and held for sale		2,571		2,174
Cash, cash equivalents, and restricted cash	$	332,542	$	407,196

Notes receivable and other investments

Liquidation Basis

Upon adoption of the liquidation basis of accounting, our notes receivable and other investments were adjusted to their estimated net realizable value. We estimated the liquidation value of the notes receivable at their face value of $85.0 million based on information obtained during the marketing and sale process for the notes.

As of March 31, 2026, other investments of $4.5 million are included within Notes receivable and other investments in our Condensed Consolidated Statement of Net Assets. The remaining unfunded commitments related to our investments in property technology funds are reflected within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Going Concern Basis

In accordance with GAAP, notes receivable are classified as held for sale or held for investment. Notes receivable are classified as held for sale when originated with the intent and ability to sell the loan. Notes receivable held for sale are recorded at the lower of amortized cost or fair value and determined on an aggregate basis. We carry notes receivable at cost, net of any unamortized discounts or premiums and adjusted for the estimated provision for expected credit losses. Interest income on notes receivable is recognized using the effective interest method and is classified within Interest income in our Condensed Consolidated Statements of Operations. Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the note’s term using the effective interest method, or on a straight-line basis, which approximates the effective interest method when used.

The following table summarizes our Notes receivable as of January 31, 2026 and December 31, 2025 (in thousands):


	January 31, 2026		December 31, 2025
Notes receivable - held for sale:
Note A (1)	$	86,512	$	85,363
Notes receivable - held for investment:
Note B (2)		—		18,500
Total notes receivable	$	86,512	$	103,863

(1) In December 2025, Aimco issued $85.0 million of seller financing notes in conjunction with the sale of the Brickell Assemblage. The seller financing notes have initial terms of 24 months with compounding interest rates that increase from 12%

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to 16% after twelve months, as well as exit fees of 3%. The seller financing notes also allow for two successive one-year renewal options at the buyer's election, upon which the interest rates will increase to 20% and 24%, respectively.

(2) During the month ended January 31, 2026, we finalized an agreement to monetize a subordinated seller financing note associated with property in La Jolla, California, that had an effective interest rate of 6.0% and a current annual interest rate of 2.9%. The agreement was structured as a modification and repayment of the note in January 2026, when we collected the $18.5 million balance included within Notes receivable within the Condensed Consolidated Balance Sheet as of December 31, 2025. During the three months ended March 31, 2025, we recognized amortization of discount on the seller financing note of $0.3 million, which was recorded as a component of Interest Income in our Condensed Consolidated Statements of Operations. We did not recognize any amortization of the discount during the month ended January 31, 2026.

Other assets, net

Liquidation Basis

Upon adoption of the liquidation basis of accounting, deferred costs that will not be converted to cash, such as deferred leasing costs, were written off. Additionally, prepaid expenses and real estate taxes that will not be converted to cash are written off. Our unconsolidated real estate partnerships, corporate fixed assets, and accounts receivable were adjusted to their estimated net realizable value. Our intangible assets were also adjusted to their estimated net realizable value; as the tax abatement contract will be realized in connection with the sale of the associated real estate, it is presented in Real Estate in the Condensed Consolidated Statement of Net Assets.

Going Concern Basis

Other assets, net were comprised of the following amounts as of December 31, 2025 (in thousands):


	December 31, 2025
Other investments	$	9,444
Deferred costs, deposits, and other		9,322
Prepaid expenses and real estate taxes		15,707
Interest rate contracts (1)		55
Unconsolidated real estate partnerships		15,270
Intangible assets, net		12,262
Corporate fixed assets, net of accumulated depreciation of $10,103 as of December 31, 2025		5,880
Accounts receivable, net of allowances of $927 as of December 31, 2025		13,780
Total other assets, net	$	81,720

(1) Under the going concern basis, we account for our Interest rate contracts as non-designated hedges.

Dividends payable

At the time of a declaration, we accrue for dividends on our Common Stock and distributions on OP units held by third parties in Dividends payable in our Condensed Consolidated Balance Sheet as of December 31, 2025 or Condensed Consolidated Statement of Net Assets as of March 31, 2026. The amount accrued includes non-forfeitable and forfeitable dividends on our share-based compensation awards. Forfeitable dividends are not paid unless and until the underlying share-based compensation award vests. As of March 31, 2026, we have a liability of $3.4 million related to certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved or the dual-trigger vesting conditions are met in accordance with the Plan of Sale and Liquidation.

Revenue from contracts with customers

Going Concern Basis

We apply ASC 606, “Revenue from Contracts with Customers”, in recognizing revenue from our operations at The Benson Hotel. The Benson Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs. The transaction prices for hotel room sales and other goods and services are generally fixed and based on the respective room reservation or other agreement. Payment terms generally align with when the goods and services are provided. Our contracts generally have a single performance obligation, recognized at a point in time.

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The Benson Hotel generated revenues of $0.4 million and $1.4 million for the month ended January 31, 2026, and three months ended March 31, 2025, respectively.

Note 4 — Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation

Liquidation Basis

The liquidation basis of accounting requires us to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Sale and Liquidation. As of March 31, 2026, we estimated that we will have costs in excess of estimated receipts during the liquidation process. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs and capital expenditures, the timing and value of property sales, estimates of direct costs incurred to complete the sales, the timing and estimated amounts associated with discharging known and contingent liabilities, and the estimated costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period based on the estimated disposal date of each asset; however, no assurances can be provided that the dates used in estimation will be met.

Upon transition to the liquidation basis of accounting on February 1, 2026, we accrued the following revenues and expenses expected to be incurred during liquidation (in thousands):


	As of February 1, 2026
Rental and other property revenues	$	69,958
Property operating expenses		(26,266	)
General and administrative expenses		(22,854	)
Interest income		3,828

APARTMENT INVESTMENT & MANAGEMENT CO 10-Q