APARTMENT INVESTMENT & MANAGEMENT CO 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The independent registered public accounting firms' reports, consolidated financial statements and schedule listed in the “Index to Financial Statements” on page F-1 of this Annual Report are filed as part of this report and incorporated herein by this reference. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A. CONTROL S AND PROCEDURES Aimco Disclosure Controls and Procedures Aimco's management, with the participation of Aimco's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, Aimco's Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, Aimco's disclosure controls and procedures are effective. 47 Management’s Report on Internal Control Over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, Aimco's principal executive and principal financial officers and effected by Aimco's Board, management and other personnel 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 and includes those policies and procedures that: • pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets; • provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and • provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of Aimco's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 Framework). Based on their assessment, management concluded that, as of December 31, 2025, Aimco's internal control over financial reporting is effective. Aimco's independent registered public accounting firm has issued an attestation report on Aimco's internal control over financial reporting. Changes in Internal Control Over Financial Reporting There were no changes in the internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of Aimco. 48 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Stockholders Apartment Investment and Management Company Opinion on internal control over financial reporting We have audited the internal control over financial reporting of Apartment Investment and Management Company (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2025, and our report dated March 2, 2026 expressed an unqualified opinion on those financial statements. Basis for opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and limitations of internal control over financial reporting A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ GRANT THORNTON LLP Denver, Colorado March 2, 2026 49 Aimco Operating Partnership Disclosure Controls and Procedures Aimco Operating Partnership’s management, with the participation of Aimco Operating Partnership’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, Aimco Operating Partnership’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, Aimco Operating Partnership’s disclosure controls and procedures are effective. Management’s Report on Internal Control Over Financial Reporting Aimco Operating Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, Aimco Operating Partnership's principal executive and principal financial officers and effected by Aimco Operating Partnership's Board, management and other personnel 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 and includes those policies and procedures that: • pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets; • provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and • provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of Aimco Operating Partnership’s internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 Framework). Based on their assessment, management concluded that, as of December 31, 2025, Aimco Operating Partnership’s internal control over financial reporting is effective. Aimco Operating Partnership’s independent registered public accounting firm has issued an attestation report on Aimco Operating Partnership’s internal control over financial reporting. Changes in Internal Control Over Financial Reporting There were no changes in the internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of Aimco Operating Partnership. 50 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Partners Aimco OP L.P. Opinion on internal control over financial reporting We have audited the internal control over financial reporting of Aimco OP L.P. (a Delaware limited partnership) and subsidiaries (the “Partnership”) as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Partnership as of and for the year ended December 31, 2025, and our report dated March 2, 2026 expressed an unqualified opinion on those financial statements. Basis for opinion The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and limitations of internal control over financial reporting A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ GRANT THORNTON LLP Denver, Colorado March 2, 2026 51 ITEM 9B. OTH ER INFORMATION During the three months ended December 31, 2025, no director or officer of Aimco or Aimco Operating Partnership adopted or terminated a "Rule 10b5-1 trading agreement" or "non-Rule 10b5-1 trading agreement" each term as defined in Item 408(a) of Regulation S-K. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. 52 PAR T III ITEM 10. DIRECTORS, EXECU TIVE OFFICERS AND CORPORATE GOVERNANCE Each member of the Board of Directors of Aimco is also a director of the general partner of the Aimco Operating Partnership. The officers of Aimco are also the officers of the general partner of the Aimco Operating Partnership and hold the same titles. The information required by this item for both Aimco and the Aimco Operating Partnership is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025. ITEM 11. EXECUTIVE COMPENSATION The information required by this item, for both Aimco and the Aimco Operating Partnership, and is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025. ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The information required by this item, for both Aimco and the Aimco Operating Partnership, is incorporated herein by reference to the definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed within 120 days after the year ended December 31, 2025. 53 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a)(1) The financial statements listed in the Index to Financial Statements on Page F-1 of this report are filed as part of this report and incorporated herein by reference. (a)(2) The financial statement schedule listed in the Index to Financial Statements on Page F-1 of this report is filed as part of this report and incorporated herein by reference. (a)(3) Exhibits. 54 INDEX TO EXHIBITS (1) (2) EXHIBIT NO. DESCRIPTION 2.1 Separation and Distribution Agreement, effective as of December 15, 2020, by and among Apartment Investment Management Company, Aimco OP L.P., Apartment Income REIT Corp. and Apartment Income REIT, L.P. (f/k/a AIMCO Properties, L.P.) (Exhibit 2.1 to Aimco’s Current Report on Form 8-K, filed December 15, 2020, is incorporated herein by this reference) 2.2 Plan of Sale and Liquidation (Exhibit 2.1 to Aimco’s Current Report on Form 8-K, dated November 10, 2025, is incorporated herein by this reference) 3.1 Articles of Amendment and Restatement of Apartment Investment and Management Company (Exhibit 3.1 to Aimco’s Annual Report on Form 8-K dated October 3, 2023, is incorporated herein by this reference) 3.2 Articles Supplementary of Apartment Investment Management Company (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated December 15, 2020, is incorporated herein by this reference) 3.3 Amended and Restated Bylaws (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated April 28, 2023, is incorporated herein by this reference) 4.1 Description of Aimco’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (Exhibit 4.1 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2020, filed March 12, 2021, is incorporated herein by this reference) 10.1 Amended and Restated Agreement of Limited Partnership of Aimco OP L.P., effective as of December 14, 2020 (Exhibit 10.1 to Aimco's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed May 8, 2025, is incorporated herein by this reference) 10.3 Amended Aimco Severance Policy, effective as of October 27, 2021 (Exhibit 10.3 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.4 Powell Employment Agreement (Exhibit 10.4 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.5 2007 Stock Award and Incentive Plan (Exhibit A to Aimco’s Proxy Statement on Schedule 14A, filed March 20, 2007, is incorporated herein by this reference)* 10.6 Form of Non-Qualified Stock Option Agreement (2007 Stock Award and Incentive Plan) (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, filed April 30, 2007, is incorporated herein by this reference)* 10.7 Aimco 2015 Stock Award and Incentive Plan (as amended and restated January 31, 2017) (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, filed January 31, 2017, is incorporated herein by this reference)* 10.8 Form of Performance Non-Qualified Stock Option Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.26 to Aimco's Annual Report on Form 10-K for the year ended December 31, 2015, is incorporated herein by this reference)* 10.9 Form of Performance Vesting LTIP II Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.15 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, filed May 8, 2018, is incorporated herein by this reference)* 10.10 Aimco Second Amended and Restated 2015 Stock Award and Incentive Plan (as amended and restated effective February 22, 2018) (Exhibit A to Aimco’s Proxy Statement on Schedule 14A, filed March 8, 2018, is incorporated herein by reference)* 10.11 Form of Restricted Stock Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.25 to Aimco's Annual Form on 10-K for the year ended December 31, 2015, is incorporated herein by this reference)* 10.12 Form of Performance Restricted Stock Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.24 to Aimco's Annual Form on 10-K for the year ended December 31, 2015, is incorporated herein by this reference)* 55 10.13 Form of Performance Vesting LTIP II Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.15 to Aimco's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, is incorporated herein by this reference)* 10.14 Form of Performance Non-Qualified Stock Option Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.26 to Aimco's Annual Form on 10-K for the year ended December 31, 2016, is incorporated herein by this reference)* 10.17 Form of Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.17 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.18 Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.18 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.19 Form of Performance Non-Qualified Stock Option Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.19 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.20 Form of Performance Vesting LTIP II Unit Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.20 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.21 Form of Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.21 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.22 Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.22 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.23 Form of Performance Vesting LTIP II Unit Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.23 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.24 Form of Non-Qualified Stock Option Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.24 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.25 Form of Non-Qualified Stock Option Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.25 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.26 Form of LTIP II Unit Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.26 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.27 Form of LTIP II Unit Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.27 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.28 Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.28 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 10.29 Form of Performance Restricted Stock Agreement (Second Amended & Restated 2015 Stock Award and Incentive Plan) (Exhibit 10.29 to Aimco's Annual Form on 10-K for the year ended December 31, 2024, is incorporated herein by this reference)* 10.30 Employee Matters Agreement, effective as of December 15, 2020, by and among Apartment Investment Management Company, Aimco OP L.P., Apartment Income REIT Corp. and Apartment Income REIT, L.P. (f/k/a AIMCO Properties, L.P.) (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, filed December 15, 2020, is incorporated herein by this reference) 10.31+ Purchase and Sale Contract, effective as of August 5, 2025, by and among Royal Crest Estates (Marlboro), L.L.C., 56 Aimco Royal Crest - Nashua, L.L.C., Aimco Warwick, L.L.C., Waterford Village, L.L.C., Aimco Wexford Village, L.L.C., Aimco Wexford Village II, L.L.C., and HGI Acquisitions, LLC (Exhibit 10.2 to Aimco's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed August 11, 2025, is incorporated herein by this reference) 10.32+ Third Amendment to Interests Purchase and Sale Agreement, effective November 8, 2025, by and among AHOTB Holding, LLC, Aimco OP L.P., and Brickell Bay Property Owner LLC (Exhibit 10.2 to Aimco's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed November 10, 2025, is incorporated herein by this reference) 10.33+ Purchase and Sale Contract, effective as of December 10, 2025, by and among Aimco Elm Creek, L.P., Aimco Elm Creek Townhomes Three, LLC, Aimco Yorktown L.P., 2200 Grace Owner, LLC, Aimco Hyde Park Tower, L.L.C., Church Street Associates Limited Partnership, Williamsburg Limited Partnership, and LaTerra Capital Management, LLC (Exhibit 10.1 to Aimco's Current Report on Form 8-K, filed December 15, 2025, is incorporated herein by this reference) 10.34+ Purchase and Sale Contract, effective as of December 23, 2025, by and among Aimco Hillmeade, LLC, CCIP Plantation Gardens, L.L.C., and HGI Acquisitions, LLC (Exhibit 10.1 to Aimco's Current Report on Form 8-K, filed December 23, 2025, is incorporated herein by this reference) 10.35 Letter Agreement by and between Aimco Development Company, LLC and Wesley Powell, dated December 26, 2025 (filed herewith) 19.1 Policy on Insider Information and Insider Trading (Exhibit 19.1 to Aimco's Annual Form on 10-K for the year ended December 31, 2024, is incorporated herein by this reference) 21.1 List of Subsidiaries 23.1 Consent of Independent Registered Public Accounting Firms - Aimco 31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-15(e)/15d-15(e), and Securities Exchange Act Rules 13a-15(f)/15d-15(f), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco 31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-15(e)/15d-15(e), and Securities Exchange Act Rules 13a-15(f)/15d-15(f), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco 31.3 Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-15(e)/15d-15(e), and Securities Exchange Act Rules 13a-15(f)/15d-15(f), as Adopted Pursuant to section 302 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership 31.4 Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-15(e)/15d-15(e), and securities Exchange Act Rules 13a-15(f)/15d-15(f), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership 32.1 Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco 32.2 Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco 32.3 Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership 32.4 Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership 97.1 Amended Aimco Clawback Policy, effective as of July 26, 2023 (Exhibit 97.1 to Aimco's Annual Form on 10-K for the year ended December 31, 2023, is incorporated herein by this reference)* 57 101 The following materials from Aimco’s and Aimco Operating Partnership’s consolidated Annual Report on Form 10-K for the year ended December 31, 2025, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) consolidated balance sheets; (ii) consolidated statements of operations; (iii) consolidated statements of comprehensive income; (iv) consolidated statements of equity and consolidated statements of partners’ capital; (v) consolidated statements of cash flows; (vi) notes to the consolidated financial statements; and (vii) financial statement schedule (3) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). (1) Schedule and similar exhibits to the exhibits have been omitted but will be provided to the Securities and Exchange Commission or its staff upon request. (2) The Commission file numbers for exhibits is 001-13232 (Aimco) and 0-24497 (Aimco Operating Partnership). * Management contract or compensatory plan or arrangement + Exhibits marked with a (+) exclude certain portions of the exhibit pursuant to Item 601(b)(10)(iv) of Regulation S-K. A copy of the omitted portions will be furnished to the SEC upon request. ITEM 16. FORM 10-K SUMMARY None. 58 APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. INDEX TO FINANCIAL STATEMENTS Page Financial Statements: Apartment Investment and Management Company: Report of Registered Independent Public Accounting Firm (PCAOB ID: 248 ) F- 4 Report of Registered Independent Public Accounting Firm (PCAOB ID: 42 ) F- 6 Consolidated Balance Sheets F- 7 Consolidated Statements of Operations F- 8 Consolidated Statements of Equity F- 9 Consolidated Statements of Cash Flows F- 10 Aimco OP L.P. Report of Registered Independent Public Accounting Firm (PCAOB ID: 248 ) F- 11 Report of Registered Independent Public Accounting Firm (PCAOB ID: 42 ) F- 13 Consolidated Balance Sheets F- 14 Consolidated Statements of Operations F- 15 Consolidated Statements of Partners’ Capital F- 16 Consolidated Statements of Cash Flows F- 17 Notes to Consolidated Financial Statements of Apartment Investment and Management Company and Aimco OP L.P. F- 18 Note 1 — Organization F- 18 Note 2 — Basis of Presentation and Summary of Significant Accounting Policies F- 18 Note 3 — Significant Transactions F- 28 Note 4 — Lease Arrangements F- 29 Note 5 — Variable Interest Entities F- 31 Note 6 — Debt F- 32 Note 7 — Income Taxes F- 34 Note 8 — Aimco Equity F- 36 Note 9 — Partners' capital F- 37 Note 10 — Earnings per Share and per Unit F- 37 Note 11 — Share-Based Compensation F- 39 Note 12 — Fair Value Measurements F- 41 Note 13 — Commitments and Contingencies F- 43 Note 14 — Assets held for sale and discontinued operations F- 44 Note 15 — Business Segments F- 45 Note 16 — Subsequent Events F- 48 Financial Statement Schedule: Schedule III – Real Estate and Accumulated Depreciation F- 50 F- 1 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. APARTMENT INVESTMENT AND MANAGEMENT COMPANY By: /s/ Wes Powell Wes Powell Director, President and Chief Executive Officer Date: March 2, 2026 AIMCO OP L.P. By: Aimco OP GP, LLC, its General Partner /s/ Wes Powell Wes Powell Director, President and Chief Executive Officer Date: March 2, 2026 F- 2 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated. Signature Title Date APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. By: Aimco OP GP, LLC, its General Partner /s/ WES POWELL Director, President and Chief Executive Officer March 2, 2026 Wes Powell (principal executive officer) /s/ H. LYNN C. STANFIELD Executive Vice President and March 2, 2026 H. Lynn C. Stanfield Chief Financial Officer (principal financial officer) /s/ KELLIE E. DREYER Senior Vice President and Chief March 2, 2026 Kellie E. Dreyer Accounting Officer (principal accounting officer) /s/ R. DARY STONE Chairman of the Board of Directors March 2, 2026 R. Dary Stone /s/ QUINCY L. ALLEN Director March 2, 2026 Quincy L. Allen /s/ PATRICIA L. GIBSON Director March 2, 2026 Patricia L. Gibson /s/ JAY PAUL LEUPP Director March 2, 2026 Jay Paul Leupp /s/ SHERRY L. REXROAD Director March 2, 2026 Sherry L. Rexroad /s/ DEBORAH SMITH Director March 2, 2026 Deborah Smith /s/ JAMES P. SULLIVAN Director March 2, 2026 James P. Sullivan /s/ KIRK A. SYKES Director March 2, 2026 Kirk A. Sykes F- 3 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Stockholders Apartment Investment and Management Company Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Apartment Investment and Management Company (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations,equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 2, 2026 expressed an unqualified opinion. Basis for opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical audit matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Recoverability & fair value measurement of real estate assets within the Development segment As described in Note 2 and Note 12 to the consolidated financial statements, the Company records real estate 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 recoverable, recoverability is assessed by comparing the carrying amount to the estimated undiscounted future cash flows of the asset. If the carrying amounts exceed the aggregate undiscounted future cash flows, an impairment loss is recognized to the extent the carrying amount exceeds the estimated fair value of the asset. During the year ended December 31, 2025, the Company recorded a noncash impairment charge of $147.5 million. The impairment charge was recorded on properties presented within the Development and Other segments. We identified the recoverability and fair value measurement of real estate assets within the Development segment as a critical audit matter. The principal consideration in our determination that the recoverability and fair value measurement of real estate assets within the Development segment is a critical audit matter is the high degree of auditor judgment and subjectivity involved in developing our independent estimates. F- 4 Our audit procedures related to the recoverability and fair value measurement of real estate assets within the Development segment included the following, among others: I. We tested the design and operating effectiveness of relevant controls over management’s evaluation of the reasonableness of the significant inputs and assumptions used to evaluate recoverability and measure the fair value of real estate assets within the Development segment. II. For certain assets within the Development segment, with the assistance of valuation specialists, we evaluated the reasonableness of the recoverability and fair value measurements by comparing the land and real property market values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports. /s/ GRANT THORNTON LLP We have served as the Company's auditor since 2024. Denver, Colorado March 2, 2026 F- 5 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Apartment Investment and Management Company Opinion on the Financial Statements We have audited the accompanying consolidated statements of operations, equity and cash flows of Apartment Investment and Management Company (the Company) for the year ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ Ernst & Young LLP We served as the Company's auditor from 2020 to 2024. Denver, Colorado February 26, 2024, except for the consolidated statement of operations, consolidated statement of cash flows, Note 2, Note 4, Note 10, Note 14, Note 15 and Schedule III, as to which the date is March 2, 2026 F- 6 APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONSOLIDATED B ALANCE SHEETS (In thousands, except share data) December 31, 2025 December 31, 2024 ASSETS Buildings and improvements $ 1,014,902 $ 1,145,332 Land 222,315 246,881 Total real estate 1,237,217 1,392,213 Accumulated depreciation ( 287,285 ) ( 322,708 ) Net real estate 949,932 1,069,505 Cash and cash equivalents 394,891 141,072 Restricted cash 11,670 30,051 Notes receivable 103,863 58,794 Right-of-use lease assets - finance leases 106,438 107,714 Other assets, net 82,092 92,600 Assets from discontinued operations and held for sale, net 26,847 457,174 Total assets $ 1,675,733 $ 1,956,910 LIABILITIES AND EQUITY Non-recourse property debt, net $ 339,483 $ 444,426 Non-recourse construction loans and bridge financing, net 399,142 385,240 Total indebtedness 738,625 829,666 Deferred tax liabilities — 101,457 Lease liabilities - finance leases 124,794 121,845 Dividends payable 4,320 89,182 Accrued liabilities and other 147,362 95,911 Liabilities related to discontinued operations and assets held for sale, net 107,747 406,552 Total liabilities 1,122,848 1,644,613 Redeemable noncontrolling interests in consolidated real estate partnerships 158,292 142,931 Commitments and contingencies (Note 13) Equity ( 510,587,500 shares authorized at December 31, 2025 and December 31, 2024): Common Stock, $ 0.01 par value, 140,158,784 and 136,351,966 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 1,402 1,364 Additional paid-in capital 429,144 425,002 Retained earnings (deficit) ( 68,693 ) ( 303,409 ) Total Aimco equity 361,853 122,957 Noncontrolling interests in consolidated real estate partnerships 20,000 39,560 Common noncontrolling interests in Aimco Operating Partnership 12,740 6,849 Total equity 394,593 169,366 Total liabilities and equity $ 1,675,733 $ 1,956,910 See accompanying notes to the consolidated financial statements. F- 7 APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONSOLIDATED STATEM ENTS OF OPERATIONS (In thousands, except per share data) Year Ended December 31, 2025 2024 2023 REVENUES Rental and other property revenues $ 138,486 $ 137,700 $ 119,925 OPERATING EXPENSES Property operating expenses 68,355 68,077 51,655 Depreciation and amortization 58,278 77,133 58,118 General and administrative expenses 34,026 32,837 32,865 Impairment on real estate 147,456 — — Total operating expenses 308,115 178,047 142,638 Interest income 8,646 9,643 9,715 Interest expense ( 59,429 ) ( 59,364 ) ( 26,922 ) Mezzanine investment income (loss), net 856 ( 2,432 ) ( 155,814 ) Realized and unrealized gains (losses) on interest rate contracts ( 471 ) 1,752 1,119 Realized and unrealized gains (losses) on equity investments ( 5,790 ) ( 49,504 ) 700 Gain on dispositions of real estate 237,060 10,600 7,984 Credit loss expense ( 22,899 ) — — Other income (expense), net ( 4,192 ) ( 5,581 ) ( 7,657 ) Income (loss) from continuing operations before income tax ( 15,848 ) ( 135,233 ) ( 193,588 ) Income tax benefit (expense) 57,595 11,071 12,752 Net income (loss) from continuing operations 41,747 ( 124,162 ) ( 180,836 ) Income (loss) from discontinued operations, net of taxes 551,221 28,162 23,517 Net income (loss) 592,968 ( 96,000 ) ( 157,319 ) Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 13,237 ) ( 13,958 ) ( 13,924 ) Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 781 ) 1,849 ( 3,991 ) Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership ( 24,941 ) 5,641 9,038 Net income (loss) attributable to Aimco $ 554,009 $ ( 102,468 ) $ ( 166,196 ) Earnings (loss) per common share - basic Income (loss) from continuing operations attributable to Aimco per common share $ 0.20 $ ( 0.94 ) $ ( 1.32 ) Income (loss) from discontinued operations attributable to Aimco per common share 3.75 0.19 0.16 Net income (loss) attributable to Aimco per common share – basic (Note 10) $ 3.95 $ ( 0.75 ) $ ( 1.16 ) Earnings (loss) per common share - diluted Income (loss) from continuing operations attributable to Aimco per common share $ 0.19 $ ( 0.94 ) $ ( 1.32 ) Income (loss) from discontinued operations attributable to Aimco per common share 3.68 0.19 0.16 Net income (loss) attributable to Aimco per common share – diluted (Note 10) $ 3.87 $ ( 0.75 ) $ ( 1.16 ) Weighted-average common shares outstanding – basic 138,347 138,496 143,618 Weighted-average common shares outstanding – diluted 141,057 138,496 143,618 See accompanying notes to the consolidated financial statements. F- 8 APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONSOLIDATED STAT EMENTS OF EQUITY (In thousands, except share data) 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, 2022 146,525 $ 1,466 $ 496,482 $ 49,904 $ 547,852 $ 48,294 $ 29,212 $ 625,358 Net income (loss) — — — ( 166,196 ) ( 166,196 ) 3,991 ( 9,038 ) ( 171,243 ) Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership — — 4,501 — 4,501 — ( 5,582 ) ( 1,081 ) Share-based compensation expense — — 7,299 — 7,299 — 3,196 10,495 Contributions from noncontrolling interests in consolidated real estate partnerships — — — — — 272 — 272 Distributions to noncontrolling interests in consolidated real estate partnerships — — — — — ( 1,291 ) — ( 1,291 ) Common stock repurchased ( 6,166 ) ( 61 ) ( 45,277 ) — ( 45,338 ) — — ( 45,338 ) Other common stock issuances 252 2 1,538 — 1,540 — 1,272 2,812 Other, net ( 35 ) ( 1 ) ( 5 ) — ( 6 ) ( 1 ) 1 ( 6 ) Balances at December 31, 2023 140,576 1,406 464,538 ( 116,292 ) 349,652 51,265 19,061 419,978 Net income (loss) — — — ( 102,468 ) ( 102,468 ) ( 1,849 ) ( 5,641 ) ( 109,958 ) Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership — — 1,078 — 1,078 — ( 2,061 ) ( 983 ) Share-based compensation expense — — 7,490 — 7,490 — 23 7,513 Contributions from noncontrolling interests in consolidated real estate partnerships — — — — — 1,056 — 1,056 Distributions to noncontrolling interests in consolidated real estate partnerships — — — — — ( 1,614 ) — ( 1,614 ) Purchase of noncontrolling interests in consolidated real estate partnerships — — ( 9,913 ) — ( 9,913 ) ( 9,268 ) — ( 19,181 ) Common stock repurchased ( 4,852 ) ( 49 ) ( 38,896 ) — ( 38,945 ) — — ( 38,945 ) Other common stock issuances, net of withholding taxes 628 6 640 — 646 — — 646 Dividends declared — — — ( 84,649 ) ( 84,649 ) — ( 4,533 ) ( 89,182 ) Other, net — 1 65 — 66 ( 30 ) — 36 Balances at December 31, 2024 136,352 1,364 425,002 ( 303,409 ) 122,957 39,560 6,849 169,366 Net income (loss) — — — 554,009 554,009 781 24,941 579,731 Share-based compensation expense — — 6,419 153 6,572 — 2 6,574 Contributions from noncontrolling interests in consolidated real estate partnerships — — — — — 585 — 585 Distributions to noncontrolling interests in consolidated real estate partnerships — — — — — ( 1,412 ) — ( 1,412 ) Purchase of noncontrolling interests in consolidated real estate partnerships (Note 3) — — ( 7,765 ) — ( 7,765 ) ( 9,997 ) — ( 17,762 ) Deconsolidation of real estate partnership (Note 3) — — — — — ( 9,281 ) — ( 9,281 ) Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership 2,554 26 7,137 — 7,163 — ( 7,810 ) ( 647 ) Purchase of redeemable noncontrolling interests in consolidated real estate partnerships — — 323 — 323 — — 323 Common stock repurchased ( 29 ) — ( 256 ) — ( 256 ) — — ( 256 ) Other common stock issuances, net of withholding taxes 1,282 12 ( 1,649 ) — ( 1,637 ) — — ( 1,637 ) Dividends declared — — — ( 319,446 ) ( 319,446 ) — ( 11,194 ) ( 330,640 ) Other, net — — ( 67 ) — ( 67 ) ( 236 ) ( 48 ) ( 351 ) Balances at December 31, 2025 140,159 $ 1,402 $ 429,144 $( 68,693 ) $ 361,853 $ 20,000 $ 12,740 $ 394,593 See accompanying notes to the consolidated financial statements. F- 9 APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONSOLIDATED STATEM ENTS OF CASH FLOWS (In thousands) Years Ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 592,968 $ ( 96,000 ) $ ( 157,319 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 58,278 77,133 58,118 Mezzanine investment (income) loss, net ( 856 ) 2,432 155,814 Realized and unrealized (gains) losses on interest rate contracts 471 ( 1,752 ) ( 1,119 ) Realized and unrealized (gains) losses on equity investments 5,790 49,504 ( 700 ) Income tax expense (benefit) ( 57,595 ) ( 11,071 ) ( 12,752 ) Share-based compensation 5,897 6,494 9,221 Loss (income) from unconsolidated real estate partnerships ( 1,558 ) 1,358 ( 875 ) Impairment on real estate 147,456 — — Loss on extinguishment of debt, net 1,504 947 938 Gain on dispositions of real estate ( 237,060 ) ( 10,600 ) ( 7,984 ) Credit loss expense 22,899 — — Other, including amortization of debt issuance costs 5,569 20,059 2,440 Discontinued operations: Depreciation and amortization 4,783 9,226 10,716 Income tax (benefit) expense 13,995 — — Gain on dispositions of real estate ( 545,914 ) — — Other adjustments to income (loss) from discontinued operations 1,726 127 123 Changes in operating assets and operating liabilities: Operating assets, net ( 1,985 ) ( 13,355 ) 335 Operating liabilities, net ( 8,275 ) 12,482 ( 6,489 ) Total adjustments ( 584,875 ) 142,984 207,786 Net cash provided by operating activities 8,093 46,984 50,467 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of real estate — — ( 4,108 ) Capital expenditures ( 99,623 ) ( 160,027 ) ( 272,497 ) Proceeds from dispositions of real estate 973,460 186,203 9,254 Distributions received from unconsolidated real estate partnerships — — 4,209 Investment in unconsolidated real estate partnerships — ( 383 ) ( 3,786 ) Proceeds from dispositions of unconsolidated real estate partnerships — 5,766 — Purchase of treasury bill — — ( 53,773 ) Proceeds from treasury bill — — 54,727 Other investing activities 1,129 ( 958 ) 5,578 Net cash provided by (used in) investing activities 874,966 30,601 ( 260,396 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from non-recourse construction loans and bridge financing 48,213 330,542 174,445 Proceeds from revolving credit facility 43,800 — — Proceeds from sale of participation in Mezzanine Investment — — 37,500 Principal repayments on non-recourse property debt ( 227,743 ) ( 3,166 ) ( 85,974 ) Principal repayments on non-recourse construction loans and bridge financing ( 42,081 ) ( 267,032 ) — Principal repayments on revolving credit facility ( 43,800 ) — — Payments of deferred loan costs ( 473 ) ( 6,340 ) ( 229 ) Purchase of interest rate contracts ( 666 ) ( 710 ) ( 712 ) Proceeds from interest rate contracts 1,579 6,526 58,906 Payments on finance leases ( 75 ) ( 514 ) ( 2,694 ) Common stock repurchased ( 256 ) ( 38,945 ) ( 46,843 ) Payments related to withholding taxes for share-based compensation ( 4,328 ) ( 941 ) — Dividends paid on common stock and distributions paid on OP Units ( 415,557 ) — — Redemption of redeemable noncontrolling interests — ( 38,473 ) — Distributions to redeemable noncontrolling interests ( 8,158 ) ( 8,318 ) ( 9,243 ) Contributions from noncontrolling interests in consolidated real estate partnerships 585 1,056 272 Distributions to noncontrolling interests in consolidated real estate partnerships ( 1,412 ) ( 1,614 ) ( 1,291 ) Contributions from redeemable noncontrolling interests 15,789 6,409 125 Redemption of OP Units held by third parties ( 648 ) ( 983 ) ( 1,081 ) Purchase of redeemable noncontrolling interests in consolidated real estate partnerships ( 5,096 ) — — Purchase of noncontrolling interests in consolidated real estate partnerships ( 7,500 ) ( 19,181 ) — Other financing activities ( 992 ) ( 2,212 ) ( 3,751 ) Net cash provided by (used in) financing activities ( 648,819 ) ( 43,896 ) 119,430 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 234,240 33,689 ( 90,499 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 172,956 139,267 229,766 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR $ 407,196 $ 172,956 $ 139,267 See accompanying notes to the consolidated financial statements F- 10 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Partners Aimco OP L.P. Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Aimco OP L.P. (a Delaware limited partnership) and subsidiaries (the “Partnership”) as of December 31, 2025 and 2024, the related consolidated statements of operations, partners’ capital, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Partnership’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 2, 2026 expressed an unqualified opinion. Basis for opinion These consolidated financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical audit matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Recoverability & fair value measurement of real estate assets within the Development segment As described in Note 2 and Note 12 to the consolidated financial statements, the Partnership records real estate 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 recoverable, recoverability is assessed by comparing the carrying amount to the estimated undiscounted future cash flows of the asset. If the carrying amounts exceed the aggregate undiscounted future cash flows, an impairment loss is recognized to the extent the carrying amount exceeds the estimated fair value of the asset. During the year ended December 31, 2025, the Partnership recorded a noncash impairment charge of $147.5 million. The impairment charge was recorded on properties presented within the Development and Other segments. We identified the recoverability and fair value measurement of real estate assets within the Development segment as a critical audit matter. The principal consideration in our determination that the recoverability and fair value measurement of real estate assets within the Development segment is a critical audit matter is the high degree of auditor judgment and subjectivity involved in developing our independent estimates. F- 11 Our audit procedures related to the recoverability and fair value measurement of real estate assets within the Development segment included the following, among others: I. We tested the design and operating effectiveness of relevant controls over management’s evaluation of the reasonableness of the significant inputs and assumptions used to evaluate recoverability and measure the fair value of real estate assets within the Development segment. II. For certain assets within the Development segment, with the assistance of valuation specialists, we evaluated the reasonableness of the recoverability and fair value measurements by comparing the land and real property market values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports. /s/ GRANT THORNTON LLP We have served as the Partnership's auditor since 2024. Denver, Colorado March 2, 2026 F- 12 Report of Independent Registered Public Accounting Firm To the Partners and the Board of Directors of Aimco OP L.P. Opinion on the Financial Statements We have audited the accompanying consolidated statements of operations, partners’ capital, and cash flows of Aimco OP L.P. (the Partnership) for the year ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ Ernst & Young LLP We served as the Partnership's auditor from 2020 to 2024. Denver, Colorado February 26, 2024, except for the consolidated statement of operations, consolidated statement of cash flows, Note 2, Note 4, Note 10, Note 14, Note 15 and Schedule III, as to which the date is March 2, 2026 F- 13 AIMCO OP L.P. CONSOLIDATED BALANCE SHEETS (In thousands) December 31, 2025 December 31, 2024 ASSETS Buildings and improvements $ 1,014,902 $ 1,145,332 Land 222,315 246,881 Total real estate 1,237,217 1,392,213 Accumulated depreciation ( 287,285 ) ( 322,708 ) Net real estate 949,932 1,069,505 Cash and cash equivalents 394,891 141,072 Restricted cash 11,670 30,051 Notes receivable 103,863 58,794 Right-of-use lease assets - finance leases 106,438 107,714 Other assets, net 82,092 92,600 Assets from discontinued operations and held for sale, net 26,847 457,174 Total assets $ 1,675,733 $ 1,956,910 LIABILITIES AND EQUITY Non-recourse property debt, net $ 339,483 $ 444,426 Non-recourse construction loans and bridge financing, net 399,142 385,240 Total indebtedness 738,625 829,666 Deferred tax liabilities — 101,457 Lease liabilities - finance leases 124,794 121,845 Dividends payable 4,320 89,182 Accrued liabilities and other 147,362 95,911 Liabilities related to discontinued operations and assets held for sale, net 107,747 406,552 Total liabilities 1,122,848 1,644,613 Redeemable noncontrolling interests in consolidated real estate partnerships 158,292 142,931 Commitments and contingencies (Note 13) Partners’ capital: General Partner and Special Limited Partner ( 140,158,784 and 136,351,966 OP Units issued and outstanding at December 31, 2025 and December 31, 2024, respectively) 361,853 122,957 Limited Partners ( 4,924,401 and 7,555,109 OP Units issued and outstanding at December 31, 2025 and December 31, 2024, respectively) 12,740 6,849 Partners’ capital attributable to Aimco Operating Partnership 374,593 129,806 Noncontrolling interests in consolidated real estate partnerships 20,000 39,560 Total partners’ capital 394,593 169,366 Total liabilities and partners’ capital $ 1,675,733 $ 1,956,910 See accompanying notes to the consolidated financial statements. F- 14 AIMCO OP L.P. CO NSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per common unit data) Year Ended December 31, 2025 2024 2023 REVENUES Rental and other property revenues $ 138,486 $ 137,700 $ 119,925 OPERATING EXPENSES Property operating expenses 68,355 68,077 51,655 Depreciation and amortization 58,278 77,133 58,118 General and administrative expenses 34,026 32,837 32,865 Impairment on real estate 147,456 — — Total operating expenses 308,115 178,047 142,638 Interest income 8,646 9,643 9,715 Interest expense ( 59,429 ) ( 59,364 ) ( 26,922 ) Mezzanine investment income (loss), net 856 ( 2,432 ) ( 155,814 ) Realized and unrealized gains (losses) on interest rate contracts ( 471 ) 1,752 1,119 Realized and unrealized gains (losses) on equity investments ( 5,790 ) ( 49,504 ) 700 Gain on dispositions of real estate 237,060 10,600 7,984 Credit loss expense ( 22,899 ) — — Other income (expense), net ( 4,192 ) ( 5,581 ) ( 7,657 ) Income (loss) from continuing operations before income tax ( 15,848 ) ( 135,233 ) ( 193,588 ) Income tax benefit (expense) 57,595 11,071 12,752 Net income (loss) from continuing operations 41,747 ( 124,162 ) ( 180,836 ) Income (loss) from discontinued operations, net of taxes 551,221 28,162 23,517 Net income (loss) 592,968 ( 96,000 ) ( 157,319 ) Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 13,237 ) ( 13,958 ) ( 13,924 ) Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 781 ) 1,849 ( 3,991 ) Net income (loss) attributable to Aimco Operating Partnership $ 578,950 $ ( 108,109 ) $ ( 175,234 ) Earnings (loss) per common unit - basic Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit $ 0.20 $ ( 0.94 ) $ ( 1.32 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit 3.75 0.19 0.16 Net income (loss) attributable to Aimco Operating Partnership per common unit – basic (Note 10) $ 3.95 $ ( 0.75 ) $ ( 1.16 ) Earnings (loss) per common unit - diluted Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit $ 0.19 $ ( 0.94 ) $ ( 1.32 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit 3.68 0.19 0.16 Net income (loss) attributable to Aimco Operating Partnership per common unit – diluted (Note 10) $ 3.87 $ ( 0.75 ) $ ( 1.16 ) Weighted-average common units outstanding – basic 144,871 146,120 151,371 Weighted-average common units outstanding – diluted 147,581 146,120 151,371 See accompanying notes to the consolidated financial statements. F- 15 AIMCO OP L.P. CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (In thousands) 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, 2022 $ 547,852 $ 29,212 $ 577,064 $ 48,294 $ 625,358 Net income (loss) ( 166,196 ) ( 9,038 ) ( 175,234 ) 3,991 ( 171,243 ) Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership 4,501 ( 5,582 ) ( 1,081 ) — ( 1,081 ) Share-based compensation expense 7,299 3,196 10,495 — 10,495 Contributions from noncontrolling interests in consolidated real estate partnerships — — — 272 272 Distributions to noncontrolling interests in consolidated real estate partnerships — — — ( 1,291 ) ( 1,291 ) Redemption of OP Units held by Aimco ( 45,338 ) — ( 45,338 ) — ( 45,338 ) Other OP Unit issuances 1,540 1,272 2,812 — 2,812 Other, net ( 6 ) 1 ( 5 ) ( 1 ) ( 6 ) Balances at December 31, 2023 349,652 19,061 368,713 51,265 419,978 Net income (loss) ( 102,468 ) ( 5,641 ) ( 108,109 ) ( 1,849 ) ( 109,958 ) Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership 1,078 ( 2,061 ) ( 983 ) — ( 983 ) Share-based compensation expense 7,490 23 7,513 — 7,513 Contributions from noncontrolling interests in consolidated real estate partnerships — — — 1,056 1,056 Distributions to noncontrolling interests in consolidated real estate partnerships — — — ( 1,614 ) ( 1,614 ) Purchase of noncontrolling interests in consolidated real estate partnerships ( 9,913 ) — ( 9,913 ) ( 9,268 ) ( 19,181 ) Redemption of OP Units held by Aimco ( 38,945 ) — ( 38,945 ) — ( 38,945 ) Other OP Unit issuances 646 — 646 — 646 Distributions declared ( 84,649 ) ( 4,533 ) ( 89,182 ) — ( 89,182 ) Other, net 66 — 66 ( 30 ) 36 Balances at December 31, 2024 122,957 6,849 129,806 39,560 169,366 Net income (loss) 554,009 24,941 578,950 781 579,731 Share-based compensation expense 6,572 2 6,574 — 6,574 Contributions from noncontrolling interests in consolidated real estate partnerships — — — 585 585 Distributions to noncontrolling interests in consolidated real estate partnerships — — — ( 1,412 ) ( 1,412 ) Purchase of noncontrolling interests in consolidated real estate partnerships (Note 3) ( 7,765 ) — ( 7,765 ) ( 9,997 ) ( 17,762 ) Deconsolidation of real estate partnership (Note 3) — — — ( 9,281 ) ( 9,281 ) Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership 7,163 ( 7,810 ) ( 647 ) — ( 647 ) Purchase of redeemable noncontrolling interests in consolidated real estate partnerships 323 — 323 — 323 Redemption of OP Units held by Aimco ( 256 ) — ( 256 ) — ( 256 ) Other OP Unit issuances ( 1,637 ) — ( 1,637 ) — ( 1,637 ) Distributions declared ( 319,446 ) ( 11,194 ) ( 330,640 ) — ( 330,640 ) Other, net ( 67 ) ( 48 ) ( 115 ) ( 236 ) ( 351 ) Balances at December 31, 2025 $ 361,853 $ 12,740 $ 374,593 $ 20,000 $ 394,593 See accompanying notes to the consolidated financial statements F- 16 AIMCO OP L.P. CO NSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Years Ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 592,968 $ ( 96,000 ) $ ( 157,319 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 58,278 77,133 58,118 Mezzanine investment (income) loss, net ( 856 ) 2,432 155,814 Realized and unrealized (gains) losses on interest rate contracts 471 ( 1,752 ) ( 1,119 ) Realized and unrealized (gains) losses on equity investments 5,790 49,504 ( 700 ) Income tax expense (benefit) ( 57,595 ) ( 11,071 ) ( 12,752 ) Share-based compensation 5,897 6,494 9,221 Loss (income) from unconsolidated real estate partnerships ( 1,558 ) 1,358 ( 875 ) Impairment on real estate 147,456 — — Loss on extinguishment of debt, net 1,504 947 938 Gain on dispositions of real estate ( 237,060 ) ( 10,600 ) ( 7,984 ) Credit loss expense 22,899 — — Other, including amortization of debt issuance costs 5,569 20,059 2,440 Discontinued operations: Depreciation and amortization 4,783 9,226 10,716 Income tax (benefit) expense 13,995 — — Gain on dispositions of real estate ( 545,914 ) — — Other adjustments to income (loss) from discontinued operations 1,726 127 123 Changes in operating assets and operating liabilities: Operating assets, net ( 1,985 ) ( 13,355 ) 335 Operating liabilities, net ( 8,275 ) 12,482 ( 6,489 ) Total adjustments ( 584,875 ) 142,984 207,786 Net cash provided by operating activities 8,093 46,984 50,467 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of real estate — — ( 4,108 ) Capital expenditures ( 99,623 ) ( 160,027 ) ( 272,497 ) Proceeds from dispositions of real estate 973,460 186,203 9,254 Distributions received from unconsolidated real estate partnerships — — 4,209 Investment in unconsolidated real estate partnerships — ( 383 ) ( 3,786 ) Proceeds from dispositions of unconsolidated real estate partnerships — 5,766 — Purchase of treasury bill — — ( 53,773 ) Proceeds from treasury bill — — 54,727 Other investing activities 1,129 ( 958 ) 5,578 Net cash provided by (used in) investing activities 874,966 30,601 ( 260,396 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from non-recourse construction loans and bridge financing 48,213 330,542 174,445 Proceeds from revolving credit facility 43,800 — — Proceeds from sale of participation in Mezzanine Investment — — 37,500 Principal repayments on non-recourse property debt ( 227,743 ) ( 3,166 ) ( 85,974 ) Principal repayments on non-recourse construction loans and bridge financing ( 42,081 ) ( 267,032 ) — Principal repayments on revolving credit facility ( 43,800 ) — — Payments of deferred loan costs ( 473 ) ( 6,340 ) ( 229 ) Purchase of interest rate contracts ( 666 ) ( 710 ) ( 712 ) Proceeds from interest rate contracts 1,579 6,526 58,906 Payments on finance leases ( 75 ) ( 514 ) ( 2,694 ) Common stock repurchased ( 256 ) ( 38,945 ) ( 46,843 ) Payments related to withholding taxes for share-based compensation ( 4,328 ) ( 941 ) — Dividends paid on common stock and distributions paid on OP Units ( 415,557 ) — — Redemption of redeemable noncontrolling interests — ( 38,473 ) — Distributions to redeemable noncontrolling interests ( 8,158 ) ( 8,318 ) ( 9,243 ) Contributions from noncontrolling interests in consolidated real estate partnerships 585 1,056 272 Distributions to noncontrolling interests in consolidated real estate partnerships ( 1,412 ) ( 1,614 ) ( 1,291 ) Contributions from redeemable noncontrolling interests 15,789 6,409 125 Redemption of OP Units held by third parties ( 648 ) ( 983 ) ( 1,081 ) Purchase of redeemable noncontrolling interests in consolidated real estate partnerships ( 5,096 ) — — Purchase of noncontrolling interests in consolidated real estate partnerships ( 7,500 ) ( 19,181 ) — Other financing activities ( 992 ) ( 2,212 ) ( 3,751 ) Net cash provided by (used in) financing activities ( 648,819 ) ( 43,896 ) 119,430 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 234,240 33,689 ( 90,499 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 172,956 139,267 229,766 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR $ 407,196 $ 172,956 $ 139,267 See accompanying notes to the consolidated financial statements F- 17 APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. NOTES TO THE CONSOLIDATE D FINANCIAL STATEMENTS December 31, 2025 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 December 31, 2025, Aimco owned 94.1 % of the legal interest in the common partnership units of Aimco Operating Partnership and 96.6 % of the 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. This filing combines the Annual Reports on Form 10-K for the fiscal year ended December 31, 2025, 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. At December 31, 2025 , our entire portfolio of operating residential apartment communities includes 2,524 apartment homes within 15 consolidated stabilized operating properties, including two operating properties held for sale, complete 689 -unit community with approximately 105,000 square feet of retail space, a complete 220 -unit community, and four unconsolidated properties. Additionally, we have a completed single family rental community with 16 homes and eight accessory dwelling units, a waterfront ground-up development under construction with 114 planned units, a 106 -key luxury hotel with event space, and undeveloped land parcels. We also hold other alternative investments, including our Mezzanine Investment (see Note 2 for further information); our investment in IQHQ Holdings, LP (“IQHQ”); and our investment in real estate technology funds. On November 10, 2025, our Board of Directors (the “Board”) determined advisable and approved a Plan of Sale and Liquidation (the “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 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 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated entities. Aimco Operating Partnership’s consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated entities. All significant intercompany balances 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. C ertain reclassifications have been made to prior period amounts to conform to the current period consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. F- 18 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. In addition, when an entity is not a VIE, we consolidate an entity under the voting model when we control the entity through ownership of a majority voting interest. Refer to Note 5 for further information. Common noncontrolling interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Consolidated Balance Sheets 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 years ended December 31, 2025, 2024, and 2023, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 4.5 % , 5.2 % , and 5.1 %, r espectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable noncontrolling interests in consolidated real estate partnerships 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 December 31, 2025, consists 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 Consolidated Balance Sheets 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 during the years ended December 31, 2025 , 2024, and 2023 ( in thousands ): 2025 2024 2023 Balance at Beginning of Period $ 142,931 $ 171,632 $ 166,826 Contributions 15,789 6,409 125 Distributions ( 8,158 ) ( 8,318 ) ( 9,243 ) Purchases (1) ( 5,419 ) — — Redemptions — ( 38,473 ) — Net income 13,237 13,958 13,924 Other (2) ( 88 ) ( 2,277 ) — Balance at December 31, $ 158,292 $ 142,931 $ 171,632 (1) In May 2025, we purchased all of the outstanding redeemable noncontrolling interest from our development partner in the Strathmore Square property for a cash purchase price of $ 5.0 million. (2) In September 2024, we secured a $ 55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida. Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships and are amortized using the effective interest method in accordance with GAAP . F- 19 Mezzanine Investment In November 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the “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. Throughout the term of the Mezzanine Investment, we have performed an assessment to determine whether the fair value of the Mezzanine Investment is less than its net carrying value on an other-than-temporary basis. In 2023, we determined our Mezzanine Investment was incrementally impaired after considering various factors, including the mezzanine loan’s nearing maturity date and further decline in value of the real estate collateral. As a result, we recognized a non-cash impairment charge of $ 158.0 million to reduce the carrying value of the Mezzanine Investment to zero . 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 Consolidated Balance Sheets . 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 December 31, 2025, we are precluded from derecognizing the liability until it has been extinguished in accordance with GAAP. In connection with the participation sold, the purchaser also made a $ 4.0 million non-refundable payment for the option to acquire the remaining 80 % in the Mezzanine Investment. The option expired unexercised in the quarter ended December 31, 2023. As a result, we recognized the non-refundable payment in Mezzanine investment income (loss), net in our Consolidated Statements of Operations . Real Estate Capital additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, other tangible apartment community improvements, and replacements of existing community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with the planning, execution, and control of all capital addition activities at our communities. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital addition activities. We also capitalize interest, property taxes, and insurance during periods in which construction projects are in progress. We commence capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, at the point in time when activities necessary to get communities, apartment homes, or leased spaces ready for their intended use begin. These activities include when communities, apartment homes or leased spaces are undergoing physical construction, as well as when homes or leased spaces are held vacant in advance of planned construction, provided that other activities such as permitting, planning, and design are in progress. We cease the capitalization of costs when the capital additions activities are suspended or when communities or components thereof are substantially complete and ready for their intended use, which is typically when construction has been completed and homes or leased spaces are available for occupancy. We charge costs including ordinary repairs, maintenance, and resident turnover costs to property operating expense, as incurred. For the years ended December 31, 2025, 2024, and 2023, we capitalized to buildings and improvements $ 12.9 million, $ 21.5 million, and $ 39.7 million of interest costs, respectively. For the years ended December 31, 2025, 2024, and 2023, we capitalized to buildings and improvements $ 5.7 million, $ 8.0 million, and $ 14.3 mi llion of indirect costs, respectively. Assets held for sale and discontinued operations We classify properties as held for sale when they meet the GAAP criteria, which include (among others): (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract. We present the assets and liabilities of any real estate properties held for sale separately in the Consolidated Balance Sheets . 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 F- 20 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 Consolidated Statements of Cash Flows . See Note 14 for additional information regarding assets held for sale and discontinued operations. Unless otherwise noted or separately presented, the information disclosed in Note 3 through Note 16 (with the exception of Note 14 ) refer only to our continuing operations and do not include discussion of balances or activity related to the properties presented within discontinued operations. Impairment of real estate and other long-lived assets 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. The future cash flows utilized in the evaluation of recoverability and the measurement of fair value are highly subjective and are based on assumptions, such as anticipated hold periods, future occupancy, future rental or room rates, discount rates, capitalization rates, and recent sales data for comparable properties. In the year ended December 31, 2025, we assessed our properties for impairment as a result of a change in estimated hold period, and, for certain development pipeline properties, the decision not to pursue development given the Plan of Sale and Liquidation. Our assessment resulted in $ 147.5 million of impairment recognized on certain properties located within Colorado's Front Range and Southeast Florida for the year ended December 31, 2025. The properties are presented within the Development and Other segments within Note 15 . There were no such impairments for the years ended December 31, 2024 and 2023 . 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. The reconciliation of cash flow information is as follows ( in thousands ): 2025 2024 2023 Cash and cash equivalents $ 394,891 $ 141,072 $ 122,601 Restricted cash 11,670 30,051 15,452 Restricted cash from discontinued operations and held for sale 635 1,833 1,214 Cash, cash equivalents, and restricted cash $ 407,196 $ 172,956 $ 139,267 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. F- 21 Supplemental cash flow information for the years ended December 31, 2025, 2024, and 2023 is as follows ( in thousands ): Year Ended December 31, 2025 2024 2023 SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid, net of amounts capitalized $ 60,505 $ 47,554 $ 32,795 Cash paid for income taxes (Note 7) 498 931 1,711 Non-cash transactions associated with the disposition of real estate: Issuance of seller financing 85,000 — 17,432 Non-recourse property debt assumed by buyer 173,435 — — Other non-cash investing and financing transactions: Right-of-use lease assets - operating leases 225 — 718 Lease liabilities - operating leases 225 — 718 Notes receivable settled in deconsolidation of real estate partnership (Note 3) 19,038 — — Contribution of real estate to unconsolidated real estate partnership — — 5,700 Accrued capital expenditures (at end of year) 16,355 11,962 40,340 Notes receivable 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. Notes receivable held for investment are recorded at amortized cost, net of the estimated provision for expected credit losses. A write-off is recognized when all or a portion of the notes receivable is deemed uncollectible. Interest income on notes receivable is recognized using the effective interest method and is classified within Interest income in our 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 December 31, 2025 and 2024 ( in thousands ): December 31, 2025 December 31, 2024 Notes receivable - held for sale: Note A (1) $ 85,363 $ — Notes receivable - held for investment: Note B (2) 18,500 40,209 Note C (3) — 18,585 Total notes receivable $ 103,863 $ 58,794 (1) In December 2025, Aimco issued seller financing notes in conjunction with the sale of the Brickell Assemblage. Refer to Note 3 for a description of the contractual terms of the seller financing notes. (2) Subsequent to year end, we finalized an agreement to monetize a seller financing note 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, reducing the principal balance of $ 43.2 million to $ 18.5 million. As a result, we recorded a provision for credit losses of $ 22.9 million and a write-off to reduce the amortized cost to $ 18.5 million as of December 31, 2025. The provision for credit losses is reflected in Credit loss expense in our Consolidated Statements of Operations and as a reduction in the carrying value of Notes Receivable in our Consolidated Balance Sheets. Prior to the write-off, the amortized cost was $ 41.4 million, calculated as the note's $ 43.2 million principal balance less unamortized discount of $ 1.5 million and allowance for credit losses of $ 0.3 million. F or the years ended December 31, 2025, 2024, and 2023, the amortization of the discount was $ 1.2 million, $ 1.1 million, and $ 1.1 million, respectively, which was recorded as a component of Interest Income in our Consolidated Statements of Operations . F- 22 A roll forward of our allowance for credit losses for the year ended December 31, 2025 is as follows: 2025 Balance at Beginning of Period $ ( 276 ) Provision for credit losses ( 22,899 ) Write-offs charged against allowance for credit losses 23,175 Balance at December 31, $ — (3) I n December 2023, we sold a land parcel in downtown Fort Lauderdale also referred to as 200 Broward Avenue. In conjunction with this sale, we provided seller financing with a stated value of $ 21.2 million that was recorded net of $ 3.8 million of variable consideration. A portion of the interest payments accrued and were added to the principal balance, due at maturity of the note. In October 2025 we completed the transfer of our ownership interest in the joint venture holding the seller financing as further discussed in Note 3 . Other assets, net Other assets, net were comprised of the following amounts as of December 31, 2025 and 2024 ( in thousands ): December 31, 2025 December 31, 2024 Other investments $ 9,444 $ 16,115 Deferred costs, deposits, and other 9,322 11,233 Prepaid expenses and real estate taxes 16,079 13,209 Interest rate contracts (1) 55 891 Unconsolidated real estate partnerships 15,270 15,155 Intangible assets, net 12,262 13,154 Corporate fixed assets, net of accumulated depreciation of $ 10,103 and $ 9,591 as of December 31, 2025 and December 31, 2024, respectively 5,880 9,844 Accounts receivable, net of allowances of $ 927 and $ 352 as of December 31, 2025 and December 31, 2024, respectively 13,780 7,824 Deferred tax assets — 5,175 Total other assets, net $ 82,092 $ 92,600 (1) We account for our interest rate contracts as non-designated hedges. See Note 12 for d iscussion of our fair value measurements for these instruments. Other investments Other investments consist of passive equity investments in stock, property technology funds, and IQHQ, a privately held life sciences real estate development company. We measure our investments in property technology funds using the NAV practical expedient since they do not have readily determinable fair values. During the year ended December 31, 2025, we sold our investment in stock, historically measured at fair value. During the year ended December 31, 2025, we recognized net losses on our investment in stock of $ 0.3 mi llion, compared to unrealized losses of $ 1.3 million in 2024 and unrealized gains of $ 0.7 million in 2023. During the years ended December 31, 2025, 2024 and 2023, we recognized unrealized gains on our investments in property technology funds of $ 1.1 m illion, $ 0.4 million, and $ 0.0 million, respectively. See Note 12 for discussion of our fair value measurements for these investments. Investment in IQHQ In 2020, Aimco Predecessor made a $ 50.0 million commitment to IQHQ, a privately held life sciences real estate development company. We account for our investment in IQHQ using the measurement alternative. Under the measurement alternative, the investment is measured at cost less impairment if any needed, with subsequent adjustments for observable price changes of identical or similar investments of the same issuer since it does not have a readily determinable fair value. In 2022, after fully funding our commitment, 22 % of our original investment in IQHQ was redeemed for $ 16.5 million. Our remaining investment in IQHQ, with a cost basis of $ 39.2 million, was adjusted upward to $ 59.7 million at the same per share value as the cash redemption per share. In 2024, we recorded a non-cash impairment charge of $ 48.6 million to reduce the carrying value of the investment in IQHQ to $ 11.1 million. F- 23 On a periodic basis, we perform a qualitative impairment assessment on our investment in IQHQ in accordance with GAAP. During the year ended December 31, 2025, we determined that our investment in IQHQ was impaired after consideration of factors, such as continued adverse capital market conditions, IQHQ's financial condition, and capital raising activities that further diluted our investment. As a result, we recorded a non-cash impairment charge of $ 6.6 million to reduce the carrying value of the investment in IQHQ to $ 4.5 million as of December 31, 2025. The non-cash impairments are reflected in Realized and unrealized gains (losses) on equity investments in our Consolidated Statements of Operations for the years ended December 31, 2025, and 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Consolidated Balance Sheets as of December 31, 2025, and 2024. No realized or unrealized gains or losses were recognized during the year ended December 31, 2023. As of December 31, 2025 2024 Equity ownership in IQHQ under measurement alternative: Initial cost of remaining balance $ 39,185 $ 39,185 Cumulative upward adjustments 20,501 20,501 Cumulative impairment ( 55,167 ) ( 48,615 ) Total carrying value $ 4,519 $ 11,071 Deferred costs, deposits, and other We defer leasing costs incremental to a lease that we would not have incurred if the contract had not been obtained. These costs are amortized over the lease term on the same basis as lease income, and are included in Depreciation and amortization in our Consolidated Statements of Operations . We also defer debt issuance costs, lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. In connection with the modification of existing financing arrangements, we defer lender fees and amortize these costs and any unamortized debt issuance costs over the term of the modified loan agreement. Debt issuance costs associated with non-recourse property debt are presented as a direct deduction from the related liabilities in Non-recourse property debt, net in our Consolidated Balance Sheets. We record debt issuance costs associated with construction loans that have not been drawn in Other assets, net in our Consolidated Balance Sheets. These costs are reclassified as a direct deduction to the construction loan liability in proportion to any draws on the loans in Non-recourse construction loans, net in our Consolidated Balance Sheets and subsequently amortized under either the effective interest method or on a straight-line basis, which approximates the effective interest method when used, over the remaining term of the arrangement in Interest expense in our Consolidated Statements of Operations. When financing arrangements are repaid or otherwise extinguished prior to maturity, unamortized debt issuance costs are written off. Any lender fees or other costs incurred in connection with an extinguishment are recognized as an expense. Amortization and write-off of debt issuance costs and other extinguishment costs are included in Interest expense in our Consolidated Statements of Operations. Unconsolidated real estate partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate using the equity method. Accordingly, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within Other income (expense), net in our Consolidated Statements of Operations. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. On a periodic basis, we assess our investments in unconsolidated real estate partnerships for impairment. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. During the year ended December 31, 2024, we exercised our rights under an existing joint venture agreement, whereby our joint venture partner agreed to purchase our ownership interest in an unconsolidated investment in land held for development in Miami, Florida. As a result of the transaction, we recognized a non-cash other-than-temporary-impairment (“OTTI” ) of $ 2.6 million, within Other income (expense), net in our Condensed Consolidated Statements of Operations. We did no t recognize any such impairments of our investments in unconsolidated real estate partnerships during the years ended December 31, 2025, and 2023. F- 24 Intangible assets, net Intangible assets are included in Other assets, net in our Consolidated Balance Sheets . We recognized amortization on our intangible assets for the years ended December 31, 2025, and 2024, of $ 0.9 and $ 0.3 million, respectively. The following table details intangible assets, net of accumulated amortization, for the years ended December 31, 2025 and 2024 ( in thousands ): As of December 31, 2025 2024 Intangible assets $ 13,377 $ 25,950 Less: accumulated amortization ( 1,115 ) ( 12,796 ) Intangible assets, net $ 12,262 $ 13,154 Based on the balance of intangible assets as of December 31, 2025, the net aggregate amortization for the next five years and thereafter is expected to be as follows ( in thousands ): Intangible assets 2026 $ 892 2027 892 2028 892 2029 892 2030 892 Thereafter 7,802 Total future amortization $ 12,262 Corporate fixed assets, net We capitalize qualified implementation costs incurred in a hosting arrangement that is a service contract for which we are the customer in accordance with the requirements for capitalizing costs incurred to develop internal-use software. These capitalized implementation costs are amortized on a straight-line basis. As of December 31, 2025 and 2024, net capitalized implementation costs of $ 4.7 million and $ 5.8 million, respectively, net of $ 1.3 million and $ 0.8 million of accumulated depreciation, respectively are included in Other assets, net in our Consolidated Balance Sheets . Accounts receivable, net We present our accounts receivable net of allowances for amounts that may not be collected. The allowance is determined based on an assessment of whether substantially all of the amounts due from the resident or tenant is probable of collection. This includes a specific tenant analysis and aging analysis. Additionally, as of December 31, 2025, Accounts receivable, net includes tax withholding receivables of $ 8.4 million related to property sales during the year ended December 31, 2025. Revenue from leases We are a lessor for residential and commercial leases. Our operating leases with residents may provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. Our operating leases with commercial tenants may provide that the tenant reimburse us for common area maintenance, real estate taxes, and other recoverable costs incurred by the commercial property. Residential and commercial reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same as the revenue for the lease components. We have elected the practical expedient in accordance with Accounting Standards Codification (“ASC”) 842, Leases , to not separate non-lease components from associated lease components for all classes of underlying assets. Reimbursements and the related expenses are presented on a gross basis in our Consolidated Statements of Operations, with the reimbursements included in Rental and other property revenues in the period the recoverable costs are incurred. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. 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 Sheets . 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. F- 25 In January 2025 , we paid a special cash dividend of $ 0.60 per share to distribute the net proceeds resulting from our 2024 asset sales to stockholders. The special cash dividend was declared on December 19, 2024 , to stockholders of record on January 14, 2025 , and was accrued in Dividends payable in our Condensed Consolidated Balance Sheets as of December 31, 2024 . On September 15, 2025 , we declared a special cash dividend of $ 2.23 per share to distribute the net proceeds resulting from our sale of four of the five properties in our suburban Boston portfolio. The special cash dividend was paid on October 15, 2025 , to stockholders of record on September 30, 2025. As of December 31, 2025, and December 31, 2024, we had a liability of $ 4.3 million and $ 1.0 million remaining, respectively, for forfeitable dividends on certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved. Revenue from contracts with customers 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. During the years ended December 31, 2025, 2024, and 2023, the Benson Hotel generated revenues of $ 7.6 million, $ 6.7 million, and $ 2.7 million, respectively. Advertising costs Advertising costs are expensed as incurred and are included within Property operating expenses in our Consolidated Statements of Operations. For the years ended December 31, 2025, 2024, and 2023, we recognized total advertising costs of $ 2.2 million, $ 2.0 million, and $ 1.0 millio n, respectively. Gain or (loss) on dispositions of real estate Gains or losses on dispositions are recognized when the criteria for the derecognition of a nonfinancial asset are met, including when control of the real estate has transferred. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. For the years ended December 31, 2025, 2024, and 2023, we recognized total Gain on dispositions of real estate, including discontinued operations, of $ 783.0 million, $ 10.6 million, and $ 8.0 million, respectively. Refer to Note 3 for further information regarding real estate dispositions. Depreciation and amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years . We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 , or 30 y ears. We also capitalize payroll and other indirect costs incurred in connection with preparing an asset for its intended use. These costs include corporate-level costs that clearly relate to the capital addition activities, which we allocate to the applicable assets. All capitalized payroll costs and indirect costs are allocated to capital additions proportionately based on direct costs and depreciated over the estimated useful lives of such capital additions. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years . Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing community component because normal replacements are considered in determi ning the estimated useful lives used in connection with our composite and group depreciation methods. F- 26 Income tax benefit (expense) Aimco Aimco has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 1994, and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90 % of its adjusted taxable income to stockholders. Therefore, as a REIT, Aimco generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100 % of its taxable income to its stockholders . The states in which we operate generally have similar tax provisions which recognize Aimco as a REIT for state income tax purposes. We believe that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If Aimco fails to qualify as a REIT in any taxable year, we will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if Aimco qualifies for taxation as a REIT, we may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on our undistributed taxable income and in certain other instances. Taxable income from activities performed through our taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. For the years ended December 31, 2025, 2024, and 2023, we recognized income tax benefit (expense) attributable to continuing operations of $ 57.6 million, $ 11.1 million, and $ 12.8 million, respectively. 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 C onsolidated Statements of Operations. When applicable, we recognize interest and/or penalties related to uncertain tax positions within Income tax benefit (expense) in our Consolidated Statements of Operations . As of December 31, 2025 and 2024 , we did no t have any material accrued interest or penalties. Aimco and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. Aimco Operating Partnership Aimco Operating Partnership is treated as a “pass-through” entity for United States federal income tax purposes and is not subject to United States federal income taxation. Partners in Aimco Operating Partnership, however, are subject to tax on their allocable share of partnership income, gains, losses, deductions, and credits, regardless of whether the partners receive any actual distributions of cash or other property from Aimco Operating Partnership during the taxable year. Generally, the characterization of any particular item is determined by Aimco Operating Partnership rather than at the partner level, and the amount of a partner’s allocable share of such item is governed by the terms of Aimco Operating Partnership’s Partnership agreement. Aimco Operating Partnership is subject to tax in certain states. Earnings per share and per unit Aimco and Aimco Operating Partnership calculate earnings per share and unit based on the weighted-average number of shares of Common Stock or OP Units, participating securities, common stock or common unit equivalents and dilutive convertible securities outstanding during the period. Aimco Operating Partnership considers both OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 10 for further information regarding earnings per share and unit computations. F- 27 Share-based compensation We measure the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognize the cost as share-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Share-based compensation expense associated with awards is updated for actual forfeitures. For further discussion, see Note 11. Use of estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. Accounting pronouncements adopted in the current year We adopted ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” prospectively. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The adoption of this standard has an effect on our disclosures on income tax ( Note 7 ). Recent accounting pronouncements In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses” , which requires disaggregated disclosure of income statement expenses. The ASU does not change the expense captions an entity presents on the face of the income statement. Rather, it requires disclosure in a tabular format of the disaggregation of any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depletion. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 should be applied on a prospective basis, while retrospective application is permitted. Management has determined this accounting pronouncement will not have a material effect on our financial statements due to the expected change to liquidation basis of accounting upon stockholder approval of the Plan of Sale and Liquidation . Note 3 — Significant Transactions Real estate dispositions During the years ended December 31, 2025, 2024, and 2023, we sold properties as summarized below ( dollars in thousands ): Year ended December 31, 2025 2024 2023 Number of properties sold 7 2 1 Gain on sale of real estate, continuing operations $ 237,060 $ 10,600 $ 6,138 Gain on sale of real estate, discontinued operations 545,914 — — Total gain on sale of real estate $ 782,974 $ 10,600 $ 6,138 During the year ended December 31, 2025 , we sold the five properties within our Boston Portfolio for an aggregate purchase price of $ 740.0 million. In connection with the sale, $ 173.4 million of non-recourse property debt was assumed by the buyer. We recognized a gain from the sale of the Boston Portfolio of $ 545.9 million within Income (loss) from discontinued operations, net of taxes in our Consolidated Statements of Operations . F- 28 During the year ended December 31, 2025 , we sold our ownership interests in the two properties comprising the Brickell Assemblage for an aggregate purchase price of $ 520.0 million. The sale included $ 85.0 million of transferable seller financing notes provided from Aimco to the buyer at closing. The seller financing notes have initial terms of 24 months with compounding interest rates that increase from 12 % 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. We recognized a gain from the sale of the Brickell Assemblage o f $ 237.1 million. During the year ended December 31, 2024, we sold a fully renovated waterfront property with 276 units in the Edgewater neighborhood of Miami, Florida, for a gross sales price of $ 190.0 million and recognized a gain from the sale of $ 10.6 million. The property was acquired in August 2020. We also sold a majority of our partnership interest in St. George Villas, a small, 40 -unit, income-restricted property in South Carolina. As a result, we derecognized the assets and liabilities associated with the property in February 2024. During the year ended December 31, 2023, we sold a land parcel in downtown Fort Lauderdale, for a gross sales price of $ 31.2 million and recognized a gain from the sale of $ 6.1 million. The land parcel was purchased in January 2022. In conjunction with this sale, we provided seller financing with a stated value of $ 21.2 million that was recorded net of $ 3.8 million of variable consideration. In addition, we recognized a $ 1.9 million gain from the contribution of real estate to an unconsolidated joint venture. Redemptions and purchases of noncontrolling interests In October 2025, we completed the transfer of ownership interests with our joint venture partner at the development land sites along Broward Avenue in Fort Lauderdale, Florida. We exchanged our ownership in 200 Broward Avenue, which was subject to a non-performing seller financing note, along with $ 7.5 million of cash, for full ownership of 300 Broward Avenue. The transaction resulted in reductions of N oncontrolling interests in consolidated real estate partnerships of $ 19.3 million and Additional paid-in capital of $ 7.8 million. In May 2025, we purchased all of the outstanding redeemable noncontrolling interest from our development partner in the Strathmore Square property for a cash purchase price of $ 5.0 million. The transaction resulted in a reduction of Redeemable noncontrolling interests in consolidated real estate partnerships of $ 5.4 million and an increase in Additional paid-in capital of $ 0.3 million. In December 2024, we purchased all of the outstanding common noncontrolling interest and redeemed the promoted interest from our development partner in the Upton Place property for a cash purchase price of $ 20.9 million. We also partially redeemed a preferred equity interest in the Upton Place property for a cash redemption amount of $ 38.5 million. Aimco continues to consolidate the Upton Place property as of December 31, 2024; therefore, the changes in ownership interest were accounted for as equity transactions. The transactions resulted in reductions of Noncontrolling interests in consolidated real estate partnerships of $ 9.2 million, Redeemable noncontrolling interests in consolidated real estate partnerships of $ 38.5 million, Accrued liabilities and other of $ 1.8 million, and Additional paid-in capital of $ 9.9 million. Note 4 — Lease Arrangements Aimco as Lessor Our apartment homes and commercial spaces are leased to tenants under operating leases. As of December 31, 2025 , our apartment home leases generally have initial terms of 24 months or less. As of December 31, 2025, our commercial space leases have initial terms betwee n 5 and 15 y ears and represent approximately 9 % to 10 % o f our total revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and other certain conditions. F- 29 Our apartment home and commercial lease agreements do not contain residual value guarantees. As we are the lessor of real estate assets which tend to either hold their value or appreciate, residual value risk is not deemed to be substantial. Furthermore, we are insured for a portion of our real estate assets’ exposure to casualty losses resulting from fire, earthquake, hurricane, tornado, flood, and other perils. We have a sublease arrangement providing space within our corporate office for fixed rents, commencing on January 1, 2021 , and expiring on May 31, 2029 . For the years ended December 31, 2025, 2024, and 2023, we recognized sublease income of $ 1.4 million, $ 1.4 million, and $ 1.4 million, respecti vely. The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. We have elected the practical expedient to not separate non-lease components from associated lease components in accordance with ASC 842. For the years ended December 31, 2025, 2024, and 2023, our total lease income was comprised of the following amounts for all residential and commercial property leases ( in thousands ): Year ended December 31, 2025 2024 2023 Fixed lease income $ 118,602 $ 120,900 $ 107,871 Variable lease income 12,331 10,110 9,363 Total lease income $ 130,933 $ 131,010 $ 117,234 Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of December 31, 2025, are as follows ( in thousands ): Corporate Office Sublease Commercial Leases 2026 $ 1,433 $ 3,298 2027 1,443 3,388 2028 1,453 3,326 2029 630 3,364 2030 — 3,390 Thereafter — 20,438 Total $ 4,959 $ 37,204 Aimco as Lessee Lease Arrangements We are lessee to finance leases for the land underlying our development sites at Upton Place, Strathmore Square, and Oak Shore. We have operating leases primarily for corporate office space. Substantially all of our office lease payments are fixed. See the table below for lease costs, net of capitalized finance lease costs, for the years ended December 31, 2025, 2024, and 2023 ( in thousands ). Year ended December 31, 2025 2024 2023 Operating lease costs $ 1,611 $ 1,504 $ 1,514 Finance lease costs: Amortization of right-of-use assets, net of capitalized amounts 1,277 1,092 — Interest on lease liabilities, net of capitalized amounts 7,479 6,300 282 Total lease costs, net of capitalized amounts $ 10,367 $ 8,896 $ 1,796 Our finance lease for the land at Oak Shore provides Aimco with the option to terminate the lease after the property reaches stabilization, subject to certain conditions. The lease term includes the periods covered by this option. The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of December 31, 2025 and 2024. F- 30 2025 2024 Weighted average remaining lease term (years): Operating leases 3.3 4.3 Finance leases 91.6 92.5 Weighted-average discount rate: Operating leases 3.4 % 3.5 % Finance leases 6.1 % 6.1 % Our finance lease at Oak Shore provides Aimco with the option to terminate the lease after the property reaches stabilization, subject to certain conditions. The lease term includes the periods covered by this option. Additionally, the lease provides the lessor at Oak Shore with a residual value guarantee of $ 6.1 million, which provides that if the residual value of the leased asset is less than the specified residual value guarantee at the earlier of lease expiration or termination, we are required to pay the difference. As of December 31, 2025 and 2024, operating lease right-of-use lease assets of $ 3.5 million and $ 4.7 million, respectively, are included in Other assets, net in our Consolidated Balance Sheets . As of December 31, 2025 and 2024, operating lease liabilities of $ 7.2 million and $ 9.2 million, respectively, are included in Accrued liabilities and other in our Consolidated Balance Sheets . For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components, and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded in our Consolidated Balance Sheets . Leases with an initial term greater than 12 months are recorded as operating or finance leases in our Consolidated Balance Sheets . Annual Future Minimum Lease Payments Combined minimum annual lease payments under operating and finance leases are as follows as of December 31, 2025 ( in thousands ): Operating Leases Finance Leases 2026 $ 2,272 $ 4,568 2027 2,380 5,483 2028 2,181 5,596 2029 843 5,708 2030 — 5,824 Thereafter — 1,416,165 Total 7,676 1,443,344 Less: Discount ( 427 ) ( 1,318,550 ) Total lease liabilities $ 7,249 $ 124,794 Note 5 — Varia ble Interest Entities We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. 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. F- 31 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. The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of December 31, 2025 and 2024 ( in thousands, except for Count of VIEs ): As of December 31, 2025 As of December 31, 2024 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 3 7 6 7 Assets Net real estate $ 450,726 $ — $ 593,837 $ — Cash and cash equivalents 1,688 — 4,625 — Restricted cash 6,817 — 14,913 — Notes receivable — — 18,571 — Right-of-use lease assets - finance leases 91,863 — 107,714 — Other assets, net 10,610 19,789 26,028 26,226 Liabilities Non-recourse construction loans and bridge financing, net 299,422 — 385,240 — Lease liabilities - finance leases 108,433 — 121,845 — Accrued liabilities and other 16,953 33,500 14,518 33,500 In May 2025, we purchased our development partner's interest in the first phase of development at Strathmore Square. Prior to the purchase, Strathmore Square was consolidated as a VIE. Subsequent to the purchase, Strathmore Square is consolidated under the voting model. Refer to Note 3 for further discussion on the transaction. In October 2025, we exchanged our ownership in 200 Broward Avenue for full ownership of 300 Broward Avenue with our joint venture partner. Prior to the exchange, 200 Broward Avenue and 300 Broward Avenue were consolidated as VIEs. As a result of the exchange, we deconsolidated 200 Broward Avenue and consolidate 300 Broward Avenue under the voting model. Refer to Note 3 for further discussion on the transaction. Note 6 —D ebt Non-recourse property debt We finance apartment communities in our portfolio primarily using property-level, non-recourse, long-dated, fixed-rate debt. The following table summarizes non-recourse property debt as of December 31, 2025 and 2024 ( in thousands ): As of December 31, Maturity Date Contractual Interest Rate Range Weighted-Average Interest Rate 2025 2024 Fixed-rate property debt June 1, 2029 to June 1, 2032 2.78 % to 4.68 % 4.39 % $ 341,796 $ 447,955 Variable-rate property debt — — Total non-recourse property debt $ 341,796 $ 447,955 Debt issuance costs, net of accumulated amortization ( 2,313 ) ( 3,529 ) Total non-recourse property debt, net $ 339,483 $ 444,426 F- 32 Principal and interest on our non-recourse property debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. As of December 31, 2025, our property debt was secured by 12 prop erties with an aggregate net book value of $ 191.1 millio n. These non-recourse property debt instruments contain financial covenants common to the type of borrowing, and as of December 31, 2025, we were in compliance with all such covenants. As of December 31, 2025, the scheduled principal maturity payments for the non-recourse property debt were as follows ( in thousands ): Principal Maturity Payments 2026 $ — 2027 — 2028 — 2029 179,646 2030 — Thereafter 162,150 Total $ 341,796 Non-recourse construction loans and bridge financing Our construction loans and bridge financing, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2025 and 2024 ( in thousands ): As of December 31, Maturity Date Contractual Interest Rate Range Weighted-Average Interest Rate 2025 2024 Fixed-rate construction loans and bridge financing January 1, 2028 to December 23, 2052 3.25 % to 6.39 % 6.30 % $ 221,500 $ 261,792 Variable-rate construction loans June 3, 2026 to October 1, 2028 6.33 % to 8.17 % 7.12 % $ 183,324 $ 131,958 Total non-recourse construction loans and bridge financing $ 404,824 $ 393,750 Assumed debt fair value adjustment, net of accumulated amortization ( 327 ) ( 339 ) Debt issuance costs, net of accumulated amortization ( 5,355 ) ( 8,171 ) Total non-recourse construction loans and bridge financing, net $ 399,142 $ 385,240 Interest-only payments on our construction loans and bridge financing are generally payable monthly with balloon payments due at maturity. As of December 31, 2025, our construction debt and bridge financing was secured by 4 properties with an aggregate net book value of $ 596.6 million. As of December 31, 2025, the scheduled principal maturity payments, prior to the consideration of extension options, for the non-recourse construction loans were as follows ( in thousands ): Principal Maturity Payments 2026 $ 116,115 2027 — 2028 282,209 2029 — 2030 — Thereafter 6,500 Total $ 404,824 F- 33 Revolving Credit Facility In December 2020, we entered into a credit agreement that provided for a $ 150.0 million secured credit facility, with a $ 20.0 million swingline loan sub-facility and a $ 30.0 million letter of credit sub-facility. In May 2025, we borrowed $ 42.8 million on the revolving credit facility to pay off the construction loan used to fund the construction of the first phase of Strathmore Square. In September 2025, we used proceeds from the sale of four suburban Boston properties to paydown in full $ 43.8 million of borrowings on our revolving credit facility. Certain properties sold served as collateral for the credit facility, which was retired upon completion of the sale. Note 7 — Inco me Taxes Deferred income taxes are provided for the change in temporary differences between the basis of certain assets and liabilities for financial reporting purposes and income tax reporting purposes. The expected future tax rates are based upon enacted tax laws. Significant components of our deferred tax liabilities and assets as of December 31, 2025 and 2024 are as follows ( in thousands ): As of December 31, 2025 2024 Deferred tax liabilities: Real estate and real estate partnership basis differences (1) $ 1,891 $ 101,833 Lease liability - finance lease 82 331 Deferred tax assets: Right-of-use lease asset - finance lease 296 338 Other 2,048 3,059 Net operating, capital, and other loss carryforwards 15,970 10,251 Valuation allowance for deferred tax assets ( 16,341 ) ( 7,766 ) Net deferred tax (asset) liability $ — $ 96,282 (1) The significant decrease in real estate and real estate partnership basis differences during the year ended December 31, 2025, is primarily due to the sale of the Brickell Assemblage and the removal of the deferred tax liability that arose from the corporate structure used to complete the acquisition of 1001 Brickell. Significant components of income tax (benefit) expense including any interest and penalties related to income taxes are as follows for the years ended December 31, 2025, 2024, and 2023 ( in thousands ): 2025 2024 2023 Current: Federal $ 38,853 $ 314 $ 463 State 364 226 ( 3,813 ) Total current 39,217 540 ( 3,350 ) Deferred: Federal ( 91,524 ) ( 9,845 ) ( 7,182 ) State ( 5,288 ) ( 1,766 ) ( 2,220 ) Total deferred ( 96,812 ) ( 11,611 ) ( 9,402 ) Total income tax (benefit) expense $ ( 57,595 ) $ ( 11,071 ) $ ( 12,752 ) F- 34 Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and gains retained by the REIT. For the years ended December 31, 2025, 2024, and 2023, we had consolidated net losses subject to tax of $ 33.1 million, $ 28.2 million, and $ 15.2 million, respectively. For the year ended December 31, 2025, we recognized income tax benefit from continuing operations of $ 57.6 million, compared to income tax benefit of $ 11.1 million for the same period in 2024. The year-to-year change is due primarily to the removal of the deferred tax liability that arose in the original acquisition of 1001 Brickell offset by the actual income taxes associated with the gain on sale of the asset. The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the year ended December 31, 2025, in accordance with the guidance in ASU 2023-09, is shown below ( in thousands ): 2025 Amount Percent Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax $ ( 6,944 ) 21.0 % State income tax, net of federal (benefit) expense (1) ( 4,925 ) 14.9 % Effect of cross-border tax laws (2) FDAP 1,021 ( 3.1 %) FIRPTA 37,832 ( 114.4 %) Effect of transaction ( 89,929 ) 272.0 % Changes in valuation allowances 5,492 ( 16.6 %) Other ( 142 ) 0.4 % Total income tax (benefit) expense $ ( 57,595 ) 174.2 % (1) State taxes in Florida made up the majority (greater than 50%) of the tax effect in this category. (2) The effect of the cross-border taxes primarily reflect income taxes incurred in conjunction with the sale of 1001 Brickell, offset by the removal of the deferred tax liability that arose in its original acquisition. The FDAP and FIRPTA amounts payable are included within Accrued liabilities and other within our Consolidated Balance Sheets. The reconciliation of income tax attributable to continuing operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2024 and 2023, in accordance with the guidance prior to the adoption of ASU 2023-09, is shown below ( in thousands ): 2024 2023 Amount Percent Amount Percent Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax $ ( 5,929 ) 21.0 % $ ( 3,189 ) 21.0 % United States income tax on earnings of foreign subsidiary ( 4,171 ) 14.8 % ( 3,101 ) 20.4 % State income tax, net of federal (benefit) expense ( 1,580 ) 5.6 % ( 8,320 ) 54.8 % Effects of permanent differences ( 2,781 ) 9.9 % 96 ( 0.6 %) Valuation allowance 3,472 ( 12.3 %) 2,270 ( 14.9 %) Other ( 82 ) 0.2 % ( 508 ) 3.3 % Total income tax (benefit) expense $ ( 11,071 ) 39.2 % $ ( 12,752 ) 84.0 % Income taxes paid totaled approximately $ 0.9 million and $ 1.7 million for the years ended December 31, 2024 and 2023 , respectively. Below is a summary of income taxes paid, net of refunds, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 ( in thousands ): 2025 Income taxes paid, net of refunds: Federal $ 551 Florida 133 Illinois ( 200 ) Other states 14 Total income taxes paid, net of refunds $ 498 F- 35 At December 31, 2025, we had federal and state net operating loss carryforwards (“NOLs”), for which the deferred tax asset was approximately $ 16.0 million, before a valuation allowance of $ 16.0 million. The NOLs expire in the years ended 2033 to 2045 . Subject to certain separate return limitations, we may use these NOLs to offset a portion of taxable income generated by our TRS entities. For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, capital gains, qualified dividends, unrecaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2025, 2024, and 2023, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited): 2025 2024 2023 Amount Percent Amount Percent Amount Percent Ordinary income $ — 0.0 % $ — 0.0 % $ — 0.0 % Capital gains 1.88 66.3 % — 0.0 % — 0.0 % Qualified dividends — 0.0 % — 0.0 % — 0.0 % Unrecaptured § 1250 gain 0.95 33.7 % — 0.0 % — 0.0 % Return of capital — 0.0 % — 0.0 % — 0.0 % Balance at December 31, $ 2.83 100.0 % $ — 0.0 % $ — 0.0 % Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended December 31, 2022, and subsequent years and certain of our state income tax returns for the year ended December 31, 2022, and subsequent years are currently subject to examination by the IRS or other taxing authorities. If recognized, the unrecognized tax benefits would affect our effective tax rate. A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets ( in thousands ): 2025 2024 Balance at January 1, $ 1,974 $ 2,092 Additions based on tax positions in prior years 47 47 Lapse of applicable statute of limitations — ( 165 ) Balance at December 31, $ 2,021 $ 1,974 In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards. Note 8 — Ai mco Equity Common Stock Aimco's Board is authorized to issue up to 510,587,500 shares of capital stock, which consists entirely of Common Stock as of December 31, 2025. Aimco had 140,158,784 and 136,351,966 shares of C ommon Stock issued and outstanding at December 31, 2025 and 2024, respectively. Stock Repurchases Aimco's Board has, from time to time, authorized Aimco to repurchase shares of its outstanding Common Stock. The total remaining authorization for future share repurchases is 16.2 million shares of its outstanding Common Stock, subject to certain customary limitations, which may be made from time to time in the open market or in privately negotiated transactions. This remaining authorization has no expiration date. During the year ended December 31, 2025, Aimco repurchased approximately 29,000 shares of its Common Stock at a weighted-average price of $ 8.66 per share. During the years ended December 31, 2024, and December 31, 2023 , Aimco repurchased approximately 4.9 million and 6.2 million shares of its Common Stock at weighted-average prices of $ 8.01 and $ 7.33 per share, respectively. Cash Dividends As a REIT, Aimco is required to distribute annually to holders of shares of its Common Stock at least 90.0 % of its “real estate investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations, is generally equivalent to net taxable ordinary income. Aimco's Board determines and declares Ai mco's dividends. Pursuant to the Plan of Sale and Liquidation adopted on February 6, 2026, Aimco's Board expects to return proceeds from the monetization of the Company's assets through liquidating distributions after payment of all costs and expenses of the Plan of Sale and Liquidation, payment of liabilities, and the establishment of reserve amounts, if any. F- 36 A special cash dividend of $ 2.23 per share was declared on September 15, 2025 , to stockholders of record on September 30, 2025 . The cash dividend was paid on October 15, 2025 . A special cash dividend of $ 0.60 per share was declared on December 19, 2024 , to stockholders of record on January 14, 2025 . The cash dividend was paid on January 31, 2025 . No dividends were declared or paid during the year ended December 31, 2023. Note 9 — Part ners’ Capital In Aimco Operating Partnership’s Consolidated Balance Sheets , the OP Units held by Aimco are classified within Partners’ capital as General Partner and Special Limited Partner capital and the OP Units held by entities other than Aimco are classified within Limited Partners capital. In Aimco's Consolidated Balance Sheets , the OP Units held by entities other than Aimco are classified within permanent equity as Common noncontrolling interests in Aimco Operating Partnership . OP Units held by Aimco are not redeemable whereas OP Units held by interests in Aimco Operating Partnership other than Aimco are redeemable at the holders’ option, subject to certain restrictions, on the basis of one OP Unit for either one share of Common Stock or cash equal to the fair value of a share of Common Stock at the time of redemption. Aimco has the option to deliver shares of Common Stock in exchange for all or any portion of such OP Units tendered for redemption. When a limited partner redeems an OP Unit for Common Stock, Limited Partners' capital is reduced, and the General Partner and Special Limited Partners’ capital is increased. Entities that hold OP Units receive distributions in an amount equivalent to the dividends paid to holders of Common Stock. During the years ended December 31, 2025 and 2024, the Aimco Operating Partnership declared distributions per common unit of $ 2.23 and $ 0.60 , respectively. There were no dividends declared or paid during the year ended December 31, 2023. During the year ended December 31, 2025 , 2,554,326 OP Units were redeemed in exchange for shares of Common Stock at an aggregate December 31, 2025 weighted-average price per unit of $ 7.98 . T here were no OP Units redeemed in exchange for shares of Common Stock during the years ended December 31, 2024, and 2023. During the years ended December 31, 2025, 2024, and 2023, approxim ately 76,000 , 119,000 , and 149,000 OP Units were redeemed in exchange for cash at aggregate weighted-average prices per unit of $ 8.48 , $ 8.28 , and $ 7.24 , respectively. Note 10 — Earnings per Sh are and per Unit Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period. Aimco's Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco's issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to Aimco of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were included in the computation of diluted earnings per share and unit for the year ended December 31, 2025, because the effect of their inclusion was dilutive. The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2024 and 2023, because the effect of their inclusion would be antidilutive. As of December 31, 2025, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.6 million and 8.7 million, respectively. Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units (“LTIP Units”) receive non-forfeitable distributions based on specified percentages of the distributions paid to OP Units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were included in the computation of diluted earnings per share and unit for the year ended December 31, 2025, because the effect of their inclusion was dilutive. Participating securities were not included in the computation of diluted earnings per share and unit for the years F- 37 ended December 31, 2024 and 2023, because the effect of their inclusion would be antidilutive. As of December 31, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.6 million. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2025, 2024 and 2023, are as follows ( in thousands, except per share and per unit data ): Year ended December 31, 2025 2024 2023 Earnings per share Numerator: Income (loss) from continuing operations $ 41,747 $ ( 124,162 ) $ ( 180,836 ) Less: Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 13,237 ) ( 13,958 ) ( 13,924 ) Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 781 ) 1,849 ( 3,991 ) Less: Net (income) loss from continuing operations attributable to common noncontrolling interests in Aimco Operating Partnership ( 1,143 ) 7,119 10,254 Less: Net (income) loss allocated to Aimco participating securities 479 ( 1,520 ) — Income (loss) from continuing operations attributable to Aimco common stockholders 27,065 ( 130,672 ) ( 188,497 ) Income (loss) from discontinued operations, net of taxes 551,221 28,162 23,517 Less: Net (income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership ( 23,798 ) ( 1,478 ) ( 1,216 ) Less: Net (income) loss from discontinued operations allocated to Aimco participating securities ( 7,327 ) — — Income (loss) from discontinued operations attributable to Aimco common stockholders 520,096 26,684 22,301 Net income (loss) attributable to Aimco common stockholders $ 547,161 $ ( 103,988 ) $ ( 166,196 ) Denominator - shares: Basic weighted-average common stock outstanding 138,347 138,496 143,618 Diluted share equivalents outstanding 2,710 — — Diluted weighted-average common stock outstanding 141,057 138,496 143,618 Earnings (loss) per share - basic Income (loss) from continuing operations attributable to Aimco per common share $ 0.20 $ ( 0.94 ) $ ( 1.32 ) Income (loss) from discontinued operations attributable to Aimco per common share 3.75 0.19 0.16 Net income (loss) attributable to Aimco per common share – basic $ 3.95 $ ( 0.75 ) $ ( 1.16 ) Earnings (loss) per share - diluted Income (loss) from continuing operations attributable to Aimco per common share $ 0.19 $ ( 0.94 ) $ ( 1.32 ) Income (loss) from discontinued operations attributable to Aimco per common share 3.68 0.19 0.16 Net income (loss) attributable to Aimco per common share – diluted $ 3.87 $ ( 0.75 ) $ ( 1.16 ) F- 38 Year ended December 31, 2025 2024 2023 Earnings per unit Numerator: Income (loss) from continuing operations $ 41,747 $ ( 124,162 ) $ ( 180,836 ) Less: Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 13,237 ) ( 13,958 ) ( 13,924 ) Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 781 ) 1,849 ( 3,991 ) Less: Net (income) loss allocated to Aimco Operating Partnership's participating securities 461 ( 1,520 ) — Income (loss) from continuing operations attributable to Aimco Operating Partnership's common unitholders 28,190 ( 137,791 ) ( 198,751 ) Income (loss) from discontinued operations, net of taxes 551,221 28,162 23,517 Less: Net (income) loss from discontinued operations allocated to Aimco Operating Partnership's participating securities ( 7,629 ) — — Income (loss) from discontinued operations attributable to Aimco Operating Partnership's common unitholders 543,592 28,162 23,517 Net income (loss) attributable to Aimco Operating Partnership's common unitholders $ 571,781 $ ( 109,629 ) $ ( 175,234 ) Denominator - units Basic weighted-average OP Units outstanding 144,871 146,120 151,371 Diluted OP Unit equivalents outstanding 2,710 — — Diluted weighted-average OP Units outstanding 147,581 146,120 151,371 Earnings (loss) per unit - basic Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit $ 0.20 $ ( 0.94 ) $ ( 1.32 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership per unit 3.75 0.19 0.16 Net income (loss) attributable to Aimco per unit – basic $ 3.95 $ ( 0.75 ) $ ( 1.16 ) Earnings (loss) per unit - diluted Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit $ 0.19 $ ( 0.94 ) $ ( 1.32 ) Income (loss)from discontinued operations attributable to Aimco Operating Partnership per unit 3.68 0.19 0.16 Net income (loss) attributable to Aimco Operating Partnership per unit – diluted $ 3.87 $ ( 0.75 ) $ ( 1.16 ) Note 11 — Share-Ba sed Compensation We have a stock award and incentive program to attract and retain employees and independent directors. As of December 31, 2025, appr oximately 16.8 million shares were available for issuance under the Second Amended and Restated 2015 Stock Award and Incentive Plan (the “2015 Plan”). The total number of shares available for issuance under this plan may increase due to any forfeiture, cancellation, exchange, surrender, termination or expiration of an award outstanding under the 2015 Plan. Awards under the 2015 Plan may be in the form of stock options, stock, and LTIP Units as authorized under the 2015 Plan. Our plans are administered by the Compensation and Human Resources Committee of the Board. In connection with the Separation, we entered into an agreement to modify all outstanding awards granted to the holders of such awards. Each outstanding time or performance based Aimco award was converted into one share of Aimco Common Stock and one share of AIR common stock. Generally, all such Aimco equity awards retained the same terms and vesting conditions as the original Aimco equity awards immediately before the Separation. Following the Separation, compensation expense related to these modified awards for the employees retained by us was incurred by Aimco. The compensation expense related to these modified awards for employees of AIR was incurred by AIR. F- 39 For the years ended December 31, 2025, 2024, and 2023, total compensation cost recognized for share-based awards was ( in thousands ): 2025 2024 2023 Share-based compensation expense (1) $ 5,897 $ 6,494 $ 9,221 Capitalized share-based compensation (2) 677 1,019 1,274 Total share-based compensation (3) $ 6,574 $ 7,513 $ 10,495 (1) Amounts are recorded in General and administrative expenses in our Consolidated Statements of Operations. (2) Amounts are recorded in Buildings and improvements in our Consolidated Balance Sheets. (3) Amounts are primarily recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets. As of December 31, 2025, our share of total unvested compensation cost not yet recognized was $ 7.8 million. We expect to recognize this compensation cost over a weighted-average period of approximately 1.5 years. The aggregat e fair value of the vested Restricted Stock Awards and LTIP I Units during each of the years ended December 31, 2025, 2024, and 2023 was $ 5.7 million, $ 2.1 million, and $ 0.9 million, respectively. For our employees, we grant restricted stock awards and two forms of LTIP Units that are subject to time-based vesting and require continuous employment, typically over a period of three to five years from the grant date, and we refer to these awards as Time-Based Restricted Stock, Time-Based LTIP I Units, and Time-Based LTIP II Units. We also grant stock options, restricted stock awards, and two forms of LTIP Units, that vest conditioned on our total shareholder return (“TSR”), relative to identified indices over a forward-looking performance period of three years . We refer to these awards as TSR Stock Options, TSR Restricted Stock, and TSR LTIP II Units. Earned TSR-based awards, if any, will generally vest over a period of three to four years from the grant date, based on continued employment. Vested LTIP II Units may be converted at the holders’ option to LTIP Units for a conversion metric over a term of 10 years. Our TSR Stock Options generally expire 10 years from the date of grant. We recognize compensation cost associated with time-based awards ratably over the requisite service periods. We recognize compensation cost related to the TSR-based awards, over the requisite service period, commencing on the grant date. The value of the TSR-based awards takes into consideration the probability that the market condition will be achieved; therefore, previously recorded compensation cost is not adjusted in the event that the market condition is not achieved, and awards do not vest. We had Time-Based Restricted Stock, Time-Based LTIP II Units, TSR Stock Options, TSR Restricted Stock, and TSR LTIP II Units outstanding as of December 31, 2025 . The following two tables summarize activity for equity compensation for the year ended December 31, 2025. Time-Based Restricted Stock Awards TSR Restricted Stock Awards Number of Shares Weighted-Average Fair Value Number of Shares Weighted-Average Fair Value Outstanding at beginning of year 2,282,680 $ 6.87 1,323,416 $ 7.92 Granted 398,817 8.94 438,175 11.66 Vested ( 847,803 ) 6.73 ( 531,349 ) 7.65 (1) Forfeited ( 223,905 ) 7.07 ( 33,197 ) 7.76 (1) Outstanding at end of year 1,609,789 $ 7.43 1,197,045 $ 9.41 (1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted. Unvested TSR LTIP II Units Convertible LTIP II Units Unvested TSR Stock Options Exercisable TSR Stock Options Number of Units Weighted-Average Conversion Metric Number of Units Weighted-Average Conversion Metric Number of Units Weighted-Average Conversion Metric Number of Units Weighted-Average Conversion Metric Outstanding at beginning of year 897,106 $ 5.51 1,869,609 $ 6.45 529,967 $ 6.78 317,200 $ 6.66 Dividend adjustment N/A N/A N/A N/A N/A N/A 484,512 N/A Granted 206,364 6.96 — — 128,554 6.96 — — Exercised — — — — — — — — Vested ( 1,103,470 ) 5.78 1,103,470 5.78 ( 658,521 ) 6.82 658,521 6.82 Forfeited — — — — — — — — Outstanding at end of year (1) — $ — 2,973,079 $ 3.42 — $ — 1,460,233 $ 4.53 (1) The TSR Stock Options and LTIP II units were adjusted during the year pursuant to anti-dilution provisions that provide for equitable adjustments in the event of a special cash dividend. The weighted-average exercise price of TSR Stock Options and LTIP II Units outstanding at end of year reflect the adjustments as a result of the special dividends paid during the year. The adjustments did not result in incremental share-based compensation expense. The aggregate intrinsic values are calculated as the difference between the closing price of Aimco common stock on the last trading day of the year and the exercise price multiplied by the number of in-the-money TSR Stock Options and LTIP II F- 40 Units had they all been exercised and converted, respectively, on December 31, 2025. The aggregate intrinsic values for those that were exercisable or convertible was $ 9.5 million. The following table summarizes the unvested equity that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2025 ( in thousands, except shares ): Awards Aimco Unvested Compensation Not Yet Recognized (1) Time-Based Restricted Stock Awards 1,609,789 $ 3,529 TSR Restricted Stock Awards 1,197,045 4,240 Total awards 2,806,834 $ 7,769 (1) Unvested compensation not yet recognized represents our compensation cost for our employees. Compensation costs related to shares issued to AIR employees are recognized by AIR . In addition to the potentially dilutive awards held by Aimco employees, AIR employees and former AIR employees hold 0.8 million stock options and 1.0 million TSR LTIP II Units. The weighted-average exercise price of stock-based options held by AIR and former AIR employees is $ 3.12 per share; the weighted-average exercise price of LTIP II Units held by AIR and former AIR employees is $ 2.68 per unit. Current and former Aimco board members also hold 0.6 million exercisable stock options with a weighted-average exercise price of $ 4.78 per share. Determination of Grant-Date Fair Value Awards We estimated the fair value of TSR-based awards granted in 2025, 2024, and 2023 using a Monte Carlo simulation valuation method. Under this method, the prices of the indices and shares of our Common Stock were simulated through the end of the performance period. The correlation matrix between shares of our Common Stock and the indices, as well as the corresponding return volatilities, were developed based upon an analysis of historical data. The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2025, 2024, and 2023. TSR Award Assumptions 2025 2024 2023 Grant date market value of a common share $ 9.06 $ 7.43 $ 7.59 Risk-free interest rate 4.31 %- 4.43 % 4.11 %- 5.20 % 3.89 %- 4.73 % Dividend yield 0 % 0 % 0 % Expected volatility 29.17 %- 39.71 % 31.28 %- 33.16 % 34.08 %- 36.19 % Derived vesting period of TSR Restricted Stock 3 3 3 Weighted average expected term of TSR Stock Options, TSR LTIP I Units, and TSR LTIP II Units N/A N/A N/A Note 12 — Fair Val ue Measurements and Disclosures Recurring Fair Value Measurements In determining the fair value of our financial instruments, we apply ASC 820, “ Fair Value Measurement and Disclosures ”. Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant data (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. From time to time, we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. These instruments are presented as Interest rate contracts in our Consolidated Balance Sheets . As of December 31, 2025, we held interest rate caps with a maximum notional value of $ 289.0 million. These instruments were acquired for $ 0.5 million. The fair value of these instruments are noted in the table below. During the year ended December 31, 2023, we monetized the $ 1.5 billion notional amount interest rate swaption, purchased in conjunction with the Mezzanine Investment to protect against future interest rate increases, for gross proceeds of $ 54.2 million. F- 41 On a recurring basis, we measure at fair value our interest rate contracts. Our interest rate contracts are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate contracts in our Consolidated Statements of Operations . Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate contracts , and any proceeds are reflected in Proceeds from interest rate contracts in our Consolidated Statements of Cash Flows . During the year ended December 31, 2025, we sold our investment in stock, historically measured at fair value. As of December 31, 2024 , we had investments in stock of $ 1.6 million classified within Level 1 of the GAAP fair value hierarchy. In addition, as of December 31, 2025 and 2024, we had investments in property technology funds of $ 4.9 million and $ 3.5 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. The period of time over which the underlying assets in these investments are expected to be liquidated is unknown. See Note 13 for further information regarding unfunded commitments related to these investments. The following table summarizes the fair value of our interest rate contracts, investments in stock, and our investments in real estate technology funds as of December 31, 2025 and 2024 ( in thousands ): As of December 31, 2025 As of December 31, 2024 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate contracts $ 32 $ — $ 32 $ — $ 862 $ — $ 862 $ — Investments in stock — — — 1,573 1,573 — — Investments in real estate technology funds (1) 4,924 — — — 3,468 — — — Total assets $ 4,956 $ — $ 32 $ — $ 5,903 $ 1,573 $ 862 $ — (1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents and restricted cash approximated their fair value as of December 31, 2025 and 2024, and are categorized within Level 1 of the GAAP fair value hierarchy. We believe that the carrying value of the consolidated amounts of notes receivable approximated their fair value as of December 31, 2025 and are categorized within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the observable inputs used to estimate their fair value. We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and non-recourse construction loans within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the observable inputs used to estimate their fair value. The following table summarizes carrying value and fair value of our non-recourse property debt and non-recourse construction loans as of December 31, 2025 and 2024 ( in thousands ): As of December 31, 2025 As of December 31, 2024 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 341,796 $ 332,487 $ 447,955 $ 419,626 Non-recourse construction loans 404,824 408,568 393,750 393,756 Total $ 746,620 $ 741,055 $ 841,705 $ 813,382 Nonrecurring Fair Value Measurements Real Estate During the year ended December 31, 2025, we recorded a non-cash impairment charge of $ 147.5 million related to properties located in Colorado's Front Range and Southeast Florida. Of this, approximately $ 87.3 million relates to the write-off of planning costs and amounts capitalized for GAAP, such as team time and interest expense for development pipeline assets for which development will not be pursued by us given our Plan of Sale and Liquidation. We used a third-party appraisal, broker opinions of value, or letter of intent to determine the fair value estimates of the properties. The fair value estimates of the properties were determined by discounted cash flow analyses or references to market comparable data. F- 42 The cash flows utilized in such discounted cash flow analysis are comprised of projected operating results, which are based upon market conditions and future expectations. The most significant unobservable inputs utilized in determining the fair value are capitalization rates and discount rates, which were 8 % and 10 %, respectively. Because of these inputs, we have determined that the fair value of properties using this approach are classified within Level 3 of the fair value hierarchy. Market comparable data utilizes comparable sales, which are subject to judgment as to comparability to the valued properties. Because these inputs are derived from observable market data, we determined that the fair values of properties using this approach are classified within Level 2 of the fair value hierarchy. Investment in IQHQ During the years ended December 31, 2025 and 2024, we performed a qualitative impairment assessment on our passive equity investment in IQHQ and recorded non-cash impairment charges of $ 6.6 million and $ 48.6 million, respectively. The valuations of IQHQ to determine the fair values as of December 31, 2025 and 2024, incorporated fair value estimates of properties owned by IQHQ. The fair value estimates of the properties owned by IQHQ were determined by discounted cash flow analyses and references to market comparable data. The cash flows utilized in such discounted cash flow analyses are comprised of projected operating results, which are based upon market conditions and future expectations. The most significant unobservable inputs utilized in determining the fair value of these assets are capitalization rates and discount rates, which ranged from 5.75 % to 8.23 % and 7.25 % to 9.00 %, respectively, during the year ended December 31, 2025 and 6.00 % to 7.00 % and 7.25 % to 10.25 %, respectively, during the year ended December 31, 2024. Because of these inputs, we have determined that the fair value of these properties are classified within Level 3 of the fair value hierarchy. Market comparable data utilizes comparable sales, which are subject to judgment as to comparability to the valued properties. Because these inputs are derived from observable market data, we have determined that the fair values of these properties are classified within Level 2 of the fair value hierarchy. Mezzanine Investment During the year ended December 31, 2023, we tested the Mezzanine Investment for impairment given triggering events that occurred and we recorded non-cash impairment charges to reduce the carrying value of the Mezzanine Investment to zero . We used internally developed models to determine the fair value of the Mezzanine Investment. This incorporated the fair value of the underlying real estate collateral that incorporates various estimates and assumptions, the most significant being the capitalization rate of 5.25 % as of December 31, 2023. These assumptions are based on Level 3 inputs. Note 13 — Commitm ents and Contingencies Commitments In connection with our development, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development of certain real estate, pursuant to financing or other arrangements. As of December 31, 2025, we had remaining commitments for non-recourse construction-related contracts of $ 87.5 million, with $ 105.7 million undrawn on our construction loans. As of December 31, 2025, we have remaining unfunded commitments of $ 1.0 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain. We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Legal Matters From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or result of operations. F- 43 Note 14 — Assets Held for Sale and Discontinued Operations On August 5, 2025, we entered into an agreement to sell our suburban Boston portfolio of five properties located in Massachusetts, New Hampshire, and Rhode Island for an aggregate purchase price of $ 740.0 million. In September 2025, we completed the sale of four of the five properties for an aggregate purchase price of $ 490.0 million. These four properties include properties known as Royal Crest Estates (Marlboro), Royal Crest Estates (Warwick), Waterford Village, and Wexford Village. The sale of the fifth property, Royal Crest Estates (Nashua), was completed in October 2025 , for a gross purchase price of $ 250.0 million. In connection with the sale of the fifth property, $ 173.4 million of non-recourse property debt was assumed by the purchaser. We determined that the Boston portfolio was a disposal group that met the criteria of discontinued operations as the sale of these properties represented a strategic shift that had a significant effect on our operations and, as such, the results, assets, and liabilities of these properties are classified as discontinued operations for all periods presented in accordance with ASC 205-20 “ Presentation of Financial Statements: Discontinued Operations ”. We held no assets and liabilities in the Boston Portfolio disposal group as of December 31, 2025 . The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the discontinued operations as of December 31, 2024 ( in thousands ): As of December 31, 2024 Buildings and improvements $ 203,593 Land 151,301 Total real estate 354,894 Accumulated depreciation ( 176,566 ) Net real estate 178,328 Restricted cash 1,316 Other assets, net 1,451 Assets from discontinued operations, net $ 181,095 Non-recourse property debt, net $ 240,994 Accrued liabilities and other 4,938 Liabilities related to discontinued operations, net $ 245,932 The following table summarizes income from discontinued operations and the related gain on disposition of real estate for the years ended December 31, 2025, 2024, and 2023: Year Ended December 31, 2025 2024 2023 REVENUES Rental and other property revenues $ 51,570 $ 70,979 $ 67,070 OPERATING EXPENSES Property operating expenses 17,859 22,907 22,057 Depreciation and amortization 4,783 9,226 10,716 Total operating expenses 22,642 32,133 32,773 Interest income 2 9 16 Interest expense ( 9,628 ) ( 10,693 ) ( 10,796 ) Gain on dispositions of real estate 545,914 — — Income (loss) from discontinued operations before income tax 565,216 28,162 23,517 Income tax benefit (expense) (1) ( 13,995 ) — — Income (loss) from discontinued operations, net of taxes 551,221 28,162 23,517 (Income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership ( 23,798 ) ( 1,478 ) ( 1,216 ) Net income (loss) from discontinued operations attributable to Aimco $ 527,423 $ 26,684 $ 22,301 (1) Income taxes payable from the sale of the Boston Portfolio are included in Accrued liabilities and other in our Consolidated Balance Sheets . F- 44 The following table summarizes cash flow information related to the discontinued operations for the years ended December 31, 2025, and 2024: Year Ended December 31, 2025 2024 2023 Total operating cash flows from (used in) discontinued operations $ 21,983 $ 37,640 $ 33,948 Total investing cash flows from (used in) discontinued operations 538,889 ( 4,981 ) ( 5,266 ) On December 30, 2024, Aimco entered into an agreement to sell the Brickell Assemblage. We determined the Brickell Assemblage was a disposal group that met the criteria to be classified as held for sale as of December 31, 2024. The transaction closed on December 22, 2025 and does not meet the criteria for discontinued operations classification. On December 23, 2025, Aimco entered into an agreement to sell two properties, including a total of 660 apartment homes, located in Plantation, Florida, and Nashville, Tennessee. We determined the two properties represented a disposal group that met the criteria to be classified as held for sale as of December 31, 2025. The transaction closed in February 2026 and does not meet the criteria for discontinued operations classification. The following summary presents the major components of assets and liabilities related to the real estate properties held for sale as of December 31, 2025, and 2024 ( in thousands ): As of December 31, 2025 2024 Buildings and improvements $ 80,627 $ 218,388 Land 6,645 181,381 Total real estate 87,272 399,769 Accumulated depreciation ( 61,341 ) ( 126,840 ) Net real estate 25,931 272,929 Restricted cash 635 517 Other assets, net 281 2,633 Assets held for sale, net $ 26,847 $ 276,079 Non-recourse property debt, net $ 105,506 $ 158,888 Accrued liabilities and other 2,241 1,732 Liabilities related to assets held for sale, net $ 107,747 $ 160,620 Note 15 — Business Segments We have three segments: (i) Development; (ii) Operating; and (iii) Other. Our Development segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development. As of December 31, 2025 , our Development segment consists of 9 properties, including one under construction, two completed and in lease-up, one that has completed lease-up and is stabilizing operations, and five undeveloped land parcels. Our Operating segment include s 15 res idential apartment communities with 2,524 apartment homes that have achieved a stabilized level of operations as of January 1, 2024 and maintained it throughout the current year and comparable period. Two of the communities, Hillmeade and Plantation Gardens, meet the held for sale criteria in accordance with GAAP as described in Note 2 . We aggregate all our apartment communities that have reached stabilization into our Operating segment. Our Other segment consists of properties currently owned that are not included in our Development or Operating segments. Our Other segment includes The Benson Hotel, our only hotel. F- 45 During the year ended December 31, 2025, we reclassified as discontinued operations the five properties within our Boston portfolio, which was previously reported within the Operating segment. Refer to Note 14 for the operating results of our Boston portfolio. Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business. Our CODM evaluates performance and allocates resources for all of our segments using property net operating income (“PNOI”), which is our measure of segment profit or loss. PNOI is defined as rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but excluding • the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ, the Mezzanine Investment, and investments in real estate technology funds; a nd • property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance. Our CODM uses historical and projected PNOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget process. PNOI is used to review operating trends, perform analytical comparisons between periods, and to monitor budget-to-actual variances on at least a quarterly basis in order to assess performance and allocate resources. The corporate goals, which impact short term incentive compensation for employees, also include consideration of PNOI. The accounting policies of segments are the same as those described in the summary of significant accounting policies described in Note 2. The following tables present the results of operations of consolidated properties with our segments for the years ended December 31, 2025, 2024, and 2023 ( in thousands ): Development Operating Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated December 31, 2025 Rental and other property revenues $ 27,518 $ 72,519 $ 7,553 $ 6,183 $ 24,713 $ 138,486 Controllable operating expenses (3) 6,107 11,155 7,268 — 3,331 27,861 Real estate taxes, net of capitalized amounts 4,763 11,259 912 — 5,255 22,189 Utilities expense, net of utility reimbursements 1,645 688 276 6,183 1,262 10,054 Property insurance expense, net of capitalized amounts 761 1,768 130 — 1,525 4,184 Other property operating expenses (4) — — — — 4,067 4,067 Property operating expenses 13,276 24,870 8,586 6,183 15,440 68,355 Property net operating income (loss) 14,242 47,649 ( 1,033 ) — n/a n/a Other operating expenses not allocated to segments (5) — — — — ( 239,760 ) ( 239,760 ) Other items included in income before income tax (6) — — — — 153,781 153,781 Income (loss) before income tax $ 14,242 $ 47,649 $ ( 1,033 ) $ — $ ( 76,706 ) $ ( 15,848 ) F- 46 Development Operating Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated December 31, 2024 Rental and other property revenues $ 9,852 $ 71,689 $ 6,690 $ 5,409 $ 44,060 $ 137,700 Controllable operating expenses (3) 4,527 10,334 6,746 — 6,236 27,843 Real estate taxes, net of capitalized amounts 1,963 10,004 593 — 7,312 19,872 Utilities expense, net of utility reimbursements 1,959 1,070 255 5,409 1,410 10,103 Property insurance expense, net of capitalized amounts 1,019 1,640 118 — 2,059 4,836 Other property operating expenses (4) — — — — 5,423 5,423 Property operating expenses 9,468 23,048 7,712 5,409 22,440 68,077 Property net operating income (loss) 384 48,641 ( 1,022 ) — n/a n/a Other operating expenses not allocated to segments (5) — — — — ( 109,970 ) ( 109,970 ) Other items included in income before income tax (6) — — — — ( 94,886 ) ( 94,886 ) Income (loss) before income tax $ 384 $ 48,641 $ ( 1,022 ) $ — $ ( 183,236 ) $ ( 135,233 ) Development Operating Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated December 31, 2023 Rental and other property revenues $ 109 $ 69,267 $ 2,691 $ 4,541 $ 43,317 $ 119,925 Controllable operating expenses (3) 670 10,167 4,029 — 6,097 20,963 Real estate taxes, net of capitalized amounts 84 8,865 475 — 5,634 15,058 Utilities expense, net of utility reimbursements 114 1,047 179 4,541 1,432 7,313 Property insurance expense, net of capitalized amounts 59 1,511 27 — 2,111 3,708 Other property operating expenses (4) — — — — 4,613 4,613 Property operating expenses 927 21,590 4,710 4,541 19,887 51,655 Property net operating income (loss) ( 818 ) 47,677 ( 2,019 ) — n/a n/a Other operating expenses not allocated to segments (5) — — — — ( 90,983 ) ( 90,983 ) Other items included in income before income tax (6) — — — — ( 170,875 ) ( 170,875 ) Income (loss) before income tax $ ( 818 ) $ 47,677 $ ( 2,019 ) $ — $ ( 238,428 ) $ ( 193,588 ) (1) Represents the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Consolidated Statements of Operations , in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results. (2) Includes the operating results of apartment communities sold during the periods shown, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Controllable operating expenses primarily consist of property personnel costs, marketing, repairs and maintenance, and contract services. (4) Other property operating expenses include property management costs and casualty gains or losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (5) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expenses, and impairment on real estate. (6) Other items included in Income (loss) before income tax consist primarily of interest income, interest expense, mezzanine investment income (loss), net, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, other income (expense), and gain on dispositions of real estate, if any. F- 47 Net real estate and non-recourse property debt and construction loans, net, of our segments as of December 31, 2025 and 2024, were as follows ( in thousands ): Development Operating (1) Other Total As of December 31, 2025 Buildings and improvements 626,929 363,105 24,868 1,014,902 Land 148,850 73,101 364 222,315 Total real estate 775,779 436,206 25,232 1,237,217 Accumulated depreciation ( 48,719 ) ( 231,231 ) ( 7,335 ) ( 287,285 ) Net real estate $ 727,060 $ 204,975 $ 17,897 $ 949,932 Non-recourse property debt and construction loans, net $ 399,142 $ 339,483 $ — $ 738,625 Development Operating (1) Other Total As of December 31, 2024 Buildings and improvements $ 620,000 $ 449,591 $ 75,741 $ 1,145,332 Land 165,633 79,745 1,503 246,881 Total real estate 785,633 529,336 77,244 1,392,213 Accumulated depreciation ( 20,872 ) ( 291,474 ) ( 10,362 ) ( 322,708 ) Net real estate $ 764,761 $ 237,862 $ 66,882 $ 1,069,505 Non-recourse property debt and construction loans, net $ 385,240 $ 444,426 $ — $ 829,666 (1) During the year ended December 31, 2025, Hillmeade and Plantation Gardens were reclassified as held for sale. As described in Note 2 , we present certain assets and liabilities of real estate properties held for sale separately in the Consolidated Balance Sheets and therefore are not included in our segment balance sheets as of December 31, 2025. The assets and the associated debt of these properties as of December 31, 2024 remain in the Operating column above for presentation purposes. Refer to Note 14 for the balance sheet of our held for sale properties. Capital additions within our segments for the years ended December 31, 2025, 2024 and 2023, were as follows ( in thousands ): Year Ended December 31, 2025 2024 2023 Development $ 93,592 $ 126,125 $ 258,888 Operating 9,677 7,800 6,622 Other 337 26 8,782 Corporate amounts not allocated to segments (1) 943 2,753 13,463 Total capital additions $ 104,549 $ 136,704 $ 287,755 (1) During the years ended December 31, 2025, 2024 and 2023, certain capital additions pertained to properties that were sold and therefore are not included in our segments as capital additions at those respective year ends. We added a Corporate row to the table above for presentation purposes to display these capital additions as of December 31, 2025, 2024 and 2023 , respectively. In addition to the amounts disclosed in the tables above, as of December 31, 2025, the Development segment right-of-use lease assets and lease liabilities aggregated to $ 106.4 million and $ 124.8 million, respectively, and as of December 31, 2024 , aggregated to $ 107.7 million and $ 121.8 million, respectively. As of December 31, 2025, right-of-use lease assets and lease liabilities primarily related to our investments in Upton Place, Strathmore Square and Oak Shore. Note 16 — Subsequent Events Subsequent to year end, we redeemed, at our sole discretion, preferred equity interests for an aggregate cash purchase price of $ 137.6 million. The noncontrolling interest's carrying value of $ 136.2 million is included within Redeemable noncontrolling interests in consolidated real estate partnerships in our Consolidated Balance Sheets as of December 31, 2025. The difference between the noncontrolling interest's carrying value and the cash paid will be recognized within Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships within the period the redemption occurred. Subsequent to year end, on January 15, 2026, we received the remaining funding of a non-refundable deposit for the sale of our portfolio of seven apartment properties (the “Chicago Portfolio” ), including 1,495 units, located in the Chicago market and under contract for a gross sales price of $ 455 million. We determined that the Chicago Portfolio met the held-for-sale criteria beginning on this date. F- 48 Subsequent to year end, in February 2026, we closed on the sales of three properties, Hillmeade in Nashville, Tennessee, Plantation Gardens in Plantation, Florida, and the Benson Hotel and Faculty Club in Aurora, Colorado, for aggregate gross sales prices of $ 177.5 million. Subsequent to year end, on February 9, 2026 , Aimco declared a $ 1.45 per share liquidating distribution to be paid on March 13, 2026 , to stockholders of record as of February 27, 2026 . In conjunction, the Aimco Operating Partnership declared a distribution per common unit of $ 1.45 . Subsequent to year end, we received non-refundable deposits and agreed to sell two properties in New York City and one property in Atlanta, Georgia, for a combined $ 56.5 million. Closing of the sale of the two-property New York portfolio is scheduled for the second quarter of 2026, pending assumption of the in-place mortgage loans, the approval of which is currently being pursued. The closing of the sale of our property in Atlanta, Georgia, is also scheduled for the second quarter of 2026. F- 49 APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AN D ACCUMULATED DEPRECIATION December 31, 2025 (In Thousands) (2) Gross Amount at Which Initial Costs Costs Capitalized Carried at Close of Period (3) (4) (5) Buildings and Total Initial Subsequent to Buildings and Total Carrying Accumulated Date Location Encumbrances Land Improvements Acquisition Costs Acquisition Land Improvements Value Depreciation Acquired Operating: 118-122 West 23rd Street New York, NY ( 16,472 ) 14,985 23,459 38,444 6,752 14,985 30,211 45,196 ( 14,757 ) Jun 2012 173 E. 90th Street New York, NY ( 12,138 ) 12,066 4,535 16,601 9,053 12,066 13,588 25,654 ( 8,073 ) May 2004 237-239 Ninth Avenue New York, NY ( 6,148 ) 8,495 1,866 10,361 1,476 8,495 3,342 11,837 ( 2,327 ) Mar 2005 1045 on the Park Apartments Homes Atlanta, GA ( 6,007 ) 2,793 6,662 9,455 1,685 2,793 8,347 11,140 ( 3,630 ) Jul 2013 2200 Grace Lombard, IL ( 11,193 ) 642 7,788 8,430 251 642 8,039 8,681 ( 5,625 ) Aug 2018 Bank Lofts Denver, CO ( 18,540 ) 3,525 9,045 12,570 5,539 3,525 14,584 18,109 ( 9,463 ) Apr 2001 Bluffs at Pacifica, The Pacifica, CA — 8,108 4,132 12,240 18,940 8,108 23,072 31,180 ( 17,281 ) Oct 2006 Elm Creek Elmhurst, IL ( 78,095 ) 5,910 30,830 36,740 30,344 5,910 61,174 67,084 ( 42,774 ) Dec 1997 Evanston Place Evanston, IL ( 46,670 ) 3,232 25,546 28,778 17,266 3,232 42,812 46,044 ( 28,567 ) Dec 1997 Hyde Park Tower Chicago, IL ( 29,484 ) 4,731 14,927 19,658 14,103 4,731 29,030 33,761 ( 17,750 ) Oct 2004 Eldridge Elmhurst, IL ( 26,691 ) 3,483 35,706 39,189 235 3,483 35,941 39,424 ( 5,769 ) Aug 2021 Willow Bend Rolling Meadows, IL ( 43,501 ) 2,717 15,437 18,154 16,218 2,717 31,655 34,372 ( 27,513 ) May 1998 Yorktown Apartments Lombard, IL ( 46,857 ) 2,413 10,374 12,787 50,937 2,414 61,310 63,724 ( 47,702 ) Dec 1999 Total Operating ( 341,796 ) 73,100 190,307 263,407 172,799 73,101 363,105 436,206 ( 231,231 ) Development: Bioscience 4 Aurora, CO — — — — — — — — — Feb 2023 34th Street Miami, FL ( 67,209 ) 19,582 — 19,582 108,122 19,872 107,832 127,704 — Jul 2021 One Edgewater Miami, FL — 12,377 — 12,377 2,183 14,560 — 14,560 — Jul 2021 Flying Horse Colorado Springs, CO — 4,257 — 4,257 ( 1,132 ) 3,125 — 3,125 — Jul 2021 Oak Shore Corte Madera, CA ( 22,115 ) — — — 57,806 — 57,806 57,806 ( 5,216 ) Jun 2021 Upton Place Washington, DC ( 215,000 ) — 21,280 21,280 277,534 — 298,814 298,814 ( 30,575 ) Dec 2020 Strathmore Square Washington, DC ( 100,500 ) — — — 161,033 — 161,033 161,033 ( 12,928 ) Feb 2022 300 W. Broward Blvd. Ft. Lauderdale, FL — 21,355 — 21,355 383 20,294 1,444 21,738 — Jan 2022 Fitzsimons Phase Four Aurora, CO — 2,016 — 2,016 ( 1,016 ) 1,000 — 1,000 — Dec 2022 Sears Parcel 1 Ft. Lauderdale, FL — 68,485 — 68,485 ( 7,615 ) 60,870 — 60,870 — Jun 2022 Sears Parcel 2 Ft. Lauderdale, FL — 20,737 — 20,737 ( 4,824 ) 15,913 — 15,913 — Jul 2022 Sears Parcel 3 Ft. Lauderdale, FL — 16,402 — 16,402 ( 3,186 ) 13,216 — 13,216 — Jun 2022 Total Development ( 404,824 ) 165,211 21,280 186,491 589,288 148,850 626,929 775,779 ( 48,719 ) Other: The Benson Hotel Aurora, CO — 1,503 4,414 5,917 19,315 364 24,868 25,232 ( 7,335 ) Jan 2021 Total Other — 1,503 4,414 5,917 19,315 364 24,868 25,232 ( 7,335 ) Held for sale (6): Hillmeade Nashville, TN ( 46,026 ) 2,872 16,070 18,942 19,929 2,872 35,999 38,871 ( 27,008 ) Nov 1994 Plantation Gardens Plantation, FL ( 60,133 ) 3,773 19,443 23,216 25,185 3,773 44,628 48,401 ( 34,333 ) Oct 1999 Total Held for sale ( 106,159 ) 6,645 35,513 42,158 45,114 6,645 80,627 87,272 ( 61,341 ) Debt issuance costs and other non-cash adjustments (1) 8,648 Total Portfolio $ ( 844,131 ) $ 246,459 $ 251,514 $ 497,973 $ 826,516 $ 228,960 $ 1,095,529 $ 1,324,489 $ ( 348,626 ) (1) Includes unamortized fair market adjustments of debt assumed in the acquisition of properties. (2) Includes costs capitalized since acquisition or date of initial acquisition of the community, less impairment charges recognized on real estate. (3) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $ 1.5 billion as of December 31, 2025. (unaudited) (4) Depreciable life for buildings and improvements ranges from five to 30 years and is calculated on a straight-line basis. (5) Date we acquired the apartment community or first acquired the partnership that owns the community. (6) The two properties held for sale as of December 31, 2025 are included within our Operating segment, but disclosed separately within this schedule as their assets are included within Assets from discontinued operations and held for sale, net within our Consolidated Balance Sheets. F- 50 APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2025, 2024, and 2023 (In Thousands) The following table reconciles real estate and accumulated depreciation, excluding discontinued operations, from January 1, 2023 to December 31, 2025: 2025 2024 2023 Total real estate balance at beginning of year $ 1,392,213 $ 1,859,959 $ 1,610,685 Acquisitions — — 1,893 Capital additions 104,549 136,704 287,755 Impairment on real estate ( 147,300 ) — — Dispositions — ( 193,878 ) ( 30,347 ) Write-offs of fully depreciated assets and other ( 24,040 ) ( 10,803 ) ( 10,027 ) Amounts related to assets held for sale ( 88,205 ) ( 399,769 ) — Total real estate balance at end of year $ 1,237,217 $ 1,392,213 $ 1,859,959 Accumulated depreciation balance at beginning of year $ 322,708 $ 408,332 $ 365,340 Depreciation 49,958 70,775 53,019 Dispositions — ( 18,756 ) — Write-offs of fully depreciated assets and other ( 24,040 ) ( 10,803 ) ( 10,027 ) Amounts related to assets held for sale ( 61,341 ) ( 126,840 ) — Accumulated depreciation balance at end of year $ 287,285 $ 322,708 $ 408,332 The following table reconciles real estate and accumulated depreciation classified as discontinued operations, from January 1, 2023 to December 31, 2025: 2025 2024 2023 Total real estate balance at beginning of year $ 354,894 $ 354,664 $ 352,798 Capital additions 5,680 4,968 5,166 Dispositions ( 355,840 ) — — Write-offs of fully depreciated assets and other ( 4,734 ) ( 4,738 ) ( 3,300 ) Total real estate balance at end of year $ — $ 354,894 $ 354,664 Accumulated depreciation balance at beginning of year $ 176,566 $ 172,470 $ 165,382 Depreciation 4,522 8,834 10,388 Dispositions ( 176,354 ) — — Write-offs of fully depreciated assets and other ( 4,734 ) ( 4,738 ) ( 3,300 ) Accumulated depreciation balance at end of year $ — $ 176,566 $ 172,470 F- 51