What changed in this filing

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Item 1. Financial Statements

2026-05-11 compared with 2025-11-10 · 444 added, 486 removed, 536 unchanged (63% of the section changed)

FINANCIAL STATEMENTS

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENT OF NET ASSETS

(Liquidation Basis)

(In thousands)

March 31, 2026

Cash, cash equivalents, and restricted cash

Unconsolidated real estate partnerships

Notes receivable and other investments

Rents and other receivables

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

Lease liabilities - finance leases

Liabilities for noncontrolling interests in consolidated real estate partnerships

Liabilities for estimated costs in excess of estimated receipts during liquidation

Mezzanine investment - participation sold

Dividends payable

Accounts payable and accrued expenses

Total liabilities

Commitments and contingencies (Note 6)

Net assets in liquidation attributable to Aimco

Net assets in liquidation attributable to noncontrolling interests in Aimco Operating Partnership

Net assets in liquidation

See notes to condensed consolidated financial statements.

APARTMENT INVESTMENT A ND MANAGEMENT COMPANY

CONDENSED CONSOLIDA TED BALANCE SHEETS

CONDENSED CONSOLIDA TED BALANCE SHEET

(Going Concern Basis)

(In thousands, except share data)

September 30, 2025

December 31, 2025

13 unchanged sentences

Total indebtedness

Deferred tax liabilities

Lease liabilities - finance leases

5 unchanged sentences

Commitments and contingencies (Note 6)

Equity ( 510,587,500 shares authorized at September 30, 2025 and December 31, 2024):

Common Stock, $ 0.01 par value, 140,158,784 and 136,351,966 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Equity ( 510,587,500 shares authorized at December 31, 2025):

Common Stock, $ 0.01 par value, 140,158,784 shares issued and outstanding at December 31, 2025

Additional paid-in capital

6 unchanged sentences

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(Liquidation Basis)

(In thousands)

For the Period from February 1, 2026, to March 31, 2026

Attributable to Aimco

Attributable to Noncontrolling Interests in Aimco Operating Partnership

Total Net Assets in Liquidation

Net assets in liquidation, beginning of period

Change in net assets in liquidation

Liquidating distributions to stockholders

Liquidating distributions to noncontrolling interests in Aimco Operating Partnership

Reallocation of noncontrolling interests in Aimco Operating Partnership

Changes in net assets in liquidation

Net assets in liquidation, end of period

See notes to condensed consolidated financial statements.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS

(Going Concern Basis)

(In thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended

Rental and other property revenues

3 unchanged sentences

General and administrative expenses

Impairment on real estate

Total operating expenses

31 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended September 30, 2025 and 2024

(In thousands)

Noncontrolling

Retained Earnings (Accumulated Deficit)

Balances at June 30, 2024

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership

Common stock repurchased

Other common stock issuances, net of withholding taxes

Balances at September 30, 2024

Balances at June 30, 2025

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership

Other common stock issuances, net of withholding taxes

Dividends declared

Balances at September 30, 2025

See notes to condensed consolidated financial statements.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Nine Months Ended September 30, 2025 and 2024

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

(Going Concern Basis)

(In thousands)

10 unchanged sentences

Other common stock issuances, net of withholding taxes

Balances at September 30, 2024

Balances at March 31, 2025

Balances at December 31, 2025

1 unchanged sentence

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Common stock repurchased

Other common stock issuances, net of withholding taxes

Dividends declared

Balances at September 30, 2025

Balances at January 31, 2026

See notes to condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED S TATEMENTS OF CASH FLOWS

(Going Concern Basis)

(In thousands)

Nine Months Ended September 30,

Three Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash provided by

Adjustments to reconcile net income (loss) to net cash provided by (used in)

operating activities:

5 unchanged sentences

Loss (income) from unconsolidated real estate partnerships

Impairment on real estate

Other, including amortization of debt issuance costs

1 unchanged sentence

Depreciation and amortization

Income tax (benefit) expense

Gain on dispositions of real estate

Other adjustments to income (loss) from discontinued operations

3 unchanged sentences

Total adjustments

Net cash provided by operating activities

Net cash provided by (used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures (1)

Proceeds from dispositions of real estate

Proceeds from repayment of seller financing receivable

Other investing activities

2 unchanged sentences

Proceeds from non-recourse construction loans and bridge financing

Proceeds from revolving credit facility

Principal repayments on non-recourse property debt

Principal repayments on non-recourse construction loans and bridge financing

Principal repayments on revolving credit facility

Payments of deferred loan costs

Proceeds from interest rate contracts

Purchase of interest rate contracts

Common stock repurchased

3 unchanged sentences

Distributions to redeemable noncontrolling interests

Contributions from noncontrolling interests

Distributions to noncontrolling interests

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Redemption of redeemable noncontrolling interests in consolidated real estate partnerships

Other financing activities

Net cash provided by (used in) financing activities

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS,

Net cash used in financing activities

NET DECREASE IN CASH, CASH EQUIVALENTS,

AND RESTRICTED CASH

3 unchanged sentences

END OF PERIOD

(1) Accrued capital expendit ures were $ 16.1 milli on and $ 31.6 m illion as of September 30, 2025 and 2024 , respectively.

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

See notes to condensed consolidated financial statements.

AIMCO OP L.P.

CONDENSED CONSOLIDA TED BALANCE SHEETS

CONDENSED CONSOLIDATED STATEMENT OF NET ASSETS

(Liquidation Basis)

(In thousands)

September 30, 2025

March 31, 2026

Cash, cash equivalents, and restricted cash

Unconsolidated real estate partnerships

Notes receivable and other investments

Rents and other receivables

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

Lease liabilities - finance leases

Liabilities for noncontrolling interests in consolidated real estate partnerships

Liabilities for estimated costs in excess of estimated receipts during liquidation

Mezzanine investment - participation sold

Dividends payable

Accounts payable and accrued expenses

Total liabilities

Commitments and contingencies (Note 6)

Net assets in liquidation

See notes to condensed consolidated financial statements.

AIMCO OP L.P.

CONDENSED CONSOLIDA TED BALANCE SHEET

(Going Concern Basis)

(In thousands)

December 31, 2025

13 unchanged sentences

Total indebtedness

Deferred tax liabilities

Lease liabilities - finance leases

6 unchanged sentences

Partners’ capital:

General Partner and Special Limited Partner

Limited Partners

General Partner and Special Limited Partner ( 140,158,784 OP Units issued and outstanding at December 31, 2025)

Limited Partners ( 4,924,401 OP Units issued and outstanding at December 31, 2025)

Partners’ capital attributable to Aimco Operating Partnership

4 unchanged sentences

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(Liquidation Basis)

(In thousands)

For the Period from February 1, 2026, to March 31, 2026

Net assets in liquidation attributable to Aimco Operating Partnership, beginning of period

Change in net assets in liquidation

Liquidating distributions to OP Unit holders

Changes in net assets in liquidation

Net assets in liquidation attributable to Aimco Operating Partnership, end of period

See notes to condensed consolidated financial statements.

AIMCO OP L.P.

CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS

(Going Concern Basis)

(In thousands, except per unit data)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended

Rental and other property revenues

3 unchanged sentences

General and administrative expenses

Impairment on real estate

Total operating expenses

29 unchanged sentences

CONDENSED CONSOLIDATED S TATEMENTS OF PARTNERS’ CAPITAL

For the Three Months Ended September 30, 2025 and 2024

(In thousands)

General Partner

Limited Partner

Partners’ Capital

Attributable to

Aimco Operating

Noncontrolling

in Consolidated Real

Estate Partnerships

Balances at June 30, 2024

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership

Redemption of OP Units held by Aimco

Other OP Unit issuances

Balances at September 30, 2024

Balances at June 30, 2025

Net income (loss)

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership

Other OP Unit issuances

Distributions declared

Balances at September 30, 2025

See notes to condensed consolidated financial statements.

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

For the Nine Months Ended September 30, 2025 and 2024

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

(Going Concern Basis)

(In thousands)

15 unchanged sentences

Other OP Unit issuances

Balances at September 30, 2024

Balances at March 31, 2025

Balances at December 31, 2025

1 unchanged sentence

Share-based compensation expense

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by Aimco

Other OP Unit issuances

Distributions declared

Balances at September 30, 2025

Balances at January 31, 2026

See notes to condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED S TATEMENTS OF CASH FLOWS

(Going Concern Basis)

(In thousands)

Nine Months Ended September 30,

Three Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash provided by

Adjustments to reconcile net income (loss) to net cash provided by (used in)

operating activities:

5 unchanged sentences

Loss (income) from unconsolidated real estate partnerships

Impairment on real estate

Other, including amortization of debt issuance costs

1 unchanged sentence

Depreciation and amortization

Income tax (benefit) expense

Gain on dispositions of real estate

Other adjustments to income (loss) from discontinued operations

3 unchanged sentences

Total adjustments

Net cash provided by operating activities

Net cash provided by (used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures (1)

Proceeds from dispositions of real estate

Proceeds from repayment of seller financing receivable

Other investing activities

2 unchanged sentences

Proceeds from non-recourse construction loans and bridge financing

Proceeds from revolving credit facility

Principal repayments on non-recourse property debt

Principal repayments on non-recourse construction loans and bridge financing

Principal repayments on revolving credit facility

Payments of deferred loan costs

Proceeds from interest rate contracts

Purchase of interest rate contracts

Common stock repurchased

3 unchanged sentences

Distributions to redeemable noncontrolling interests

Contributions from noncontrolling interests

Distributions to noncontrolling interests

Contributions from noncontrolling interests in consolidated real estate partnerships

Distributions to noncontrolling interests in consolidated real estate partnerships

Redemption of OP Units held by third parties

Purchase of redeemable noncontrolling interests in consolidated real estate partnerships

Redemption of redeemable noncontrolling interests in consolidated real estate partnerships

Other financing activities

Net cash provided by (used in) financing activities

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS,

Net cash used in financing activities

NET DECREASE IN CASH, CASH EQUIVALENTS,

AND RESTRICTED CASH

3 unchanged sentences

END OF PERIOD

(1) Accrued capital expenditures were $ 16.1 millio n and $ 31.6 million as of September 30, 2025 and 2024 , respectively.

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

See notes to condensed consolidated financial statements.

2 unchanged sentences

NOTES TO CONDENSED CONSOLID ATED FINANCIAL STATEMENTS

September 30, 2025

March 31, 2026

Note 1 — Organization

5 unchanged sentences

(“Aimco Operating Partnership”).

As of September 30, 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.

As of March 31, 2026, Aimco owned 94.1 % of the legal interest in the common partnership units of Aimco Operating Partnership and 95.1 % of the dilutive economic interest in Aimco Operating Partnership.

The remaining 5.9 % legal interest is owned by limited partners.

As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2025, of Aimco and Aimco Operating Partnership.

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026, of Aimco and Aimco Operating Partnership.

Where it is important to distinguish between the two entities, each is referred to specifically.

2 unchanged sentences

multifamily sector.

At September 30, 2025, our entire portfolio of operating residential apartment communities inc ludes 2,524 apar tment homes within 15 consolidated stabilized operati ng properties, a complete 689 -unit community with 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, one commercial office building that is part of an assemblage with an adjacent apartment building that is currently held for sale (together referred to as the “Brickell Assemblage”), one operating property held for sale, and land parcels held for development.

In addition, we hold other alternative investments, including our Mezzanine Investment, our investment in IQHQ Holdings, LP (“IQHQ”), and our investment in real estate technology funds.

At March 31, 2026, our portfolio includes six consolidated stabilized operating properties, two completed development properties in lease-up, and four unconsolidated properties.

Additionally, we have a completed single family rental community, a waterfront ground-up development under construction, and undeveloped land parcels.

In addition, we hold seller financing notes receivable related to the December 2025 sale of the Brickell Assemblage and other alternative investments, including our Mezzanine Investment, our investment in IQHQ Holdings, LP (“IQHQ”), and our investment in real estate technology funds.

See Note 3 for further information regarding our Mezzanine Investment and our investment in IQHQ.

On November 10, 2025, our Board of Directors (the “Board”) determined advisable and approved a Plan of Sale and Liquidation, subject to stockholder approval.

The Plan of Sale and Liquidation provides for the Company’s complete liquidation and dissolution in accordance with Section 331, Section 336 and Section 346(a) of the Internal Revenue Code of 1986 (the “Code”), as amended, and the Maryland General Corporation Law (“MGCL”).

On February 6, 2026, holders of Common Shares representing approximately 83 % of the outstanding Common Shares voted in favor of the adoption of the Plan of Sale and Liquidation.

As a result, the Plan of Sale and Liquidation was adopted.

Note 2 — Plan of Sale and Liquidation

In accordance with the Plan of Sale and Liquidation, our objectives are to pursue an orderly liquidation by selling or otherwise disposing of our remaining assets, paying or otherwise settling our debts and our known liabilities, providing for the payment of unknown or contingent liabilities, when appropriate and in the Board’s discretion, distributing the net proceeds from liquidation to our stockholders, subject to the creation of necessary reserves for, and the payment or other satisfaction of, expenses and other liabilities and obligations, and winding up our operations and dissolving our Company.

The Company is aiming to complete the sales of the remaining assets of the Company and its subsidiaries within 24 months after the February 6, 2026, stockholder approval of the Plan of Sale and Liquidation.

There can be no assurance that the Plan of Sale and Liquidation will result in any transaction or that the Plan of Sale and Liquidation will be completed .

In connection with the Plan of Sale and Liquidation, we paid a special liquidating distribution of $ 1.45 per share on March 13, 2026 to shareholders of record at the close of business on February 27, 2026.

The Plan of Sale and Liquidation enables us to sell any and all of our assets without further approval of Aimco's stockholders and provides that the amounts and timing of liquidating distributions will be determined by the Board in its discretion.

Pursuant to applicable REIT rules, liquidating distributions we pay pursuant to the Plan of Sale and Liquidation will qualify for the dividends paid deduction, provided that they are paid within 24 months of the approval of the Plan of Sale and Liquidation by

Aimco's stockholders.

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

The liquidating trust or other liquidating entity would pay or provide for all of our liabilities and distribute any remaining net proceeds from liquidation to the holders of beneficial interests in the liquidating trust or other liquidating entity.

If we are not able to sell our properties and pay our debt within the 24-month period and the remaining assets are not transferred to a liquidating trust or other liquidating entity, any distributions made during the 24 months may not qualify for the dividends paid deduction and may increase our tax liability.

No assurance can be given that any liquidating distributions the Company pays to its shareholders will equal or exceed the estimate of net assets in liquidation presented on the Condensed Consolidated Statement of Net Assets as of March 31, 2026 .

For a discussion of risks related to the Plan of Sale and Liquidation, refer to the section entitled “Risk Factors” described in Item 1A of Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2025.

We expect to comply with the requirements necessary to continue to qualify as a REIT through the completion of the liquidation process, or until such time as Aimco terminates its status as a REIT and/or any remaining assets are transferred into a liquidating trust or other liquidating entity.

The Board shall use commercially reasonable efforts to continue to cause Aimco to maintain its REIT status;

provided, however, that the Board may elect to terminate Aimco’s status as a REIT if it determines that such termination would be in the best interest of the stockholders.

Note 3 — Basis of Prese ntation and Summary of Significant Accounting Policies

4 unchanged sentences

In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included.

Operating results for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated entities.

2 unchanged sentences

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.

Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.

The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2024 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements.

Going Concern Basis

The Condensed Consolidated Balance Sheet of Aimco and Aimco Operating Partnership as of December 31, 2025 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements.

For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2025.

Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.

We no longer present a condensed consolidated balance sheet, a condensed consolidated statement of operations, a condensed consolidated statement of equity, or a condensed consolidated statement of cash flows subsequent to January 31, 2026.

All financial results and disclosure through January 31, 2026, prior to the adoption of the liquidation basis of accounting, are presented on a going concern basis.

As a result, the Condensed Consolidated Balance Sheet as of December 31, 2025, as well as the Condensed Consolidated Statements of Operations , the Condensed Consolidated Statements of Equity (Partners Capital) and the Condensed Consolidated Statements of Cash Flow for the month ended January 31, 2026, and the period ended December 31, 2025, are presented using the going concern basis of accounting.

Liquidation Basis

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

We determined that liquidation became imminent as defined in ASC 205-30, “ Liquidation Basis of Accounting, ” based on the results of the Company's solicitation of proxies from its shareholders for their approval of the Plan of Sale and Liquidation.

Although shareholder approval of the Plan occurred on February 6, 2026, we adopted the liquidation basis of accounting as of and for the periods subsequent to February 1, 2026.

Any activity between February 1, 2026, and February 6, 2026, would not be materially different under the liquidation basis of accounting.

Accordingly, on February 1, 2026, assets were adjusted to their estimated net realizable value, also referred to as liquidation value, which represents the estimated amount of cash or other consideration that we expect to collect through the disposal of assets.

The liquidation values of our remaining assets are presented on an undiscounted basis.

Liabilities are generally carried at their contractual amounts due or estimated settlement amounts.

We accrue costs and income that we expect to incur and earn as we carry out our liquidation activities through the end of the projected liquidation period to the extent we have a reasonable basis for estimation.

These amounts are classified within Liabilities for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets .

The valuation of these amounts represent estimates based on present facts and circumstances of the net realizable value of the costs and income associated with carrying out the Plan of Sale and Liquidation.

Actual costs and income may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events.

These differences may be material.

See Note 4 for further discussion.

Actual costs incurred but unpaid are included in Accounts payable and accrued expenses at March 31, 2026 on the Condensed Consolidated Statement of Net Assets .

All our liabilities, under either the going concern basis of accounting or the liquidation basis of accounting, are derecognized when we pay the obligation or when we are legally released from being the primary obligor under the liability.

Net assets in liquidation at March 31, 2026 represents the remaining estimated liquidation value available to stockholders upon liquidation.

Due to the uncertainty in the estimated cash flows from operations and the time required to complete the Plan of Sale and Liquidation, actual liquidation costs and sale proceeds may differ materially from the amounts estimated.

Principles of consolidation

3 unchanged sentences

The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

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

Refer to Note 6 for further information.

We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary.

Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary.

Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, three VIEs that own interests in real estate.

Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs.

The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership.

In addition, we have seven unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker.

The seven unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and an unconsolidated investment in land held for development in Bethesda, Maryland.

Our maximum exposure to loss, because of our involvement with the unconsolidated VIEs, is limited to the carrying value of their assets.

Liquidation Basis

Upon adoption of the liquidation basis of accounting, our investments in real estate were adjusted to their estimated net realizable value.

The liquidation value represents the estimated amount of cash that we expect to receive through the disposal of our assets as we carry out the Plan of Sale and Liquidation.

We estimated the liquidation value of our real estate investments generally based on either contractual purchase prices or offers received on the properties or, if no contracts or offers had been received yet, on management’s estimate of a property’s liquidation value, taking into account information obtained during the marketing and sale process for the properties, including broker opinions of value, initial market feedback, and market comparables.

The liquidation values of our investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated.

Subsequent to February 1, 2026, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to our net assets in liquidation.

There were no changes subsequent to February 1, 2026 in the estimated liquidation value of the investments in real estate.

Going Concern Basis

Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable.

If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the asset.

If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.

There were no impairment losses recognized during the month ended January 31, 2026, or three months ended March 31, 2025.

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

Liquidation Basis

Our non-recourse property debt, construction loans, and bridge financing are recognized at the estimated amount we expect to pay in cash, excluding future accrued interest and principal drawdown amounts, which are recognized within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Debt issuance costs were written off as a result of the adoption of the liquidation basis of accounting.

As of March 31, 2026, we have non-recourse property debt of $ 59.3 million and non-recourse construction loans and bridge financing of $ 399.5 million presented within Non-recourse property debt, construction loans, and bridge financing in our Condensed Consolidated Statement of Net Assets .

Common noncontrolling interests in Aimco Operating Partnership

Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties and are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheets as Common noncontrolling interests in Aimco Operating Partnership .

Liquidation Basis

Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties and are reflected in Aimco's accompanying Condensed Consolidated Statement of Net Assets as Net assets attributable to noncontrolling interests in Aimco Operating Partnership .

The net assets in liquidation is allocated to the holders of OP Units, other than Aimco, based on the number of OP Units (including OP Units held by Aimco) outstanding at the end of the period.

As of March 31, 2026, the holders of OP Units had a dilutive economic ownership interest in Aimco Operating Partnership of approximately 4.9 % .

Going Concern Basis

Common noncontrolling interests in Aimco Operating Partnership are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheet as Common noncontrolling interests in Aimco Operating Partnership .

Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period.

For the nine months ended September 30, 2025 and 2024, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 4.9 % , and 5.2 %, respectively.

For the month ended January 31, 2026, and three months ended March 31, 2025, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 3.4 % , and 5.2 %, respectively.

Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

Redeemable noncontrolling interests in consolidated real estate partnerships

Liquidation Basis

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

preferred return.

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

As of March 31, 2026, redeemable noncontrolling interests in consolidated real estate partnerships consists of the preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development .

The preferred equity contributions received and the accrued preferred return through March 31, 2026 are included within Liabilities for noncontrolling interests in consolidated real estate partnerships in Aimco's Condensed Consolidated Statement of Net Assets.

The preferred return expected to accrue in future periods through the estimated sale date of our interest in the development is included within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Going Concern Basis

Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that generally, after a specified holding period, has the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement.

If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity.

Redeemable noncontrolling interests in consolidated real estate partnerships as of September 30, 2025 , consists of the following:

Redeemable noncontrolling interests in consolidated real estate partnerships as of January 31, 2026, consisted of the following:

(i) a preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) a preferred equity interest accruing 9.7 % preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up, and (iii) a preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development.

Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements.

These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheets as of September 30, 2025.

These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet as of December 31, 2025.

The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships.

The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership.

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships for the nine months ended September 30, 2025 and 2024, ( in thousands ):

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

January 31, 2026

Three Months Ended

March 31, 2025

Balance at Beginning of Period

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Distributions

Purchases (1)

Balance at September 30,

(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.

Redemptions (1)

Balance at End of Period

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

Noncontrolling interests in consolidated real estate partnerships

As of March 31, 2026 and December 31, 2025 , noncontrolling interests in consolidated real estate partnerships consists of the $ 20.0 million third-party equity interest in a consolidated entity that holds a limited partner interest in a subsidiary that holds our Upton Place property.

As of March 31, 2026 and December 31, 2025, the third-party equity interest is presented in Liabilities for noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Statement of Net Assets and Noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet, respectively .

The third-party equity interest earns approximately $ 1.2 million annually, distributed monthly.

The distributions expected to occur in future periods through the estimated sale date of the property are included in Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Mezzanine Investment

In November 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “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.

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In June 2023, we closed on the sale of a 20 % non-controlling participation in the Mezzanine Investment for $ 33.5 million.

The partial sale and transfer of the financial interest did not qualify for sale accounting and therefore, we recorded the cash received from the purchaser as a liability, which is included in Accrued liabilities and other in our Condensed Consolidated Balance Sheet as of December 31, 2025 and Mezzanine investment - participation sold in our Condensed Consolidated Statement of Net Assets as of March 31, 2026.

Although the cash received is accounted for as a liability, no amount is due to the purchaser until after we receive $ 134.0 million plus an annualized return.

While the Mezzanine Investment had not been repaid and was in maturity default as of September 30, 2025, we are precluded from derecognizing the liability until it has been deemed to be extinguished in accordance with GAAP.

Income tax benefit (expense)

While the Mezzanine Investment had not been repaid and was in maturity default as of March 31, 2026, we are precluded from derecognizing the liability under both the liquidation basis and going concern basis of accounting until it has been deemed to be extinguished in accordance with GAAP.

Liquidation Basis

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

Going Concern Basis

Certain aspects of our operations are conducted through taxable REIT subsidiaries, or “TRS entities”.

Additionally, our TRS entities hold an investment in 1001 Brickell Bay Drive and Oak Shore.

Additionally, our TRS entities hold an investment in Oak Shore.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities.

Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations .

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and income and, if applicable, gains retained by the REIT.

For the three and nine months ended September 30, 2025, we had consolidated net losses subject to tax of $ 2.7 million and $ 5.9 million, respectively.

For the three and nine months ended September 30, 2024 , we had consolidated net losses subject to tax of $ 9.7 million and $ 21.6 million, respectively.

For the three months ended September 30, 2025, we recognized income tax benefit attributable to continuing operations of $ 0.1 million compared to $ 3.8 million during the same period in 2024.

The change in income tax benefit is due primarily to the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities.

For the nine months ended September 30, 2025, we recognized income tax expense attributable to continuing operations of $ 5.4 million , compared to an income tax benefit of $ 8.7 million during the same period in 2024.

The change in income tax benefit (expense) is due primarily to the tax effect of reduced depreciation in 2025 associated with properties owned by, and activities of, our TRS entities, partially offset by the recognition of a non-cash partial valuation allowance against the deferred tax assets of our TRS entities in 2025.

On July 4, 2025, legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law.

Significant provisions of the OBBBA include the permanent extension of certain provisions of the 2017 Tax Cuts and Jobs Act and the restoration of favorable tax treatment for certain business provisio ns.

The changes introduced by the OBBBA are not expected to have a material impact on our annual effective tax rate for 2025.

Use of estimates

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Assets held for sale and discontinued operations

Going Concern Basis

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

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and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract.

We present the assets and liabilities of any properties held for sale separately in the Condensed Consolidated Balance Sheets .

We present the assets and liabilities of any properties held for sale separately in the Condensed Consolidated Balance Sheet as of December 31, 2025.

Properties held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell.

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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 10 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 10 (with the exception of Note 8 ) 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 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 three and nine months ended September 30, 2025, we assessed certain properties located within Colorado's Front Range for impairment as a result of a change in estimated hold period.

Our assessment resulted in $ 57.4 million of impairment recognized for the three and nine months ended September 30, 2025.

The properties are presented within the Development and Redevelopment and Other segments within Note 9 .

There were no such impairments for the three and nine months ended September 30, 2024 .

Unless otherwise noted or separately presented, the information

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

Cash equivalents

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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 ):

September 30, 2025

As of March 31, 2026, we had $ 216.0 million of cash and cash equivalents and $ 8.3 million of restricted cash included within Cash, cash equivalents, and restricted cash in our Condensed Consolidated Statement of Net Assets.

The reconciliation of cash flow information for the month ended January 31, 2026, and three months ended March 31, 2025, is as follows ( in thousands ):

January 31, 2026

December 31, 2025

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Cash, cash equivalents, and restricted cash

Notes receivable

Notes receivable and other investments

Liquidation Basis

Upon adoption of the liquidation basis of accounting, our notes receivable and other investments were adjusted to their estimated net realizable value.

We estimated the liquidation value of the notes receivable at their face value of $ 85.0 million based on information obtained during the marketing and sale process for the notes.

As of March 31, 2026, other investments of $ 4.5 million are included within Notes receivable and other investments in our Condensed Consolidated Statement of Net Assets .

The remaining unfunded commitments related to our investments in property technology funds are reflected within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets.

Going Concern Basis

In accordance with GAAP, notes receivable are classified as held for sale or held for investment.

Notes receivable are classified as held for sale when originated with the intent and ability to sell the loan.

Notes receivable held for sale are recorded at the lower of amortized cost or fair value and determined on an aggregate basis.

We carry notes receivable at cost, net of any unamortized discounts or premiums and adjusted for the estimated provision for expected credit losses.

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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.

We have a seller financing note with a principal balance of $ 43.2 million and an effective interest rate of 6.0 %.

As of September 30, 2025 and December 31, 2024, the remaining unamortized discount was $ 1.8 million and $ 2.7 million, respectively.

The amortization of the discount for the three and nine months ended September 30, 2025 and 2024, was $ 0.3 million and $ 0.9 million, respectively, which was recorded as a component of Interest Income in our Condensed Consolidated Statements of Operations .

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

January 31, 2026

December 31, 2025

Notes receivable - held for sale:

Notes receivable - held for investment:

Total notes receivable

(1) In December 2025, Aimco issued $ 85.0 million of seller financing notes in conjunction with the sale of the Brickell Assemblage.

The seller financing notes have initial terms of 24 months with compounding interest rates that increase from 12 %

to 16 % after twelve months, as well as exit fees of 3 %.

The seller financing notes also allow for two successive one-year renewal options at the buyer's election, upon which the interest rates will increase to 20 % and 24 %, respectively .

(2) During the month ended January 31, 2026 , we finalized an agreement to monetize a subordinated seller financing note associated with property in La Jolla, California, that had an effective interest rate of 6.0 % and a current annual interest rate of 2.9 %.

The agreement was structured as a modification and repayment of the note in January 2026, when we collected the $ 18.5 million balance included within Notes receivable within the Condensed Consolidated Balance Sheet as of December 31, 2025.

During the three months ended March 31, 2025 , we recognized amortization of discount on the seller financing note of $ 0.3 million, which was recorded as a component of Interest Income in our Condensed Consolidated Statements of Operations .

We did not recognize any amortization of the discount during the month ended January 31, 2026 .

Other assets, net

Other assets, net were comprised of the following amounts as of September 30, 2025 and December 31, 2024 ( in thousands ):

September 30, 2025

Liquidation Basis

Upon adoption of the liquidation basis of accounting, deferred costs that will not be converted to cash, such as deferred leasing costs, were written off.

Additionally, prepaid expenses and real estate taxes that will not be converted to cash are written off.

Our unconsolidated real estate partnerships, corporate fixed assets, and accounts receivable were adjusted to their estimated net realizable value.

Our intangible assets were also adjusted to their estimated net realizable value;

as the tax abatement contract will be realized in connection with the sale of the associated real estate, it is presented in Real Estate in the Condensed Consolidated Statement of Net Assets.

Going Concern Basis

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

December 31, 2025

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Intangible assets, net

Corporate fixed assets, net of accumulated depreciation of $ 9,559 and $ 9,591 as of September 30, 2025 and December 31, 2024, respectively

Accounts receivable, net of allowances of $ 800 and $ 352 as of September 30, 2025 and December 31, 2024, respectively

Deferred tax assets

Corporate fixed assets, net of accumulated depreciation of $ 10,103 as of December 31, 2025

Accounts receivable, net of allowances of $ 927 as of December 31, 2025

Total other assets, net

(1) We account for our Interest rate contracts as non-designated hedges.

Other investments

Other investments consist of passive equity investments in 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 three months ended September 30, 2025, we sold our investment in stock, historically measured at fair value.

During the three months ended September 30, 2025, we recognized net gains on our investment in stock of $ 0.4 million, compared to unrealized losses of $ 0.6 million in 2024.

During the three months ended September 30, 2025, we recognized unrealized gains of $ 0.9 million on our investments in property technology funds compared to no unrealized gains or losses in 2024.

During the nine months ended September 30, 2025, we recognized net losses on our investment in stock of $ 0.3 million, compared to unrealized losses of $ 1.3 milli on during the same period in 2024.

During the nine months ended September 30, 2025 and 2024, we recognized unrealized gains on our investments in property technology funds of $ 1.0 million and unrealized gains of $ 0.2 million, respectively.

See Note 5 for discussion of our fair value measurements for these invest ments.

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.

On a periodic basis, we perform a qualitative impairment assessment on our investment in IQHQ in accordance with GAAP.

During the three months ended September 30, 2025, we determined that our investment in IQHQ was further impaired after consideration of factors, such as continued adverse market conditions, IQHQ's financial condition and recent capital raising activities that further diluted our investment.

As a result, we recorded a non-cash impairment charge of $ 6.2 million to reduce the carrying value of the investment in IQHQ to $ 4.8 million as of September 30, 2025.

See Note 5 for further details regarding the remeasurement of our investment in IQHQ.

As of September 30, 2025

As of December 31, 2024

Equity ownership in IQHQ under measurement alternative:

Initial cost of remaining balance

Cumulative upward adjustments

Cumulative impairment

Total carrying value

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

Dividends payable

At the time of a declaration, we accrue for dividends on our Common Stock and distributions on OP units held by third parties in Dividends payable in our Condensed Consolidated Balance Sheets .

At the time of a declaration, we accrue for dividends on our Common Stock and distributions on OP units held by third parties in Dividends payable in our Condensed Consolidated Balance Sheet as of December 31, 2025 or Condensed Consolidated Statement of Net Assets as of March 31, 2026.

The amount accrued includes non-forfeitable and forfeitable dividends on our share-based compensation awards.

Forfeitable dividends are not paid unless and until the underlying share-based compensation award vests.

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 September 30, 2025, we have a liability of $ 332.5 million related to the September 2025 dividend declaration, and $ 1.0 million remaining for forfeitable dividends declared in December 2024 on certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved.

As of March 31, 2026, we have a liability of $ 3.4 million related to certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved or the dual-trigger vesting conditions are met in accordance with the Plan of Sale and Liquidation.

Revenue from contracts with customers

We apply Accounting Standards Codification (“ASC”) 606, “ Revenue from Contracts with Customers ”, in recognizing revenue from our operations at The Benson Hotel.

Going Concern Basis

We apply ASC 606, “ Revenue from Contracts with Customers ”, in recognizing revenue from our operations at The Benson Hotel.

The Benson Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues.

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Our contracts generally have a single performance obligation, recognized at a point in time.

The Benson Hotel generated revenues of $ 2.0 million and $ 1.9 million for the three months ended September 30, 2025 and 2024, respectively, and $ 5.5 million and $ 4.9 million for the nine months ended September 30, 2025 and 2024 , respectively.

Recent accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740):

Improvements to Income Tax Disclosures ” (“ASU 2023-09”), which 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 guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance.

ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted.

We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “ Disaggregation of Income Statement Expenses ” ("ASU 2024-03") , 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.

We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

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

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

Liquidation Basis

The liquidation basis of accounting requires us to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Sale and Liquidation.

As of March 31, 2026, we estimated that we will have costs in excess of estimated receipts during the liquidation process.

These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs and capital expenditures, the timing and value of property sales, estimates of direct costs incurred to complete the sales, the timing and estimated amounts associated with discharging known and contingent liabilities, and the estimated costs associated with the winding up of operations.

These costs are estimated and are anticipated to be paid out over the liquidation period based on the estimated disposal date of each asset;

however, no assurances can be provided that the dates used in estimation will be met.

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

As of February 1, 2026

Rental and other property revenues

Property operating expenses

General and administrative expenses

Interest income

Interest expense

Capital expenditures

Capital expenditures for active construction (1)

Liquidation transaction costs (2)

Distributions and returns to noncontrolling interests

Other estimated (costs), net of receipts

Liabilities for estimated costs in excess of estimated receipts during liquidation

(1) Capital expenditures for our one multifamily development project under construction in Miami, Florida is primarily funded through a construction loan and preferred equit y draws.

Our estimated future capital expenditures exclude certain commitments we expect will not be incurred prior to the sale of our interest in the active development.

(2) Liquidation transaction costs primarily include disposal costs related to the sale of the Company's assets, severance expenses, and advisory expenses related to the Plan of Sale and Liquidation.

The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of March 31, 2026 is as follows ( in thousands ):

As of February 1, 2026

Revenue Recognized / Expense Incurred

As of March 31, 2026

Estimated net inflows from real estate (1)

Interest income

Total estimated assets

General and administrative expenses

Interest expense

Capital expenditures

Capital expenditures for active construction

Distributions and returns to noncontrolling interests

Liquidation transaction costs

Other estimated (costs), net of receipts

Total estimated liabilities

Liabilities for estimated costs in excess of estimated receipts during liquidation

(1) Estimated net inflows from real estate include estimated future rental and other property revenues during liquidation less estimated future property operating expenses during liquidation

Note 5 — Net Assets in Liquidation

The following is a reconciliation of total Aimco equity under the going concern basis of accounting as of January 31, 2026, to net assets in liquidation under the liquidation basis of accounting as of February 1, 2026 ( in thousands ):

Total Aimco equity as of January 31, 2026:

Increase due to estimated net realizable value of real estate

Increase due to estimated net realizable value of unconsolidated partnerships

Decrease due to estimated net realizable value of notes receivable

Decrease due to estimated net realizable value of other assets, net (1)

Increase due to remeasurement of liabilities

Decrease due to write-off of prepaid assets and deferred costs

Decrease due to liabilities for estimated costs in excess of estimated receipts during liquidation

Decrease due to allocation to noncontrolling interest in Aimco Operating Partnership

Adjustment to reflect the change to the liquidation basis of accounting

Estimated value of net assets in liquidation attributable to Aimco as of February 1, 2026

Total noncontrolling interest in Aimco Operating Partnership as of January 31, 2026:

Increase due to allocation of noncontrolling interest in Aimco Operating Partnership

Estimated value of net assets in liquidation attributable to noncontrolling interest in Aimco Operating Partnership as of February 1, 2026

Estimated value of net assets in liquidation as of February 1, 2026

(1) Other assets, net primarily include other investments and corporate fixed assets.

The following is a reconciliation of total partners' capital attributable to Aimco Operating Partnership under the going concern basis of accounting as of January 31, 2026, to net assets in liquidation under the liquidation basis of accounting as of February 1, 2026 ( in thousands ):

Partners' capital attributable to Aimco Operating Partnership as of January 31, 2026:

Increase due to estimated net realizable value of real estate

Increase due to estimated net realizable value of unconsolidated partnerships

Decrease due to estimated net realizable value of notes receivable

Decrease due to estimated net realizable value of other assets, net (1)

Increase due to remeasurement of liabilities

Decrease due to write-off of prepaid assets and deferred costs

Decrease due to liabilities for estimated costs in excess of estimated receipts during liquidation

Adjustment to reflect the change to the liquidation basis of accounting

Estimated value of net assets in liquidation as of February 1, 2026

(1) Other assets, net primarily include other investments and corporate fixed assets.

Net assets in liquidation decreased by $ 215.3 mill ion during the period February 1, 2026, to March 31, 2026, primarily due to Aimco's declaration and payment of the $ 1.45 per share and per unit liquidating distributions.

Note 6 — Commitments and Contingencies

In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements.

As of September 30, 2025, we had remaining commitments for construction-related contracts of $ 107.6 million, with $ 120.7 million undrawn on our non-recourse construction loans.

As of September 30, 2025, we have remaining unfunded commitments of $ 1.1 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry.

In connection with our development 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 March 31, 2026, we had remaining commitments for construction-related contracts of $ 70.9 million, with $ 88.0 million undrawn on our non-recourse construction loans.

As of March 31, 2026, we have remaining unfunded commitments of $ 0.9 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.

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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 results of operations.

Note 7 — Common Stock, OP Units, and Equivalents

Liquidation Basis

As of March 31, 2026, Aimco has 141.2 million shares of Common Stock outstanding , 1.3 million unvested time-based restricted stock awards, and a maximum of 1.3 million shares of unvested market-based restricted stock awards, with 0.9 million shares of the market-based awards expected to vest based on stock price performance through March 31, 2026.

Additionally, as of March 31, 2026, Aimco has 3.0 million exercisable stock options with a weighted-average exercise price of $ 3.38 per share, reflecting the equitable adjustments as a result of the special dividends paid during the prior year and the initial liquidating distribution.

Aimco Operating Partnership Partners' Capital

As of March 31, 2026, Aimco Operating Partnership has 146.1 million OP Units outstanding, including 141.2 million held by Aimco and 4.9 million held by third parties.

In addition to the OP Units that may be issued to Aimco upon vesting of the restricted stock awards or exercise of stock options discussed above, Aimco Operating Partnership has 4.1 million LTIP II units

with a weighted-average conversion metric of $ 1.87 per unit, reflecting the equitable adjustments as a result of the special dividends paid during the prior year and the initial liquidating distribution.

Note 8 — Earnings per Share and per Unit

Going Concern Basis

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.

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OP Unit equivalents also include unvested long-term incentive partnership units.

The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the three and nine months ended September 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of September 30, 2025, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.4 million and 8.5 million, respectively.

The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the month ended January 31, 2026, and three months ended March 31, 2025, because the effect of their inclusion would have been antidilutive.

As of January 31, 2026, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 3.9 million and 8.1 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.

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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 not included in the computation of diluted earnings per share and unit for the three and nine months ended September 30, 2025 and 2024, because the effect of their inclusion would have been antidilutive.

As of September 30, 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 three and nine months ended September 30, 2025 and 2024, are as follows ( in thousands, except per share and per unit data ):

Participating securities were not included in the computation of diluted earnings per share and unit for the month ended January 31, 2026, and three months ended March 31, 2025, because the effect of their inclusion would have been antidilutive.

As of January 31, 2026, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.5 million.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the month ended January 31, 2026, and three months ended March 31, 2025, are as follows ( in thousands, except per share and per unit data ):

Three Months Ended

September 30,

Nine Months Ended

September 30,

Earnings per share

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Three Months Ended

September 30,

Nine Months Ended

September 30,

Earnings per unit

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Net income (loss) attributable to Aimco Operating Partnership per unit – diluted

Note 5 — Fair Value Measure ments and Disclosures

Recurring Fair Value Measurements

In determining the fair value of our financial instruments, we apply ASC 820, “ Fair Value Measurement and Disclosures ”.

The 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 Other assets, net in our Condensed Consolidated Balance Sheets .

As of September 30, 2025, we held interest rate caps with a maximum notional value of $ 370.3 million.

These instruments were acquired for $ 2.8 million, and the fair value of these instruments is $ 0.2 million as noted in the table below.

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 Condensed 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 Condensed Consolidated Statements of Cash Flows .

During the three months ended September 30, 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 September 30, 2025 and December 31, 2024, we have investments in property technology funds of $ 4.8 million and $ 3.5 million, respectively, in entities that develop technology related to the real estate industry.

These investments are m easured 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 3 for further information regarding unfunded commitments related to these investments.

The following table summarizes the fair value for our interest rate contracts, investments in stock, and our investments in real estate technology funds as of September 30, 2025 and December 31, 2024 ( in thousands ):

As of September 30, 2025

As of December 31, 2024

Interest rate contracts

Investments in stock

Investments in real estate technology funds (1)

(1) Investments measured at fair value using NAV as a 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 September 30, 2025, and December 31, 2024 and are categorized within Level 1 of the GAAP fair value hierarchy.

We estimate the fair value of our non-recourse property debt and non-recourse construction loans 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 valuation hierarchy based on the significance of certain observable inputs used to estimate their fair value.

The following table summarizes the carrying value and fair value of our non-recourse property debt, and non-recourse construction loans as of September 30, 2025 and December 31, 2024 ( in thousands ):

As of September 30, 2025

As of December 31, 2024

Carrying Value

Non-recourse property debt

Non-recourse construction loans

Nonrecurring Fair Value Measurements

During the three and nine months ended September 30, 2025, we recorded a non-cash impairment charge of $ 57.4 million related to properties located in Colorado's Front Range.

We used a third-party appraisal, broker opinion of value, and 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.

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 three and nine months ended September 30, 2025, we recorded a non-cash impairment charge of $ 6.2 million related to our passive equity investment in IQHQ.

This impairment charge was derived using an internal valuation of IQHQ, which 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 are capitalization rates and discount rates, which ranged from 5.75 % to 8.23 % and 7.25 % to 9 %, respectively.

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 determined that the fair values of these properties are classified within Level 2 of the fair value hierarchy.

Note 6 — Variable 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.

We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary.

Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary.

Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, five 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.

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 September 30, 2025 and December 31, 2024 ( in thousands, except for Count of VIEs ):

As of September 30, 2025

As of December 31, 2024

Unconsolidated

Count of VIEs

Net real estate

Cash and cash equivalents

Restricted cash

Notes receivable

Right-of-use lease assets - finance leases

Other assets, net

Non-recourse construction loans, net

Lease liabilities - finance leases

Accrued liabilities and other

Note 7 — Lease Arrangements

Note 9 — Lease Ar rangements

Liquidation Basis

Aimco as Lessor

We accrue all income that we expect to earn through the completion of our liquidation based on the estimated disposal date of each asset, to the extent we have a reasonable basis for estimation.

Rental and other property revenues are estimated based on projected multifamily operations and contractual in-place leases for commercial space through the anticipated disposition date of the properties.

Sublease income is estimated based on the contractual in-place sublease arrangements.

These amounts are recognized within Liabilities for estimated costs in excess of estimated receipts during liquidation in the Condensed Consolidated Statement of Net Assets.

See Note 4 for additional information regarding the liabilities for costs in excess of estimated receipts during liquidation.

Aimco as Lessee

Future lease obligations for our ground leases are recognized within Lease liabilities - finance leases, while future lease obligations for our corporate office space are included within Accounts payable and accrued expenses in the Condensed Consolidated Statement of Net Assets.

These lease liabilities are measured at the present value of the expected future lease payments over the liquidation period at discount rates equivalent to the rates we would have paid on a secured borrowing with terms similar to the leases at commencement.

Going Concern Basis

Aimco as Lessor

Our apartment homes and commercial spaces are leased to tenants under operating leases.

As of September 30, 2025 , our apartment home leases generally have initial terms of 24 months or less.

As of September 30, 2025, our commercial space leases generally have initial terms betwee n 5 and 15 y ears and represent approxim ately 9 % to 10 % of our total revenue.

As of January 31, 2026 , our apartment home leases generally had initial terms of 24 months or less.

As of January 31, 2026, our commercial space leases generally had initial terms betwee n 5 and 15 y ears and represent approxim ately 4 % to 5 % of 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.

We have a sublease arrangement providing space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029 .

For the three and nine months ended September 30, 2025, we recognized sublease income of $ 0.4 million and $ 1.1 million, respectively.

For the same periods in 2024 , we recognized sublease income of $ 0.4 million and $ 1.1 million, respectively.

For the month ended January 31, 2026, we recognized sublease income of $ 0.1 million.

For the three months ended March 31, 2025 , we recognized sublease income of $ 0.4 million.

The majority of lease payments we receive from our residents and tenants are fixed.

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We have elected the practical expedient to not separate non-lease components from associated lease components in accordance with ASC 842.

For the three and nine months ended September 30, 2025 and 2024, our total lease income was comprised of the following amounts for all residential and commercial property leases ( in thousands ):

For the month ended January 31, 2026, and three months ended March 31, 2025, our total lease income was comprised of the following amounts for all residential and commercial property leases ( in thousands ):

Three Months Ended

September 30,

Nine Months Ended

September 30,

Fixed lease income

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Total lease income

Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of September 30, 2025, are as follows (in thousands) :

Corporate Office Sublease

Commercial Leases

Remainder of 2025

Aimco as Lessee

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Substantially all of our office lease payments are fixed.

See the table below for lease costs, net of capitalized finance lease costs, for the three and nine months ended September 30, 2025 and 2024 ( in thousands ):

See the table below for lease costs, net of capitalized finance lease costs, for the month ended January 31, 2026, and three months ended March 31, 2025 ( in thousands ):

Three Months Ended

September 30,

Nine Months Ended

September 30,

Operating lease costs

Finance lease costs:

Amortization of right-of-use assets, net of capitalized amounts

Interest on lease liabilities, net of capitalized amounts

Amortization of right-of-use assets

Interest on lease liabilities

Total lease costs, net of capitalized amounts

The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of September 30, 2025, and December 31, 2024:

September 30, 2025

December 31, 2024

Weighted average remaining lease term (years):

Operating leases

Finance leases

Weighted-average discount rate:

Operating leases

Finance leases

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 p rovides 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 September 30, 2025 and December 31, 2024, operating lease right-of-use lease assets of $ 3.8 million and $ 4.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets .

As of September 30, 2025 and December 31, 2024, operating lease liabilities of $ 7.8 million and $ 9.2 million, respectively, are included in Accrued liabilities and other in our Condensed 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 Condensed Consolidated Balance Sheets .

Leases with an initial term greater than 12 months are recorded as operating or finance leases in our Condensed Consolidated Balance Sheets .

Annual Future Minimum Lease Payments

Combined annual future minimum lease payments under our operating and finance leases are as follows as of September 30, 2025 ( in thousands ):

Operating Leases

Finance Leases

Remainder of 2025

Total lease liabilities

Note 8 — Assets Held for Sale and Discontinue d 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 October 3, 2025, subsequent to quarter end , 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:

Note 10 — Assets Held fo r Sale and Discontinued Operations

During the third and fourth quarters of 2025, we sold five properties located in the suburban Boston area in Massachusetts, New Hampshire, and Rhode Island (the “Boston Portfolio” ) for $ 740.0 million.

In connection with the sale of the Boston portfolio, $ 173.4 million of non-recourse property debt was assumed by the purchaser.

In January 2026, we received the remaining funding of a significant, non-refundable deposit for the sale of our portfolio of seven apartment properties located in the Chicago market (the “Chicago Portfolio”).

We determined that the Chicago Portfolio met the held-for-sale criteria beginning on this date.

In March 2026, we completed the sale of the Chicago Portfolio for $ 455.0 million.

In connection with the sale of the Chicago Portfolio, $ 282.5 million of non-recourse property debt was assumed by the purchaser.

We determined that the Boston Portfolio and Chicago Portfolio were each disposal groups that met the criteria of discontinued operations as the sales of these properties represented strategic shifts that had significant effects 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 ”.

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 September 30, 2025 and December 31, 2024 ( in thousands ):

September 30, 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, 2025 ( in thousands ):

December 31, 2025

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Other assets, net

Assets held for sale, net

Assets from discontinued operations, net

Non-recourse property debt, net

Accrued liabilities and other

Liabilities related to assets held for sale, net

The following table summarizes income from discontinued operations and the related gain on disposition of real estate for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,

Nine Months Ended September 30,

Liabilities from discontinued operations, net

The following table summarizes income from discontinued operations for the month ended January 31, 2026, and three months ended March 31, 2025:

Three Months Ended

Rental and other property revenues

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Interest expense

Gain on dispositions of real estate

Income (loss) from discontinued operations before income tax

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Net income (loss) from discontinued operations attributable to Aimco

The following table summarizes cash flow information related to the discontinued operation for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30,

The following table summarizes cash flow information related to the discontinued operation for the month ended January 31, 2026, and three months ended March 31, 2025:

Three Months Ended

Total operating cash flows from (used in) discontinued operations

Total investing cash flows from (used in) discontinued operations

On December 30, 2024, we entered into an agreement to sell the Brickell Assemblage.

The transaction is scheduled to occur in the fourth quarter of 2025.

We determined the Brickell Assemblage was a disposal group that met the criteria to be classified as held for sale as of September 30, 2025 and December 31, 2024.

During the fourth quarter of 2025 , we entered into an agreement to sell two properties located in Plantation, Florida, and Nashville, Tennessee and received a significant, non-refundable deposit in connection therewith.

We determined the two properties represented a disposal group that met the criteria to be classified as held for sale as of January 31, 2026, and December 31, 2025.

In February 2026, we completed the sale of these two properties for $ 155.0 million.

The transaction does not meet the criteria for discontinued operations classification.

The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the real estate properties held for sale as of September 30, 2025 and December 31, 2024 ( in thousands ):

September 30, 2025

The following table presents a summary of the major components of assets and liabilities, in accordance with GAAP, related to the real estate properties held for sale as of December 31, 2025 ( in thousands ):

December 31, 2025

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Liabilities related to assets held for sale, net

Note 9 — Business Segments

We have three segments:

(i) Development and Redevelopment;

Note 11 — Business Segment s

Prior to the adoption of the Plan of Sale and Liquidation, we had three segments:

(i) Development;

(ii) Operating;

and (iii) Other.

Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved stabilization, as well as land held for development.

As of September 30, 2025 , our Development and Redevelopment segment consists of 9 properties, including one under construction, two completed and in lease-up, and one that has completed lease-up and is stabilizing operations.

Our Operating segment includes 15 residential 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.

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 and Redevelopment or Operating segments.

Our Other segment includes The Benson Hotel, our only hotel.

Prior period segment information has been recast based upon our current segment population, and is consistent with how our President and Chief Executive Officer , the chief operating decision maker ( “CODM”) evaluates the business.

During the three months ended September 30, 2025 , we reclassified as discontinued operations the five properties within our Boston portfolio, which was previously reported within the Operating segment.

Refer to Note 8 for the operating results of our Boston portfolio.

Our CODM evaluates performance and allocates resources for all of our segments using historical and projected property net operating income ( “PNOI”), which is our measure of segment profit or loss.

Subsequent to the adoption of the Plan of Sale and Liquidation, we no longer make operating decisions or assess performance in separate segments as all assets are considered held for sale.

Our Development segment consisted of rental communities that were under construction or had not achieved stabilization, as well as land held for development.

As of January 31, 2026 , our Development segment consisted of 9 properties, including one under construction, two completed and in lease-up, one that had completed lease-up and was stabilizing operations, and five undeveloped land parcels.

Our Operating segment included 8 residential apartment communities with 1,029 apartment homes that had achieved a stabilized level of operations as of January 1, 2025 and maintained it throughout the current year and comparable period.

Two of the communities, Hillmeade and Plantation Gardens, met the held for sale criteria in accordance with GAAP as described in Note 3.

We aggregated all our apartment communities that had reached stabilization into our Operating segment.

Our Other segment consisted of owned properties that were not included in our Development or Operating segments.

Our Other segment included The Benson Hotel, our only hotel.

Prior period segment information has been recast based upon our current segment population, and is consistent with how our President and Chief Executive Officer, the chief operating decision maker (“CODM”) evaluated the business prior to adoption of the Plan of Sale and Liquidation.

During the month ended January 31, 2026, we reclassified and recast as discontinued operations the seven properties within our Chicago Portfolio, which was previously reported within the Operating segment.

Refer to Note 10 for the operating results of our discontinued operations, which consists of both the Chicago Portfolio and Boston Portfolio.

Prior to the adoption of the Plan of Sale and Liquidation, o ur CODM evaluated performance and allocated resources for all of our segments using historical and projected property net operating income ( “PNOI”), which was our measure of segment profit or loss.

PNOI is defined as rental and other property revenues, excluding utility reimbursem ents, less direct property operating expenses, including utility reimbursements, for the consolidated communities ;

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• 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 in Note 2.

The following tables present the results of operations of consolidated properties within our segments for the three months ended September 30, 2025 and 2024 ( in thousands ):

Development and Redevelopment

Adjustments (1)

Corporate and Amounts Not Allocated to Segments (2)

Three Months Ended September 30, 2025

Rental and other property revenues

Controllable operating expenses (3)

Real estate taxes, net of capitalized amounts

Utilities expense, net of utility reimbursements

Property insurance expense, net of capitalized amounts

Other property operating expenses (4)

Property operating expenses

Property net operating income (loss)

Other operating expenses not allocated to segments (5)

Other items included in income (loss) from continuing operations before income tax (6)

Income (loss) from continuing operations before income tax

Development and Redevelopment

Adjustments (1)

Corporate and Amounts Not Allocated to Segments (2)

Three Months Ended September 30, 2024

Rental and other property revenues

Controllable operating expenses (3)

Real estate taxes, net of capitalized amounts

Utilities expense, net of utility reimbursements

Property insurance expense, net of capitalized amounts

Other property operating expenses (4)

Property operating expenses

Property net operating income (loss)

Other operating expenses not allocated to segments (5)

Other items included in income (loss) from continuing operations before income tax (6)

Income (loss) from continuing operations before income tax

The following tables present the results of operations of consolidated properties within our segments for the nine months ended September 30, 2025 and 2024 ( in thousands ):

Development and Redevelopment

Prior to the adoption of the Plan of Sale and Liquidation, our CODM used 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 was 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 impacted

short term incentive compensation for employees, also previously included consideration of PNOI.

The accounting policies of segments were the same as those under the going concern basis of accounting described in the summary of significant accounting policies in Note 3.

The following tables present the results of operations of consolidated properties within our segments for the month ended January 31, 2026, and three months ended March 31, 2025 ( in thousands ):

Adjustments (1)

Corporate and Amounts Not Allocated to Segments (2)

Nine Months Ended September 30, 2025

Month Ended January 31, 2026

Rental and other property revenues

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Income (loss) from continuing operations before income tax

Development and Redevelopment

Adjustments (1)

Corporate and Amounts Not Allocated to Segments (2)

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Rental and other property revenues

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Income (loss) from continuing operations before income tax

(1) Represents the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed 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 period or held for sale at the end of the period, 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, turnover, 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 consist 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, 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.

Net real estate and non-recourse property debt and construction loans, net, of our segments as of September 30, 2025 and December 31, 2024, were as follows ( in thousands ):

Development and Redevelopment

As of September 30, 2025

Buildings and improvements

Total real estate

Accumulated depreciation

Net real estate

Non-recourse property debt and construction loans, net

Development and Redevelopment

(1) Represents the reclassification of utility reimbursements, which were included in Rental and other property revenues in our Condensed 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 or subsequent to the period.

Also includes property management expenses and casualty gains and losses, which were included in consolidated property operating expenses and were not part of our segment performance measure.

(3) Controllable operating expenses primarily consisted of property personnel costs, marketing, repairs and maintenance, and contract services.

(4) Other property operating expenses included property management costs and casualty gains or losses, which were included in consolidated property operating expenses and were not part of our segment performance measure.

(5) Other operating expenses not allocated to segments consisted of depreciation and amortization, and general and administrative expenses.

(6) Other items included in Income (loss) before income tax consisted primarily of interest income, interest expense, 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.

Net real estate and non-recourse property debt and construction loans, net, of our segments as of December 31, 2025, were as follows ( in thousands ):

As of December 31, 2025

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Non-recourse property debt and construction loans, net

Capital additions with in our segments for the three and nine months ended September 30, 2025 and 2024, were as follows ( in thousands ):

Three Months Ended September 30,

Nine Months Ended September 30,

Development and Redevelopment

Capital additions with in our segments for the month ended January 31, 2026, and three months ended March 31, 2025, were as follows ( in thousands ):

Three Months Ended

Corporate and Amounts Not Allocated to Segments (1)

Total capital additions

(1) During the three and nine months ended September 30, 2025 and 2024, certain capital additions pertained to properties that were sold or reclassified as held for sale and therefore are not included in our segments as capital additions at those respective period ends.

We added a row to the table above for presentation purposes to display these capital additions for the three and nine months ended September 30, 2025 and 2024 .

In addition to the amounts disclosed in the tables above, as of September 30, 2025 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 106.8 million and $ 124.4 million, respectively, and as of December 31, 2024 , aggregated to $ 107.7 million and $ 121.8 million, respectively.

As of September 30, 2025 , right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

(1) During the month ended January 31, 2026, and three months ended March 31, 2025, certain capital additions pertained to properties that were sold or reclassified as held for sale and therefore are not included in our segments as capital additions at those respective period ends.

We added a row to the table above for presentation purposes to display these capital additions for the month ended January 31, 2026, and three months ended March 31, 2025 .

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.

Right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

Note 12 — Subsequent Events

Subsequent to quarter end, 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 with a carrying value of $ 19.0 million presented within Notes Receivable in our Condensed Consolidated Balance Sheets as of September 30, 2025 , along with $ 7.5 million of cash, for f ull ownership of 300 Broward Avenue.

Subsequent to quarter end, we amended the December 30, 2024 agreement to sell the properties located at 1001 Brickell Bay Drive and 1111 Brickell Bay Drive in Miami, Florida (together referred to as the “Brickell Assemblage”) to Brickell Bay Property Owner LLC (the “Buyer”) for a gross price of $ 520.0 million.

The Buyer notified Aimco that it intended to exercise its option, as permitted in the December 30, 2024 agreement, to finance up to $ 115.0 million of the purchase price with transferable seller financing notes provided by Aimco.

On November 8, 2025, the agreement was amended such that closing is now scheduled for December of 2025 and the buyer will finance $ 70.0 million of the purchase price with transferable seller financing notes from Aimco.

The seller financing notes will have a term of 24 months with a compounding interest rate that increases from 12 % to 22 % over the duration of the loan as well as exit fees ranging from 1 % to 4 %.

In addition, on November 10, 2025, $ 15.0 million of the $ 50.0 million non-refundable deposit has been released to Aimco with the remainder held in escrow, $ 20.0 million is to be released to Aimco on the original closing date, November 18, 2025, and $ 15.0 million will be applied to the closing.

Subsequent to quarter end, 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”).

Effectiveness of the Plan of Sale and Liquidation is subject to approval by the affirmative vote of the holders of Common Stock entitled to cast two-thirds of all the votes entitled to be cast on the matter.

Aimco currently anticipates that the Plan of Sale and Liquidation would be submitted for stockholder approval at a special meeting of stockholders, expected to occur in early 2026.

Subsequent to quarter end, we sold two properties in New York City and one property in Atlanta, Georgia, for a combined sales price of $ 56.5 million.

Subsequent to quarter end, we received a non-refundable deposit and agreed to sell our remaining property in New York City for a sales price of $ 22.8 million.

The sale is scheduled to close in the third quarter of 2026.

Subsequent to quarter end, we sold the four properties located in San Diego, California, held by four unconsolidated real estate partnerships, with our share of the net proceeds totaling $ 41.9 million, net of transaction costs of $ 0.9 million.

On April 30, 2026 , we declared a liquidating distribution of $ 1.30 per share of Common Stock and per OP Unit, to be paid on June 3, 2026 , to stockholders of record on May 15, 2026 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements