APARTMENT INVESTMENT & MANAGEMENT CO 10-Q

ITEM 1. FINANCIAL STATEMENTS APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONDENSED CONSOLIDATED STATEMENT OF NET ASSETS (Liquidation Basis) (In thousands) (Unaudited) March 31, 2026 ASSETS Real estate $ 1,061,887 Cash, cash equivalents, and restricted cash 224,333 Unconsolidated real estate partnerships 44,658 Notes receivable and other investments 89,519 Rents and other receivables 13,441 Total assets $ 1,433,838 LIABILITIES Non-recourse property debt, construction loans, and bridge financing $ 458,770 Lease liabilities - finance leases 11,684 Liabilities for noncontrolling interests in consolidated real estate partnerships 50,190 Liabilities for estimated costs in excess of estimated receipts during liquidation 104,052 Mezzanine investment - participation sold 33,500 Dividends payable 3,415 Accounts payable and accrued expenses 66,325 Total liabilities $ 727,936 Commitments and contingencies (Note 6) Net assets in liquidation attributable to Aimco 671,569 Net assets in liquidation attributable to noncontrolling interests in Aimco Operating Partnership 34,333 Net assets in liquidation $ 705,902 See notes to condensed consolidated financial statements. 4 Table of Contents APARTMENT INVESTMENT A ND MANAGEMENT COMPANY CONDENSED CONSOLIDA TED BALANCE SHEET (Going Concern Basis) (In thousands, except share data) (Unaudited) December 31, 2025 ASSETS Buildings and improvements $ 744,941 Land 199,187 Total real estate 944,128 Accumulated depreciation ( 111,585 ) Net real estate 832,543 Cash and cash equivalents 394,891 Restricted cash 10,131 Notes receivable 103,863 Right-of-use lease assets - finance leases 106,438 Other assets, net 81,720 Assets from discontinued operations and held for sale, net 146,147 Total assets $ 1,675,733 LIABILITIES AND EQUITY Non-recourse property debt, net $ 58,180 Non-recourse construction loans and bridge financing, net 399,142 Total indebtedness 457,322 Lease liabilities - finance leases 124,794 Dividends payable 4,320 Accrued liabilities and other 136,459 Liabilities related to discontinued operations and assets held for sale, net 399,953 Total liabilities 1,122,848 Redeemable noncontrolling interests in consolidated real estate partnerships 158,292 Commitments and contingencies (Note 6) Equity ( 510,587,500 shares authorized at December 31, 2025): Common Stock, $ 0.01 par value, 140,158,784 shares issued and outstanding at December 31, 2025 1,402 Additional paid-in capital 429,144 Retained earnings (deficit) ( 68,693 ) Total Aimco equity 361,853 Noncontrolling interests in consolidated real estate partnerships 20,000 Common noncontrolling interests in Aimco Operating Partnership 12,740 Total equity 394,593 Total liabilities and equity $ 1,675,733 See notes to condensed consolidated financial statements. 5 Table of Contents APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (Liquidation Basis) (In thousands) (Unaudited) For the Period from February 1, 2026, to March 31, 2026 Attributable to Aimco Attributable to Noncontrolling Interests in Aimco Operating Partnership Total Net Assets in Liquidation Net assets in liquidation, beginning of period $ 879,596 $ 41,616 $ 921,212 Change in net assets in liquidation Liquidating distributions to stockholders ( 207,966 ) — ( 207,966 ) Liquidating distributions to noncontrolling interests in Aimco Operating Partnership — ( 7,344 ) ( 7,344 ) Reallocation of noncontrolling interests in Aimco Operating Partnership ( 61 ) 61 — Changes in net assets in liquidation ( 208,027 ) ( 7,283 ) ( 215,310 ) Net assets in liquidation, end of period $ 671,569 $ 34,333 $ 705,902 See notes to condensed consolidated financial statements. 6 Table of Contents APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS (Going Concern Basis) (In thousands, except per share data) (Unaudited) Month Ended January 31, Three Months Ended March 31, 2026 2025 REVENUES Rental and other property revenues $ 6,159 $ 22,882 OPERATING EXPENSES Property operating expenses 4,132 13,138 Depreciation and amortization 3,272 12,055 General and administrative expenses 3,295 8,180 Total operating expenses 10,699 33,373 Interest income 2,247 2,085 Interest expense ( 3,253 ) ( 11,695 ) Realized and unrealized gains (losses) on interest rate contracts ( 8 ) ( 261 ) Realized and unrealized gains (losses) on equity investments 258 ( 397 ) Other income (expense), net ( 1,242 ) ( 479 ) Income (loss) from continuing operations before income tax ( 6,538 ) ( 21,238 ) Income tax benefit (expense) — 85 Net income (loss) from continuing operations ( 6,538 ) ( 21,153 ) Income (loss) from discontinued operations, net of taxes 863 9,441 Net income (loss) ( 5,675 ) ( 11,712 ) Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 2,243 ) ( 2,673 ) Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 96 ) ( 296 ) Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership 271 765 Net income (loss) attributable to Aimco $ ( 7,743 ) $ ( 13,916 ) Earnings (loss) per common share - basic Income (loss) from continuing operations attributable to Aimco per common share $ ( 0.06 ) $ ( 0.17 ) Income (loss) from discontinued operations attributable to Aimco per common share 0.01 0.07 Net income (loss) attributable to Aimco per common share – basic (Note 8) $ ( 0.05 ) $ ( 0.10 ) Earnings (loss) per common share - diluted Income (loss) from continuing operations attributable to Aimco per common share $ ( 0.06 ) $ ( 0.17 ) Income (loss) from discontinued operations attributable to Aimco per common share 0.01 0.07 Net income (loss) attributable to Aimco per common share – diluted (Note 8) $ ( 0.05 ) $ ( 0.10 ) Weighted-average common shares outstanding – basic 140,446 136,903 Weighted-average common shares outstanding – diluted 140,446 136,903 See notes to condensed consolidated financial statements. 7 Table of Contents APARTMENT INVESTMENT A ND MANAGEMENT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF EQUITY For the Month Ended January 31, 2026 and the Three Months Ended March 31, 2025 (Going Concern Basis) (In thousands) (Unaudited) Common Stock Noncontrolling Interests in Common Noncontrolling Interests in Shares Issued Amount Additional Paid- in Capital Retained Earnings (Accumulated Deficit) Total Aimco Equity Consolidated Real Estate Partnerships Aimco Operating Partnership Total Equity Balances at December 31, 2024 136,352 $ 1,364 $ 425,002 $ ( 303,409 ) $ 122,957 $ 39,560 $ 6,849 $ 169,366 Net income (loss) — — — ( 13,916 ) ( 13,916 ) 296 ( 765 ) ( 14,385 ) Share-based compensation expense — — 1,222 130 1,352 — 2 1,354 Contributions from noncontrolling interests in consolidated real estate partnerships — — — — — 174 — 174 Distributions to noncontrolling interests in consolidated real estate partnerships — — — — — ( 430 ) — ( 430 ) Redemption of OP Units held by third parties and reallocation of noncontrolling interests in Aimco Operating Partnership — — ( 145 ) — ( 145 ) — 39 ( 106 ) Common stock repurchased ( 29 ) — ( 256 ) — ( 256 ) — — ( 256 ) Other common stock issuances, net of withholding taxes 838 8 544 — 552 — — 552 Other, net — — ( 58 ) — ( 58 ) — ( 48 ) ( 106 ) Balances at March 31, 2025 137,161 $ 1,372 $ 426,309 $ ( 317,195 ) $ 110,486 $ 39,600 $ 6,077 $ 156,163 Balances at December 31, 2025 140,159 $ 1,402 $ 429,144 $ ( 68,693 ) $ 361,853 $ 20,000 $ 12,740 $ 394,593 Net income (loss) — — — ( 7,743 ) ( 7,743 ) 96 ( 271 ) ( 7,918 ) Share-based compensation expense — — 596 — 596 — — 596 Distributions to noncontrolling interests in consolidated real estate partnerships — — — — — ( 96 ) — ( 96 ) Other common stock issuances, net of withholding taxes 671 7 1,653 — 1,660 — — 1,660 Other, net — — ( 12 ) — ( 12 ) — ( 9 ) ( 21 ) Balances at January 31, 2026 140,830 $ 1,409 $ 431,381 $ ( 76,436 ) $ 356,354 $ 20,000 $ 12,460 $ 388,814 See notes to condensed consolidated financial statements. 8 Table of Contents APARTMENT INVESTMENT AND MANAGEMENT COMPANY CONDENSED CONSOLIDATED S TATEMENTS OF CASH FLOWS (Going Concern Basis) (In thousands) (Unaudited ) Month Ended January 31, Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ ( 5,675 ) $ ( 11,712 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 3,272 12,055 Realized and unrealized (gains) losses on interest rate contracts 8 261 Realized and unrealized (gains) losses on equity investments ( 258 ) 397 Income tax expense (benefit) — ( 85 ) Share-based compensation expense 581 1,136 Loss (income) from unconsolidated real estate partnerships ( 148 ) ( 544 ) Other, including amortization of debt issuance costs 450 2,800 Discontinued operations: Depreciation and amortization 398 4,366 Other adjustments to income (loss) from discontinued operations 24 101 Changes in operating assets and operating liabilities: Operating assets, net ( 1,788 ) ( 3,163 ) Operating liabilities, net ( 36,211 ) ( 1,784 ) Total adjustments ( 33,672 ) 15,540 Net cash provided by (used in) operating activities ( 39,347 ) 3,828 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (1) ( 7,535 ) ( 19,191 ) Proceeds from repayment of seller financing receivable 18,500 — Other investing activities ( 532 ) ( 557 ) Net cash provided by (used in) investing activities 10,433 ( 19,748 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from non-recourse construction loans and bridge financing 4,920 9,589 Principal repayments on non-recourse property debt — ( 817 ) Proceeds from interest rate contracts 6 823 Purchase of interest rate contracts — ( 313 ) Common stock repurchased — ( 256 ) Payments related to withholding taxes for share-based compensation ( 192 ) ( 2,139 ) Dividends paid on common stock and distributions paid on OP Units ( 991 ) ( 88,213 ) Contributions from redeemable noncontrolling interests 1,700 2,877 Distributions to redeemable noncontrolling interests ( 749 ) ( 2,010 ) Contributions from noncontrolling interests in consolidated real estate partnerships — 174 Distributions to noncontrolling interests in consolidated real estate partnerships ( 96 ) ( 430 ) Redemption of OP Units held by third parties — ( 106 ) Redemption of redeemable noncontrolling interests in consolidated real estate partnerships ( 52,182 ) — Other financing activities 1,844 1,022 Net cash used in financing activities ( 45,740 ) ( 79,799 ) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH ( 74,654 ) ( 95,719 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 407,196 172,956 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 332,542 $ 77,237 (1) Accrued capital expenditures were $ 14.9 million and $ 14.8 million as of January 31, 2026, and March 31, 2025 , respectively. See notes to condensed consolidated financial statements. 9 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDATED STATEMENT OF NET ASSETS (Liquidation Basis) (In thousands) (Unaudited) March 31, 2026 ASSETS Real estate $ 1,061,887 Cash, cash equivalents, and restricted cash 224,333 Unconsolidated real estate partnerships 44,658 Notes receivable and other investments 89,519 Rents and other receivables 13,441 Total assets $ 1,433,838 LIABILITIES Non-recourse property debt, construction loans, and bridge financing $ 458,770 Lease liabilities - finance leases 11,684 Liabilities for noncontrolling interests in consolidated real estate partnerships 50,190 Liabilities for estimated costs in excess of estimated receipts during liquidation 104,052 Mezzanine investment - participation sold 33,500 Dividends payable 3,415 Accounts payable and accrued expenses 66,325 Total liabilities $ 727,936 Commitments and contingencies (Note 6) Net assets in liquidation $ 705,902 See notes to condensed consolidated financial statements. 10 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDA TED BALANCE SHEET (Going Concern Basis) (In thousands) (Unaudited) December 31, 2025 ASSETS Buildings and improvements $ 744,941 Land 199,187 Total real estate 944,128 Accumulated depreciation ( 111,585 ) Net real estate 832,543 Cash and cash equivalents 394,891 Restricted cash 10,131 Notes receivable 103,863 Right-of-use lease assets - finance leases 106,438 Other assets, net 81,720 Assets from discontinued operations and held for sale, net 146,147 Total assets $ 1,675,733 LIABILITIES AND EQUITY Non-recourse property debt, net $ 58,180 Non-recourse construction loans and bridge financing, net 399,142 Total indebtedness 457,322 Lease liabilities - finance leases 124,794 Dividends payable 4,320 Accrued liabilities and other 136,459 Liabilities related to discontinued operations and assets held for sale, net 399,953 Total liabilities 1,122,848 Redeemable noncontrolling interests in consolidated real estate partnerships 158,292 Commitments and contingencies (Note 6) Partners’ capital: General Partner and Special Limited Partner ( 140,158,784 OP Units issued and outstanding at December 31, 2025) 361,853 Limited Partners ( 4,924,401 OP Units issued and outstanding at December 31, 2025) 12,740 Partners’ capital attributable to Aimco Operating Partnership 374,593 Noncontrolling interests in consolidated real estate partnerships 20,000 Total partners’ capital 394,593 Total liabilities and partners’ capital $ 1,675,733 See notes to condensed consolidated financial statements. 11 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (Liquidation Basis) (In thousands) (Unaudited) For the Period from February 1, 2026, to March 31, 2026 Net assets in liquidation attributable to Aimco Operating Partnership, beginning of period $ 921,212 Change in net assets in liquidation Liquidating distributions to OP Unit holders ( 215,310 ) Changes in net assets in liquidation ( 215,310 ) Net assets in liquidation attributable to Aimco Operating Partnership, end of period $ 705,902 See notes to condensed consolidated financial statements. 12 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS (Going Concern Basis) (In thousands, except per unit data) (Unaudited) Month Ended January 31, Three Months Ended March 31, 2026 2025 REVENUES Rental and other property revenues $ 6,159 $ 22,882 OPERATING EXPENSES Property operating expenses 4,132 13,138 Depreciation and amortization 3,272 12,055 General and administrative expenses 3,295 8,180 Total operating expenses 10,699 33,373 Interest income 2,247 2,085 Interest expense ( 3,253 ) ( 11,695 ) Realized and unrealized gains (losses) on interest rate contracts ( 8 ) ( 261 ) Realized and unrealized gains (losses) on equity investments 258 ( 397 ) Other income (expense), net ( 1,242 ) ( 479 ) Income (loss) from continuing operations before income tax ( 6,538 ) ( 21,238 ) Income tax benefit (expense) — 85 Net income (loss) from continuing operations ( 6,538 ) ( 21,153 ) Income (loss) from discontinued operations, net of taxes 863 9,441 Net income (loss) ( 5,675 ) ( 11,712 ) Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 2,243 ) ( 2,673 ) Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 96 ) ( 296 ) Net income (loss) attributable to Aimco Operating Partnership $ ( 8,014 ) $ ( 14,681 ) Earnings (loss) per common unit - basic Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit $ ( 0.06 ) $ ( 0.17 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit 0.01 0.07 Net income (loss) attributable to Aimco Operating Partnership per common unit – basic (Note 8) $ ( 0.05 ) $ ( 0.10 ) Earnings (loss) per common unit - diluted Income (loss) from continuing operations attributable to Aimco Operating Partnership per common unit $ ( 0.06 ) $ ( 0.17 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership per common unit 0.01 0.07 Net income (loss) attributable to Aimco Operating Partnership per common unit – diluted (Note 8) $ ( 0.05 ) $ ( 0.10 ) Weighted-average common units outstanding – basic 145,370 144,457 Weighted-average common units outstanding – diluted 145,370 144,457 See notes to condensed consolidated financial statements. 13 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDATED S TATEMENTS OF PARTNERS’ CAPITAL For the Month Ended January 31, 2026 and the Three Months Ended March 31, 2025 (Going Concern Basis) (In thousands) (Unaudited) General Partner and Special Limited Partner Limited Partners Partners’ Capital Attributable to Aimco Operating Partnership Noncontrolling Interests in Consolidated Real Estate Partnerships Total Partners’ Capital Balances at December 31, 2024 $ 122,957 $ 6,849 $ 129,806 $ 39,560 $ 169,366 Net income (loss) ( 13,916 ) ( 765 ) ( 14,681 ) 296 ( 14,385 ) Share-based compensation expense 1,352 2 1,354 — 1,354 Contributions from noncontrolling interests in consolidated real estate partnerships — — — 174 174 Distributions to noncontrolling interests in consolidated real estate partnerships — — — ( 430 ) ( 430 ) Redemption of OP Units held by third parties and reallocation of limited partners' interests in Aimco Operating Partnership ( 145 ) 39 ( 106 ) — ( 106 ) Redemption of OP Units held by Aimco ( 256 ) — ( 256 ) — ( 256 ) Other OP Unit issuances 552 — 552 — 552 Other, net ( 58 ) ( 48 ) ( 106 ) — ( 106 ) Balances at March 31, 2025 $ 110,486 $ 6,077 $ 116,563 $ 39,600 $ 156,163 Balances at December 31, 2025 $ 361,853 $ 12,740 $ 374,593 $ 20,000 $ 394,593 Net income (loss) ( 7,743 ) ( 271 ) ( 8,014 ) 96 ( 7,918 ) Share-based compensation expense 596 — 596 — 596 Distributions to noncontrolling interests in consolidated real estate partnerships — — — ( 96 ) ( 96 ) Other OP Unit issuances 1,660 — 1,660 — 1,660 Other, net ( 12 ) ( 9 ) ( 21 ) — ( 21 ) Balances at January 31, 2026 $ 356,354 $ 12,460 $ 368,814 $ 20,000 $ 388,814 See notes to condensed consolidated financial statements. 14 Table of Contents AIMCO OP L.P. CONDENSED CONSOLIDATED S TATEMENTS OF CASH FLOWS (Going Concern Basis) (In thousands) (Unaudited) Month Ended January 31, Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ ( 5,675 ) $ ( 11,712 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 3,272 12,055 Realized and unrealized (gains) losses on interest rate contracts 8 261 Realized and unrealized (gains) losses on equity investments ( 258 ) 397 Income tax expense (benefit) — ( 85 ) Share-based compensation expense 581 1,136 Loss (income) from unconsolidated real estate partnerships ( 148 ) ( 544 ) Other, including amortization of debt issuance costs 450 2,800 Discontinued operations: Depreciation and amortization 398 4,366 Other adjustments to income (loss) from discontinued operations 24 101 Changes in operating assets and operating liabilities: Operating assets, net ( 1,788 ) ( 3,163 ) Operating liabilities, net ( 36,211 ) ( 1,784 ) Total adjustments ( 33,672 ) 15,540 Net cash provided by (used in) operating activities ( 39,347 ) 3,828 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (1) ( 7,535 ) ( 19,191 ) Proceeds from repayment of seller financing receivable 18,500 — Other investing activities ( 532 ) ( 557 ) Net cash provided by (used in) investing activities 10,433 ( 19,748 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from non-recourse construction loans and bridge financing 4,920 9,589 Principal repayments on non-recourse property debt — ( 817 ) Proceeds from interest rate contracts 6 823 Purchase of interest rate contracts — ( 313 ) Common stock repurchased — ( 256 ) Payments related to withholding taxes for share-based compensation ( 192 ) ( 2,139 ) Dividends paid on common stock and distributions paid on OP Units ( 991 ) ( 88,213 ) Contributions from redeemable noncontrolling interests 1,700 2,877 Distributions to redeemable noncontrolling interests ( 749 ) ( 2,010 ) Contributions from noncontrolling interests in consolidated real estate partnerships — 174 Distributions to noncontrolling interests in consolidated real estate partnerships ( 96 ) ( 430 ) Redemption of OP Units held by third parties — ( 106 ) Redemption of redeemable noncontrolling interests in consolidated real estate partnerships ( 52,182 ) — Other financing activities 1,844 1,022 Net cash used in financing activities ( 45,740 ) ( 79,799 ) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH ( 74,654 ) ( 95,719 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 407,196 172,956 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 332,542 $ 77,237 (1) Accrued capital expenditures were $ 14.9 million and $ 14.8 million as of January 31, 2026, and March 31, 2025 , respectively. See notes to condensed consolidated financial statements. 15 Table of Contents APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO OP L.P. NOTES TO CONDENSED CONSOLID ATED FINANCIAL STATEMENTS March 31, 2026 (Unaudited) Note 1 — Organization Apartment Investment and Management Company (“Aimco” or “the Company”), a Maryland corporation, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor. Aimco, through a wholly owned subsidiary, is the general partner and is, directly, the special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). As of March 31, 2026, Aimco owned 94.1 % of the legal interest in the common partnership units of Aimco Operating Partnership and 95.1 % of the dilutive economic interest in Aimco Operating Partnership. The remaining 5.9 % legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management. This filing combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, each is referred to specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities. We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. At March 31, 2026, our portfolio includes six consolidated stabilized operating properties, two completed development properties in lease-up, and four unconsolidated properties. Additionally, we have a completed single family rental community, a waterfront ground-up development under construction, and undeveloped land parcels. In addition, we hold seller financing notes receivable related to the December 2025 sale of the Brickell Assemblage and other alternative investments, including our Mezzanine Investment, our investment in IQHQ Holdings, LP (“IQHQ”), and our investment in real estate technology funds. See Note 3 for further information regarding our Mezzanine Investment and our investment in IQHQ. On November 10, 2025, our Board of Directors (the “Board”) determined advisable and approved a Plan of Sale and Liquidation, subject to stockholder approval. The Plan of Sale and Liquidation provides for the Company’s complete liquidation and dissolution in accordance with Section 331, Section 336 and Section 346(a) of the Internal Revenue Code of 1986 (the “Code”), as amended, and the Maryland General Corporation Law (“MGCL”). On February 6, 2026, holders of Common Shares representing approximately 83 % of the outstanding Common Shares voted in favor of the adoption of the Plan of Sale and Liquidation. As a result, the Plan of Sale and Liquidation was adopted. Note 2 — Plan of Sale and Liquidation In accordance with the Plan of Sale and Liquidation, our objectives are to pursue an orderly liquidation by selling or otherwise disposing of our remaining assets, paying or otherwise settling our debts and our known liabilities, providing for the payment of unknown or contingent liabilities, when appropriate and in the Board’s discretion, distributing the net proceeds from liquidation to our stockholders, subject to the creation of necessary reserves for, and the payment or other satisfaction of, expenses and other liabilities and obligations, and winding up our operations and dissolving our Company. The Company is aiming to complete the sales of the remaining assets of the Company and its subsidiaries within 24 months after the February 6, 2026, stockholder approval of the Plan of Sale and Liquidation. There can be no assurance that the Plan of Sale and Liquidation will result in any transaction or that the Plan of Sale and Liquidation will be completed . In connection with the Plan of Sale and Liquidation, we paid a special liquidating distribution of $ 1.45 per share on March 13, 2026 to shareholders of record at the close of business on February 27, 2026. The Plan of Sale and Liquidation enables us to sell any and all of our assets without further approval of Aimco's stockholders and provides that the amounts and timing of liquidating distributions will be determined by the Board in its discretion. Pursuant to applicable REIT rules, liquidating distributions we pay pursuant to the Plan of Sale and Liquidation will qualify for the dividends paid deduction, provided that they are paid within 24 months of the approval of the Plan of Sale and Liquidation by 16 Table of Contents 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 Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated entities. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated entities. All significant intercompany balances and transactions have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Going Concern Basis The Condensed Consolidated Balance Sheet of Aimco and Aimco Operating Partnership as of December 31, 2025 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2025. Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership. We no longer present a condensed consolidated balance sheet, a condensed consolidated statement of operations, a condensed consolidated statement of equity, or a condensed consolidated statement of cash flows subsequent to January 31, 2026. All financial results and disclosure through January 31, 2026, prior to the adoption of the liquidation basis of accounting, are presented on a going concern basis. As a result, the Condensed Consolidated Balance Sheet as of December 31, 2025, as well as the Condensed Consolidated Statements of Operations , the Condensed Consolidated Statements of Equity (Partners Capital) and the Condensed Consolidated Statements of Cash Flow for the month ended January 31, 2026, and the period ended December 31, 2025, are presented using the going concern basis of accounting. Liquidation Basis We have prepared the accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the period from February 1, 2026 to March 31, 2026, in accordance with GAAP, as contained within the Accounting Standards Codification (“ASC”), including Subtopic 205-30, “ Liquidation Basis of Accounting ,” as indicated, and pursuant to the rules and regulations of the Securities and Exchange Commission. 17 Table of Contents We determined that liquidation became imminent as defined in ASC 205-30, “ Liquidation Basis of Accounting, ” based on the results of the Company's solicitation of proxies from its shareholders for their approval of the Plan of Sale and Liquidation. Although shareholder approval of the Plan occurred on February 6, 2026, we adopted the liquidation basis of accounting as of and for the periods subsequent to February 1, 2026. Any activity between February 1, 2026, and February 6, 2026, would not be materially different under the liquidation basis of accounting. Accordingly, on February 1, 2026, assets were adjusted to their estimated net realizable value, also referred to as liquidation value, which represents the estimated amount of cash or other consideration that we expect to collect through the disposal of assets. The liquidation values of our remaining assets are presented on an undiscounted basis. Liabilities are generally carried at their contractual amounts due or estimated settlement amounts. We accrue costs and income that we expect to incur and earn as we carry out our liquidation activities through the end of the projected liquidation period to the extent we have a reasonable basis for estimation. These amounts are classified within Liabilities for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets . The valuation of these amounts represent estimates based on present facts and circumstances of the net realizable value of the costs and income associated with carrying out the Plan of Sale and Liquidation. Actual costs and income may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. See Note 4 for further discussion. Actual costs incurred but unpaid are included in Accounts payable and accrued expenses at March 31, 2026 on the Condensed Consolidated Statement of Net Assets . All our liabilities, under either the going concern basis of accounting or the liquidation basis of accounting, are derecognized when we pay the obligation or when we are legally released from being the primary obligor under the liability. Net assets in liquidation at March 31, 2026 represents the remaining estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the estimated cash flows from operations and the time required to complete the Plan of Sale and Liquidation, actual liquidation costs and sale proceeds may differ materially from the amounts estimated. Principles of consolidation We account for joint ventures and other similar entities in which we hold an ownership interest in accordance with the consolidation guidance. We first evaluate whether each entity is a variable interest entity (“VIE”). Under the VIE model, we consolidate an entity in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. In addition, when an entity is not a VIE, we consolidate under the voting model when we control an entity through ownership of a majority voting interest. We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership. Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, three VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership. In addition, we have seven unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The seven unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and an unconsolidated investment in land held for development in Bethesda, Maryland. Our maximum exposure to loss, because of our involvement with the unconsolidated VIEs, is limited to the carrying value of their assets. 18 Table of Contents Real Estate Liquidation Basis Upon adoption of the liquidation basis of accounting, our investments in real estate were adjusted to their estimated net realizable value. The liquidation value represents the estimated amount of cash that we expect to receive through the disposal of our assets as we carry out the Plan of Sale and Liquidation. We estimated the liquidation value of our real estate investments generally based on either contractual purchase prices or offers received on the properties or, if no contracts or offers had been received yet, on management’s estimate of a property’s liquidation value, taking into account information obtained during the marketing and sale process for the properties, including broker opinions of value, initial market feedback, and market comparables. The liquidation values of our investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated. Subsequent to February 1, 2026, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to our net assets in liquidation. There were no changes subsequent to February 1, 2026 in the estimated liquidation value of the investments in real estate. Going Concern Basis Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an asset may not be recoverable, we assess its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the asset. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. There were no impairment losses recognized during the month ended January 31, 2026, or three months ended March 31, 2025. Non-recourse property debt, construction loans, and bridge financing Liquidation Basis Our non-recourse property debt, construction loans, and bridge financing are recognized at the estimated amount we expect to pay in cash, excluding future accrued interest and principal drawdown amounts, which are recognized within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets. Debt issuance costs were written off as a result of the adoption of the liquidation basis of accounting. As of March 31, 2026, we have non-recourse property debt of $ 59.3 million and non-recourse construction loans and bridge financing of $ 399.5 million presented within Non-recourse property debt, construction loans, and bridge financing in our Condensed Consolidated Statement of Net Assets . Common noncontrolling interests in Aimco Operating Partnership Liquidation Basis Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties and are reflected in Aimco's accompanying Condensed Consolidated Statement of Net Assets as Net assets attributable to noncontrolling interests in Aimco Operating Partnership . The net assets in liquidation is allocated to the holders of OP Units, other than Aimco, based on the number of OP Units (including OP Units held by Aimco) outstanding at the end of the period. As of March 31, 2026, the holders of OP Units had a dilutive economic ownership interest in Aimco Operating Partnership of approximately 4.9 % . Going Concern Basis Common noncontrolling interests in Aimco Operating Partnership are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheet as Common noncontrolling interests in Aimco Operating Partnership . Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including OP Units held by Aimco) outstanding during the period. For the month ended January 31, 2026, and three months ended March 31, 2025, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 3.4 % , and 5.2 %, respectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable noncontrolling interests in consolidated real estate partnerships Liquidation Basis In February 2026, we redeemed the remaining preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities for a cash purchase price of $ 51.9 million, inclusive of accrued 19 Table of Contents preferred return. In addition, we redeemed the preferred equity interest accruing 9.7 % preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up for a cash purchase price of $ 34.0 million, inclusive of accrued preferred return. As of March 31, 2026, redeemable noncontrolling interests in consolidated real estate partnerships consists of the preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development . The preferred equity contributions received and the accrued preferred return through March 31, 2026 are included within Liabilities for noncontrolling interests in consolidated real estate partnerships in Aimco's Condensed Consolidated Statement of Net Assets. The preferred return expected to accrue in future periods through the estimated sale date of our interest in the development is included within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets. Going Concern Basis Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that generally, after a specified holding period, has the right to require such partnership to redeem all or a portion of the noncontrolling interest in accordance with the partnership agreement. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. Redeemable noncontrolling interests in consolidated real estate partnerships as of January 31, 2026, consisted of the following: (i) a preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities, (ii) a preferred equity interest accruing 9.7 % preferred return per annum in a consolidated joint venture with a residential apartment community in lease-up, and (iii) a preferred equity interest accruing 14.5 % preferred return per annum in an entity that owns a waterfront ground-up development. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet as of December 31, 2025. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnership’s creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships for the month ended January 31, 2026, and the three months ended March 31, 2025, ( in thousands ): Month Ended January 31, 2026 Three Months Ended March 31, 2025 Balance at Beginning of Period $ 158,292 $ 142,931 Contributions 1,700 2,877 Distributions ( 749 ) ( 2,010 ) Redemptions (1) ( 52,182 ) — Net income 2,243 2,673 Other — ( 80 ) Balance at End of Period $ 109,304 $ 146,391 (1) In January 2026, we redeemed 50 % of the preferred equity interest that receives 8.0 % preferred return per annum in an entity that owns a portfolio of operating apartment communities for a cash purchase price of $ 52.2 million. Noncontrolling interests in consolidated real estate partnerships As of March 31, 2026 and December 31, 2025 , noncontrolling interests in consolidated real estate partnerships consists of the $ 20.0 million third-party equity interest in a consolidated entity that holds a limited partner interest in a subsidiary that holds our Upton Place property. As of March 31, 2026 and December 31, 2025, the third-party equity interest is presented in Liabilities for noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Statement of Net Assets and Noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet, respectively . The third-party equity interest earns approximately $ 1.2 million annually, distributed monthly. The distributions expected to occur in future periods through the estimated sale date of the property are included in Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets. Mezzanine Investment In November 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the 20 Table of Contents “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10 % annual rate, accruing if not paid from property operations. While legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment. In June 2023, we closed on the sale of a 20 % non-controlling participation in the Mezzanine Investment for $ 33.5 million. The partial sale and transfer of the financial interest did not qualify for sale accounting and therefore, we recorded the cash received from the purchaser as a liability, which is included in Accrued liabilities and other in our Condensed Consolidated Balance Sheet as of December 31, 2025 and Mezzanine investment - participation sold in our Condensed Consolidated Statement of Net Assets as of March 31, 2026. Although the cash received is accounted for as a liability, no amount is due to the purchaser until after we receive $ 134.0 million plus an annualized return. While the Mezzanine Investment had not been repaid and was in maturity default as of March 31, 2026, we are precluded from derecognizing the liability under both the liquidation basis and going concern basis of accounting until it has been deemed to be extinguished in accordance with GAAP. Income tax Liquidation Basis Income taxes we expect to incur during the execution of the Plan of Sale and Liquidation are included in Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets. Going Concern Basis Certain aspects of our operations are conducted through taxable REIT subsidiaries, or “TRS entities”. Additionally, our TRS entities hold an investment in Oak Shore. Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations . Use of estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Assets held for sale and discontinued operations Going Concern Basis We classify properties as held for sale when they meet the GAAP criteria, which include (among others): (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of a significant, non-refundable deposit from the buyer pursuant to a sales contract. We present the assets and liabilities of any properties held for sale separately in the Condensed Consolidated Balance Sheet as of December 31, 2025. Properties held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Upon the classification of an asset as held for sale, no further depreciation is recorded. In connection with the held for sale evaluation, if the disposal or intended disposal represents a strategic shift in operations (e.g., a disposal of a major geographic area or a major line of business) that has, or will have, a major effect on our consolidated financial statements, then the property is presented as discontinued operations. For any property qualifying for classification as discontinued operations, the components of net income (loss) presented as discontinued operations are primarily comprised of rental and other property revenues, property operating expenses, depreciation and amortization, and interest expense. We reclassify interest expense related to property debt within discontinued operations when the related property is sold or classified as held for sale. For periods prior to the property qualifying for discontinued operations, we reclassify the results of operations to discontinued operations. The net gain on sale is presented in discontinued operations when recognized. We combine the operating, investing, and financing portions of cash flows attributable to discontinued operations with respective cash flows from continuing operations in the accompanying Condensed Consolidated Statements of Cash Flows . See Note 10 for additional information regarding assets held for sale and discontinued operations. Unless otherwise noted or separately presented, the information 21 Table of Contents 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 We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash and cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted cash Restricted cash consists of tenant security deposits, cash restricted as required by our debt agreements, and cash restricted in association with legal, municipal, federal, or tax requirements. As of March 31, 2026, we had $ 216.0 million of cash and cash equivalents and $ 8.3 million of restricted cash included within Cash, cash equivalents, and restricted cash in our Condensed Consolidated Statement of Net Assets. The reconciliation of cash flow information for the month ended January 31, 2026, and three months ended March 31, 2025, is as follows ( in thousands ): January 31, 2026 December 31, 2025 Cash and cash equivalents $ 320,360 $ 394,891 Restricted cash 9,611 10,131 Restricted cash from discontinued operations and held for sale 2,571 2,174 Cash, cash equivalents, and restricted cash $ 332,542 $ 407,196 Notes receivable and other investments Liquidation Basis Upon adoption of the liquidation basis of accounting, our notes receivable and other investments were adjusted to their estimated net realizable value. We estimated the liquidation value of the notes receivable at their face value of $ 85.0 million based on information obtained during the marketing and sale process for the notes. As of March 31, 2026, other investments of $ 4.5 million are included within Notes receivable and other investments in our Condensed Consolidated Statement of Net Assets . The remaining unfunded commitments related to our investments in property technology funds are reflected within Liabilities for estimated costs in excess of estimated receipts during liquidation in our Condensed Consolidated Statement of Net Assets. Going Concern Basis In accordance with GAAP, notes receivable are classified as held for sale or held for investment. Notes receivable are classified as held for sale when originated with the intent and ability to sell the loan. Notes receivable held for sale are recorded at the lower of amortized cost or fair value and determined on an aggregate basis. We carry notes receivable at cost, net of any unamortized discounts or premiums and adjusted for the estimated provision for expected credit losses. Interest income on notes receivable is recognized using the effective interest method and is classified within Interest income in our Condensed Consolidated Statements of Operations . Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the note’s term using the effective interest method, or on a straight-line basis, which approximates the effective interest method when used. The following table summarizes our Notes receivable as of January 31, 2026 and December 31, 2025 ( in thousands ): January 31, 2026 December 31, 2025 Notes receivable - held for sale: Note A (1) $ 86,512 $ 85,363 Notes receivable - held for investment: Note B (2) — 18,500 Total notes receivable $ 86,512 $ 103,863 (1) In December 2025, Aimco issued $ 85.0 million of seller financing notes in conjunction with the sale of the Brickell Assemblage. The seller financing notes have initial terms of 24 months with compounding interest rates that increase from 12 % 22 Table of Contents to 16 % after twelve months, as well as exit fees of 3 %. The seller financing notes also allow for two successive one-year renewal options at the buyer's election, upon which the interest rates will increase to 20 % and 24 %, respectively . (2) During the month ended January 31, 2026 , we finalized an agreement to monetize a subordinated seller financing note associated with property in La Jolla, California, that had an effective interest rate of 6.0 % and a current annual interest rate of 2.9 %. The agreement was structured as a modification and repayment of the note in January 2026, when we collected the $ 18.5 million balance included within Notes receivable within the Condensed Consolidated Balance Sheet as of December 31, 2025. During the three months ended March 31, 2025 , we recognized amortization of discount on the seller financing note of $ 0.3 million, which was recorded as a component of Interest Income in our Condensed Consolidated Statements of Operations . We did not recognize any amortization of the discount during the month ended January 31, 2026 . Other assets, net Liquidation Basis Upon adoption of the liquidation basis of accounting, deferred costs that will not be converted to cash, such as deferred leasing costs, were written off. Additionally, prepaid expenses and real estate taxes that will not be converted to cash are written off. Our unconsolidated real estate partnerships, corporate fixed assets, and accounts receivable were adjusted to their estimated net realizable value. Our intangible assets were also adjusted to their estimated net realizable value; as the tax abatement contract will be realized in connection with the sale of the associated real estate, it is presented in Real Estate in the Condensed Consolidated Statement of Net Assets. Going Concern Basis Other assets, net were comprised of the following amoun ts as of December 31, 2025 ( in thousands ): December 31, 2025 Other investments $ 9,444 Deferred costs, deposits, and other 9,322 Prepaid expenses and real estate taxes 15,707 Interest rate contracts (1) 55 Unconsolidated real estate partnerships 15,270 Intangible assets, net 12,262 Corporate fixed assets, net of accumulated depreciation of $ 10,103 as of December 31, 2025 5,880 Accounts receivable, net of allowances of $ 927 as of December 31, 2025 13,780 Total other assets, net $ 81,720 (1) Under the going concern basis, we account for our Interest rate contracts as non-designated hedges. Dividends payable At the time of a declaration, we accrue for dividends on our Common Stock and distributions on OP units held by third parties in Dividends payable in our Condensed Consolidated Balance Sheet as of December 31, 2025 or Condensed Consolidated Statement of Net Assets as of March 31, 2026. The amount accrued includes non-forfeitable and forfeitable dividends on our share-based compensation awards. Forfeitable dividends are not paid unless and until the underlying share-based compensation award vests. As of March 31, 2026, we have a liability of $ 3.4 million related to certain unvested share-based compensation awards, which will be paid when the requisite service-based and market-based conditions have been achieved or the dual-trigger vesting conditions are met in accordance with the Plan of Sale and Liquidation. Revenue from contracts with customers Going Concern Basis We apply ASC 606, “ Revenue from Contracts with Customers ”, in recognizing revenue from our operations at The Benson Hotel. The Benson Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs. The transaction prices for hotel room sales and other goods and services are generally fixed and based on the respective room reservation or other agreement. Payment terms generally align with when the goods and services are provided. Our contracts generally have a single performance obligation, recognized at a point in time. 23 Table of Contents The Benson Hotel generated revenues of $ 0.4 million and $ 1.4 million for the month ended January 31, 2026, and three months ended March 31, 2025 , respectively. Note 4 — Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation Liquidation Basis The liquidation basis of accounting requires us to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Sale and Liquidation. As of March 31, 2026, we estimated that we will have costs in excess of estimated receipts during the liquidation process. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs and capital expenditures, the timing and value of property sales, estimates of direct costs incurred to complete the sales, the timing and estimated amounts associated with discharging known and contingent liabilities, and the estimated costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period based on the estimated disposal date of each asset; however, no assurances can be provided that the dates used in estimation will be met. Upon transition to the liquidation basis of accounting on February 1, 2026, we accrued the following revenues and expenses expected to be incurred during liquidation ( in thousands): As of February 1, 2026 Rental and other property revenues $ 69,958 Property operating expenses ( 26,266 ) General and administrative expenses ( 22,854 ) Interest income 3,828 Interest expense ( 32,773 ) Capital expenditures ( 2,762 ) Capital expenditures for active construction (1) ( 72,821 ) Liquidation transaction costs (2) ( 51,600 ) Distributions and returns to noncontrolling interests ( 7,674 ) Income tax ( 326 ) Other estimated (costs), net of receipts ( 2,384 ) Liabilities for estimated costs in excess of estimated receipts during liquidation $ ( 145,674 ) (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 ): 24 Table of Contents As of February 1, 2026 Revenue Recognized / Expense Incurred As of March 31, 2026 ASSETS Estimated net inflows from real estate (1) $ 43,692 $ ( 7,069 ) $ 36,623 Interest income 3,828 ( 1,323 ) 2,505 Total estimated assets 47,520 ( 8,392 ) 39,128 LIABILITIES General and administrative expenses ( 22,854 ) 5,514 ( 17,340 ) Interest expense ( 32,773 ) 5,944 ( 26,829 ) Capital expenditures ( 2,762 ) 1,734 ( 1,028 ) Capital expenditures for active construction ( 72,821 ) 14,570 ( 58,251 ) Distributions and returns to noncontrolling interests ( 7,674 ) 1,947 ( 5,727 ) Liquidation transaction costs ( 51,600 ) 19,916 ( 31,684 ) Income tax ( 326 ) ( 374 ) ( 700 ) Other estimated (costs), net of receipts ( 2,384 ) 763 ( 1,621 ) Total estimated liabilities ( 193,194 ) 50,014 ( 143,180 ) Liabilities for estimated costs in excess of estimated receipts during liquidation $ ( 145,674 ) $ 41,622 $ ( 104,052 ) (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: $ 356,354 Increase due to estimated net realizable value of real estate 596,664 Increase due to estimated net realizable value of unconsolidated partnerships 29,403 Decrease due to estimated net realizable value of notes receivable ( 1,512 ) Decrease due to estimated net realizable value of other assets, net (1) ( 10,953 ) Increase due to remeasurement of liabilities 114,154 Decrease due to write-off of prepaid assets and deferred costs ( 29,684 ) Decrease due to liabilities for estimated costs in excess of estimated receipts during liquidation ( 145,674 ) Decrease due to allocation to noncontrolling interest in Aimco Operating Partnership ( 29,156 ) Adjustment to reflect the change to the liquidation basis of accounting 523,242 Estimated value of net assets in liquidation attributable to Aimco as of February 1, 2026 879,596 Total noncontrolling interest in Aimco Operating Partnership as of January 31, 2026: 12,460 Increase due to allocation of noncontrolling interest in Aimco Operating Partnership 29,156 Estimated value of net assets in liquidation attributable to noncontrolling interest in Aimco Operating Partnership as of February 1, 2026 41,616 Estimated value of net assets in liquidation as of February 1, 2026 $ 921,212 (1) Other assets, net primarily include other investments and corporate fixed assets. 25 Table of Contents 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: $ 368,814 Increase due to estimated net realizable value of real estate 596,664 Increase due to estimated net realizable value of unconsolidated partnerships 29,403 Decrease due to estimated net realizable value of notes receivable ( 1,512 ) Decrease due to estimated net realizable value of other assets, net (1) ( 10,953 ) Increase due to remeasurement of liabilities 114,154 Decrease due to write-off of prepaid assets and deferred costs ( 29,684 ) Decrease due to liabilities for estimated costs in excess of estimated receipts during liquidation ( 145,674 ) Adjustment to reflect the change to the liquidation basis of accounting 552,398 Estimated value of net assets in liquidation as of February 1, 2026 $ 921,212 (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 Commitments 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. We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Legal Matters From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or results of operations. Note 7 — Common Stock, OP Units, and Equivalents Liquidation Basis Aimco Equity 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 26 Table of Contents 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. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period. Aimco’s Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to Aimco of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were 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. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were 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. 27 Table of Contents 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 ): Month Ended January 31, Three Months Ended March 31, 2026 2025 Earnings per share Numerator: Income (loss) from continuing operations $ ( 6,538 ) $ ( 21,153 ) Less: Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 2,243 ) ( 2,673 ) Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 96 ) ( 296 ) Less: Net (income) loss from continuing operations attributable to common noncontrolling interests in Aimco Operating Partnership 300 1,259 Less: Net (income) loss allocated to Aimco participating securities — — Income (loss) from continuing operations attributable to Aimco common stockholders ( 8,577 ) ( 22,863 ) Income (loss) from discontinued operations, net of taxes 863 9,441 Less: Net (income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership ( 29 ) ( 494 ) Income (loss) from discontinued operations attributable to Aimco common stockholders 834 8,947 Net income (loss) attributable to Aimco common stockholders $ ( 7,743 ) $ ( 13,916 ) Denominator - shares: Basic weighted-average common stock outstanding 140,446 136,903 Diluted share equivalents outstanding — — Diluted weighted-average common stock outstanding 140,446 136,903 Earnings (loss) per share - basic Income (loss) from continuing operations attributable to Aimco per common share $ ( 0.06 ) $ ( 0.17 ) Income (loss) from discontinued operations attributable to Aimco per common share 0.01 0.07 Net income (loss) attributable to Aimco per common share – basic $ ( 0.05 ) $ ( 0.10 ) Earnings (loss) per share - diluted Income (loss) from continuing operations attributable to Aimco per common share $ ( 0.06 ) $ ( 0.17 ) Income (loss) from discontinued operations attributable to Aimco per common share 0.01 0.07 Net income (loss) attributable to Aimco per common share – diluted $ ( 0.05 ) $ ( 0.10 ) 28 Table of Contents Month Ended January 31, Three Months Ended March 31, 2026 2025 Earnings per unit Numerator: Income (loss) from continuing operations $ ( 6,538 ) $ ( 21,153 ) Less: Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships ( 2,243 ) ( 2,673 ) Less: Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships ( 96 ) ( 296 ) Less: Net (income) loss allocated to Aimco participating securities — — Income (loss) from continuing operations attributable to Aimco Operating Partnership's common unitholders ( 8,877 ) ( 24,122 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership's common unitholders 863 9,441 Net income (loss) attributable to Aimco Operating Partnership's common unitholders $ ( 8,014 ) $ ( 14,681 ) Denominator - units Basic weighted-average OP Units outstanding 145,370 144,457 Diluted OP Unit equivalents outstanding — — Diluted weighted-average OP Units outstanding 145,370 144,457 Earnings (loss) per unit - basic Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit $ ( 0.06 ) $ ( 0.17 ) Income (loss) from discontinued operations attributable to Aimco Operating Partnership per unit 0.01 0.07 Net income (loss) attributable to Aimco per unit – basic $ ( 0.05 ) $ ( 0.10 ) Earnings (loss) per unit - diluted Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit $ ( 0.06 ) $ ( 0.17 ) Income (loss)from discontinued operations attributable to Aimco Operating Partnership per unit 0.01 0.07 Net income (loss) attributable to Aimco Operating Partnership per unit – diluted $ ( 0.05 ) $ ( 0.10 ) 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. 29 Table of Contents Going Concern Basis Aimco as Lessor Our apartment homes and commercial spaces are leased to tenants under operating leases. 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 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. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. We have elected the practical expedient to not separate non-lease components from associated lease components in accordance with ASC 842. For the 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 ): Month Ended January 31, Three Months Ended March 31, 2026 2025 Fixed lease income $ 5,184 $ 19,069 Variable lease income 529 2,367 Total lease income $ 5,713 $ 21,436 Aimco as Lessee Lease Arrangements We are lessee to finance leases for the land underlying our properties at Upton Place, Strathmore Square, and Oak Shore. We have operating leases primarily for corporate office space. Substantially all of our office lease payments are fixed. See the table below for lease costs, net of capitalized finance lease costs, for the month ended January 31, 2026, and three months ended March 31, 2025 ( in thousands ): Month Ended January 31, Three Months Ended March 31, 2026 2025 Operating lease costs $ 115 $ 438 Finance lease costs: Amortization of right-of-use assets 106 322 Interest on lease liabilities 632 1,852 Total lease costs, net of capitalized amounts $ 853 $ 2,612 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, 30 Table of Contents 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 December 31, 2025 ( in thousands ): December 31, 2025 Buildings and improvements $ 269,961 Land 23,128 Total real estate 293,089 Accumulated depreciation ( 175,700 ) Net real estate 117,389 Restricted cash 1,539 Other assets, net 372 Assets from discontinued operations, net $ 119,300 Non-recourse property debt, net $ 281,303 Accrued liabilities and other 10,903 Liabilities from discontinued operations, net $ 292,206 The following table summarizes income from discontinued operations for the month ended January 31, 2026, and three months ended March 31, 2025: Month Ended January 31, Three Months Ended March 31, 2026 2025 REVENUES Rental and other property revenues $ 3,994 $ 29,470 OPERATING EXPENSES Property operating expenses 1,647 9,927 Depreciation and amortization 398 4,366 Total operating expenses 2,045 14,293 Interest income — 7 Interest expense ( 1,086 ) ( 5,743 ) Income (loss) from discontinued operations before income tax 863 9,441 Income tax benefit (expense) — — Income (loss) from discontinued operations, net of taxes 863 9,441 (Income) loss from discontinued operations attributable to common noncontrolling interests in Aimco Operating Partnership ( 29 ) ( 494 ) Net income (loss) from discontinued operations attributable to Aimco $ 834 $ 8,947 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: Month Ended January 31, Three Months Ended March 31, 2026 2025 Total operating cash flows from (used in) discontinued operations $ 1,696 $ 13,197 Total investing cash flows from (used in) discontinued operations ( 340 ) ( 1,563 ) 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. 31 Table of Contents 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 Buildings and improvements $ 80,627 Land 6,645 Total real estate 87,272 Accumulated depreciation ( 61,341 ) Net real estate 25,931 Restricted cash 635 Other assets, net 281 Assets held for sale, net $ 26,847 Non-recourse property debt, net $ 105,506 Accrued liabilities and other 2,241 Liabilities related to assets held for sale, net $ 107,747 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. 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 ; but excluding • the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ, the Mezzanine Investment, and investments in real estate technology funds; and • property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance. 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 32 Table of Contents 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 ): Development Operating Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Month Ended January 31, 2026 Rental and other property revenues $ 2,838 $ 2,476 $ 428 $ 417 $ — $ 6,159 Controllable operating expenses (3) 604 472 512 — — 1,588 Real estate taxes, net of capitalized amounts 491 411 64 — — 966 Utilities expense, net of utility reimbursements 130 80 29 417 — 656 Property insurance expense, net of capitalized amounts 45 78 9 — — 132 Other property operating expenses (4) — — — — 790 790 Property operating expenses 1,270 1,041 614 417 790 4,132 Property net operating income (loss) 1,568 1,435 ( 186 ) — ( 790 ) 2,027 Other operating expenses not allocated to segments (5) — — — — ( 6,567 ) ( 6,567 ) Other items included in income (loss) from continuing operations before income tax (6) — — — — ( 1,998 ) ( 1,998 ) Income (loss) from continuing operations before income tax $ 1,568 $ 1,435 $ ( 186 ) $ — $ ( 9,355 ) $ ( 6,538 ) Development Operating Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2025 Rental and other property revenues $ 5,209 $ 7,540 $ 1,446 $ 630 $ 8,057 $ 22,882 Controllable operating expenses (3) 1,428 1,166 1,716 — 730 5,040 Real estate taxes, net of capitalized amounts 1,099 1,158 269 — 2,066 4,592 Utilities expense, net of utility reimbursements 600 265 72 630 256 1,823 Property insurance expense, net of capitalized amounts 359 215 33 — 380 987 Other property operating expenses (4) — — — — 696 696 Property operating expenses 3,486 2,804 2,090 630 4,128 13,138 Property net operating income (loss) 1,723 4,736 ( 644 ) — 3,929 9,744 Other operating expenses not allocated to segments (5) — — — — ( 20,235 ) ( 20,235 ) Other items included in income (loss) from continuing operations before income tax (6) — — — — ( 10,747 ) ( 10,747 ) Income (loss) from continuing operations before income tax $ 1,723 $ 4,736 $ ( 644 ) $ — $ ( 27,053 ) $ ( 21,238 ) (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. 33 Table of Contents 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 ): Development Operating Other Total As of December 31, 2025 Buildings and improvements $ 626,929 $ 93,144 $ 24,868 $ 744,941 Land 148,850 49,973 364 199,187 Total real estate 775,779 143,117 25,232 944,128 Accumulated depreciation ( 48,719 ) ( 55,531 ) ( 7,335 ) ( 111,585 ) Net real estate $ 727,060 $ 87,586 $ 17,897 $ 832,543 Non-recourse property debt and construction loans, net $ 399,142 $ 58,180 $ — $ 457,322 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 ): Month Ended January 31, Three Months Ended March 31, 2026 2025 Development $ 6,378 $ 20,259 Operating 115 947 Other — 160 Corporate and Amounts Not Allocated to Segments (1) — 126 Total capital additions $ 6,493 $ 21,492 (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, 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 . 34 Table of Contents