Aimco (AIV) filed a 10-Q for the period ended March 31, 2026 under liquidation basis accounting, having adopted the Plan of Sale and Liquidation approved by stockholders on February 6, 2026. The filing covers two sub-periods: the month ended January 31, 2026 (going-concern basis) and the two-month period February 1 through March 31, 2026 (liquidation basis). Accordingly, the traditional balance sheet has been replaced by a Statement of Net Assets in Liquidation; the company reports net assets in liquidation of $705.9 million as of March 31, 2026, inclusive of a $33.5 million excess liability balance management believes does not reflect estimated fair value but cannot be derecognized under GAAP. The MFFAIS-supplied liquidation values (CLV/LLV/OLV all at -$475.8 million) are likely stale or reflect a prior-period going-concern framework and should not be applied to the current liquidation-basis statements without adjustment. Under the liquidation basis, real estate assets are carried at estimated net realizable value (undiscounted), not historical cost net of depreciation, eliminating the book-versus-market haircut embedded in the standard liquidation lens for PP&E. The primary residual asset base consists of: one active construction project (34th Street, Miami, initial occupancy 3Q 2027), two lease-up communities (Upton Place, Washington D.C. at 76% leased; Strathmore Phase 1, Bethesda at 85% leased), several stabilized operating properties, land parcels, and minority/passive interests including a mezzanine loan to Parkmerced and equity in IQHQ. Liquidity at March 31, 2026 was $224.3 million ($216.0 million unrestricted cash, $8.3 million restricted). Disposition velocity is high: Q1 2026 closed sales included a $18.5 million note payoff (La Jolla), $177.5 million for three properties (Nashville, Plantation, Benson Hotel), and $455.0 million for the Chicago portfolio. Subsequent to quarter end, three additional properties sold for $56.5 million and four San Diego partnership properties generated $41.9 million net to Aimco. A remaining New York City property is under contract at $22.8 million (3Q 2026 close). The Board declared a second liquidating distribution of $1.30 per share (June 3, 2026 payment), following the first $1.45 per share paid March 13, 2026. Total debt is 100% fixed-rate or hedged; no maturities before December 2027 including contractual extensions. Variable-rate construction loan exposure is $178.0 million, capped. Non-recourse property debt and construction loans net was $457.3 million on the consolidated balance sheet as of the January 31, 2026 going-concern close; the Development segment carried $399.1 million and the Operating segment $58.2 million. Development segment right-of-use assets and lease liabilities were $106.4 million and $124.8 million respectively as of December 31, 2025 (last GAAP balance sheet date), driven by ground leases at Upton Place, Strathmore, and Oak Shore. These ground lease liabilities do not extinguish on liquidation and represent a material claim senior to equity. The filing does not separately tag any XBRL numeric facts in the current period TAG_CONTEXT, as the company transitioned to liquidation-basis reporting which uses a condensed Statement of Net Assets rather than the standard going-concern balance sheet taxonomy. All quantitative references in this analysis are drawn from narrative MD&A and footnote disclosures in the filing body.
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