Apartment Investment and Management

Coverage of liabilities by liquidation assets looks reasonable but not bulletproof. As of June 30, 2026, Aimco reported $1.240 billion of assets on liquidation basis and $725 million of liabilities, leaving $514.6 million of net assets in liquidation ($493.0 million attributable to Aimco). Cash and restricted cash totaled $78.7 million.

Debt is non‑recourse and largely fixed or hedged; after considering extensions, there are no maturities before December 2027. However, liabilities include $145.2 million of estimated costs in excess of estimated receipts during liquidation, and execution risks remain on sales and development completion.

Overall we view liquidity and debt structure as adequate for the wind‑down, with moderate risk from asset pricing and cost overrun variability.