公寓投资管理 2025年度报告

Form 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission file number 1-13232 (Apartment Investment and Management Company) A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Apartment Investment and Management Company Retirement Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Apartment Investment and Management Company4582 South Ulster Street, Suite 1450Denver, Colorado 80237 Financial Statements and SchedulesApartment Investment and Management Company Retirement PlanIndex to Financial Statements Report of Independent Registered Public Accounting Firm Financial Statements:Statements of Net Assets Available for BenefitsStatement of Changes in Net Assets Available for BenefitsNotes to Financial Statements Supplemental Schedule:Schedule H, line 4i - Schedule of Assets (Held at End of Year) Signatures11 Exhibit Index12 Report of Independent Registered Public Accounting Firm Plan Administrator and Plan ParticipantsApartment Investment and Management Company Retirement Plan Opinion on the financial statements We have audited the accompanying statements of net assets available for benefits of Apartment Investment and Management CompanyRetirement Plan (the “Plan”) as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the yearended December 31, 2025, and the related notes(collectively referred to as the “financial statements”). In our opinion, the financial statementspresent fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in netassets available for benefits for the year ended December 31, 2025 in conformity with accounting principles generally accepted in the UnitedStates of America. Basisforopinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financialstatements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)(“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicablerules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is notrequired to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required toobtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of thePlan’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts anddisclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis forour opinion. Supplemental information The schedule of assets (held at end of year) as of December 31, 2025 (“supplemental information”) has been subjected to audit proceduresperformed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’smanagement. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or theunderlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the informationpresented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplementalinformation, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting andDisclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in allmaterial respects, in relation to the financial statements as a whole. /s/ GRANT THORNTON LLP We have served as the Plan’s a