Apartment Investment & Management (AIV) grants 7,862-share award to SVP

Rhea-AI Filing Summary

Apartment Investment & Management Company executive Kellie Dreyer reported equity compensation and related share withholding. On January 28, 2026, she received 7,862 shares of Class A common stock as a stock award tied to 2023 long-term incentive compensation, granted at no cash cost to her.

The award was contingent on meeting total shareholder return criteria versus specified indices and is scheduled to vest 100% on February 1, 2026. On the same date, 539 shares were withheld at $5.85 per share, typically for tax obligations, leaving her with 101,651 Class A shares held directly after the transactions.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Dreyer Kellie

Role Senior Vice President and CAO

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	7,862	$0.00	--
Tax Withholding	Class A Common Stock	539	$5.85	$3K

Holdings After Transaction: Class A Common Stock — 102,190 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dreyer Kellie

(Last) (First) (Middle)

4582 S. ULSTER ST.

SUITE 1450

(Street)

DENVER CO 80237

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
APARTMENT INVESTMENT & MANAGEMENT CO [ AIV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Vice President and CAO

3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	01/28/2026		A(1)		7,862(1)	A	(1)	102,190	D
Class A Common Stock	01/28/2026		F		539	D	$5.85	101,651	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Stock Award approved by Compensation and Human Resources Committee in connection with a portion of 2023 long-term incentive compensation, price column not applicable. Receipt of the shares was subject to satisfaction of total shareholder return criteria over the period compared to specified indices. The shares vest 100% on February 1, 2026.

	Jennifer Johnson as attorney-in-fact for Kellie Dreyer	01/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did AIV executive Kellie Dreyer report on January 28, 2026?

Kellie Dreyer reported receiving 7,862 shares of AIV Class A common stock as a stock award. The grant represents part of her 2023 long-term incentive compensation and was approved by the Compensation and Human Resources Committee with no cash paid per share.

How many AIV shares does Kellie Dreyer own after the reported Form 4 transactions?

After the January 28, 2026 transactions, Kellie Dreyer directly owns 101,651 shares of AIV Class A common stock. This reflects the net result of receiving 7,862 restricted shares and 539 shares being withheld, typically for tax obligations associated with the stock award.

What does the Form 4 transaction code "A" mean in the AIV filing for Kellie Dreyer?

In this AIV Form 4, code "A" indicates an acquisition of 7,862 Class A common shares as an equity award. The stock award forms part of Dreyer’s 2023 long-term incentive compensation package, granted without a cash purchase price per share to the reporting person.

Why were 539 AIV shares reported with transaction code "F" for Kellie Dreyer?

Code "F" reflects 539 AIV shares withheld at $5.85 per share, generally used to satisfy tax withholding on an equity award. These shares are treated as a disposition, reducing the gross award to a lower net number of shares owned by the executive.

When do Kellie Dreyer’s AIV stock award shares fully vest?

The 7,862-share stock award for Kellie Dreyer is scheduled to vest 100% on February 1, 2026. Vesting was conditioned on Apartment Investment & Management’s total shareholder return performance compared with specified indices over a defined measurement period.

What performance conditions applied to Kellie Dreyer’s AIV stock award?

The stock award was subject to total shareholder return criteria versus specified indices over a performance period. Only after those relative return conditions were satisfied did Dreyer receive the 7,862 AIV Class A shares as part of her 2023 long-term incentive compensation.