v3.26.1
Fair Value Measurements and Investments
 12 Months Ended
Dec. 31, 2025
EBP 003  
EBP, Investment, Fair Value and NAV [Line Items]  
Fair Value Measurements and Investments

Note 3 —Fair Value Measurements and Investments

Fair value measurements enable the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. In accordance with GAAP, the Plan classifies and discloses assets carried at fair value in one of the following three categories.

Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2: Inputs are observable inputs other than quoted (Level 1) prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The asset’s fair value measurements level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Classification within the fair value hierarchy table is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The Plan’s investments are held in trust by Fidelity. The valuation methodologies used to measure the fair values of common stock and mutual funds use a market approach with quoted market prices from active markets, which are classified within Level 1 of the fair value hierarchy. Investments measured at fair value on a recurring basis consisted of the following investments:

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at NAV

 

 

Total

 

Aimco common stock (1)

 

$

104,508

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

104,508

 

Interest-bearing cash held by Aimco Stock Fund (2)

 

 

1,119

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,119

 

Mutual funds (3)

 

 

10,874,682

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,874,682

 

Common collective trust fund (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92,276

 

 

 

92,276

 

Total investments measured at fair value

 

$

10,980,309

 

 

$

—

 

 

$

—

 

 

$

92,276

 

 

$

11,072,585

 

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at NAV

 

 

Total

 

Aimco common stock (1)

 

$

122,492

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

122,492

 

Interest-bearing cash held by Aimco Stock Fund (2)

 

 

1,126

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,126

 

Mutual funds (3)

 

 

8,692,709

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,692,709

 

Common collective trust fund (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

74,218

 

 

 

74,218

 

Total investments measured at fair value

 

$

8,816,327

 

 

$

—

 

 

$

—

 

 

$

74,218

 

 

$

8,890,545

 

(1) The fair value of the Aimco common stock is based on the closing price per the New York Stock Exchange. As of December 31, 2025, and December 31, 2024, this fund held 17,594 and 13,475 shares of Aimco common stock, respectively.

(2) The carrying value of the interest-bearing cash approximates fair value.

(3) The fair values of the mutual funds are based on the closing prices as reported by the funds. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

(4) The Fidelity Managed Income Portfolio II (“MIP”) Fund is a common collective trust fund designed to deliver safety and stability by preserving principal and accumulating earnings. This fund is primarily invested in guaranteed investment contracts and synthetic investment contracts. Participant-directed redemptions have no restrictions; however, the Plan is required to provide a one-year redemption notice to liquidate its entire share in the fund. There are no unfunded commitments associated with this fund. Investments in the Fidelity MIP Fund are recorded at fair value, using the NAV practical expedient. The fair value of the Fidelity MIP Fund has been estimated based on the fund’s NAV provided by Fidelity, which is based on the contract value of the underlying investment contracts held by the fund. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.