APARTMENT INVT & MGMT CO AIV
CL A · REIT · CUSIP 03748R747
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($335.9k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $7.93. Options: 7 managers hold calls ($53.6m notional), 7 hold puts ($29.5m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 200 |
| Q4 2022 | 195 |
| Q1 2023 | 190 |
| Q2 2023 | 199 |
| Q3 2023 | 196 |
| Q4 2023 | 184 |
| Q1 2024 | 179 |
| Q2 2024 | 187 |
| Q3 2024 | 196 |
| Q4 2024 | 202 |
| Q1 2025 | 212 |
| Q2 2025 | 211 |
| Q3 2025 | 213 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 73 | 112 |
| Q1 2024 | 73 | 100 |
| Q2 2024 | 99 | 78 |
| Q3 2024 | 88 | 86 |
| Q4 2024 | 90 | 95 |
| Q1 2025 | 115 | 86 |
| Q2 2025 | 97 | 107 |
| Q3 2025 | 116 | 97 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $1.3m | $573.0k | 0.44 |
| Q1 2025 | $2.6m | $360.8k | 0.14 |
| Q2 2025 | $2.9m | $736.4k | 0.25 |
| Q3 2025 | $53.6m | $29.5m | 0.55 |
Biggest buyers
| GOLDMAN SACHS GROUP INC | Added | +5.3m |
| Ursa Fund Management, LLC | New | +3.1m |
| Newtyn Management, LLC | Added | +2.6m |
| Madison Avenue Partners, LP | Added | +2.1m |
| MORGAN STANLEY | Added | +1.5m |
| JPMORGAN CHASE & CO | Added | +857.4k |
| RENAISSANCE TECHNOLOGIES LLC | Added | +849.0k |
| LMR Partners LLP | New | +807.4k |
| CITADEL ADVISORS LLC | New | +628.4k |
| Schonfeld Strategic Advisors LLC | New | +576.3k |
Biggest sellers
| Irenic Capital Management LP | Sold out | -4.9m |
| RUSH ISLAND MANAGEMENT, LP | Sold out | -4.8m |
| T. Rowe Price Investment Management, Inc. | Sold out | -2.7m |
| Long Pond Capital, LP | Sold out | -1.7m |
| AEW CAPITAL MANAGEMENT L P | Reduced | -1.6m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -1.3m |
| LANDMARK INVESTMENT PARTNERS, L.P. | Reduced | -1.1m |
| Western Standard LLC | Sold out | -1.1m |
| DigitalBridge Group, Inc. | Sold out | -1.0m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Sold out | -975.0k |
Biggest calls
| TORNO CAPITAL, LLC | Not comparable | $31.7m4.0m shares |
| J. Goldman & Co LP | New | $14.9m1.9m shares |
| LANDMARK INVESTMENT PARTNERS, L.P. | Added | $4.1m518.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.4m179.5k shares |
| CITADEL ADVISORS LLC | Added | $805.7k101.6k shares |
| CANTOR FITZGERALD, L. P. | New | $594.8k75.0k shares |
| Centiva Capital, LP | New | $30.1k3.8k shares |
Biggest puts
| Ursa Fund Management, LLC | New | $15.9m2.0m shares |
| Centiva Capital, LP | New | $6.0m752.0k shares |
| CITADEL ADVISORS LLC | New | $5.9m739.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $830.3k104.7k shares |
| GROUP ONE TRADING LLC | Added | $418.7k52.8k shares |
| SIMPLEX TRADING, LLC | Added | $319.0k40.3k shares |
| Walleye Trading LLC | Added | $206.2k26.0k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Madison Avenue Partners, LP 13G · passive investor new · filed 2026-03-04 | 8.6% |
| Newtyn Management, LLC 13G · passive investor +2.6 pts · filed 2026-03-25 | 8.1% |
| Weiss Asset Management LP 13G · institution new · filed 2026-05-11 | 5.7% |
Fell to 5% or below in the last year: PRICE T ROWE ASSOCIATES INC /MD/ (3.5%, 2026-10-07), VANGUARD PORTFOLIO MANAGEMENT LLC (4.1%, 2026-07-31), BlackRock, Inc. (0.4%, 2026-04-27), VANGUARD GROUP INC (0.0%, 2026-03-26), Silver Point Capital L.P. (1.2%, 2026-02-17)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.00% of their portfolio | 19.2m $151.9m | Reduced -122.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 17.3m $137.2m | Reduced -127.8k |
| BlackRock, Inc. 0.00% of their portfolio | 14.0m $111.4m | Reduced -319.7k |
| Newtyn Management, LLC 7.53% of their portfolio | 7.8m $61.6m | Added +2.6m |
| STATE STREET CORP 0.00% of their portfolio | 5.9m $46.5m | Reduced -144.0k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 5.6m $44.4m | Added +5.3m |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 4.4m $35.2m | Reduced -1.3m |
| Madison Avenue Partners, LP 1.71% of their portfolio | 3.6m $28.7m | Added +2.1m |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.3m $26.4m | Added +46.3k |
| Ursa Fund Management, LLC 47.64% of their portfolio | 3.1m $24.6m | New |
| Argosy-Lionbridge Management, LLC 15.19% of their portfolio | 2.9m $23.1m | Added +220.5k |
| MORGAN STANLEY 0.00% of their portfolio | 2.7m $21.4m | Added +1.5m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 1.9m $15.1m | Added +95.6k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 1.9m $14.9m | Added +102.5k |
| THOMPSON SIEGEL & WALMSLEY LLC 0.23% of their portfolio | 1.8m $14.3m | Added +410.8k |
| Qube Research & Technologies Ltd 0.02% of their portfolio | 1.6m $12.5m | Added +357.7k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.5m $11.6m | Reduced -28.1k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1.3m $10.6m | Added +857.4k |
| Weiss Asset Management LP 0.14% of their portfolio | 1.2m $9.9m | Not comparable |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 1.2m $9.5m | Added +849.0k |
| Meros Investment Management, LP 3.23% of their portfolio | 954.2k $7.6m | Added +333.1k |
| LANDMARK INVESTMENT PARTNERS, L.P. 5.61% of their portfolio | 863.5k $6.8m | Reduced -1.1m |
| LMR Partners LLP 0.08% of their portfolio | 807.4k $6.4m | New |
| CANTOR FITZGERALD, L. P. 0.11% of their portfolio | 735.0k $5.8m | Added +460.0k |
| Man Group plc 0.01% of their portfolio | 711.3k $5.6m | Reduced -347.8k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 632.9k $5.0m | Added +158.8k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 628.4k $5.0m | New |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 589.9k $4.7m | Reduced -148.3k |
| Schonfeld Strategic Advisors LLC 0.03% of their portfolio | 576.3k $4.6m | New |
| Legal & General Group Plc 0.00% of their portfolio | 568.2k $4.5m | Reduced -70.2k |
| Verition Fund Management LLC 0.03% of their portfolio | 564.5k $4.5m | Added +502.3k |
| HRT FINANCIAL LP 0.02% of their portfolio | 562.0k $4.5m | New |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 541.2k $4.3m | Added +114.4k |
| UBS Group AG 0.00% of their portfolio | 539.1k $4.3m | Added +282.8k |
| SummitTX Capital, L.P. 0.17% of their portfolio | 525.1k $4.2m | Reduced -243.7k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 495.8k $3.9m | Reduced -30.9k |
| LPL Financial LLC 0.00% of their portfolio | 493.7k $3.9m | Added +19.7k |
| Quinn Opportunity Partners LLC 0.27% of their portfolio | 468.0k $3.7m | Unchanged |
| Nuveen, LLC 0.00% of their portfolio | 467.1k $3.7m | Reduced -4.7k |
| TUDOR INVESTMENT CORP ET AL 0.02% of their portfolio | 461.0k $3.7m | Added +200.9k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 441.9k $3.5m | Added +265.0k |
| Cubist Systematic Strategies, LLC 0.04% of their portfolio | 373.4k $3.0m | New |
| J. Goldman & Co LP 0.10% of their portfolio | 343.1k $2.7m | Reduced -479.6k |
| Beverly Hills Private Wealth, LLC 0.46% of their portfolio | 325.1k $2.6m | Added +25.1k |
| Bleakley Financial Group, LLC 0.06% of their portfolio | 320.6k $2.5m | Reduced -204 |
| Invesco Ltd. 0.00% of their portfolio | 287.6k $2.3m | Added +15.4k |
| Swiss National Bank 0.00% of their portfolio | 261.0k $2.1m | Added +3.3k |
| Union Square Park Capital Management, LLC 1.42% of their portfolio | 260.0k $2.1m | New |
| Squarepoint Ops LLC 0.00% of their portfolio | 247.7k $2.0m | Added +89.8k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 234.9k $1.9m | Reduced -18.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 234.8k $1.9m | Reduced -94.5k |
| BARCLAYS PLC 0.00% of their portfolio | 233.0k $1.8m | Reduced -249.9k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 213.2k $1.7m | Added +6.6k |
| NOMURA ASSET MANAGEMENT CO LTD 0.00% of their portfolio | 193.2k $1.5m | Added +8.0k |
| Asset Management One Co., Ltd. 0.00% of their portfolio | 189.9k $1.5m | Unchanged |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 185.1k $1.5m | Reduced -608 |
| SAYBROOK CAPITAL /NC 0.38% of their portfolio | 183.5k $1.5m | Unchanged |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 177.8k $1.4m | Added +6.2k |
| Greenland Capital Management LP 0.20% of their portfolio | 170.0k $1.3m | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 162.9k $1.3m | Reduced -1.3k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 157.7k $1.3m | Reduced -220.3k |
| Sumitomo Mitsui Trust Group, Inc. 0.00% of their portfolio | 152.8k $1.2m | Added +12.8k |
| AlphaQuest LLC 0.08% of their portfolio | 149.5k $1.2m | Added +81.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 146.3k $1.2m | Reduced -15 |
| State of New Jersey Common Pension Fund D 0.00% of their portfolio | 138.8k $1.1m | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 124.2k $985.1k | Added +14.4k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio | 123.7k $980.9k | Added +4.7k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 122.8k $974.1k | Reduced -170.5k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 118.0k $935.0k | Reduced -42.1k |
| Y-Intercept (Hong Kong) Ltd 0.02% of their portfolio | 117.1k $928.9k | Reduced -7.8k |
| DRW Securities, LLC 0.05% of their portfolio | 113.7k $926.0k | New |
| CITIGROUP INC 0.00% of their portfolio | 111.8k $886.2k | Reduced -18.5k |
| PEAK6 LLC 0.01% of their portfolio | 109.8k $870.8k | New |
| CALDWELL SUTTER CAPITAL, INC. 0.35% of their portfolio | 103.4k $819.6k | Unchanged |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 101.5k $776.2k | Reduced -3.9k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio | 97.7k $774.9k | Added +9.5k |
| Balyasny Asset Management L.P. 0.00% of their portfolio | 90.7k $719.0k | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 84.0k $665.9k | Added +71.7k |
| NATIXIS ADVISORS, LLC 0.00% of their portfolio | 83.4k $662.0k | Reduced -2.1k |
| Engineers Gate Manager LP 0.01% of their portfolio | 80.7k $639.6k | New |
| Alpine Global Management, LLC 0.13% of their portfolio | 80.0k $634.4k | New |
| NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio | 78.0k $618.8k | Added +54.1k |
| Clear Harbor Asset Management, LLC 0.04% of their portfolio | 76.4k $605.9k | New |
| Centiva Capital, LP 0.06% of their portfolio | 75.0k $594.8k | New |
| Entropy Technologies, LP 0.04% of their portfolio | 74.8k $593.5k | New |
| MetLife Investment Management, LLC 0.00% of their portfolio | 74.1k $587.6k | Reduced -7.1k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 71.3k $565.7k | Added +39.8k |
| State of Alaska, Department of Revenue 0.01% of their portfolio | 71.2k $563.0k | Added +7.2k |
| Amundi 0.00% of their portfolio | 69.6k $536.8k | Added +2.4k |
| MACQUARIE GROUP LTD 0.00% of their portfolio | 66.1k $524.1k | Added +12.8k |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 65.8k $522.4k | Unchanged |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio | 64.4k $511.0k | Unchanged |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 64.1k $508.4k | Reduced -145.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 63.2k $501.6k | Reduced -3.6k |
| Inspire Investing, LLC 0.05% of their portfolio | 62.6k $496.3k | Added +17.3k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 61.4k $486.6k | Reduced -11.0k |
| Campbell & CO Investment Adviser LLC 0.04% of their portfolio | 60.2k $477.3k | Reduced -2.9k |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 59.8k $474.4k | Reduced -6.0k |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 58.7k $465.4k | Reduced -18.0k |
| Resona Asset Management Co.,Ltd. 0.00% of their portfolio | 58.4k $452.7k | Added +4.7k |