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 ($94.2k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $5.94. Options: 5 managers hold calls ($13.0m notional), 8 hold puts ($13.4m).
Trends to Q4 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 |
| Q4 2025 | 217 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 119 | 101 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $2.6m | $360.8k | 0.14 |
| Q2 2025 | $2.9m | $736.4k | 0.25 |
| Q3 2025 | $53.6m | $29.5m | 0.55 |
| Q4 2025 | $13.0m | $13.4m | 1.03 |
Biggest buyers
| Silver Point Capital L.P. | New | +7.4m |
| Irenic Capital Management LP | New | +3.9m |
| Western Standard LLC | New | +1.7m |
| Newtyn Management, LLC | Added | +1.4m |
| LANDMARK INVESTMENT PARTNERS, L.P. | Added | +1.4m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | New | +920.3k |
| Schonfeld Strategic Advisors LLC | Added | +917.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | New | +711.3k |
| Y-Intercept (Hong Kong) Ltd | Added | +695.8k |
| Verition Fund Management LLC | Added | +507.8k |
Biggest sellers
| GOLDMAN SACHS GROUP INC | Reduced | -5.0m |
| Madison Avenue Partners, LP | Sold out | -3.6m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -3.0m |
| Ursa Fund Management, LLC | Reduced | -2.7m |
| Argosy-Lionbridge Management, LLC | Reduced | -1.8m |
| RENAISSANCE TECHNOLOGIES LLC | Sold out | -1.2m |
| Qube Research & Technologies Ltd | Reduced | -901.6k |
| LMR Partners LLP | Sold out | -807.4k |
| JPMORGAN CHASE & CO | Reduced | -699.9k |
| Man Group plc | Reduced | -498.7k |
Biggest calls
| J. Goldman & Co LP | Unchanged | $11.1m1.9m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.0m172.5k shares |
| CITADEL ADVISORS LLC | Added | $608.9k102.5k shares |
| JANE STREET GROUP, LLC | New | $232.3k39.1k shares |
| Centiva Capital, LP | Unchanged | $22.6k3.8k shares |
Biggest puts
| Centiva Capital, LP | Added | $4.5m756.4k shares |
| CITADEL ADVISORS LLC | Reduced | $4.3m717.9k shares |
| SIMPLEX TRADING, LLC | Added | $2.3m383.6k shares |
| JANE STREET GROUP, LLC | New | $1.1m182.1k shares |
| JBF Capital, Inc. | New | $653.4k110.0k shares |
| IMC-Chicago, LLC | New | $244.7k41.2k shares |
| GROUP ONE TRADING LLC | Reduced | $237.6k40.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $140.2k23.6k 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 Q4 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 Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.00% of their portfolio | 19.2m $113.9m | Added +13.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 17.3m $102.7m | Reduced -9.5k |
| BlackRock, Inc. 0.00% of their portfolio | 14.5m $86.2m | Added +471.2k |
| Newtyn Management, LLC 5.78% of their portfolio | 9.2m $54.6m | Added +1.4m |
| Silver Point Capital L.P. 1.98% of their portfolio | 7.4m $44.0m | New |
| STATE STREET CORP 0.00% of their portfolio | 5.7m $34.1m | Reduced -117.0k |
| Irenic Capital Management LP 3.03% of their portfolio | 3.9m $23.1m | New |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.4m $20.1m | Added +52.8k |
| MORGAN STANLEY 0.00% of their portfolio | 2.7m $16.0m | Reduced -10.8k |
| LANDMARK INVESTMENT PARTNERS, L.P. 11.30% of their portfolio | 2.2m $13.2m | Added +1.4m |
| THOMPSON SIEGEL & WALMSLEY LLC 0.20% of their portfolio | 2.0m $11.9m | Added +199.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 2.0m $11.9m | Added +91.5k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 1.8m $10.9m | Reduced -51.9k |
| Western Standard LLC 4.60% of their portfolio | 1.7m $10.0m | New |
| Schonfeld Strategic Advisors LLC 0.04% of their portfolio | 1.5m $8.9m | Added +917.2k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 1.4m $8.4m | Reduced -3.0m |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.3m $7.6m | Reduced -189.7k |
| Weiss Asset Management LP 0.11% of their portfolio | 1.2m $7.4m | Added +2.4k |
| Argosy-Lionbridge Management, LLC 4.27% of their portfolio | 1.1m $6.8m | Reduced -1.8m |
| Verition Fund Management LLC 0.03% of their portfolio | 1.1m $6.4m | Added +507.8k |
| HRT FINANCIAL LP 0.02% of their portfolio | 1.0m $6.0m | Added +450.3k |
| Meros Investment Management, LP 2.35% of their portfolio | 995.7k $5.9m | Added +41.5k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio | 920.3k $5.5m | New |
| SummitTX Capital, L.P. 0.15% of their portfolio | 831.8k $4.9m | Added +306.7k |
| Y-Intercept (Hong Kong) Ltd 0.11% of their portfolio | 813.0k $4.8m | Added +695.8k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 723.9k $4.3m | Added +228.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 711.3k $4.2m | New |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 678.5k $4.0m | Reduced -901.6k |
| Union Square Park Capital Management, LLC 3.02% of their portfolio | 650.0k $3.9m | Added +390.0k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 633.4k $3.8m | Reduced -699.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 584.1k $3.5m | Reduced -48.8k |
| Legal & General Group Plc 0.00% of their portfolio | 577.0k $3.4m | Added +8.8k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 564.1k $3.4m | Reduced -5.0m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 501.3k $3.0m | Reduced -88.7k |
| Quinn Opportunity Partners LLC 0.13% of their portfolio | 494.9k $2.9m | Added +27.0k |
| LPL Financial LLC 0.00% of their portfolio | 494.6k $2.9m | Added +856 |
| Nuveen, LLC 0.00% of their portfolio | 462.5k $2.7m | Reduced -4.6k |
| Ursa Fund Management, LLC 0.22% of their portfolio | 423.6k $2.5m | Reduced -2.7m |
| PEAK6 LLC 0.03% of their portfolio | 394.1k $2.3m | Added +284.3k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 378.5k $2.2m | Added +200.7k |
| DLD Asset Management, LP 0.23% of their portfolio | 376.9k $2.2m | New |
| Northern Right Capital Management, L.P. 0.57% of their portfolio | 363.0k $2.2m | New |
| CANTOR FITZGERALD, L. P. 0.06% of their portfolio | 355.0k $2.1m | Reduced -380.0k |
| Beverly Hills Private Wealth, LLC 0.34% of their portfolio | 330.6k $2.0m | Added +5.5k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 327.2k $1.9m | Reduced -214.0k |
| Greenland Capital Management LP 0.28% of their portfolio | 325.0k $1.9m | Added +155.0k |
| Bleakley Financial Group, LLC 0.03% of their portfolio | 319.6k $1.9m | Reduced -969 |
| Invesco Ltd. 0.00% of their portfolio | 311.0k $1.8m | Added +23.5k |
| UBS Group AG 0.00% of their portfolio | 305.9k $1.8m | Reduced -233.2k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 288.2k $1.7m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 287.5k $1.7m | Added +203.6k |
| Swiss National Bank 0.00% of their portfolio | 266.5k $1.6m | Added +5.5k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio | 261.9k $1.6m | Added +138.2k |
| ExodusPoint Capital Management, LP 0.02% of their portfolio | 252.6k $1.5m | New |
| Centiva Capital, LP 0.09% of their portfolio | 250.0k $1.5m | Added +175.0k |
| BARCLAYS PLC 0.00% of their portfolio | 243.3k $1.4m | Added +10.4k |
| XTX Topco Ltd 0.04% of their portfolio | 239.7k $1.4m | New |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 234.9k $1.4m | Added +21.7k |
| Yakira Capital Management, Inc. 0.47% of their portfolio | 234.0k $1.4m | New |
| Man Group plc 0.00% of their portfolio | 212.6k $1.3m | Reduced -498.7k |
| NOMURA ASSET MANAGEMENT CO LTD 0.00% of their portfolio | 193.2k $1.1m | Unchanged |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 193.2k $1.1m | Reduced -41.7k |
| Asset Management One Co., Ltd. 0.00% of their portfolio | 180.9k $1.1m | Reduced -9.0k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 180.9k $1.1m | Reduced -4.3k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 180.1k $1.1m | Reduced -448.3k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 174.0k $1.0m | New |
| NORGES BANK 0.00% of their portfolio | 165.0k $980.1k | Not comparable |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 164.0k $974.1k | Added +1.1k |
| CITIGROUP INC 0.00% of their portfolio | 152.7k $907.0k | Added +40.9k |
| Sumitomo Mitsui Trust Group, Inc. 0.00% of their portfolio | 150.3k $892.9k | Reduced -2.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 146.2k $868.2k | Added +21.9k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 145.8k $865.9k | Reduced -296.1k |
| State of New Jersey Common Pension Fund D 0.00% of their portfolio | 138.8k $824.3k | Unchanged |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 135.3k $803.4k | Added +63.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 134.2k $797.2k | Reduced -12.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 132.3k $786.0k | Reduced -102.5k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 130.7k $776.1k | New |
| NINE MASTS CAPITAL Ltd 0.12% of their portfolio | 120.0k $712.8k | New |
| SG Americas Securities, LLC 0.00% of their portfolio | 116.6k $692.0k | Added +77.7k |
| Quantbot Technologies LP 0.02% of their portfolio | 109.1k $648.1k | New |
| CALDWELL SUTTER CAPITAL, INC. 0.27% of their portfolio | 106.4k $631.8k | Added +3.0k |
| Campbell & CO Investment Adviser LLC 0.03% of their portfolio | 103.1k $612.7k | Added +43.0k |
| DARK FOREST CAPITAL MANAGEMENT LP 0.03% of their portfolio | 100.2k $595.2k | New |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio | 97.7k $576.5k | Unchanged |
| AlphaQuest LLC 0.03% of their portfolio | 89.9k $534.1k | Reduced -59.6k |
| Amundi 0.00% of their portfolio | 84.9k $504.4k | Added +15.3k |
| DRW Securities, LLC 0.04% of their portfolio | 84.2k $500.0k | Reduced -29.5k |
| Engineers Gate Manager LP 0.01% of their portfolio | 79.5k $472.5k | Reduced -1.1k |
| Inspire Investing, LLC 0.04% of their portfolio | 78.6k $466.9k | Added +16.0k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 76.4k $451.6k | Reduced -25.0k |
| MetLife Investment Management, LLC 0.00% of their portfolio | 75.6k $449.3k | Added +1.5k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio | 73.7k $437.8k | Added +51.1k |
| State of Alaska, Department of Revenue 0.00% of their portfolio | 71.9k $425.0k | Added +613 |
| MACQUARIE GROUP LTD 0.00% of their portfolio | 66.1k $392.6k | Unchanged |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 65.8k $391.4k | Unchanged |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio | 64.4k $382.8k | Unchanged |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 62.4k $370.7k | Added +3.7k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 61.3k $364.3k | Reduced -23 |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 61.2k $363.6k | Added +15.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 58.3k $346.3k | Reduced -5.0k |