Apartment Investment & Management CO

• KC Kingdom Capital Advisors Q4 2025 Investor Letter ↗ Kingdom Capital exited Superior Industries after its customer losses, doubled its United Natural Foods position after a cyber-attack, and used common stock and call options to capitalize on Enviri’s Clean Earth sale. The portfolio enters 2026 concentrated in liquidation situations including Net Lease Office Properties and Apartment Investment and Management, alongside discounted operating businesses such as UNFI, AKA Brands, Magnera and WeightWatchers. Q4 2025 AIV $273MMAGN $405MNLOP $142M +2

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