Comstock (NASDAQ: CHCI) reports double-digit 2025 growth and launches data center platform
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Comstock Holding Companies, Inc. reported a very strong fourth quarter and fiscal year 2025, with continued double-digit growth and a debt-free balance sheet. Q4 2025 revenue rose 42% to
For full-year 2025, revenue grew 23% to
The managed portfolio reached 92 assets, with commercial and residential occupancy at about 93% and a strong leasing pipeline, including over 600,000 square feet of commercial leases in 2025 and more than 600 residential units leased. Comstock also launched a new Data Center Platform with strategic partnerships in the Mid-Atlantic and Oklahoma and is pushing its Institutional Venture Platform, targeting acquisitions such as a 400+ unit Rockville multifamily property expected to close in Q1 2026.
Positive
- Strong, broad-based growth with no debt: 2025 revenue grew 23% to $62.9 million, net income rose 17% to $17.1 million, Adjusted EBITDA increased 16% to $13.4 million, marking a seventh year of double-digit top-line growth while maintaining a debt-free balance sheet.
Negative
- None.
Insights
Comstock posts robust 2025 growth and adds new data center and venture engines.
Comstock delivered strong operating momentum in 2025. Revenue climbed from
The business is heavily fee-based and asset-light, with no debt and growing recurring revenue from asset management, property management, and parking operations. High commercial and residential occupancies around
Strategically, the company is expanding its Institutional Venture Platform and has launched a Data Center Platform using capital-light joint ventures in the Mid-Atlantic and Oklahoma. These initiatives add new potential profit-sharing and fee streams on top of the existing portfolio. Future filings may show how fast these platforms scale and how much incremental Adjusted EBITDA they contribute.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 17, 2026
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
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| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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Item 2.02 Results of Operations and Financial Condition
On March 17, 2026, Comstock Companies, Inc. (the “Company”) issued a press release providing information regarding earnings for the quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.
On March 17, 2026, the Company posted a presentation on their investor relations website providing additional updates for the quarter ended December 31, 2025. A copy of the presentation is attached hereto as Exhibit 99.2.
The information included in this Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Form 8-K shall not be incorporated by reference into any filing under the Securities Act of 1933, except as shall otherwise be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
| 99.1 | Comstock Holding Companies, Inc. press release, dated March 17, 2026 | |||||||
| 99.2 | Comstock Holding Companies, Inc. investor presentation, issued on March 17, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COMSTOCK HOLDING COMPANIES, INC. | |||||||||||
| Date: March 17, 2026 | By: | /s/ CHRISTOPHER CLEMENTE | |||||||||
Christopher Clemente Chairman and Chief Executive Officer | |||||||||||
Comstock Reports Fourth Quarter and Fiscal Year 2025 Results CHCI’s strong Q4 drives growth across all key performance metrics Company launches Data Center Platform - multiple data center projects to provide new revenue sources Multiple Institutional Venture Platform acquisitions anticipated to close in 2026 Q4 2025 • Q4 revenue increased 42% to $23.9 million; • Q4 net income increased 31% to $13.5 million, including 53% increase in operating income • Q4 Adjusted EBITDA increased 51% to $8.1 million Fiscal Year 2025 • YTD revenue increased 23% to $62.9 million - 28th consecutive quarter of YoY growth • YTD net income increased 17% to $17.1 million • YTD Adjusted EBITDA increased 16% to $13.4 million Managed Portfolio • Commercial and Residential assets remain amongst the most in-demand and highly leased in the region ◦ 410,000 sqft. of commercial leases executed in Q4 alone; more than 600,000 sqft. in 2025 ◦ Residential leased occupancy has remained above 90% since Q1 2023 • 20 additional AUM vs. prior year, including 3 new ParkX third-party contracts added in Q4 Real Estate Venture Platforms • Institutional Venture Platform (“IVP”) acquisitions among Company’s primary FY 2026 objectives ◦ Previously announced acquisition of stabilized multifamily property in Rockville, Md. closing in Q1 2026; Additional IVP acquisition expected to close in Q2 2026 • Data Center Platform (“DCP”) announced, initially focusing on two strategic partnerships established in connection with large-scale data center campus developments in Oklahoma and the Mid-Atlantic region RESTON, Va. — March 17, 2026 — Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”) today announced financial results for the fourth quarter and fiscal year ended December 31, 2025. “I am pleased to announce Comstock’s 7th consecutive year of double-digit annual top-line growth while maintaining a debt-free balance sheet,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “Our success in 2025 is a testament to the quality of the assets we develop and manage, the best-in- class services we provide, and the commitment of every team member to deliver exceptional experiences for our customers and extraordinary results for our shareholders.” Key Performance Metrics ($ in thousands, except per share and portfolio data) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Revenue $ 23,933 $ 16,908 $ 62,861 $ 51,294 Net income $ 13,475 $ 10,327 $ 17,051 $ 14,560 Adjusted EBITDA 8,099 5,377 13,437 11,597 Net income per share — diluted $ 1.28 $ 0.99 $ 1.63 $ 1.41 Managed Portfolio - # of assets 92 72 92 72 Please see the included financial tables for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure. 1 Exhibit 99.1
In 2025, the Company delivered multiple significant buildings in Reston Station’s highly anticipated second phase, The Row at Reston Station. The 1.6 million square foot phase includes two Trophy-class office towers representing a total of approximately 590,000 square feet, a second BLVD-branded residential tower containing 418 apartments, and Virginia’s first JW Marriott-branded hotel and residences - a 248-key hotel with a market- leading 40,000+ square feet of event space, and 94 luxury condominiums at the top of the tower. In Q4-25, leading federal contractor Booz Allen Hamilton (“BAH”) announced it would relocate its global headquarters from Tysons Corner to The Row at Reston Station in 2027, occupying 300,000+ square feet across the Company’s two new office towers - 100% of 1870 Reston Row Plaza and ~35% of 1800 Reston Row Plaza. This landmark lease was among the largest private sector office leases in the Washington, D.C. region in 2025. Currently, ~80% of the total office space in these recently delivered buildings is committed to BAH and other tenants. BAH announced that upwards of 1,500 jobs will relocate to Reston upon the completion of interior construction. To date, the JW Marriott Residences Reston Station has generated condominium sales of more than $100 million, representing approximately 50% of the projected total sales and making it one of the best-selling condominium projects in the region. The JW Marriott Reston Station hotel has quickly become among the best performing hotel and conference centers in Northern Virginia, attracting numerous corporate events to its market-leading luxury banquet and meeting space. Institutional Venture Platform In Q3-25, the Company announced the continuation of its Institutional Venture Platform (“IVP”) with plans to acquire a 400+ unit residential property in Rockville, Maryland. That acquisition is expected to close in Q1-26, and the Company expects to announce additional acquisitions in the coming months. The Company’s Board of Directors also recently adopted its Institutional Venture Platform Policy, which can be found in the “Governance Documents” section of it’s Investor Relations website. Acquisitions under the Company’s IVP typically provide above average returns on invested capital (“ROIC”), generate fee-based revenue related to the asset management, property management, leasing, and capital improvement services provided by the Company to the IVP joint venture, as well as supplemental fee revenue related to acquisition/disposition services. Additionally, the Company typically earns a return on its capital and a “promoted” interest in the profit generated upon sale of the property. “Increasing AUM by acquisitions through our Institutional Venture Platform is among our primary objectives for 2026,” said Mr. Clemente. “These joint ventures pair our operational expertise with the vast capital resources of our institutional partners. By identifying core, core+, and value-add acquisition opportunities and executing a strategic plan that we develop with our institutional partner, we enhance the operations and performance of acquired assets and generate above average, risk-adjusted returns for our partners and shareholders while minimizing capital risk for Comstock.” Data Center Platform The Company also recently announced the launch of its Data Center Platform (“DCP”), initially focusing on two strategic partnerships established in connection with large-scale data center campus developments in Oklahoma and the Mid-Atlantic region. The Company will leverage its vast experience with designing large scale, multi- building developments and infrastructure projects, obtaining entitlements, and marketing “powered land” located in areas of focus for data center “hyperscalers.” 2
In the Mid-Atlantic region, the Company is providing entitlement and development services pursuant to a fee- based asset management agreement that provides robust profit sharing revenue opportunities for the Company upon sale of entitled data center development land to hyperscaler data center operators. No significant capital investment is required by the Company, ensuring the potential for sizable ROIC. In Oklahoma, the Company has committed a modest initial investment to form a strategic partnership with Jericho Energy Ventures (TSXV: JEV) (“Jericho”) that will focus the development of large-scale data center campuses on several thousand acres in Oklahoma where Jericho owns and operates natural gas infrastructure capable of providing “behind the meter” power sources for data center operation. Through its direct investment in the joint venture with Jericho, the Company will earn a share of the potentially significant profits upon the sale of the joint venture’s assembled land portfolio to one or more data center hyperscalers. “The launch of our Data Center Platform represents a logical extension of our IVP, marking Comstock’s official entry into a critical real estate sector that is driving the digital economy,” added Mr. Clemente. “The DCP endeavors we recently announced follow the same roadmap as all our strategic real estate ventures, representing low-risk, capital-light opportunities to generate additional diversified revenue streams while maintaining our pristine balance sheet.” The Company will post an updated Investor Presentation to the “Events and Presentations” section of its Investor Relations website on March 17, 2026. Additional Information • Stabilized Commercial managed portfolio is 93% leased; 8 commercial leases executed in Q4, representing approximately 410,000 sqft. of office and retail spaces; 602,000 sqft. leased in 2025. • Residential managed portfolio is 93% leased; well over 600 units leased in 2025. • ParkX subsidiary revenue increased 123% vs. prior year; 45 new contracts secured in FY25, including 19 new contracts in Q4. • Significant developed assets currently under construction/opening soon in The Row at Reston Station: ◦ BLVD Haley, a 419-unit luxury residential tower - partially delivered in Q4-25, scheduled to be fully delivered by Q2-26. Cautionary Statement Regarding Forward-Looking Statements This release may include "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as "anticipate," "believe," "estimate," "may," "intend," "expect," "will," "should," "seeks" or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. You should not place any undue reliance on any forward-looking statement, which speaks only as of the date made. Any number of important factors could cause actual results to differ materially from those projected or suggested by the forward-looking statements. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise. 3
About Comstock Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit- oriented properties in the Washington, D.C. region. With a managed portfolio that includes approximately 10 million square feet of stabilized, under construction, and planned assets that are strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in one of the nation’s best real estate markets. Comstock’s developments include some of the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale public-private partnership developments. For more information, please visit Comstock.com. Investor Contact Media Contact investorrelations@comstock.com publicrelations@comstock.com 4
December 31, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 31,282 $ 28,761 Accounts receivable, net 829 282 Accounts receivable - related parties 19,137 7,254 Prepaid expenses and other current assets 2,018 430 Total current assets 53,266 36,727 Fixed assets, net 674 574 Intangible assets 144 144 Leasehold improvements, net 30 60 Investments in real estate ventures 5,953 6,228 Operating lease assets 5,002 5,916 Deferred income taxes, net 18,894 14,720 Deferred compensation plan assets 897 438 Other assets 102 60 Total assets $ 84,962 $ 64,867 Liabilities and Stockholders' Equity Current liabilities: Accrued personnel costs $ 7,839 $ 4,952 Accounts payable and accrued liabilities 847 781 Current operating lease liabilities 994 922 Total current liabilities 9,680 6,655 Deferred compensation plan liabilities 960 492 Operating lease liabilities 4,356 5,351 Total liabilities 14,996 12,498 Stockholders' equity: Class A common stock 99 97 Class B common stock 2 2 Additional paid-in capital 203,246 202,702 Treasury stock (2,662) (2,662) Accumulated deficit (130,719) (147,770) Total stockholders' equity 69,966 52,369 Total liabilities and stockholders' equity $ 84,962 $ 64,867 COMSTOCK HOLDING COMPANIES, INC. Consolidated Balance Sheets (Unaudited; In thousands) 5
Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenue $ 23,933 $ 16,908 $ 62,861 $ 51,294 Operating costs and expenses: Cost of revenue 15,433 11,255 48,080 38,630 Selling, general, and administrative 676 487 2,545 2,075 Depreciation and amortization 75 84 306 302 Total operating costs and expenses 16,184 11,826 50,931 41,007 Income (loss) from operations 7,749 5,082 11,930 10,287 Other income (expense): Interest income 185 196 807 672 Gain (loss) on real estate ventures (54) 72 (1) (297) Other income (expense), net 9 7 141 63 Income (loss) from operations before income tax 7,889 5,357 12,877 10,725 Provision for (benefit from) income tax (5,586) (4,970) (4,174) (3,835) Net income (loss) $ 13,475 $ 10,327 $ 17,051 $ 14,560 Weighted-average common stock outstanding: Basic 10,090 9,895 10,067 9,846 Diluted 10,510 10,418 10,470 10,327 Net income (loss) per share: Basic $ 1.34 $ 1.04 $ 1.69 $ 1.48 Diluted $ 1.28 $ 0.99 $ 1.63 $ 1.41 COMSTOCK HOLDING COMPANIES, INC. Consolidated Statements of Operations (Unaudited; In thousands, except per share data) 6
Adjusted EBITDA The following table presents a reconciliation of net income (loss) from continuing operations, the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted EBITDA: Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income (loss) $ 13,475 $ 10,327 $ 17,051 $ 14,560 Interest income (185) (196) (807) (672) Income taxes (5,586) (4,970) (4,174) (3,835) Depreciation and amortization 75 84 306 302 Stock-based compensation 266 204 1,060 945 (Gain) loss on real estate ventures 54 (72) 1 297 Adjusted EBITDA $ 8,099 $ 5,377 $ 13,437 $ 11,597 The increases in Adjusted EBITDA for the three months and year ended December 31, 2025 are primarily driven by significant increases in recurring fee-based revenue from our three operating property management subsidiaries and supplemental fee revenue from leasing activity. We define Adjusted EBITDA as net income (loss) from continuing operations, excluding the impact of interest expense (net of interest income), income taxes, depreciation and amortization, stock-based compensation, and gain or loss on equity method investments in real estate ventures. We use Adjusted EBITDA to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources. We expect to compute Adjusted EBITDA consistently using the same methods each period. We believe Adjusted EBITDA is a useful measure because it permits investors to better understand changes over comparative periods by providing financial results that are unaffected by certain non-cash items that are not considered by management to be indicative of our operational performance. While we believe that Adjusted EBITDA is useful to investors when evaluating our business, it is not prepared and presented in accordance with GAAP, and therefore should be considered supplemental in nature. Adjusted EBITDA should not be considered in isolation, or as a substitute, for other financial performance measures presented in accordance with GAAP. Adjusted EBITDA may differ from similarly titled measures presented by other companies. COMSTOCK HOLDING COMPANIES, INC. Non-GAAP Financial Measures (Unaudited; In thousands) 7
NASDAQ: CHCI COMSTOCK HOLDING COMPANIES, INC. | NASDAQ: CHCI Q4 2025 INVESTOR PRESENTATION Exhibit 99.2
NASDAQ: CHCI 2 Disclosures This presentation may include “forward -looking” statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward -looking statements can be identified by use of words such as “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect,” “will,” “should,” “seeks” or other similar expressions. Forward -looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. You should not place undue reliance on any forward - looking statement, which speaks only as of the date made. Any number of important factors could cause actual results to differ materially from those projected or suggested by the forward -looking statements. Comstock specifically disclaims any obligation to update or revise any forward -looking statements, whether as a result of new information, future developments, or otherwise. While every attempt has been made to ensure the accuracy of included measurements, all future development measurements are based on available information at the time of production of this Investor Presentation and therefore all square foot measurements are subject to change without notice.
NASDAQ: CHCI 3 Table of Contents Comstock Overview 4 Visionary Leadership 5 Why Comstock 6-8 Q4 2025 Update 9 Institutional Venture Platform (IVP) 10 Data Center Platform (DCP) 11 Our Managed Portfolio 12-18 ESG: Creating Positive Impacts 19 Supplemental Information Leadership and Board 22 -23 Corporate Structure Overview 24 Our Services 25 Reconciliation of Non -GAAP Financial Measures 26
NASDAQ: CHCI 4 Comstock is the Premier Commercial Developer and Real Estate Services Provider in the Washington, D.C. Region ▪ Leading asset manager, developer, and operator of mixed -use and transit-oriented properties ▪ Since 1985, we have acquired, developed, operated, and sold millions of square feet of residential, commercial, and mixed -use properties ▪ Our rapidly expanding portfolio of high-quality managed assets includes Reston Station and Loudoun Station, two of the largest and most prominent mixed -use, transit -oriented developments in the Mid -Atlantic Extraordinary places. Exceptional experiences. Proven results. We deliver a comprehensive suite of real estate services through long -term management agreements, including: ASSET MANAGEMENT DEVELOPMENT CONSTRUCTION MANAGEMENT PROPERTY MANAGEMENT PARKING MANAGEMENT SECURITY & OTHER See slide 25 for full listing of Comstock’s services
NASDAQ: CHCI 5 Visionary Leadership Chris Clemente – Chairman and CEO ▪ Founded Comstock (Nasdaq: CHCI ) in 1985 ▪ Led acquisition, development, operation, and sale of millions of square feet of residential, commercial, and mixed -use properties ▪ Guided Comstock’s successful transformation from homebuilder to leading commercial developer and real estate services provider ▪ Controlling CHCI shareholder and Managing Partner of Comstock Partners, LC (Anchor Portfolio owner) See slides 22 -23 for full listing of Comstock’s leadership team and Board of Directors See slide 24 for additional details on the relationship between Comstock Partners, LC and Comstock Holding Companies, Inc. (C HCI ) Dwight Schar – Strategic Advisor & Principal, Comstock Partners, LC ▪ Founder and former Chairman & CEO of NVR, Inc. (NYSE: NVR), a Fortune 500 homebuilder ▪ Led NVR in developing hundreds of thousands of homes across multiple states, generating billions in annual revenue ▪ Strategic Advisor to CHCI ; Instrumental in its business transformation and the visionary behind its fee -based, asset -light, debt -free business model that is based on the successful model he implemented at NVR ▪ Significant CHCI shareholder and Principal of Comstock Partners, LC (Anchor Portfolio owner)
NASDAQ: CHCI 6 Why Comstock DYNAMIC & RESILIENT BUSINESS MODEL PROVEN EXPERTISE ▪ Fee -based, asset -light, and debt -free platform that mitigates risk and drives consistent revenue growth ▪ Long -term asset management agreements generate reliable fee -based and supplemental revenue and include cost -plus downside protection for its most significant assets ▪ Vertically integrated operating subsidiaries provide property management services that generate multiple recurring fee revenue streams ▪ Four decades of experience delivering thousands of residential units and millions of square feet of mixed -use ▪ Leadership team with institutional experience and deep local market knowledge ▪ Strong track record in developing, entitling, and managing complex real estate projects across multiple states in the Mid -Atlantic and Southeastern U.S. region ▪ Predictable revenue streams provide visibility into future earnings and foundation for stable growth ▪ Expanding managed portfolio, development pipeline, and strategic investments further drive scalability and profitability ▪ Focus on premier real estate assets in supply -constrained markets fuels ongoing “flight-to-quality” demand SCALABLE GROWTH PLATFORM We Show Up every day to make a difference — for our customers, our stakeholders, and in the communities that we serve
NASDAQ: CHCI $3.4 $5.8 $9.0 $10.4 $11.6 $13.4 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $- $10 $20 $30 $40 $50 $60 $70 2020 2021 2022 2023 2024 2025 Cost Plus Asset + Property Management (Non-Cost-Plus) Supplemental Fees Incentive Fees Adjusted EBITDA 7 By the Numbers: A Proven Model That Delivers Our platform drives consistent growth, preserves flexibility, and generates cash – all with minimal risk ▪ 2022 Asset Management Agreement (2022 AMA) that covers our most significant properties (the Anchor Portfolio) generates consistent asset management fee revenue and provides cost -plus protection ▪ 3 vertically -integrated operating subsidiaries (CHCI Commercial, CHCI Residential, ParkX ) generate multiple fee - based property management and other revenue streams from long -term agreements ▪ One -time supplemental asset management fee income provides additional upside: ▪ Leasing, financing, acquisition, development, and construction management fees ▪ FY 2022 -25 avg/year =$4.4 million ▪ Incentive fees on stabilized/newly delivered assets ▪ FY 2022 -25 age/year = $3.4 million ▪ Predictable cash flow generation and streamlined balance sheet provide enhanced agility when pursuing strategic growth opportunities (capital re -investment, acquisitions, etc.) See slide 26 for reconciliation of Adjusted EBITDA to more directly comparable GAAP financial measure REVENUE = 23% CAGR | ADJUSTED EBITDA 31% CAGR ($ in M) Revenue ($ in M) Adjusted EBITDA We expect this upward trajectory to continue in 2026 and beyond
NASDAQ: CHCI 8 DELIVERING SUPERIOR VALUE Note: Peers include JBG Smith (JBGS), BXP Inc (BXP), Brandywine Realty (BDN), Piedmont Realty (PDM), Armada Hoffler (AHH), Co usins Properties (CUZ), American Assets Trust (AAT) and One Liberty Properties (OLP). Peer metrics (including debt) represents stra ight average. * Includes related party accounts receivable in net cash. Valuation date as of 12/31/2025. Peer multiples are averages. 6.4X FY 12/31/2025 Adjusted EBITDA Multiple PEERS 14.2X 43% FY 12/31/2025 Net Cash/Market Cap* PEERS -218% 493% 2020 -12/31/2025 % Stock Price Increase PEERS -55% VALUATION $0 FY 12/31/2025 Debt PEERS $4B FINANCIAL METRICS 24% FY 12/31/2025 ROE PEERS -2% 31% 2020 -2025 CAGR Adjusted EBITDA Growth PEERS 5% By the Numbers: A Compelling Investment Opportunity
NASDAQ: CHCI 9 Diversified Revenue Streams 1 CHCI Commercial and CHCI Residential 19% 23% Asset Management Property Management ParkX Management REVENUE BY LINE OF BUSINESS (YTD) ▪ Stabilized Commercial managed portfolio is 93% leased; 8 commercial leases executed in Q4, representing approximately 410,000 sqft. of office and retail spaces, 602,000 sqft. leased YTD. ▪ Residential managed portfolio is 93% leased; well over 600 units leased YTD. ▪ ParkX subsidiary revenue increased 123% vs. prior year; 45 new contracts secured in FY25, including 19 new contracts in Q4 alone. ▪ Significant developed assets currently under construction/opening soon at The Row at Reston Station: ▪ BLVD Haley , a 419-unit luxury residential tower – partially delivered in Q425, scheduled to be fully delivered by Q226. Operational Highlights See slide 26 for reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure Q4 2025 Update 1 $23.9M REVENUE (42% GROWTH VS PY) $8.1M ADJUSTED EBITDA (51% GROWTH VS PY) QTD $13.5M NET INCOME (31% GROWTH VS PY) 92 AUM | (28% GROWTH VS PY) $62.9M REVENUE (23% GROWTH VS PY) $13.4M ADJUSTED EBITDA (16% GROWTH VS PY) YTD $17.1M NET INCOME (17% GROWTH VS PY) Supplemental fee revenue 44% **See next slide for additional recent transaction highlights** 14%
NASDAQ: CHCI 10 CHCI's Institutional Venture Platform: Institutional-Quality Assets Operated by Institutional -Quality Teams Our Institutional Venture Platform ("IVP") is designed to pair Comstock's operational expertise with the capital resources of our institutional partners to co -invest in real estate opportunities that have the potential to produce strong, risk -adjusted returns. Assets acquired under the IVP are typically structured as a joint venture with a majority equity partner that recognizes Comstock’s vertically integrated operating platform and track record of acquiring, rebranding, and managing properties. We maintain a disciplined approach when analyzing IVP investments, ensuring strategic portfolio alignment and structured growth potential - both from the recurring revenue streams generated by the real estate services we provide and the long -term capital gains realized by our hands -on asset value enhancement efforts. We align our interests with our institutional partners to deliver a tailored investment solution designed to maximize return on invested capital for all stakeholders. Our Institutional Venture Platform will be a focal point in 2026 as we continue to seek additional low -risk, high -value opportun ities THE HARTFORD BLVD FORTY FOUR BLVD ANSEL COMING SOON: 400+ unit, transit- oriented apartment building in Rockville, Md. expected to close in Q1 2026 See slide 17 for additional details on our investment portfolio
NASDAQ: CHCI 11 CHCI's Data Center Platform: Accelerating Growth Potential Through Strategic Partnerships We recently announced the launch of our Data Center Platform ("DCP") , a logical expansion of our Institutional Venture Platform that focuses on low -risk, high -reward joint venture opportunities in one of the world's most coveted asset classes. Details on our current DCP endeavors are summarized below. \ Oklahoma - Jericho Energy Ventures (TSXV: JEV; OTCID: JROOF; FRA: JLM) ▪ Recently entered agreement to form joint venture with JEV covering portfolio of land to be entitled to permit large -scale data center campus development ▪ Will capitalize on CHCI development expertise and leverage JEV's control of ~18,000 acres of subsurface land and energy assets ▪ Direct access to abundance of natural gas provides ability to deliver low -cost, high -performance power solutions that are "behind the meter" and FASTER TO MARKET , as well as potential carbon sequestration ▪ Small initial capital investment in JEV to further align interests of strategic partners Mid-Atlantic ▪ Asset management agreement with subsidiary of Comstock Partners, LC (CHCI affiliate entity)("CP") to provide data center development services for CP -owned land parcels located in areas of the Mid -Atlantic U.S. region that are in the path of data center expansions ▪ Similar to existing asset management agreements with CP, CHCI will receive recurring fee revenue and potential supplemental fee revenue with no capital investment ▪ Negotiated a Purchase and Sale Agreement on behalf of CP whereby purchaser, a leading developer of data center campuses, will acquire the parcels upon securing applicable entitlements and power supply agreements, expected to occur in 2027 ▪ Asset management agreement provides CHCI significant profit share upon successful land sale and allows for additional fee -based revenue for development services provided to the purchaser from 2027 -2030 Our goal is to capitalize on the ever -growing demand for data center capacity and deliver potentially significant returns from t his rapidly growing sector
NASDAQ: CHCI 12 Above information as of 12/31/25. *Excludes 26 properties where parking management services are also provided to avoid double -counting; hours/week total is repres entative of all security & other locations, including duplicates COMMERCIAL 15 Operating Assets 2.6M SF RESIDENTIAL 7 Operating Assets 1,700+ units, 2.0M SF 34 Garages, 26K Spaces 35 Security and Other Locations*, ~7,900 hrs/week COMMERCIAL 1 Asset 6K SF RESIDENTIAL 1 Asset 419 units, 430K SF HOSPITALITY 1 JW Marriott Hotel 290K SF, 248 keys COMMERCIAL 5 Assets 1.5M SF RESIDENTIAL 5 Assets ~2,300 units, 2.5M SF HOSPITALITY 1 Hotel 220K SF, 240 keys 92 OPERATING ASSETS 2 UNDER CONSTRUCTION 11 DEVELOPMENT PIPELINE Our Managed Portfolio DRIVING NEAR -TERM AND LONG -TERM GROWTH 105 AUM ~10M+ SF $5B+ AT FULL BUILD -OUT PARKX Preparations are underway for the next phase of development for our portfolio assets
NASDAQ: CHCI 13 Case Study: The Demand for Trophy -Class Office Space in Reston Station Our commercial assets remain among the most sought -after properties in the region, as return -to-work initiatives increase the de mand for Trophy office space In Q425, we finalized multiple new office leases with Booz Allen Hamilton that cover more than 310,000 sqft. across 1800 and 1870 Reston Row Plaza, our newest Trophy -class towers located in The Row at Reston Station. This lease generated significant supplemental leasing fee revenue in Q425 and will further increase recurring asset and property management fee revenues at these buildings going forward. 1870 Reston Row Plaza (Q425 delivery) is now 100% leased. The Trophy -class office space in 1800 Reston Row Plaza is currently 79% leased and what is available remains in high demand. 12/31/2025 Wtd Avg Lease Term 8.7 years Total leased sqft since 2020* 1.74M sqft. Total leased sqft 2025 YTD 602k sqft. Commercial leased % All Delivered 87% Stabilized 93% Key Statistics – CHCI’s Commercial Portfolio *Total sqft. from all signed leases, including renewals 1800 Reston Row Plaza 1870 Reston Row Plaza
NASDAQ: CHCI 14 Premium Assets. Proven Results. AUM FINANCIAL PERFORMANCE 2020 LTM 12/31/25% Increase REVENUE NOI $52M $22M $128M $62M 146% 182% RESIDENTIAL 2020 Q4 2025% Increase # UNITS LEASED % 1,123 73% 1,638 93% 46% 20% COMMERCIAL 2020 Q4 2025% Increase SQFT LEASED % 1.8M 79% 2.4M 93% * 33% 14% PARKX 2020 Q4 2025% Increase # GARAGES PARKING SPACES SECURITY & OTHER HOURS/WEEK 3 8,000 0 0 34 25,902 35 7,983 1033% 224% N/A N/A *Stabilized assets only
NASDAQ: CHCI 15 Flight-to-Quality Attracting Premier Tenants and Partners MAJOR OFFICE TENANTS MAJOR RETAIL LEASES STRATEGIC PARTNERS
NASDAQ: CHCI 16 ANCHOR PORTFOLIO Two of the largest and most prominent mixed -use, transit-oriented developments in the Mid -Atlantic region; include legacy assets owned by Comstock Partners that CHCI develops, manages, and operates RESTON STATION LOUDOUN STATION 90 acres Size 50 acres Metro Silver Line: Wiehle -Reston Location Metro Silver Line: Ashburn 3.1M sqft. Commercial ~700,000 sqft. 2,700+ units Residential 1,200+ units JW Marriott Reston Station Hospitality Future boutique hotel (TBD) Founding Farmers; VIDA Fitness, Ebbitt House, Davios , Tous les Jours , Starbucks, CVS, and more Restaurants/Retail AMC Theaters, Starbucks, Juleps Kentucky Tavern, Curry Pizza House, Famous Toastery , Senor Tequila's, and more All numbers are estimates at full build -out At a Glance: Our Managed Portfolio
NASDAQ: CHCI INVESTMENT ASSETS 17 THE HARTFORD BLVD FORTY FOUR COMSTOCK 41*BLVD ANSEL Parking garages & buildings/public spaces for which ParkX Management provides supplemental property management services that include parking management, security, porter/janitorial, and more. ParkX OTHER PORTFOLIO ASSETS Properties that are partially or wholly -owned by CHCI, and for which CHCI provides various real estate services At a Glance: Our Managed Portfolio *Image represents rendering of planned future affordable housing development that was recently approved by the City of Rockvi lle Planning Commission
NASDAQ: CHCI 18 UNDER CONSTUCTION & DEVELOPMENT PIPELINE Figures are approximate, include future development assets, and completion dates are subject to adjustments based on market c ond itions. NAME LOCATION ASSET CLASS TOTAL GSF UNITS DELIVERY DATE UNDER CONSTRUCTION BLVD HALEY Reston Station Multifamily/Retail 427,000 419 2026 JEWEL BOX Reston Station Retail 5,786 N/A 2026 UNDER CONSTRUCTION SUBTOTAL 432,786 419 Units DEVELOPMENT PIPELINE ONE GRAMERCY Loudoun Station Office 187,000 N/A 2027 BLVD GRAMERCY WEST (A) Loudoun Station Office/Retail 187,000 N/A 2028 BLVD GRAMERCY WEST (B) Loudoun Station Office/Retail 187,000 N/A 2028 ONE COMMERCE Reston Station Office 462,000 N/A 2029 BLVD WEST Reston Station Multifamily 237,000 227 2030 BOUTIQUE DUAL -USE HOTEL Reston Station Hotel 220,000 240 Keys 2029 COMMERCE DISTRICT PHASE II Reston Station Multifamily 455,000 450 2029 LOUDOUN STATION PHASE IV (2) Loudoun Station Multifamily/Retail 259,000 249 2028 LOUDOUN STATION PHASE IV (3) Loudoun Station Multifamily/Retail 310,000 300 2028 MIDLINE DISTRICT Reston Station Multifamily/Retail 1,200,000 1,100 2028 1891 METRO CENTER DR Reston Station Office 512,000 N/A 2030 DEVELOPMENT SUBTOTAL 4,216,000 240 Keys/2,326 Units TOTAL UNDER CONSTRUCTION & DEVELOPMENT 4,648,786 240 Keys/2,745 Units At a Glance: Our Managed Portfolio
NASDAQ: CHCI 19 We recognize that development of real estate can have significant impact, positive or negative, for the surrounding community , the region, and the environment that we all share. Supporting and fostering these initiatives in a rational way is instrumental in making our co mmunities better places to live, work, and play while simultaneously bolstering asset value, reducing risk, and positively impacting all stakeholders. All buildings at Reston Metro Plaza LEED silver or above Green Cleaning: use environmentally -friendly practices and low toxicity cleaning products Electric Charging Stations 1902 and 1900 Reston Metro Plaza and The Hartford Building in Arlington LEED gold certified CarbonCure Concrete Bike Racks, Bike Repair Rooms, Bike to Work Events and Bike Share Program The Hartford Building is Energy Star certified in addition to buildings at Reston Metro Plaza, 43777 Loudoun Station and Commerce Districts Smoke Free Buildings Community Involvement Annual Summerbration , Arts Program, Community Donations, Sponsored Community Events, Habitat for Humanity Transit -oriented projects encourages use of and promotes public transportation to reduce the carbon footprint Non Corrosive and Non Toxic Ice Melt 2025 Best Places to Work & Best Workplaces for Commuters ESG: Creating Positive Impacts
NASDAQ: CHCI 20 1900 Reston Metro Plaza, Reston, VA 20190 703.230.1985 comstock.com | investorrelations@comstock.com NASDAQ: CHCI
NASDAQ: CHCI 21 SUPPLEMENTAL INFORMATION
NASDAQ: CHCI 22 Leadership Team EX EC U TI V E C O M M IT TE E SE N IO R L EA D ER SH IP TIMOTHY STEFFAN Chief Operating Officer CHRISTOPHER GUTHRIE CFO & EVP ROBERT DEMCHAK General Counsel & Corporate Secretary TRACY SCHAR SVP of Marketing & Design Management JOHN HARRISON EVP of Development PAUL SCHWARTZ SVP of Human Resources MICHAEL GUALTIERI Chief Accounting Officer RUBEN MERCADO VP & Head of Information Technology JIMMY MANDICH VP & Controller KRIS GREEN SVP, Property & Asset Management CHRIS FACAS Senior Managing Director, Asset Management DYLAN CLEMENTE President, ParkX Management CHRIS CLEMENTE CEO & Chairman of CHCI Significant Shareholder of CHCI Managing Partner of Comstock Partners, LC (Owner of Anchor Portfolio) DWIGHT SCHAR Former CEO & Chairman of NVR (NYSE: NVR) Significant Shareholder of CHCI Principal of Comstock Partners, LC (Owner of Anchor Portfolio) COMBINING LOCAL EXPERTISE WITH INDUSTRY EXPERIENCE
NASDAQ: CHCI 23 Board of Directors CHRIS CLEMENTE Chairman of the Board of Directors & Chief Executive Officer DAVID GUERNSEY Director Compensation Committee Chair TOM HOLLY Director Audit Committee Member JAMES MACCUTCHEON Director Audit Committee Chair, Compensation Committee Member, & Financial Expert DAVID PAUL Director Compensation Committee Member Nom. & Gov. Committee Chair ROBERT PINCUS Director Audit Committee Member Nom. & Gov. Committee Member
NASDAQ: CHCI 24 Corporate Structure Overview CHRISTOPHER CLEMENTE CEO and Chairman Executive Management Team and BOD Public Shareholders DWIGHT SCHAR via Private Entity Comstock Holding Companies, Inc. (NASDAQ: CHCI ) Asset Management and Property Management Fees Comstock Partners LC (Owner of the “Anchor Portfolio”) Current AUM of $2.5BN+ | Full Build Out AUM of $5BN+ 30% 6% 29% 50%50% 35%
NASDAQ: CHCI 25 CUSTOMERS ▪ Institutional Real Estate Investors ▪ HNW Family Offices ▪ Real Estate Owners ▪ Financial Institutions ▪ Governmental Institutions ASSET TYPES ▪ Office ▪ Multifamily ▪ Retail ▪ Hotel ▪ Commercial Garages ▪ Public Spaces ▪ Owner’s Associations ▪ Data Centers SERVICES ▪ Asset Management ▪ Property Management ▪ Construction Management ▪ Development ▪ Parking Management ▪ Security, Valet, Concierge, and Other ▪ Porter/Janitorial ▪ Leasing and Marketing ▪ Design, Planning, and Entitlements ▪ Asset Recapitalization Our Services
NASDAQ: CHCI 26 This investor presentation contains certain non -GAAP financial measures including adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”). We define Adjusted EBITDA as net income (loss) from continuing operations, excluding the impact of interest expense (net of interest income), income taxes, depreciation and amortization, stock -based compensation, and gain (loss) on equity method investments in real estate ventures. We use Adjusted EBITDA to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources. We expect to compute Adjusted EBITDA consistently using the same methods each period. We believe Adjusted EBITDA is a useful measure because it permits investors to better understand changes over comparative periods by providing financial results that are unaffected by certain non -cash items that are not considered by management to be indicative of our operational performance. While we believe that Adjusted EBITDA is useful to investors when evaluating our business, it is not prepared and presented in accordance with GAAP, and therefore should be considered supplemental in nature. Adjusted EBITDA should not be considered in isolation, or as a substitute, for other financial performance measures presented in accordance with GAAP. Adjusted EBITDA may differ from similarly titled measures presented by other companies. Reconciliation of Non -GAAP Financial Measures (UNAUDITED) Non -GAAP Financial Measures ($ in thousands) December 31, 2025 Year Ended December 31, QTD 2025 2024 2023 2022 2021 2020 Net income from continuing operations 13,475 17,051 14,560 7,784 7,728 16,039 2,141 Interest (income) expense (185) (807) (672) (96) 222 235 344 Income taxes (5,586) (4,174) (3,835) 368 125 (11,217) 25 Depreciation and amortization 75 306 302 211 206 94 74 Stock -based compensation 266 1,060 945 968 834 633 701 (Gain) loss on real estate ventures 54 1 297 1,187 (121) 14 160 Adjusted EBITDA 8,099 13,437 11,597 10,423 8,994 5,798 3,445
FAQ
How did Comstock Holding Companies (CHCI) perform in Q4 2025?
Comstock posted a very strong Q4 2025. Revenue rose 42% to $23.9 million, net income increased 31% to $13.5 million, and Adjusted EBITDA grew 51% to $8.1 million, reflecting higher recurring fee-based revenue and strong supplemental leasing fees.
What were Comstock Holding Companies’ full-year 2025 financial results?
For 2025, Comstock delivered solid full-year growth. Revenue increased 23% to $62.9 million, net income rose 17% to $17.1 million, and Adjusted EBITDA improved 16% to $13.4 million, extending the company’s streak to seven consecutive years of double-digit annual top-line growth.
What is Comstock’s new Data Center Platform (DCP) mentioned in the 8-K for CHCI?
The Data Center Platform is a new growth initiative. It focuses on capital-light joint ventures tied to large-scale data center campus developments in the Mid-Atlantic and Oklahoma, where Comstock contributes development and entitlement expertise and participates in profit-sharing and fee-based revenues from future land sales.
How healthy is Comstock Holding Companies’ portfolio occupancy and leasing?
Comstock’s portfolio shows strong demand and occupancy. The stabilized commercial managed portfolio is 93% leased, with about 410,000 square feet leased in Q4 and 602,000 square feet in 2025. The residential managed portfolio is also 93% leased, with well over 600 units leased during 2025.
What are Comstock’s Institutional Venture Platform (IVP) plans for 2026?
The IVP is a key 2026 strategic focus. Comstock plans multiple acquisitions with institutional partners, including a previously announced 400+ unit multifamily property in Rockville, Maryland expected to close in Q1 2026, targeting above-average risk-adjusted returns and incremental fee and promoted interest income.
What non-GAAP metric does Comstock highlight and why is it important?
Comstock emphasizes Adjusted EBITDA as a key performance metric. Adjusted EBITDA excludes interest, taxes, depreciation, amortization, stock-based compensation, and gains or losses on real estate ventures, helping management and investors evaluate underlying operating performance trends and compare financial results across periods.
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Mar 13, 2026
Comstock Announces Launch of Data Center Platform