# EDGAR Filing Document

**Accession Number:** 0001299969
**File Stem:** 0001628280-25-051879
**Filing Date:** 2025-11
**Character Count:** 38422
**Document Hash:** 2b9ff4117ce24a5f6a8d8d2e0977c396
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-051879.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001628280-25-051879

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20251113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Comstock Holding Companies, Inc.
- **CENTRAL INDEX KEY:** 0001299969
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 201164345
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32375
- **FILM NUMBER:** 251475793

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 RESTON METRO PLAZA, 10TH FLOOR
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190
- **BUSINESS PHONE:** 703-230-1985

**MAIL ADDRESS:**
- **STREET 1:** 1900 RESTON METRO PLAZA, 10TH FLOOR
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Comstock Homebuilding Companies, Inc.
- **DATE OF NAME CHANGE:** 20040806

?xml version='1.0' encoding='ASCII'? chci-20251113

**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): **November 13, 2025**

**Comstock Holding Companies, Inc.**

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **1-32375** | **20-1164345** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

**1900 Reston Metro Plaza, 10**<sup>TH</sup> **Floor**

**Reston, Virginia 20190**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: **(703) 230-1985**

(Former name or former address, if changed since last report)

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)

☐ Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| **Class A Common Stock, par value $0.01** | **CHCI** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nasdaq Capital Market** |

---

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).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition**

On November 13, 2025, Comstock Companies, Inc. (the "Company") issued a press release providing information regarding earnings for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

On November 13, 2025, the Company posted a presentation on their investor relations website providing additional updates for the quarter ended September 30, 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<br>Number** | **Description** |
| 99.1 | <u>[Comstock Holding Companies, Inc. press release, dated November 13, 2025](q325earningsreleasefinal.htm)</u> |
| 99.2 | <u>[Comstock Holding Companies, Inc. investor presentation, issued on November 13, 2025](q325chciinvestorpresenta.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | | **COMSTOCK HOLDING COMPANIES, INC.** |
| Date: November 13, 2025 | By: | /s/ CHRISTOPHER CLEMENTE |
|  |  | Christopher Clemente<br>Chairman and Chief Executive Officer |

---

## Exhibit 99.1

![](q325earningsreleasefinal001.jpg)

Comstock Reports Third Quarter 2025 Results Strong commercial leasing in Q3; significant office leases signed post-quarter end bring YTD to 500,000+ sqft. Investment in ParkX expansion drives Q325 headcount growth; adds new fee-based revenue streams • Revenue increased 3% to $13.3 million; YTD increase of 13% to $38.9 million ◦ YTD revenue growth for 27th consecutive quarter; includes 25 periods with double-digit increases ◦ 30% increase in recurring, fee-based revenue from property management subsidiaries; up 37% YTD ▪ Includes 96% increase in third-party revenue from ParkX; up 126% YTD ◦ Supplemental fee revenue up 35% vs. prior year • Net income of $0.5 million; $3.6 million YTD • Adjusted EBITDA of $1.1 million; $5.3 million YTD • Q3 investment in ParkX expansion supports new service offerings and further diversifies fee-based revenue • Multiple new leases secured post-quarter end for two newest Trophy-class office towers at Reston Station • 19 additional AUM vs. prior year ◦ Includes 7 new ParkX third-party contracts added in Q3 and 17 third-party contracts added YTD ◦ JW Marriott Reston Station delivered, adding hospitality AUM and new recurring revenue stream ◦ JW Marriott Residences Reston Station delivered, driving increase in property management fees RESTON, Va. — November 13, 2025 — Comstock Holding Companies, Inc. (Nasdaq: CHCI) ("Comstock" or the "Company"), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced its financial results for the third quarter ended September 30, 2025. "Our Q3 financials are a result of our focus on long-term, sustainable growth through diversified revenue that drives earnings per share," said Christopher Clemente, Comstock's Chairman and Chief Executive Officer. "During Q3, we invested in the expansion of our ParkX subsidiary by hiring 139 new employees to support new service offerings, including porter and janitorial services, allowing us to both expand existing relationships and secure new clients. The high-quality properties we develop and manage continue to be some of the most sought-after in the region. Subsequent to quarter-end, we secured multiple new office leases covering more than 310,000 square feet in the two newest office towers in The Row at Reston Station. Our industry-leading leased percentages across our stabilized portfolio continue to drive revenue growth, including recurring, fee- based revenue streams and supplemental fees." The Company will post an updated Investor Presentation to the "Events and Presentations" section of its Investor Relations website on November 13, 2025. Key Performance Metrics ($ in thousands, except per share and portfolio data) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Revenue $13,317 $12,995 $38,928 $34,386 Net income $541 $2,377 $3,576 $4,233 Adjusted EBITDA 1,066 3,133 5,338 6,220 Net income per share — diluted $0.05 $0.23 $0.34 $0.41 Managed Portfolio - # of assets 91 72 91 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

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![](q325earningsreleasefinal002.jpg)

Additional Information • Stabilized Commercial managed portfolio is 93% leased; 9 commercial leases executed in Q3, representing approximately 75,000 sqft. of office and retail spaces; 193,000 sqft. leased YTD. ◦ Significant office leases secured at Reston Station subsequent to Q3, increases YTD commercial leasing to more than 500,000 sqft. • Residential managed portfolio is 96% leased; over 500 units leased YTD; average in-place rents up nearly 4% vs. prior year. • ParkX subsidiary revenue increased 59% vs. prior year; ParkX increased headcount by 139 in Q3 to staff 12 new porter and janitorial contracts that will commence in Q4, in addition to 10 previously secured porter and janitorial contracts. Ability to expand relationships with existing parking and security clients minimizes costs related to securing new contracts. • The Row at Reston Station delivered 2 significant assets that will generate fee-based revenue: ◦ JW Marriott Reston Station, a 248-key luxury hotel that is Virginia's first ever JW Marriott and includes the D.C. region's largest luxury meeting and event space (40,000 sqft.); promptly began hosting weddings and other large events and has already secured numerous event contracts for 2025 and 2026. ◦ JW Marriott Residences Reston Station, a 94-unit luxury condominium tower, has generated nearly $90 million in condominium sales to-date; $20 million closed in September alone. • Developed assets currently under construction/opening soon in The Row at Reston Station: ◦ BLVD Haley, a 419-unit luxury residential tower - delivery begins in late Q425, fully delivered by Q226. ◦ 1870 Reston Row Plaza, a 254,000 sqft. Trophy-class office tower delivering in Q425 is now fully leased. ◦ A commercial parking garage with approximately 1,200 spaces that will service all residents, office and retail tenants, and visitors. 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. 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 2

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![](q325earningsreleasefinal003.jpg)

September 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $26,171 $28,761 Accounts receivable, net 729 282 Accounts receivable - related parties 12,271 7,254 Prepaid expenses and other current assets 1,820 430 Total current assets 40,991 36,727 Fixed assets, net 584 574 Intangible assets 144 144 Leasehold improvements, net 37 60 Investments in real estate ventures 6,308 6,228 Operating lease assets 5,235 5,916 Deferred income taxes, net 13,308 14,720 Deferred compensation plan assets 925 438 Other assets 63 60 Total assets $67,595 $64,867 Liabilities and Stockholders' Equity Current liabilities: Accrued personnel costs $3,742 $4,952 Accounts payable and accrued liabilities 1,058 781 Current operating lease liabilities 975 922 Total current liabilities 5,775 6,655 Deferred compensation plan liabilities 943 492 Operating lease liabilities 4,613 5,351 Total liabilities 11,331 12,498 Stockholders' equity: Class A common stock 98 97 Class B common stock 2 2 Additional paid-in capital 203,020 202,702 Treasury stock (2,662) (2,662) Accumulated deficit (144,194) (147,770) Total stockholders' equity 56,264 52,369 Total liabilities and stockholders' equity $67,595 $64,867 COMSTOCK HOLDING COMPANIES, INC. Consolidated Balance Sheets (Unaudited; In thousands) 3

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![](q325earningsreleasefinal004.jpg)

Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $13,317 $12,995 $38,928 $34,386 Operating costs and expenses: Cost of revenue 11,858 9,583 32,647 27,375 Selling, general, and administrative 725 507 1,869 1,588 Depreciation and amortization 73 77 231 218 Total operating costs and expenses 12,656 10,167 34,747 29,181 Income (loss) from operations 661 2,828 4,181 5,205 Other income (expense): Interest income 218 169 622 476 Gain (loss) on real estate ventures 35 (75) 53 (369) Other income (expense), net 77 23 132 56 Income (loss) from operations before income tax 991 2,945 4,988 5,368 Provision for (benefit from) income tax 450 568 1,412 1,135 Net income (loss) $541 $2,377 $3,576 $4,233 Weighted-average common stock outstanding: Basic 10,076 9,864 10,059 9,830 Diluted 10,500 10,329 10,448 10,278 Net income (loss) per share: Basic $0.05 $0.24 $0.36 $0.43 Diluted $0.05 $0.23 $0.34 $0.41 COMSTOCK HOLDING COMPANIES, INC. Consolidated Statements of Operations (Unaudited; In thousands, except per share data) 4

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![](q325earningsreleasefinal005.jpg)

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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) $541 $2,377 $3,576 $4,233 Interest income (218) (169) (622) (476) Income taxes 450 568 1,412 1,135 Depreciation and amortization 73 77 231 218 Stock-based compensation 255 205 794 741 (Gain) loss on real estate ventures (35) 75 (53) 369 Adjusted EBITDA $1,066 $3,133 $5,338 $6,220 The decrease in Adjusted EBITDA for the three and nine months ended September 30, 2025 is primarily driven by lower net income due to a significant increase in operating costs from our ParkX subsidiary. This cost increase stems directly from significant payroll and onboarding costs incurred to staff and setup a new porter/janitorial service offering. 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) 5

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## Exhibit 99.2

![](q325chciinvestorpresenta001.jpg)

NASDAQ: CHCI COMSTOCK HOLDING COMPANIES, INC. \| NASDAQ: CHCI Q3 2025 INVESTOR PRESENTATION Exhibit 99.2

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![](q325chciinvestorpresenta002.jpg)

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.

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![](q325chciinvestorpresenta003.jpg)

NASDAQ: CHCI 3 **Table of Contents** Comstock Overview 4 Visionary Leadership 5 Why Comstock 6-8 Q3 2025 Update 9 Recent Highlights 10 Our Managed Portfolio 11-16 ESG: Creating Positive Impacts 17 Supplemental Information Leadership and Board 20 -21 Corporate Structure Overview 22 Our Services 23 Reconciliation of Non -GAAP Financial Measures 24

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![](q325chciinvestorpresenta004.jpg)

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 23 for full listing of Comstock's services

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![](q325chciinvestorpresenta005.jpg)

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 20 -21 for full listing of Comstock's leadership team and Board of Directors See slide 22 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)

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![](q325chciinvestorpresenta006.jpg)

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

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![](q325chciinvestorpresenta007.jpg)

NASDAQ: CHCI $3.4 $5.8 $9.0 $10.4 $11.6 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $- $10 $20 $30 $40 $50 $60 2020 2021 2022 2023 2024 Q3 2025 YTD Cost Plus Property Management and Other 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 ▪ Long -term 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 Management) perform contract real estate services that generate recurring, fee - based property management and other revenue streams ▪ S upplemental fee income provides additional upside : ▪ Leasing, financing, development, and construction management fees ▪ FY 2022 -24 avg/year =$3.0 million ▪ Incentive fees on stabilized assets ▪ FY 2022 -24 total = $10.1 million ▪ Predictable cash flow generation and streamlined balance sheet provide enhanced agility when pursuing strategic growth opportunities (capital re -investment, acquisitions, etc.) See slide 24 for reconciliation of Adjusted EBITDA to more directly comparable GAAP financial measure REVENUE = 23% CAGR \| ADJUSTED EBITDA 35% CAGR $5.3 ($ in M) Revenue ($ in M) Adjusted EBITDA Projected Q425 Revenue

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![](q325chciinvestorpresenta008.jpg)

NASDAQ: CHCI 8 DELIVERING SUPERIOR VALUE Note: Peers include JBG Smith (JBGS), Boston Properties (BXP), Elme Communities (ELME) and Federal Realty (FRT). Peer metrics (including debt) represents straight average. Valuation date as of 9/30/2025. Peer multiples are averages. 10.7X LTM 9/30/2025 Adjusted EBITDA Multiple PEERS 17.8X 2.5X Ratio: Stock price/ Book Value PEERS 2.1X 615% 2020 -9/30/2025 % Stock Price Increase PEERS -38% VALUATION $0 As of 9/30/2025 Debt PEERS $6.8B FINANCIAL METRICS 26% LTM 9/30/2025 ROE PEERS -0.9% 35% 2020 -2024 CAGR Adjusted EBITDA Growth PEERS 2.3% By the Numbers: A Compelling Investment Opportunity

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![](q325chciinvestorpresenta009.jpg)

NASDAQ: CHCI 9 Diversified Revenue Streams 1 CHCI Commercial and CHCI Residential 22% 25% Asset Management Property Management ParkX Management REVENUE BY LINE OF BUSINESS (YTD) ▪ Stabilized Commercial managed portfolio is 93% leased ; 9 commercial leases executed in Q3, representing approximately 75,000 sqft. of office and retail spaces; 193,000 sqft. leased YTD ▪ Residential managed portfolio is 96% leased ; over 500 units leased YTD; average in -place rents up nearly 4% vs. prior year ▪ Delivered 2 significant assets in The Row at Reston Station: ▪ JW Marriott Reston Station , a 248 -key luxury hotel that is Virginia's first ever JW Marriott, has largest luxury meeting and event space in Northern Va. ▪ JW Marriott Residences Reston Station , a 94 -unit luxury condominium tower, selling at record prices for Va. Operational Highlights See slide 24 for reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure Q3 2025 Update 1 $13.3M REVENUE (3% GROWTH VS PY) $1.1M ADJUSTED EBITDA QTD $0.5M NET INCOME 91 AUM \| (26% GROWTH VS PY) $38.9M REVENUE (13% GROWTH VS PY) $5.3M ADJUSTED EBITDA YTD $3.5M NET INCOME 6% Supplemental fee revenue 47% \*\*See next slide for additional recent transaction highlights\*\*

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![](q325chciinvestorpresenta010.jpg)

NASDAQ: CHCI 10 Case Study: The Demand for Trophy -class Office Space in Reston Station As return -to-work initiatives become more prominent, our portfolio assets remain among the most sought -after properties in the region We recently f inalized multiple new office leases that will 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. With these new leases, 1870 Reston Row Plaza (Q425 delivery) is now 100% leased. The leases also comprise 3 full floors of 1800 Reston Row Plaza and include multiple expansion options. Advanced negotiations currently underway with tenants to secure all remaining office space. This leasing activity will generate significant supplemental fee revenue in Q425 and higher recurring asset and property management fees going forward. PRO FORMA9/30/2025 Wtd Avg Lease Term 8.8 years 10.5 years Total leased sqft since 2020\* 1.33M sqft. 1.64M sqft. Total leased sqft 2025 YTD 193k sqft. 503k sqft. Commercial leased % All Delivered 82% 87% Stabilized 93% 94% Key Statistics – Commercial Portfolio \*Total sqft. from all signed leases, including renewals 1800 Reston Row Plaza 1870 Reston Row Plaza

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![](q325chciinvestorpresenta011.jpg)

NASDAQ: CHCI 11 Above information as of 9/30/25. \*Excludes 26 properties where parking management services are also provided to avoid double -counting ; hours/week total is representative of all security & other locations, including duplicates COMMERCIAL 14 Operating Assets 2.3M SF RESIDENTIAL 7 Operating Assets 1,700+ units, 2.0M SF 32 Garages, 24K Spaces 37 Security and Other Locations\*, ~5,500 hrs/week COMMERCIAL 2 Assets 260K SF RESIDENTIAL 1 Asset 419 units, 430K SF PARKX 1 Garage, 1,200 spaces 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 key 91 OPERATING ASSETS 4 UNDER CONSTRUCTION 11 DEVELOPMENT PIPELINE Our Managed Portfolio DRIVING NEAR -TERM AND LONG -TERM GROWTH 106 AUM ~10M+ SF $5B+ AT FULL BUILD -OUT PARKX

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![](q325chciinvestorpresenta012.jpg)

NASDAQ: CHCI 12 Premium Assets. Proven Results. AUM FINANCIAL PERFORMANCE 2020 LTM 9/30/25% Increase REVENUE NOI $52M $22M $134M $76M 158% 245% RESIDENTIAL 2020 Q3 2025% Increase # UNITS LEASED % 1,123 73% 1,732 96% 54% 23% COMMERCIAL 2020 Q3 2025% Increase SQFT LEASED % 1.8M 79% 2.3M 93% \* 28% 14% PARKX 2020 Q3 2025% Increase # GARAGES PARKING SPACES SECURITY & OTHER HOURS/WEEK 3 8,000 0 0 32 24,146 37 5,500 967% 202% N/A N/A \*Stabilized assets only

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![](q325chciinvestorpresenta013.jpg)

NASDAQ: CHCI 13 Flight-to-Quality Attracting Premier Tenants and Partners MAJOR OFFICE TENANTS MAJOR RETAIL LEASES STRATEGIC PARTNERS 0

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![](q325chciinvestorpresenta014.jpg)

NASDAQ: CHCI 14 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, Matchbox, 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

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![](q325chciinvestorpresenta015.jpg)

NASDAQ: CHCI INVESTMENT ASSETS 15 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 Rockville Planning Commission

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NASDAQ: CHCI 16 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 2025 TWO RESTON ROW Reston Station Office 254,000 N/A 2025 JEWEL BOX Reston Station Retail 5,786 N/A 2025 UNDER CONSTRUCTION SUBTOTAL 686,786 419 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 4,902,786 240 Keys/2,745 Units At a Glance : Our Managed Portfolio

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NASDAQ: CHCI 17 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 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 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 2024 Best Places to Work & Best Workplaces for Commuters ESG: Creating Positive Impacts

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NASDAQ: CHCI 18 1900 Reston Metro Plaza, Reston, VA 20190 703.230.1985 comstock.com \| investorrelations@comstock.com NASDAQ: CHCI

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NASDAQ: CHCI 19 SUPPLEMENTAL INFORMATION

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NASDAQ: CHCI 20 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

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NASDAQ: CHCI 21 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

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NASDAQ: CHCI 22 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%

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NASDAQ: CHCI 23 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 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

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NASDAQ: CHCI 24 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) September 30, 2025 Year Ended December 31, QTD YTD 2024 2023 2022 2021 2020 Net income from continuing operations 541 3,576 14,560 7,784 7,728 16,039 2,141 Interest (income) expense (218) (622) (672) (96) 222 235 344 Income taxes 450 1,412 (3,835) 368 125 (11,217) 25 Depreciation and amortization 73 231 302 211 206 94 74 Stock -based compensation 255 794 945 968 834 633 701 (Gain) loss on real estate ventures (35) (53) 297 1,187 (121) 14 160 Adjusted EBITDA 1,066 5,338 11,597 10,423 8,994 5,798 3,445

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