Core Insights - Comstock Holding Companies, Inc. (CHCI) has seen a significant stock price increase of 10.9% following its earnings report for Q2 2025, outperforming the S&P 500 index's growth of 0.5% during the same period [1] - The company reported a 24.2% stock price increase over the past month, again surpassing the S&P 500's 2.1% gain, indicating strong investor enthusiasm [1] Financial Performance - Q2 2025 earnings per share rose to 14 cents, up from 9 cents in the same quarter last year [1] - Revenues increased by 21% to $13 million from $10.8 million, while net income grew by 53% to $1.4 million compared to $1 million a year earlier [2] - Adjusted EBITDA improved by 39% to $2.2 million from $1.6 million in the same period last year, reflecting the company's expanding recurring, fee-based revenue streams and disciplined cost structure [2] Business Metrics - Recurring, fee-based revenues from property management and operating subsidiaries surged by 42%, driven by a 124% increase in third-party revenue from the ParkX parking management business [3] - ParkX reported a 55% year-over-year revenue gain and expanded its service portfolio, positioning it for further growth in 2025 and beyond [3] - Comstock's managed portfolio expanded to 82 assets from 69 a year earlier, with a stabilized commercial portfolio 93% leased and a residential portfolio 97% leased [3] - Average in-place rents for residential assets increased by 3% over the previous year [3] Leasing Activity - Solid leasing momentum was observed, with seven commercial leases totaling 33,000 square feet signed in the quarter and 118,000 square feet leased year-to-date [4] - On the residential side, 296 units were leased year-to-date, indicating healthy demand across asset classes [4] Management Commentary - Chairman and CEO Christopher Clemente highlighted the company's double-digit growth in all major financial metrics, emphasizing the effectiveness of its strategic plan and low-risk, high-reward business model [5] - The company maintains a debt-free balance sheet and generated over $2 million in operating cash during the quarter [5] - The appeal of Comstock's high-quality, mixed-use, transit-oriented properties in the Washington, D.C. area is benefiting from growing return-to-office mandates [5] Factors Influencing Performance - The significant increase in recurring fee-based revenue was a primary driver of earnings gains, with strong growth from ParkX and supplemental asset management fees contributing to higher Adjusted EBITDA [6] - High leasing activity across commercial and residential portfolios, along with steady rent growth and expansion of service offerings, further supported the company's financial performance [6] Future Guidance - The company outlined key operational milestones for the remainder of 2025, including the delivery of Phase II of Reston Station — The Row, featuring high-profile assets such as a JW Marriott luxury hotel and condominiums [7] - Ongoing advanced lease negotiations for office buildings and strong pre-sales for condominiums (approximately $78 million) and hotel event space (around $1.7 million) are anticipated ahead of their respective deliveries in late 2025 [7] Development Highlights - The Row at Reston Station is recognized as the largest privately funded development in the Washington, D.C. region, representing a major milestone for Comstock [8] - The project will introduce diverse offerings, including high-demand office space, upscale dining establishments, and two ParkX-managed parking garages with over 2,600 spaces [9]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________________________ FORM 10-Q __________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ...

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 (State or other jurisdiction of incorporation) Delaware 1-32375 20-1164345 (Commission File Number) (IRS Employer Identification No.) 1900 Reston Metro Plaza, 10 Floor Reston, Virginia 20190 (Address of principal executive offices) (Zip Code) TH Registrant's telephone number, including area code: (703) 230-1985 Date of Report (Date of earliest ...

Group 1 - The article emphasizes the competitive nature of stock market investing, particularly the challenge of outperforming the S&P 500 index, which most investors struggle to achieve [1] - It highlights the dominance of large companies in the stock market, which absorb significant capital and attract attention, making it difficult for larger investors like Warren Buffett to invest in smaller companies without impacting overall returns [1] - The author expresses a strategic focus on small to mid-size stocks with high upside potential, believing that these investments can significantly outperform the S&P 500 over the coming decades [1]

Company Overview - Comstock manages \$1.6 billion in Real Estate AUM[9] - The company manages 45 properties[9] - Comstock has 2 million square feet of commercial space[9] - The company has 5.8 million square feet of additional entitled space[9] - Comstock has approximately 1,700 multifamily units[9] - The company's FY 2022 Revenue was \$39.3 million[9] - At full build-out, the company will have approximately 10 million square feet of space[9] - At full build-out, the company's Real Estate AUM is expected to be over \$5 billion[9] Financial Highlights - Comstock's 2022 Adjusted EBITDA Multiple is 4.6x, compared to peers at 9.2x[17] - The company has a \$132 million tax asset[17] - The company's Return on Equity (ROE) for FY 2022 is 27%, compared to peers at 7%[17] - Adjusted EBITDA grew at a CAGR of 41% from 2019-2022, while peers experienced a -4% CAGR[17] - Total Adjusted EBITDA for 2020 was \$3.4 million, increasing to \$5.8 million in 2021 and \$9.0 million in 2022[19] Portfolio Performance - Managed asset revenue increased by 86% from \$52 million in 2020 to \$97 million in 2022[25] - Net Operating Income (NOI) increased by 127% from \$22 million in 2020 to \$49 million in 2022[25] - Multifamily units increased by 46% from 1,123 in 2020 to 1,638 in 2022[25] - Multifamily leased percentage increased by 23% from 73% in 2020 to 90% in 2022[25] - Commercial square footage increased by 9% from 1.8 million in 2020 to 2.0 million in 2022[25] - Commercial leased percentage increased by 10% from 79% in 2020 to 87% in 2022[25] - Parking spaces increased by 70% from 8,336 in 2020 to 14,193 in 2022[25]

Core Insights - Comstock Holding Companies, Inc. (CHCI) shares have decreased by 17.4% since the earnings report for Q1 2025, contrasting with a 4.1% increase in the S&P 500 index during the same period [1] - The company reported earnings per share of 15 cents, up from 9 cents year-over-year, with revenues of $12.6 million, a 19% increase from $10.6 million in the prior-year quarter [2] - Net income rose by 75% to $1.6 million compared to $0.9 million in the previous year, while adjusted EBITDA grew by 38% to $2.1 million [3] Financial Performance - Comstock's managed portfolio increased to 76 assets from 65 a year ago, with a 93% leased rate in commercial properties and a 96% leased rate in residential properties [4] - ParkX, the parking management subsidiary, achieved a 56% revenue increase, significantly contributing to the overall financial performance [5] - The company maintained stable operating costs, with selling, general, and administrative expenses flat at $0.5 million compared to the previous year [7] Strategic Outlook - The CEO emphasized that Q1 results align with long-term strategic goals, marking the 25th consecutive quarter of revenue growth [6] - Strong leasing momentum was noted, with new tenants and high occupancy rates in premium residential properties [6] - Expansion efforts are focused on the construction of The Row at Reston Station, which is expected to be a transformative project for the company [8]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________________________ FORM 10-Q __________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Reston, Virginia 20190 (703) 230 ...

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): May 12, 2025 Comstock Holding Companies, Inc. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Delaware 1-32375 20-1164345 Identification No.) 1900 Reston Metro Plaza, 10 Floor Reston, Virginia 20190 (Ad ...

Core Insights - Comstock Holding Companies, Inc. (CHCI) shares have increased by 47.9% since the earnings report for Q4 2024, significantly outperforming the S&P 500's 1.9% growth during the same period [1] - The company reported a substantial rise in earnings per share to 99 cents, up from 18 cents year-over-year, with revenues increasing by 54% to $16.9 million [2] - Net income surged to $10.3 million, a significant increase from $1.9 million a year ago, driven by a 162% rise in operating income [2] Financial Performance - Comstock's managed portfolio expanded to 72 assets from 49 in the previous year, with ParkX Management contributing a 56% revenue increase for the quarter and 69% for the full year [3] - The company generated $7.8 million in operating cash flow during the quarter and ended the year with $28.8 million in cash, up from $18.8 million the previous year [3] - Leasing metrics showed strong performance, with stabilized commercial properties achieving a 93% lease rate and the residential portfolio at 96% leased [4] Management Commentary - The CEO emphasized a consistent financial performance since adopting an asset-light, debt-free model, with a compound annual growth rate of 25% in top-line revenues [5] - The company is well-positioned for future growth, supported by strong recurring fee-based revenue streams and a healthy balance sheet [5][6] Revenue Drivers - Year-over-year growth was primarily driven by increases in recurring fee-based property and parking management revenues, alongside supplemental asset management fee revenues [7] - Operating costs rose at a slower pace than revenues, with the cost of revenue increasing by 33% to $11.3 million and total operating expenses rising by 30% to $11.8 million [7] Non-Operating Factors - Interest income increased to $0.2 million from $0.1 million in the prior-year quarter, and a tax benefit of $5 million in Q4 significantly boosted net income [8] Full-Year Overview - For the full year 2024, revenues increased by 15% to $51.3 million, while net income surged by 87% to $14.6 million, with earnings per share improving to $1.41 from 77 cents in 2023 [9] Development Projects - Comstock is making progress on The Row at Reston Station, a major development project that includes luxury residential and commercial spaces, with pre-sales for the JW Marriott-branded condos exceeding expectations [10]

Revenue Performance - Revenue for 2024 reached $51.3 million, a 14.7% increase from $44.7 million in 2023[104] - Revenue for 2024 increased to $51.294 million, up 14% from $44.721 million in 2023[153] - Total revenue for the year ended December 31, 2024, was $51.3 million, an increase of 14.4% from $44.7 million in 2023[240] - Revenue from asset management increased to $31.5 million in 2024, up from $29.3 million in 2023, representing a growth of 7.4%[240] - Revenue from Incentive Fees decreased to $1.5 million in 2024 from $4.8 million in 2023, reflecting a significant decline[131] - The Company recognized incentive fee revenue of $1.5 million in 2024, a significant decrease from $4.8 million in 2023[242] Income and Profitability - Net income for 2024 was $14.6 million, compared to $7.8 million in 2023, reflecting a significant increase[104] - Net income for 2024 was $14,560,000, compared to $7,784,000 in 2023, representing an increase of 87%[153] - Basic net income per share rose to $1.48 in 2024 from $0.81 in 2023, a growth of 82%[153] - Diluted net income per share rose to $1.41 in 2024 from $0.77 in 2023, reflecting an increase of 83.1%[248] - The effective tax rate for 2024 was -35.76%, primarily due to a valuation allowance release of $6.5 million, compared to 4.51% in 2023[243] Operating Costs and Expenses - Total operating costs and expenses increased by 15.3% to $41.0 million in 2024, up from $35.6 million in 2023[106] - Operating costs and expenses for 2024 totaled $41.007 million, an increase of 15% from $35.557 million in 2023[153] - Asset management and corporate operating expenses increased to $23.8 million in 2024 from $21.6 million in 2023[275] - ParkX operating expenses rose significantly to $7.1 million in 2024, compared to $4.2 million in 2023, marking an increase of approximately 69.0%[275] - Stock compensation expenses slightly decreased to $0.9 million in 2024 from $1.0 million in 2023[275] Cash and Liquidity - Cash and cash equivalents as of December 31, 2024, were $28.8 million, with an additional $10.0 million available from the Credit Facility[119] - Cash and cash equivalents at the end of 2024 were $28.761 million, an increase of 53% from $18.788 million at the end of 2023[159] - Net cash provided by operating activities increased to $10,675,000 in 2024 from $9,003,000 in 2023, a change of $1,672,000[121] Assets and Investments - Total assets increased to $64.867 million in 2024, up from $49.939 million in 2023, reflecting a growth of 30%[151] - The Company had $111.1 million of net operating loss carryforwards as of December 31, 2024[109] - The Company’s investments in real estate ventures decreased from $7,077,000 in 2023 to $6,228,000 in 2024, reflecting a change in fair value of $(320,000)[212] - Revenue from unconsolidated investments in real estate ventures increased from $24,877,000 in 2023 to $28,115,000 in 2024, representing a growth of approximately 9.0%[217] Tax and Valuation - The company recorded a $3.8 million income tax benefit in 2024, compared to a provision of $0.4 million in 2023, resulting in a net change of $4.2 million[109] - The company released $6.5 million of the valuation allowance for deferred tax assets, indicating management's confidence in future taxable income[145] - The Company had total deferred tax assets of $16.3 million as of December 31, 2024, after accounting for a valuation allowance of $17.1 million[245] Management and Agreements - The Company operates as a single reportable operating segment, primarily generating revenue from real estate services through asset and property management contracts[274] - The Company entered into a Business Management Agreement with Springfield Holdings, LLC, effective February 1, 2024, for management services[264] - CAM is entitled to an annual payment of at least $1.0 million under the 2022 asset management agreement[252] - The 2022 asset management agreement will terminate on January 1, 2035, with automatic one-year renewals unless a non-renewal notice is given[255] Other Financial Metrics - Adjusted EBITDA for 2024 was $11,597,000, an increase from $10,423,000 in 2023, driven by significant increases in recurring fee-based property and parking management revenue[115][116] - Total stockholders' equity increased to $52.369 million in 2024, compared to $37.216 million in 2023, marking a rise of 41%[151] - The Company recorded a gain of $672,000 in interest income for 2024, significantly up from $96,000 in 2023[153] - The increase in interest income was $576,000 in 2024, totaling $672,000 compared to $96,000 in 2023, marking a 600.0% increase[108]