Comstock(CHCI) - 2025 Q4 - Annual Results

Financial Performance - Revenue for Q4 2025 reached $70 million, with a year-to-date (YTD) growth of 23% compared to the previous year[33] - Adjusted EBITDA for Q4 2025 was $16 million, reflecting a compound annual growth rate (CAGR) of 31% from 2020 to 2025[22] - Revenue increased by 146% from $52M in 2020 to $128M by LTM 12/31/25[58] - NOI rose by 182% from $22M in 2020 to an expected $62M by LTM 12/31/25[58] - Adjusted EBITDA for Q4 2025 is projected at $8,099K, compared to $3,445K in 2020[101] Portfolio and Asset Management - The stabilized commercial managed portfolio is 93% leased, with 602,000 square feet leased YTD and 410,000 square feet leased in Q4 alone[33] - The commercial portfolio's weighted average lease term is 8.7 years, with a total of 1.74 million square feet leased since 2020[56] - The average annual supplemental asset management fee income from FY 2022-2025 is $4.4 million, with incentive fees averaging $3.4 million per year[24] Growth and Expansion - ParkX subsidiary revenue increased by 123% year-over-year, securing 45 new contracts in FY25, including 19 in Q4[33] - Residential units increased from 1,123 in 2020 to 1,638 by Q4 2025, a growth of 46%[58] - Leased percentage for residential properties improved from 73% in 2020 to 93% by Q4 2025, a 20% increase[58] - Commercial square footage expanded from 1.8M sqft in 2020 to 2.4M sqft by Q4 2025, a 33% increase[58] - The number of parking garages under ParkX increased from 3 in 2020 to 34 by Q4 2025, a growth of 1033%[58] - Total parking spaces increased from 8,000 in 2020 to 25,902 by Q4 2025, a 224% increase[58] - The total under construction and development pipeline amounts to approximately 4,648,786 sqft, including 2,745 units and 240 hotel keys[76] Strategic Initiatives - Comstock's Institutional Venture Platform aims to co-invest in real estate opportunities, enhancing growth potential through strategic partnerships[35] - The Data Center Platform was launched to capitalize on the growing demand for data center capacity, with a joint venture established for large-scale data center development[45] - Significant assets under construction include the BLVD Haley, a 419-unit luxury residential tower, scheduled for full delivery by Q2 2026[33] Stock Performance - Comstock's stock price increased by 193% from 2020 to December 31, 2025, outperforming peers[32] - The current AUM is over $2.5 billion, with a full build-out AUM projected to exceed $5 billion[94]