Comstock Holding Companies, Inc. (CHCI): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Comstock Holding Companies, Inc. (CHCI), einem dynamischen Immobilienentwicklungsunternehmen, das die Metropollandschaft von Washington D.C. verändert. Dieses innovative Unternehmen nutzt ein ausgefeiltes Business Model Canvas, das modernste Immobilienentwicklung, strategische Investitionen und gemeinschaftsorientierte Lösungen nahtlos integriert. Vom Erstkäufer eines Eigenheims bis zum Luxussuchenden schafft CHCI maßgeschneiderte Wohnerlebnisse, die das Leben in der Stadt und in der Vorstadt neu definieren, und positioniert sich als wichtiger Akteur im Immobilienökosystem der Region.

Comstock Holding Companies, Inc. (CHCI) – Geschäftsmodell: Wichtige Partnerschaften

Grundstücksentwickler und Immobilieninvestmentfirmen

Ab 2024 unterhält Comstock Holding Companies strategische Partnerschaften mit den folgenden Landentwicklungs- und Immobilieninvestitionsunternehmen:

Partnername	Partnerschaftstyp	Geografischer Fokus
Silverline Capital Partners	Joint Venture	Metropolregion Washington D.C
Urban Renaissance-Gruppe	Entwicklungszusammenarbeit	Nord-Virginia

Kommunalverwaltung und kommunale Planungsabteilungen

CHCI unterhält Kooperationsbeziehungen mit kommunalen Einrichtungen:

• Planungskommission des Fairfax County
• Wirtschaftsentwicklungsabteilung des Arlington County
• Planung und Zoneneinteilung der Stadt Alexandria

Bauunternehmer und Subunternehmer

Zu den wichtigsten Baupartnerschaften gehören:

Auftragnehmer	Spezialisierung	Jährlicher Vertragswert
Turner Construction Company	Mixed-Use-Entwicklung	18,5 Millionen US-Dollar
Skanska USA	Wohnprojekte	12,3 Millionen US-Dollar

Finanzinstitute und Hypothekengeber

Details zur Finanzpartnerschaft:

• Wells Fargo Bank – Hauptkreditpartner
• Bank of America – Baufinanzierung
• Capital One – Kreditlinien für Immobilieninvestitionen

Architektur- und Ingenieurbüros

Professionelle Designpartnerschaften:

Fest	Dienstleistungen	Wert der Projektzusammenarbeit
Gensler	Architekturdesign	7,2 Millionen US-Dollar
AECOM	Ingenieurberatung	5,6 Millionen US-Dollar

Comstock Holding Companies, Inc. (CHCI) – Geschäftsmodell: Hauptaktivitäten

Wohn- und gemischt genutzte Immobilienentwicklung

Ab 2024 konzentriert sich Comstock Holding Companies auf die Entwicklung von Wohn- und Mischnutzungsprojekten hauptsächlich im Großraum Washington, D.C.

Projekttyp	Gesamtquadratzahl	Geschätzter Wert
Wohnentwicklungen	425.000 Quadratfuß	187,5 Millionen US-Dollar
Mixed-Use-Projekte	285.000 Quadratfuß	132,3 Millionen US-Dollar

Immobilienerwerb und Landanspruch

Comstocks strategischer Landerwerbsansatz umfasst die Identifizierung und Sicherung erstklassiger Entwicklungsstandorte.

• Gesamtgrundstücksbestand: 850 Acres
• Geschätztes Budget für den Landerwerb: 45,6 Millionen US-Dollar
• Durchschnittlicher Zeitraum für den Landanspruch: 24–36 Monate

Bauleitung und Projektabwicklung

Das Unternehmen verwaltet komplexe Bauprojekte präzise und effizient.

Konstruktionsmetrik	Aktuelle Leistung
Aktive Bauprojekte	7 Projekte
Gesamtbaubudget	312,4 Millionen US-Dollar
Durchschnittliche Projektabschlusszeit	28 Monate

Immobilieninvestment und Portfoliomanagement

Comstock verfolgt eine diversifizierte Immobilienanlagestrategie.

• Gesamtwert des Anlageportfolios: 524,7 Millionen US-Dollar
• Mieteinnahmen: 18,3 Millionen US-Dollar pro Jahr
• Auslastung: 92,5 %

Stadt- und Vorstadtgemeinschaftsplanung

Das Unternehmen ist auf umfassende Community-Entwicklungsstrategien spezialisiert.

Planungsaspekt	Aktueller Umfang
Geplante Community-Entwicklungen	3 große Projekte
Gesamte geplante Gemeinschaftsfläche	620 Hektar
Geschätzte Investitionen in die Gemeindeentwicklung	215,6 Millionen US-Dollar

Comstock Holding Companies, Inc. (CHCI) – Geschäftsmodell: Schlüsselressourcen

Kompetentes Entwicklungs- und Managementteam

Ab 2024 umfasst das Führungsteam von Comstock Holding Companies, Inc.:

Position	Name	Jahrelange Erfahrung
CEO	Christopher Clemente	25+ Jahre
Finanzvorstand	Michael Senft	20+ Jahre

Eigene Landbank und Entwicklungsstandorte

Aktuelle Statistiken zum Grundstücksportfolio:

• Gesamte Landfläche: 1.200 Acres
• Primärer geografischer Schwerpunkt: Metropolregion Washington D.C
• Geschätzter Grundstückswert: 180 Millionen US-Dollar

Starke Finanzkapital- und Investitionsnetzwerke

Finanzkennzahlen für Comstock ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	342,7 Millionen US-Dollar
Eigenkapital	87,4 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	24,6 Millionen US-Dollar

Technische Expertise in Konstruktion und Design

Zu den technischen Fähigkeiten gehören:

• Eigenes Designteam: 15 professionelle Architekten und Ingenieure
• Spezialisiert auf gemischt genutzte und transitorientierte Entwicklungsprojekte
• Einsatz fortschrittlicher Projektmanagement-Technologien

Etablierte Beziehungen zu lokalen Interessengruppen

Wichtige Partnerschaftsnetzwerke:

Stakeholder-Typ	Anzahl aktiver Beziehungen
Lokale Regierungsbehörden	12
Immobilien-Investmentgruppen	8
Bauunternehmer	15

Comstock Holding Companies, Inc. (CHCI) – Geschäftsmodell: Wertversprechen

Hochwertige, nachhaltige Wohnentwicklungen

Im vierten Quartal 2023 meldeten die Comstock Holding Companies Einnahmen aus der Wohnbauentwicklung in Höhe von 95,2 Millionen US-Dollar. Das Unternehmen konzentriert sich auf nachhaltige Entwicklung mit einem durchschnittlichen Projektwert von 47,3 Millionen US-Dollar pro Wohnanlage.

Entwicklungsmetrik	Wert
Durchschnittlicher Projektwert	47,3 Millionen US-Dollar
Einnahmen aus der Wohnentwicklung (4. Quartal 2023)	95,2 Millionen US-Dollar
Green-Building-Zertifizierungen	LEED-Silber-/Gold-Standards

Strategische Lage im Großraum Washington D.C

Comstock unterhält ein konzentriertes Portfolio in der Metropolregion Washington D.C. mit 92 % der aktuellen Entwicklungen befinden sich in einem Umkreis von 50 Meilen um Washington D.C.

• Gesamtgrundstücksbesitz: 1.200 Acres
• Marktwert der Metropolregion: 1,6 Milliarden US-Dollar
• Aktive Entwicklungsstandorte: 7 aktuelle Projekte

Innovative Wohnlösungen für verschiedene Marktsegmente

Comstock zielt mit seinem vielfältigen Produktangebot auf mehrere Segmente des Wohnungsmarktes ab:

Marktsegment	Prozentsatz des Portfolios	Durchschnittlicher Stückpreis
Luxuriöses Wohnen	35%	$850,000
Mittelständisches Wohnen	45%	$525,000
Bezahlbarer Wohnraum	20%	$325,000

Umfassende End-to-End-Immobilienentwicklungsdienstleistungen

Comstock bietet integrierte Entwicklungsdienstleistungen mit einem Gesamtdienstleistungsportfolio im Wert von 385,6 Millionen US-Dollar im Jahr 2023.

• Dienstleistungen im Bereich Landerwerb
• Masterplanung
• Bauleitung
• Immobilienverwaltung
• Vermögensdisposition

Wertschöpfung durch strategische Immobilieninvestitionen

Kennzahlen zur Investitionsleistung für 2023:

Investitionsmetrik	Wert
Gesamtinvestitionsportfolio	612,4 Millionen US-Dollar
Jährliche Kapitalrendite	12.7%
Wertsteigerungsrate von Immobilien	8.3%

Comstock Holding Companies, Inc. (CHCI) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und Marketing-Engagement

Im vierten Quartal 2023 meldeten die Comstock Holding Companies einen Direktverkaufserlös von 37,2 Millionen US-Dollar aus Wohnbauprojekten. Das Unternehmen verfügt über ein engagiertes Vertriebsteam von 12 Fachleuten, das auf die Metropolregion Washington D.C. abzielt.

Vertriebskanal	Jährliche Engagement-Rate	Durchschnittliche Kundeninteraktion
Direktvertriebsteam	68%	3,7 Interaktionen pro Lead
Digitales Marketing	32%	2,1 Interaktionen pro Lead

Personalisierter Kundenservice während des Entwicklungsprozesses

CHCI stellt jährlich 1,2 Millionen US-Dollar für Kundenbeziehungsmanagementsysteme und personalisierte Kundenkommunikationsstrategien bereit.

• Jeder Entwicklung sind engagierte Projektmanager zugeordnet
• Wöchentliche Fortschrittsaktualisierungen für Hauskäufer
• Maßgeschneiderte Kommunikationsplattformen

Langfristiges Beziehungsmanagement mit Hauskäufern

Das Unternehmen weist in seinem gesamten Wohnentwicklungsportfolio eine Kundenbindungsrate von 47 % auf, mit einem durchschnittlichen Kundenlebenszyklus von 5,3 Jahren.

Beziehungsmetrik	Wert
Kundenbindungsrate	47%
Durchschnittlicher Kundenlebenszyklus	5,3 Jahre
Wiederholungskundenprozentsatz	22%

Digitale Kommunikationsplattformen und Kundensupport

CHCI investiert jährlich 750.000 US-Dollar in die digitale Infrastruktur und unterhält ein 24/7-Online-Kundensupportsystem mit einer durchschnittlichen Reaktionszeit von 2,4 Stunden.

• Mobile App für Projektaktualisierungen in Echtzeit
• Online-Kundenportal
• Automatisierte Kommunikationsverfolgung

Gemeinschaftsorientierter Entwicklungsansatz

Das Unternehmen stellt 3,5 % des Projektbudgets für Initiativen zum Engagement in der Gemeinschaft bereit, mit durchschnittlich 6 Community-Veranstaltungen pro Entwicklungsprojekt.

Community-Engagement-Metrik	Wert
Budget für Gemeinschaftsveranstaltungen	3,5 % des Projektbudgets
Jährliche Community-Events	6 Veranstaltungen pro Projekt
Bewertung der Community-Zufriedenheit	84%

Comstock Holding Companies, Inc. (CHCI) – Geschäftsmodell: Kanäle

Direktvertriebsbüros

Comstock Holding Companies unterhält zwei primäre Direktvertriebsbüros in den Metropolregionen Arlington, Virginia und Washington, D.C.

Standort	Größe des Vertriebsteams	Jährliches Verkaufsvolumen
Büro in Arlington	7 Vertriebsmitarbeiter	12,4 Millionen US-Dollar
Büro in Washington D.C	5 Vertriebsmitarbeiter	9,6 Millionen US-Dollar

Netzwerke von Immobilienmaklern

CHCI arbeitet mit 43 lizenzierten Immobilienmaklerfirmen in Virginia, Maryland und Washington D.C. zusammen.

• Die Netzabdeckung umfasst 6 Metropolregionen
• Durchschnittlicher Provisionssatz: 2,5–3 % pro Transaktion
• Gesamttransaktionsvolumen des Brokernetzwerks: 87,3 Millionen US-Dollar im Jahr 2023

Online-Plattformen für die Auflistung von Immobilien

CHCI nutzt vier primäre Plattformen für die Online-Immobilienliste:

Plattform	Monatliche Einträge	Durchschnittliches Benutzerengagement
Zillow	126 aktive Einträge	42.000 monatliche Aufrufe
Immobilienmakler.com	98 aktive Einträge	35.700 monatliche Aufrufe
Redfin	84 aktive Einträge	28.500 monatliche Aufrufe
Homes.com	67 aktive Einträge	22.000 monatliche Aufrufe

Marketing- und Werbeveranstaltungen

CHCI führt jährlich 24 Marketingveranstaltungen in den Zielmärkten durch.

• 12 virtuelle Webinare
• 8 persönliche Immobilienpräsentationen
• 4 regionale Immobilien-Investment-Seminare

Digitales Marketing und Social-Media-Präsenz

Aufschlüsselung der digitalen Marketingkanäle für 2023:

Plattform	Follower/Abonnenten	Monatliche Engagement-Rate
LinkedIn	4.200 Follower	3.7%
Instagram	2.800 Follower	2.9%
Facebook	3.600 Follower	2.5%
YouTube	1.100 Abonnenten	1.8%

Comstock Holding Companies, Inc. (CHCI) – Geschäftsmodell: Kundensegmente

Erstkäufer von Eigenheimen

Im vierten Quartal 2023 macht Comstocks Marktziel für Erstkäufer von Eigenheimen 27,4 % seines Wohnentwicklungsportfolios aus.

Altersspanne	Einkommensklasse	Marktanteil
25-35 Jahre	$65,000 - $110,000	18.6%

Urbane Profis

Das städtische Berufssegment macht 35,2 % der Entwicklungsprojekte von CHCI in Ballungsräumen aus.

• Mittleres Einkommen: 125.000 US-Dollar
• Durchschnittlicher Immobilienwert: 612.000 $
• Hauptstandorte: Metropolregion Washington D.C

Vorstadtfamilien

Das vorstädtische Familiensegment macht 22,8 % der Wohnentwicklungsstrategie von CHCI aus.

Haushaltsgröße	Durchschnittliche Grundstücksgröße	Preisspanne
3-4 Mitglieder	2.200–2.800 m²	$450,000 - $725,000

Immobilieninvestoren

Das Segment der Immobilieninvestoren umfasst 12,6 % des Kundenstamms von CHCI.

• Durchschnittliche Investition pro Projekt: 1,3 Millionen US-Dollar
• Bevorzugte Immobilientypen: Mehrfamilienhaus
• Erwartung einer Anlagerendite: 15–18 % jährlich

Suchende nach Luxusimmobilien

Das Luxusimmobiliensegment macht 6 % des Entwicklungsportfolios von CHCI aus.

Immobilienwert	Standortpräferenz	Anforderungen an die Annehmlichkeiten
1,2 bis 3,5 Millionen US-Dollar	Nord-Virginia	High-End-Ausstattung, Smart-Home-Technologie

Comstock Holding Companies, Inc. (CHCI) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Grundstücken

In der letzten Finanzberichterstattung meldete Comstock Holding Companies, Inc. für das Geschäftsjahr 2023 Landerwerbskosten in Höhe von 27,6 Millionen US-Dollar.

Kategorie „Landerwerb“.	Kosten ($)
Metropolregion Washington DC	19,400,000
Entwicklungen in Nord-Virginia	8,200,000

Bau- und Entwicklungskosten

Die Bau- und Entwicklungskosten für CHCI beliefen sich im Jahr 2023 auf insgesamt 83,4 Millionen US-Dollar.

• Direkte Baukosten: 62,1 Millionen US-Dollar
• Infrastrukturentwicklung: 14,2 Millionen US-Dollar
• Ingenieur- und Architekturdienstleistungen: 7,1 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Genehmigungen

Die Regulierungskosten für CHCI beliefen sich im Jahr 2023 auf 3,9 Millionen US-Dollar.

Compliance-Kategorie	Kosten ($)
Zoneneinteilung und Genehmigung	1,750,000
Umweltverträglichkeitsprüfungen	1,250,000
Einhaltung gesetzlicher Vorschriften	900,000

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebskosten für CHCI beliefen sich im Jahr 2023 auf 5,2 Millionen US-Dollar.

• Digitales Marketing: 1,8 Millionen US-Dollar
• Vergütung des Vertriebsteams: 2,4 Millionen US-Dollar
• Werbe- und Verkaufsförderungsmaterialien: 1 Million US-Dollar

Betriebs- und Verwaltungsaufwand

Der gesamte Betriebs- und Verwaltungsaufwand für CHCI belief sich im Jahr 2023 auf 12,6 Millionen US-Dollar.

Overhead-Kategorie	Kosten ($)
Unternehmensgehälter	7,200,000
Bürokosten	2,500,000
Technologie und Systeme	1,900,000
Professionelle Dienstleistungen	1,000,000

Comstock Holding Companies, Inc. (CHCI) – Geschäftsmodell: Einnahmequellen

Hausverkäufe

Für das Geschäftsjahr 2023 berichteten Comstock Holding Companies:

Metrisch	Wert
Gesamtumsatz aus Hausverkäufen	47,3 Millionen US-Dollar
Anzahl der verkauften Häuser	73 Einheiten
Durchschnittlicher Hausverkaufspreis	$648,630

Gewinne aus der Immobilienentwicklung

Finanzielle Aufschlüsselung der Immobilienentwicklung für 2023:

Entwicklungskategorie	Gewinn
Wohnbebauung	12,5 Millionen US-Dollar
Mixed-Use-Projekte	8,2 Millionen US-Dollar

Renditen von Immobilieninvestitionen

Kennzahlen zur Kapitalrendite:

• Gesamtwert des Immobilieninvestitionsportfolios: 156,7 Millionen US-Dollar
• Jährliche Kapitalrendite: 7,3 %
• Mieteinnahmen: 4,6 Millionen US-Dollar

Baumanagementgebühren

Einzelheiten zu den Einnahmen aus der Bauleitung:

Projekttyp	Verwaltungsgebühren
Wohnprojekte	3,8 Millionen US-Dollar
Kommerzielle Projekte	2,1 Millionen US-Dollar

Landanspruch und -verkauf

Finanzdaten zu Grundstückstransaktionen:

Kategorie „Landtransaktion“.	Einnahmen
Landberechtigungsdienste	6,4 Millionen US-Dollar
Grundstücksverkäufe	11,2 Millionen US-Dollar

Comstock Holding Companies, Inc. (CHCI) - Canvas Business Model: Value Propositions

You're looking at the core strengths that Comstock Holding Companies, Inc. (CHCI) offers to the market and its stakeholders. It's not about abstract concepts; it's about concrete financial positioning and tangible assets in the D.C. region.

Stable, recurring fee-based revenue from long-term contracts.

The shift to a fee-based model is central to Comstock Holding Companies, Inc.'s value. This structure is designed for predictability, which is rare in direct real estate ownership. The company secured an Asset Management Agreement (AMA) that provides ongoing fee revenue extending through 2035. This long-term visibility underpins the stability you're looking for. For instance, in the third quarter of 2025, recurring, fee-based revenue from property management subsidiaries was up 30% compared to the prior year period, and year-to-date, it showed a 37% increase. The total revenue for the trailing twelve months ending September 30, 2025, reached $55.84 million, marking a 22.98% year-over-year increase.

Asset-light, debt-free model mitigating real estate market volatility.

This is where Comstock Holding Companies, Inc. really separates itself from traditional developers. By operating an asset-light model, the company substantially mitigates the balance sheet risks associated with direct real estate ownership. As of the second quarter of 2025, the company reported zero debt. This financial discipline is evident in its liquidity; as of Q1 2025, the current ratio stood at approximately 10.6, based on current assets of $34.80 million against current liabilities of just $3.27 million at the end of 2024. This strength allowed the company to generate over $2 million of operating cash in Q2 2025 alone. Trading direct ownership for management rights was a strategic reset to secure more predictable income streams.

Premium, transit-oriented mixed-use properties in the D.C. region.

Comstock Holding Companies, Inc. focuses its operations on premium, transit-connected assets in the Washington, D.C. region. The managed portfolio, which includes stabilized, under construction, and planned assets, is targeted to reach approximately 10 million square feet at full build-out, all strategically positioned near key Metro stations. The delivery of significant assets in The Row at Reston Station in the fall of 2025, including the JW Marriott luxury hotel and condominium tower, adds high-value, fee-generating assets to the platform. The residential portfolio maintained a 96% leased percentage as of Q3 2025, with average in-place rents up nearly 4% versus the prior year.

You can see the operational performance supporting this value proposition here:

Metric	Value / Rate	Reporting Period	Citation Reference
Total Managed Assets (Count)	91 assets	Q3 2025
Stabilized Commercial Leased Percentage	93%	Q3 2025
Residential Portfolio Leased Percentage	96%	Q3 2025
Commercial Leases Executed (YTD)	500,000+ sqft	Q3 2025
Condominium Pre-Sales Revenue (To-Date)	Approximately $70 million	Q1 2025 Update

High-quality management services for commercial and residential assets.

The quality of management is a direct value driver, translating into high retention and premium pricing. Comstock Holding Companies, Inc.'s dedication to service excellence is recognized externally. Six of its managed commercial properties earned 2025 Kingsley Excellence Awards, which measure tenant satisfaction against industry standards. This high standard is reflected in the leasing metrics, where the commercial portfolio is 93% leased and the residential portfolio is 96% leased as of the third quarter of 2025.

The key service quality indicators include:

• Award-winning properties include 1900 Reston Metro Plaza (Office).
• Award-winning properties include 1908 Reston Metro Plaza (Retail).
• Award-winning properties include 772 Marquise Square (Retail).
• Residential average in-place rents increased nearly 4% vs. prior year (Q3 2025).

Integrated parking and ancillary services via ParkX.

The ParkX subsidiary represents a rapidly growing, diversified fee-based revenue stream. In Q2 2025, third-party revenue from ParkX surged by 124% year-over-year. By Q3 2025, ParkX Management contributed 29.1% of the total revenue. This growth is fueled by expansion in Assets Under Management (AUM) and new service contracts; ParkX added 7 new third-party contracts in Q3 2025, bringing the year-to-date total to 17 new third-party contracts. Furthermore, the subsidiary expanded its offerings by introducing a new porter/janitorial service, which necessitated hiring 139 new employees in Q3 2025 to support the staffing needs.

Here's how ParkX revenue has scaled:

Metric	Q1 2025 Performance	Q2 2025 Performance	Q3 2025 YTD Growth
ParkX Subsidiary Revenue Growth (YoY)	56% increase in total revenue (Q1)	124% increase in third-party revenue (Q2)	126% increase in third-party revenue (YTD)
New Third-Party Contracts	N/A	N/A	17 added YTD

Finance: draft 13-week cash view by Friday.

Comstock Holding Companies, Inc. (CHCI) - Canvas Business Model: Customer Relationships

You're looking at how Comstock Holding Companies, Inc. (CHCI) nurtures its client base across its diverse real estate services. It's a mix of very personal attention for high-value partners and scalable, efficient systems for day-to-day operations. Honestly, the recurring fee-based revenue streams from these relationships are the bedrock of their low-risk, high-reward philosophy.

Long-term, high-touch relationships with institutional owners.

The relationship with institutional owners, often through asset management agreements, is designed for longevity. For instance, the full-service asset management agreement covering the Anchor Portfolio extends through the year 2035. This long view helps align interests for sustained asset value growth. The financial results reflect this stability; Comstock Holding Companies, Inc. was able to generate over $2 million of operating cash in the second quarter of 2025 alone, directly fueled by these fee-based revenue streams from long-term management agreements.

Dedicated property management for commercial and residential tenants.

For tenants, the relationship is managed through dedicated operational subsidiaries, ensuring high service standards. The focus here is on maintaining premium occupancy levels, which speaks volumes about tenant satisfaction and the quality of management. Here's a quick look at the portfolio health as of the third quarter of 2025:

Portfolio Segment	Leased Percentage (Q3 2025)	Year-to-Date Leasing Activity (Q3 2025)	Average Rent Change (Residential)
Stabilized Commercial	93%	More than 500,000 sqft leased YTD (including post-quarter end signings)	N/A
Residential	96%	Over 500 units leased YTD	Up nearly 4% vs. prior year

The leasing momentum is strong; for commercial spaces, significant office leases secured post-quarter end pushed the Year-to-Date total to more than 500,000 sqft. This dedication to keeping assets occupied and maximizing rental rates is key to the recurring revenue growth, which saw a 30% increase YTD from property management subsidiaries.

Direct sales and leasing for luxury condominium pre-sales.

When it comes to selling premium assets like the luxury condominiums at The Row at Reston Station, the approach is direct and high-touch, resulting in significant upfront revenue. The latest figures show strong buyer commitment for the JW Marriott Residences Reston Station tower.

• Condominium sales to-date (as of Q3 2025): nearly $90 million.
• Condominium sales closed in September 2025 alone: $20 million.

Also, the luxury conference and event space within the associated JW Marriott hotel has secured approximately $1.7 million in event pre-sale contracts, with events commencing in September 2025.

Automated and efficient service for ParkX customers.

For parking and related services through the ParkX subsidiary, the relationship is built on efficiency and expansion of service scope. ParkX Management saw its revenue increase by 59% versus the prior year in Q3 2025. This growth is heavily weighted toward third-party relationships, which saw a 126% increase YTD in revenue.

To support this growth and deepen client relationships, Comstock Holding Companies, Inc. invested heavily in service expansion:

• ParkX added 7 new third-party contracts in Q3 2025.
• A total of 17 third-party contracts were added Year-to-Date as of Q3 2025.
• The subsidiary hired 139 new employees in Q3 2025 to staff a new porter/janitorial service offering.
• These new hires are set to staff 12 new porter and janitorial contracts commencing in Q4, in addition to 10 previously secured contracts.

The strategy here is to expand existing client relationships to minimize new contract acquisition costs, which is a smart way to scale service delivery.

Comstock Holding Companies, Inc. (CHCI) - Canvas Business Model: Channels

You're looking at how Comstock Holding Companies, Inc. (CHCI) gets its services and products to its customers, which is heavily weighted toward direct engagement and management of high-value, transit-oriented assets. This is not a purely transactional model; it's about long-term asset stewardship and service delivery.

Direct management agreements with property owners/investors

The foundation of Comstock Holding Companies, Inc. (CHCI)'s channel strategy relies on securing and executing long-term asset and property management agreements. This channel is evidenced by the scale of their managed portfolio and the growth in associated fee revenue.

As of the third quarter of 2025, Comstock Holding Companies, Inc. (CHCI) managed a portfolio comprising 91 assets, which includes commercial, residential, hospitality, and parking facilities. The total development pipeline, which represents future managed assets, is projected to reach over 10 million square feet at full build-out. This management channel directly fuels the recurring, fee-based revenue stream, which saw a 30% increase year over year for the three months ended September 30, 2025.

Here's a snapshot of the performance within the managed portfolio, which dictates the channel's effectiveness:

Metric	Commercial Portfolio (Stabilized)	Residential Portfolio	Timeframe/Data Point
Leased Percentage	93%	96%	As of Q3 2025
Leases Executed (Q3 2025)	9 leases / approx. 75,000 sqft	Over 500 units leased YTD	Q3 2025
YTD Leasing Volume	193,000 sqft (as of Q3) / 500,000+ sqft (including post-quarter end)	Over 500 units leased YTD	YTD 2025
Average In-Place Rents	N/A	Up nearly 4% vs. prior year	Q3 2025

In-house leasing teams for commercial and residential units

The execution of these management agreements is handled through dedicated, in-house teams. These teams are responsible for the direct marketing and negotiation of space within the stabilized portfolio, which is key to maintaining high occupancy rates and driving rental growth.

The leasing teams secured 9 commercial leases in Q3 2025, covering approximately 75,000 sqft of office and retail space. The residential leasing channel saw 296 units leased year-to-date as of Q2 2025, contributing to the 96% leased percentage reported at the end of Q3.

The success of these teams is also seen in the pipeline conversion, where significant office leases were secured post-Q3 at the newest Trophy-class towers, pushing YTD commercial leasing to more than 500,000 sqft.

Online and on-site platforms for ParkX parking and new services

The ParkX subsidiary operates as a distinct channel, utilizing both on-site infrastructure and expanding service offerings to generate fee-based revenue. This channel is growing rapidly, indicating successful channel penetration through new contracts and service adoption.

ParkX subsidiary revenue increased 59% versus the prior year in Q3 2025. Third-party revenue for ParkX saw a 96% increase for the quarter and a 126% increase year-to-date. The channel expansion is quantified by new agreements:

• 7 new ParkX third-party contracts added in Q3 2025.
• 17 third-party contracts added year-to-date as of Q3 2025.
• The platform supports 3,500+ underground parking spaces at Reston Station alone.

Furthermore, Comstock Holding Companies, Inc. (CHCI) is using the existing ParkX client base to cross-sell new services. They hired 139 new employees in Q3 to staff 12 new porter and janitorial service contracts commencing in Q4, which builds upon 10 previously secured contracts.

Direct sales channel for condominium unit delivery (Reston Station Phase II)

For its development assets, Comstock Holding Companies, Inc. (CHCI) uses a direct sales channel, particularly for the delivery of for-sale condominium units, which provides a significant, non-recurring revenue component.

The delivery of the JW Marriott Residences Reston Station, a 94-unit luxury condominium tower, began in Q3 2025. This direct sales channel has been highly effective:

• Condominium pre-sales generated approximately $78 million to-date as of the Q2 2025 report.
• The JW Marriott Residences generated nearly $90 million in condominium sales to-date as of Q3 2025.
• Sales closed in September 2025 alone amounted to $20 million.

The delivery of this asset also immediately feeds the property management channel, driving an increase in property management fees. Finance: draft 13-week cash view by Friday.

Comstock Holding Companies, Inc. (CHCI) - Canvas Business Model: Customer Segments

You're looking at the groups Comstock Holding Companies, Inc. (CHCI) serves directly, which is a mix of tenants, owners, and parking users across its transit-oriented, mixed-use properties. The focus is clearly on high-quality, in-demand locations in the Washington, D.C. region.

Private and institutional real estate owners/investors

This segment relies on Comstock Holding Companies, Inc. (CHCI) for its asset management and property management expertise, often through joint ventures or third-party contracts. They are looking for strong returns on high-quality, strategically located assets. The total managed portfolio expanded to include 91 assets as of the third quarter of 2025, covering commercial, residential, hospitality, and parking facilities.

The performance of the anchor assets is a key draw for institutional partners. Here's a look at the scale of the managed portfolio and the revenue generated for property owners:

Metric	Value/Rate (as of late 2025)	Source Period
Total Managed Portfolio Assets	91 assets	Q3 2025
Anchor Portfolio Gross Revenue for Owners	Over $100 million	Fiscal Year 2024
ParkX Third-Party Contracts Added YTD	17 contracts	Q3 2025
ParkX Third-Party Contracts Added in Q3	7 contracts	Q3 2025

The ParkX subsidiary specifically targets owners needing specialized parking management, having added 7 new third-party contracts in Q3 alone.

Commercial tenants seeking premium office/retail space (e.g., 93% leased commercial portfolio)

Commercial tenants are seeking premium office and retail space, particularly in the Trophy-Class towers at Reston Station. The stabilized commercial managed portfolio maintained a high occupancy level, which is a strong indicator of demand for Comstock Holding Companies, Inc. (CHCI)'s product.

The leasing activity shows strong momentum, especially with major office leases:

• Stabilized Commercial Managed Portfolio Leased Percentage: 93%.
• Total YTD Commercial Square Footage Leased: More than 500,000 sqft (including post-Q3 signings).
• Commercial Square Footage Leased YTD (as of Q3): Approximately 193,000 sqft.
• New Commercial Leases Executed in Q3: 9 leases, representing about 75,000 sqft.

A key development serving this segment is the 1870 Reston Row Plaza, a 254,000 sqft Trophy-class office tower delivering in Q4 2025 that is reported as fully leased.

Residential tenants seeking luxury, transit-oriented apartments (e.g., 97% leased residential portfolio)

Residential tenants are drawn to luxury, transit-oriented apartments, evidenced by the near-full occupancy rates. The average in-place rents are also showing healthy growth, which is good for the asset owners Comstock Holding Companies, Inc. (CHCI) serves.

Here are the key residential metrics as of late 2025:

• Residential Managed Portfolio Leased Percentage: 96% (as of Q3 2025).
• Residential Units Leased YTD (as of Q3 2025): Over 500 units.
• Average In-Place Rent Growth: Up nearly 4% versus the prior year (Q3 2025).

The delivery of new units is also a factor, with the BLVD Haley, a 419-unit luxury residential tower, set to begin delivery in late Q4 2025.

Daily and long-term parking customers (ParkX)

The ParkX subsidiary is a significant revenue generator, capturing daily and long-term parking customers, and it is rapidly expanding its service offerings beyond traditional parking management to include porter and janitorial services. This segment is crucial as it represents 29.1% of Comstock Holding Companies, Inc. (CHCI)'s total revenue for the three months ended September 30, 2025.

The growth in ParkX is substantial, with revenue increasing 63.8% compared to the same period in 2024. The expansion required significant staffing increases; ParkX hired 139 new employees in Q3 2025 to support new service contracts.

Parking infrastructure supporting these customers includes:

• New Porter/Janitorial Contracts Secured in Q3: 12 new contracts, added to 10 previously secured contracts.
• Total Parking Spaces at The Row at Reston Station Garage: Approximately 1,200 spaces.
• Parking Spaces Managed (as of Q2 2025): Over 2,600 spaces across 2 managed garages.

The ParkX segment is clearly a major focus for growth, driving a 96% increase in third-party revenue in Q3 2025.

Comstock Holding Companies, Inc. (CHCI) - Canvas Business Model: Cost Structure

You're looking at the cost side of Comstock Holding Companies, Inc. (CHCI) as they aggressively scale their fee-based service platform. The main pressure point right now is definitely personnel costs tied to that expansion.

Operating costs and expenses saw a significant jump, increasing by 24.5% for the three months ended September 30, 2025, compared to the prior year period. This overall rise was largely driven by personnel. Specifically, there was a $1.7 million net increase in personnel-related expenses for the quarter.

The biggest single driver for this was the investment in the ParkX subsidiary. Comstock Holding Companies, Inc. hired 139 new employees in Q3 2025 to staff up new service lines. Roughly $1.5 million of the personnel expense increase was directly tied to the payroll and onboarding costs for these 139 new ParkX employees. This headcount addition was necessary to meet staffing requirements for 12 new porter and janitorial contracts set to begin in Q4, on top of 10 already secured.

Corporate overhead, captured generally in Selling, General, and Administrative (SG&A) expenses, remains a factor, though the personnel-driven operating costs are overshadowing it in the recent reporting. For context on the general overhead component, SG&A for the first quarter of 2025 was reported at $535 thousand. The pressure on costs meant that Income from Operations for Q3 2025 narrowed to $0.7 million, down from $2.8 million in Q3 2024.

The cost structure benefits from a very clean balance sheet, which is a key strategic advantage. Comstock Holding Companies, Inc. has eliminated all debt instruments, including convertible and promissory notes, as part of its balance sheet strengthening transactions. This debt-free status means interest expense is minimal, or non-existent, allowing operational cash flow to be directed toward growth initiatives rather than servicing liabilities. For instance, in Q1 2025, the company actually reported net interest income of $184 thousand, reflecting the lack of significant borrowing costs.

Here's a quick look at how the major cost components contributed to the Q3 2025 operational pressure:

Cost Category	Financial Impact (Three Months Ended Sept 30, 2025)	Context/Driver
Total Operating Costs & Expenses Change	+24.5% increase vs. prior year	Overall increase driven by expansion
Net Personnel-Related Expenses Increase	$1.7 million increase	Primary driver of operating cost rise
ParkX Payroll & Onboarding Costs	$1.5 million	Direct cost for 139 new hires for new services
Income (Loss) from Operations	$0.7 million	Resulting operational profitability for the quarter
SG&A (Q1 2025 Proxy)	$535 thousand	Represents general corporate overhead

You should keep an eye on these key cost elements moving forward:

• Personnel costs associated with the 139 new hires.
• Onboarding costs for the 12 new Q4 porter/janitorial contracts.
• General and administrative overhead for corporate functions.
• Capital expenditures for the new solar panel recycling facility, with deposits already at $5.1 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Comstock Holding Companies, Inc. (CHCI) - Canvas Business Model: Revenue Streams

Comstock Holding Companies, Inc. (CHCI) generates revenue through a diversified, fee-based model anchored by its asset and property management services, supplemented by development activities.

The primary revenue components for the third quarter of 2025 are detailed below, showing the relative contribution to the total Q3 2025 revenue of $13.32 million.

Revenue Stream Category	Q3 2025 Revenue Amount	Percentage of Q3 2025 Revenue
Asset Management fees	$6.56 million	49.2%
ParkX Management fees (Parking Management)	$3.87 million	29.1%
Property Management fees	$2.89 million	21.7%

This structure highlights the reliance on recurring, fee-based income from managing real estate assets. For instance, the recurring, fee-based revenue from property management subsidiaries saw a 30% increase year-to-date in Q3 2025.

The ParkX subsidiary, which provides parking management and expanded services like porter and janitorial services, showed significant growth in its third-party revenue.

• Third-party revenue from ParkX subsidiary increased 96% in Q3 2025 versus the prior year.
• Year-to-date, third-party revenue from ParkX was up 126%.

Supplemental fees, which are performance-based or tied to specific activities like leasing, also contribute meaningfully to the top line. Supplemental fee revenue was up 35% versus the prior year in Q3 2025.

Revenue from development and construction management activities is realized through supplemental fees and unit sales. The delivery of significant assets like the JW Marriott Residences Reston Station is noted as driving an increase in property management fees.

Regarding condominium unit sales, pre-sales for the JW Marriott Residences generated approximately $78 million to-date, with deliveries scheduled to begin in September 2025. This signals a near-term influx of revenue from the completion of Phase II of Reston Station.

You can see the stability in the fee-based model, which is the core of Comstock Holding Companies, Inc.'s strategy.