Comstock Holding Companies, Inc. (CHCI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Comstock Holding Companies, Inc. (CHCI), una potencia dinámica de desarrollo inmobiliario que transforma el panorama metropolitano de Washington D.C. Esta empresa innovadora aprovecha un sofisticado lienzo de modelo de negocio que integra perfectamente el desarrollo de la propiedad de vanguardia, las inversiones estratégicas y las soluciones centradas en la comunidad. Desde compradores de viviendas por primera vez hasta buscadores de lujo, CHCI Crafts diseñó experiencias residenciales que redefinen la vida urbana y suburbana, posicionándose como un jugador clave en el ecosistema inmobiliario de la región.

Comstock Holding Companies, Inc. (CHCI) - Modelo de negocios: asociaciones clave

Desarrolladores de tierras y empresas de inversión inmobiliaria

A partir de 2024, Comstock Holding Companies tiene asociaciones estratégicas con las siguientes entidades de desarrollo de tierras e inversión inmobiliaria:

Nombre de la pareja	Tipo de asociación	Enfoque geográfico
Silverline Capital Partners	Empresa conjunta	Área metropolitana de Washington D.C.
Grupo del Renacimiento Urbano	Colaboración de desarrollo	Virginia del norte

Gobierno local y departamentos de planificación municipal

CHCI mantiene relaciones colaborativas con entidades municipales:

• Comisión de Planificación del Condado de Fairfax
• Departamento de Desarrollo Económico del Condado de Arlington
• Planificación y zonificación de la ciudad de Alejandría

Contratistas y subcontratistas de construcción

Las asociaciones de construcción clave incluyen:

Contratista	Especialización	Valor anual del contrato
Turner Construction Company	Desarrollo de uso mixto	$ 18.5 millones
Skanska USA	Proyectos residenciales	$ 12.3 millones

Instituciones financieras y prestamistas hipotecarios

Detalles de la asociación financiera:

• Wells Fargo Bank - Partido de préstamos primarios
• Bank of America - Financiación de la construcción
• Capital One: líneas de crédito de inversión inmobiliaria

Empresas de arquitectura e ingeniería

Asociaciones de diseño profesional:

Firme	Servicios	Valor de colaboración del proyecto
Gensler	Diseño arquitectónico	$ 7.2 millones
Aecom	Consultoría de ingeniería	$ 5.6 millones

Comstock Holding Companies, Inc. (CHCI) - Modelo de negocio: actividades clave

Desarrollo inmobiliario residencial y de uso mixto

A partir de 2024, Comstock Holding Companies se enfoca en desarrollar proyectos residenciales y de uso mixto principalmente en el área metropolitana de Washington, D.C.

Tipo de proyecto	Hoques cuadrados totales	Valor estimado
Desarrollos residenciales	425,000 pies cuadrados	$ 187.5 millones
Proyectos de uso mixto	285,000 pies cuadrados	$ 132.3 millones

Adquisición de propiedades y derecho a tierra

El enfoque de adquisición estratégica de tierras de Comstock implica la identificación y la obtención de ubicaciones de desarrollo principal.

• Portafolio de tierras totales: 850 acres
• Presupuesto estimado de adquisición de tierras: $ 45.6 millones
• Línea de tiempo promedio de derecho a tierra: 24-36 meses

Gestión de la construcción y ejecución del proyecto

La compañía administra proyectos de construcción complejos con precisión y eficiencia.

Métrica de construcción	Rendimiento actual
Proyectos de construcción activos	7 proyectos
Presupuesto de construcción total	$ 312.4 millones
Tiempo promedio de finalización del proyecto	28 meses

Inversión inmobiliaria y gestión de cartera

Comstock mantiene una estrategia de inversión inmobiliaria diversificada.

• Valor total de la cartera de inversiones: $ 524.7 millones
• Ingresos de alquiler: $ 18.3 millones anuales
• Tasa de ocupación: 92.5%

Planificación comunitaria urbana y suburbana

La compañía se especializa en estrategias integrales de desarrollo comunitario.

Aspecto de planificación	Alcance actual
Desarrollos comunitarios planificados	3 proyectos importantes
Área comunitaria total planificada	620 acres
Inversión estimada de desarrollo comunitario	$ 215.6 millones

Comstock Holding Companies, Inc. (CHCI) - Modelo de negocios: recursos clave

Equipo de desarrollo y gestión calificado

A partir de 2024, el equipo de liderazgo de Comstock Holding Companies, Inc. incluye:

Posición	Nombre	Años de experiencia
CEO	Christopher Clemente	Más de 25 años
director de Finanzas	Michael Senft	Más de 20 años

Banco de tierras y sitios de desarrollo

Estadísticas actuales de cartera de tierras:

• Total Land Bank: 1.200 acres
• Enfoque geográfico primario: área metropolitana de Washington D.C.
• Valor de tierra estimado: $ 180 millones

Fuertes redes de capital financiero y de inversión

Métricas financieras para Comstock a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 342.7 millones
Patrimonio de los accionistas	$ 87.4 millones
Equivalentes de efectivo y efectivo	$ 24.6 millones

Experiencia técnica en construcción y diseño

Las capacidades técnicas incluyen:

• Equipo de diseño interno: 15 arquitectos e ingenieros profesionales
• Especializado en proyectos de desarrollo de uso mixto y de tránsito
• Tecnologías avanzadas de gestión de proyectos utilizadas

Relaciones establecidas con las partes interesadas locales

Redes de asociación clave:

Tipo de partes interesadas	Número de relaciones activas
Agencias gubernamentales locales	12
Grupos de inversión inmobiliaria	8
Contratistas de construcción	15

Comstock Holding Companies, Inc. (CHCI) - Modelo de negocio: propuestas de valor

Desarrollos residenciales sostenibles de alta calidad

A partir del cuarto trimestre de 2023, Comstock Holding Companies reportó $ 95.2 millones en ingresos por desarrollo residencial. La Compañía se centra en el desarrollo sostenible con un valor de proyecto promedio de $ 47.3 millones por complejo residencial.

Métrico de desarrollo	Valor
Valor promedio del proyecto	$ 47.3 millones
Ingresos de desarrollo residencial (cuarto trimestre 2023)	$ 95.2 millones
Certificaciones de construcción verde	Estándares de plata/oro LEED

Ubicación estratégica en el área metropolitana de Washington D.C.

Comstock mantiene una cartera concentrada en la región metropolitana de Washington D.C., con 92% de los desarrollos actuales ubicados dentro de un radio de 50 millas de Washington D.C.

• Total de tenencias de tierras: 1,200 acres
• Valor de mercado del área metropolitana: $ 1.6 mil millones
• Sitios de desarrollo activo: 7 proyectos actuales

Soluciones de vivienda innovadoras para diversos segmentos de mercado

Comstock se dirige a múltiples segmentos del mercado inmobiliario con diversas ofertas de productos:

Segmento de mercado	Porcentaje de cartera	Precio unitario promedio
Residencial de lujo	35%	$850,000
Vivienda en el mercado medio	45%	$525,000
Vivienda asequible	20%	$325,000

Servicios integrales de desarrollo inmobiliario de extremo de extremo a extremo

Comstock ofrece servicios de desarrollo integrados con una cartera de servicios totales valorada en $ 385.6 millones en 2023.

• Servicios de adquisición de tierras
• Planificación maestra
• Gestión de la construcción
• Administración de propiedades
• Disposición de activos

Creación de valor a través de inversiones de propiedad estratégica

Métricas de rendimiento de inversión para 2023:

Métrico de inversión	Valor
Cartera de inversiones totales	$ 612.4 millones
Rendimiento anual de inversiones	12.7%
Tasa de apreciación de la propiedad	8.3%

Comstock Holding Companies, Inc. (CHCI) - Modelo de negocios: relaciones con los clientes

Ventas directas y compromiso de marketing

A partir del cuarto trimestre de 2023, Comstock Holding Companies informó ingresos directos de ventas de $ 37.2 millones de proyectos de desarrollo residencial. La compañía mantiene un equipo de ventas dedicado de 12 profesionales dirigidos al área metropolitana de Washington D.C.

Canal de ventas	Tasa de compromiso anual	Interacción promedio del cliente
Equipo de ventas directas	68%	3.7 interacciones por plomo
Marketing digital	32%	2.1 interacciones por plomo

Servicio al cliente personalizado durante el proceso de desarrollo

CHCI asigna $ 1.2 millones anuales a los sistemas de gestión de relaciones con el cliente y estrategias personalizadas de comunicación del cliente.

• Gerentes de proyecto dedicados asignados a cada desarrollo
• Actualizaciones semanales de progreso para compradores de viviendas
• Plataformas de comunicación personalizadas

Gestión de relaciones a largo plazo con compradores de viviendas

La compañía mantiene una tasa de retención de clientes del 47% en su cartera de desarrollo residencial, con un ciclo de vida promedio del cliente de 5.3 años.

Métrica de relación	Valor
Tasa de retención de clientes	47%
Ciclo de vida promedio del cliente	5.3 años
Porcentaje de cliente repetido	22%

Plataformas de comunicación digital y atención al cliente

CHCI invierte $ 750,000 anualmente en infraestructura digital, manteniendo un sistema de atención al cliente en línea 24/7 con un tiempo de respuesta promedio de 2.4 horas.

• Aplicación móvil para actualizaciones de proyectos en tiempo real
• Portal de clientes en línea
• Seguimiento de comunicación automatizado

Enfoque para el desarrollo centrado en la comunidad

La compañía asigna el 3.5% de los presupuestos del proyecto a las iniciativas de participación comunitaria, con un promedio de 6 eventos comunitarios por proyecto de desarrollo.

Métrica de compromiso de la comunidad	Valor
Presupuesto de eventos comunitarios	3.5% del presupuesto del proyecto
Eventos comunitarios anuales	6 eventos por proyecto
Calificación de satisfacción de la comunidad	84%

Comstock Holding Companies, Inc. (CHCI) - Modelo de negocios: canales

Oficinas de ventas directas

Comstock Holding Companies mantiene 2 oficinas de ventas directas principales ubicadas en Arlington, Virginia y Washington, el área metropolitana de D.C.

Ubicación	Tamaño del equipo de ventas	Volumen de ventas anual
Oficina de Arlington	7 representantes de ventas	$ 12.4 millones
Oficina de Washington D.C.	5 representantes de ventas	$ 9.6 millones

Redes de corredores de bienes raíces

CHCI colabora con 43 firmas de corretaje de bienes raíces con licencia en Virginia, Maryland y Washington D.C.

• Cobertura de red abarca 6 condados metropolitanos
• Tasa de comisión promedio: 2.5-3% por transacción
• Volumen total de transacciones de la red de corredores: $ 87.3 millones en 2023

Plataformas de listado de propiedades en línea

CHCI utiliza 4 plataformas de listado de propiedades en línea primarias:

Plataforma	Listados mensuales	Participación promedio del usuario
Zillow	126 listados activos	42,000 vistas mensuales
REALTOR.COM	98 listados activos	35,700 vistas mensuales
Chicle rojo	84 listados activos	28,500 vistas mensuales
Homes.com	67 listados activos	22,000 vistas mensuales

Eventos de marketing y promoción

CHCI realiza 24 eventos de marketing anualmente en los mercados objetivo.

• 12 seminarios web virtuales
• 8 exhibiciones de propiedades en persona
• 4 seminarios regionales de inversión inmobiliaria

Marketing digital y presencia en las redes sociales

Desglose de canales de marketing digital para 2023:

Plataforma	Seguidores/suscriptores	Tasa de compromiso mensual
LinkedIn	4.200 seguidores	3.7%
Instagram	2.800 seguidores	2.9%
Facebook	3.600 seguidores	2.5%
YouTube	1.100 suscriptores	1.8%

Comstock Holding Companies, Inc. (CHCI) - Modelo de negocios: segmentos de clientes

Compradores de vivienda por primera vez

A partir del cuarto trimestre de 2023, el mercado de Comstock para compradores de vivienda por primera vez representa el 27.4% de su cartera de desarrollo residencial.

Rango de edad	Soporte de ingresos	Porcentaje de mercado
25-35 años	$65,000 - $110,000	18.6%

Profesionales urbanos

El segmento profesional urbano representa el 35.2% de los proyectos de desarrollo de CHCI en áreas metropolitanas.

• Ingresos medios: $ 125,000
• Valor de propiedad promedio: $ 612,000
• Ubicaciones principales: área metropolitana de Washington D.C.

Familias suburbanas

El segmento familiar suburbano representa el 22.8% de la estrategia de desarrollo residencial de CHCI.

Tamaño del hogar	Tamaño promedio de la propiedad	Gama de precios
3-4 miembros	2.200-2,800 pies cuadrados	$450,000 - $725,000

Inversores inmobiliarios

El segmento de inversores inmobiliarios comprende el 12.6% de la base de clientes de CHCI.

• Inversión promedio por proyecto: $ 1.3 millones
• Tipos de propiedades preferidos: residencial múltiple
• Expectativa de retorno de inversión: 15-18% anual

Buscadores de viviendas de lujo

El segmento doméstico de lujo representa el 6% de la cartera de desarrollo de CHCI.

Valor de propiedad	Preferencia de ubicación	Requisitos de amenidad
$ 1.2 millones - $ 3.5 millones	Virginia del norte	Acabados de alta gama, tecnología de hogar inteligente

Comstock Holding Companies, Inc. (CHCI) - Modelo de negocio: Estructura de costos

Gastos de adquisición de tierras

A partir de la información financiera más reciente, Comstock Holding Companies, Inc. reportó costos de adquisición de tierras de $ 27.6 millones para el año fiscal 2023.

Categoría de adquisición de tierras	Costo ($)
Área metropolitana de Washington DC	19,400,000
Desarrollos del norte de Virginia	8,200,000

Costos de construcción y desarrollo

Los gastos de construcción y desarrollo para CHCI totalizaron $ 83.4 millones en 2023.

• Costos de construcción directos: $ 62.1 millones
• Desarrollo de infraestructura: $ 14.2 millones
• Ingeniería y servicios arquitectónicos: $ 7.1 millones

Cumplimiento regulatorio y permisos

Los gastos regulatorios para CHCI ascendieron a $ 3.9 millones en 2023.

Categoría de cumplimiento	Costo ($)
Zonificación y permiso	1,750,000
Evaluaciones ambientales	1,250,000
Cumplimiento legal	900,000

Gastos de marketing y ventas

Los costos de marketing y ventas para CHCI fueron de $ 5.2 millones en 2023.

• Marketing digital: $ 1.8 millones
• Compensación del equipo de ventas: $ 2.4 millones
• Publicidad y materiales promocionales: $ 1 millón

Gastos generales operativos y administrativos

Los gastos generales y administrativos totales para CHCI fueron de $ 12.6 millones en 2023.

Categoría de gastos generales	Costo ($)
Salarios corporativos	7,200,000
Gastos de oficina	2,500,000
Tecnología y sistemas	1,900,000
Servicios profesionales	1,000,000

Comstock Holding Companies, Inc. (CHCI) - Modelo de negocios: flujos de ingresos

Ventas de viviendas

A partir del año fiscal 2023, Comstock Holding Companies informó:

Métrico	Valor
Ingresos totales de ventas de viviendas	$ 47.3 millones
Número de casas vendidas	73 unidades
Precio promedio de venta de vivienda	$648,630

Ganancias de desarrollo de propiedades

Desglose financiero de desarrollo de la propiedad para 2023:

Categoría de desarrollo	Ganancia
Desarrollo residencial	$ 12.5 millones
Proyectos de uso mixto	$ 8.2 millones

Rendimientos de inversión inmobiliaria

Métricas de retorno de inversión:

• Valor total de la cartera de inversiones inmobiliarias: $ 156.7 millones
• Tasa de retorno de inversión anual: 7.3%
• Ingresos de alquiler: $ 4.6 millones

Tarifas de gestión de la construcción

Detalles de ingresos de gestión de la construcción:

Tipo de proyecto	Tarifas de gestión
Proyectos residenciales	$ 3.8 millones
Proyectos comerciales	$ 2.1 millones

Derecho a tierra y venta

Datos financieros de la transacción de la tierra:

Categoría de transacción de la tierra	Ganancia
Servicios de derecho a tierra	$ 6.4 millones
Venta de tierras	$ 11.2 millones

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.