Comstock Holding Companies, Inc. (CHCI): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Comstock Holding Companies, Inc. (CHCI), une puissance dynamique de développement immobilier transformant le paysage métropolitain de Washington D.C. Cette entreprise innovante tire parti d'une toile de modèle commercial sophistiqué qui intègre de manière transparente le développement immobilier de pointe, les investissements stratégiques et les solutions axées sur la communauté. Des acheteurs de maisons pour la première fois aux demandeurs de luxe, CHCI Crafts a adapté des expériences résidentielles qui redéfinissent la vie urbaine et suburbaine, se positionnant comme un acteur clé de l'écosystème immobilier de la région.

Comstock Holding Companies, Inc. (CHCI) - Modèle commercial: partenariats clés

Promoteurs fonciers et sociétés d'investissement immobilier

En 2024, Comstock Holding Companies a des partenariats stratégiques avec les entités de développement foncier et immobilières suivantes:

Nom de partenaire	Type de partenariat	Focus géographique
Silverline Capital Partners	Coentreprise	Région métropolitaine de Washington D.C.
Groupe de la Renaissance urbaine	Collaboration de développement	Virginie du Nord

Gouvernement local et services de planification municipale

CHCI entretient des relations collaboratives avec des entités municipales:

• Commission de planification du comté de Fairfax
• Département de développement économique du comté d'Arlington
• Planification et zonage de la ville d'Alexandrie

Entrepreneurs et sous-traitants en construction

Les principaux partenariats de construction comprennent:

Entrepreneur	Spécialisation	Valeur du contrat annuel
Turner Construction Company	Développement à usage mixte	18,5 millions de dollars
Skanska USA	Projets résidentiels	12,3 millions de dollars

Institutions financières et prêteurs hypothécaires

Détails du partenariat financier:

• Wells Fargo Bank - partenaire de prêt principal
• Bank of America - Financement de la construction
• Capital One - Lignes de crédit d'investissement immobilier

Architecture et sociétés d'ingénierie

Partenariats de conception professionnelle:

Ferme	Services	Valeur de collaboration de projet
Gensler	Design architectural	7,2 millions de dollars
Aecom	Conseil en génie	5,6 millions de dollars

Comstock Holding Companies, Inc. (CHCI) - Modèle d'entreprise: activités clés

Développement immobilier résidentiel et à usage mixte

En 2024, les compagnies de portefeuille Comstock se concentrent sur le développement de projets résidentiels et à usage mixte principalement dans la région métropolitaine de Washington, D.C.

Type de projet	Total en pieds carrés	Valeur estimée
Développements résidentiels	425 000 pieds carrés	187,5 millions de dollars
Projets à usage mixte	285 000 pieds carrés	132,3 millions de dollars

Acquisition de biens et droit foncier

L'approche stratégique d'acquisition de terrains de Comstock consiste à identifier et à sécuriser les emplacements de développement primordiaux.

• Portfolio total des terres: 850 acres
• Budget estimé à l'acquisition de terrains: 45,6 millions de dollars
• Calance de droit foncier moyen: 24-36 mois

Gestion de la construction et exécution du projet

La société gère des projets de construction complexes avec précision et efficacité.

Métrique de construction	Performance actuelle
Projets de construction actifs	7 projets
Budget total de construction	312,4 millions de dollars
Temps d'achèvement moyen du projet	28 mois

Investissement immobilier et gestion du portefeuille

Comstock maintient une stratégie d'investissement immobilier diversifiée.

• Valeur du portefeuille d'investissement total: 524,7 millions de dollars
• Revenu locatif: 18,3 millions de dollars par an
• Taux d'occupation: 92,5%

Planification communautaire urbaine et suburbaine

L'entreprise est spécialisée dans les stratégies complètes de développement communautaire.

Aspect de planification	Portée actuelle
Développements communautaires planifiés	3 projets majeurs
Zone communautaire planifiée totale	620 acres
Investissement estimé au développement communautaire	215,6 millions de dollars

Comstock Holding Companies, Inc. (CHCI) - Modèle d'entreprise: Ressources clés

Équipe de développement et de gestion qualifiés

En 2024, l'équipe de direction de Comstock Holding Companies, Inc. comprend:

Position	Nom	Années d'expérience
PDG	Christopher Clemente	25 ans et plus
Directeur financier	Michael Senft	20 ans et plus

Banque terrestre propriétaire et sites de développement

Statistiques actuelles du portefeuille de terres:

• Banque terrestre totale: 1 200 acres
• Focus géographique primaire: zone métropolitaine de Washington D.C.
• Valeur des terres estimées: 180 millions de dollars

Solides réseaux financiers et investissements financiers

Mesures financières pour Comstock au Q4 2023:

Métrique financière	Montant
Actif total	342,7 millions de dollars
Capitaux propres des actionnaires	87,4 millions de dollars
Equivalents en espèces et en espèces	24,6 millions de dollars

Expertise technique dans la construction et la conception

Les capacités techniques comprennent:

• Équipe de conception interne: 15 architectes et ingénieurs professionnels
• Spécialisé dans les projets de développement à usage mixte et axé sur les transit
• Technologies de gestion de projet avancées utilisées

Relations établies avec les parties prenantes locales

Réseaux de partenariat clés:

Type de partie prenante	Nombre de relations actives
Agences gouvernementales locales	12
Groupes d'investissement immobilier	8
Entrepreneurs en construction	15

Comstock Holding Companies, Inc. (CHCI) - Modèle d'entreprise: propositions de valeur

Développements résidentiels durables de haute qualité

Au quatrième trimestre 2023, les sociétés de portefeuille de Comstock ont ​​déclaré 95,2 millions de dollars de revenus de développement résidentiel. La société se concentre sur le développement durable avec une valeur de projet moyenne de 47,3 millions de dollars par complexe résidentiel.

Métrique de développement	Valeur
Valeur moyenne du projet	47,3 millions de dollars
Revenus de développement résidentiel (Q4 2023)	95,2 millions de dollars
Certifications de construction verte	Normes LEED Silver / Gold

Emplacement stratégique dans la région métropolitaine de Washington D.C.

Comstock maintient un portefeuille concentré dans la région métropolitaine de Washington D.C. 92% des développements actuels situés dans un rayon de 50 miles de Washington D.C.

• Total foncier: 1 200 acres
• Valeur marchande de la zone métropolitaine: 1,6 milliard de dollars
• Sites de développement actifs: 7 projets actuels

Solutions de logement innovantes pour divers segments de marché

Comstock cible plusieurs segments de marché du logement avec diverses offres de produits:

Segment de marché	Pourcentage de portefeuille	Prix ​​unitaire moyen
Résidentiel de luxe	35%	$850,000
Logement moyen	45%	$525,000
Logement abordable	20%	$325,000

Services de développement immobilier de bout en bout

Comstock fournit des services de développement intégrés avec un portefeuille de services total d'une valeur de 385,6 millions de dollars en 2023.

• Services d'acquisition de terres
• Maîtrise
• Gestion de la construction
• Gestion immobilière
• Disposition des actifs

Création de valeur à travers des investissements immobiliers stratégiques

Mesures de performance d'investissement pour 2023:

Métrique d'investissement	Valeur
Portefeuille d'investissement total	612,4 millions de dollars
Retour sur les investissements annuels	12.7%
Taux d'appréciation de la propriété	8.3%

Comstock Holding Companies, Inc. (CHCI) - Modèle d'entreprise: relations clients

Engagement des ventes directes et marketing

Au quatrième trimestre 2023, les sociétés de portefeuille de Comstock ont ​​déclaré des revenus de vente directs de 37,2 millions de dollars provenant de projets de développement résidentiel. La société maintient une équipe de vente dédiée de 12 professionnels ciblant la région métropolitaine de Washington D.C.

Canal de vente	Taux d'engagement annuel	Interaction moyenne du client
Équipe de vente directe	68%	3.7 Interactions par plomb
Marketing numérique	32%	2.1 Interactions par plomb

Service client personnalisé pendant le processus de développement

CHCI alloue 1,2 million de dollars par an aux systèmes de gestion de la relation client et aux stratégies de communication des clients personnalisés.

• Chefs de projet dédiés affectés à chaque développement
• Mises à jour des progrès hebdomadaires pour les acheteurs de maison
• Plateformes de communication personnalisées

Gestion des relations à long terme avec les acheteurs

La société maintient un taux de rétention de la clientèle de 47% sur son portefeuille de développement résidentiel, avec un cycle de vie moyen de 5,3 ans.

Métrique relationnelle	Valeur
Taux de rétention de la clientèle	47%
Cycle de vie moyen des clients	5,3 ans
Pourcentage de clientèle répété	22%

Plateformes de communication numérique et support client

CHCI investit 750 000 $ par an dans les infrastructures numériques, en maintenant un système de support client en ligne 24/7 avec un temps de réponse moyen de 2,4 heures.

• Application mobile pour les mises à jour du projet en temps réel
• Portail client en ligne
• Suivi de communication automatisé

Approche axée sur la communauté du développement

La société alloue 3,5% des budgets du projet aux initiatives d'engagement communautaire, avec une moyenne de 6 événements communautaires par projet de développement.

Métrique de l'engagement communautaire	Valeur
Budget de l'événement communautaire	3,5% du budget du projet
Événements communautaires annuels	6 événements par projet
Évaluation de satisfaction communautaire	84%

Comstock Holding Companies, Inc. (CHCI) - Modèle d'entreprise: canaux

Bureaux de vente directs

Les sociétés de portefeuille Comstock conservent 2 bureaux de vente directs principaux situés à Arlington, Virginie et Washington, D.C. Area Metropolitan.

Emplacement	Taille de l'équipe de vente	Volume des ventes annuelles
Bureau d'Arlington	7 représentants des ventes	12,4 millions de dollars
Bureau de Washington D.C.	5 représentants commerciaux	9,6 millions de dollars

Réseaux de courtiers immobiliers

CHCI collabore avec 43 sociétés de courtage immobilier agréées à travers Virginia, Maryland et Washington D.C.

• La couverture du réseau s'étend sur 6 comtés métropolitains
• Taux de commission moyen: 2,5 à 3% par transaction
• Volume de transaction du réseau total du courtier: 87,3 millions de dollars en 2023

Plateformes d'inscription de propriétés en ligne

CHCI utilise 4 plates-formes de listes de propriétés en ligne principales:

Plate-forme	Listes mensuelles	Engagement moyen des utilisateurs
Zillow	126 listes actives	42 000 vues mensuelles
Realtor.com	98 listes actives	35 700 vues mensuelles
Redfin	84 listes actives	28 500 vues mensuelles
Homes.com	67 listes actives	22 000 vues mensuelles

Événements marketing et promotionnels

CHCI organise 24 événements marketing par an sur les marchés cibles.

• 12 webinaires virtuels
• 8 vitrines de propriétés en personne
• 4 séminaires régionaux d'investissement immobilier

Marketing numérique et présence des médias sociaux

Répartition des canaux de marketing numérique pour 2023:

Plate-forme	Adeptes / abonnés	Taux d'engagement mensuel
Liendin	4 200 abonnés	3.7%
Instagram	2 800 abonnés	2.9%
Facebook	3 600 abonnés	2.5%
Youtube	1 100 abonnés	1.8%

Comstock Holding Companies, Inc. (CHCI) - Modèle d'entreprise: segments de clientèle

Acheteurs de maisons pour la première fois

Au quatrième trimestre 2023, le ciblage du marché de Comstock pour les nouveaux acheteurs de maisons représente 27,4% de leur portefeuille de développement résidentiel.

Tranche d'âge	Tranche de revenu	Pourcentage du marché
25-35 ans	$65,000 - $110,000	18.6%

Professionnels urbains

Le segment professionnel urbain représente 35,2% des projets de développement de CHCI dans les zones métropolitaines.

• Revenu médian: 125 000 $
• Valeur de propriété moyenne: 612 000 $
• Emplacements principaux: Zone métropolitaine de Washington D.C.

Familles de banlieue

Le segment de la famille Suburban représente 22,8% de la stratégie de développement résidentiel de CHCI.

Taille du ménage	Taille moyenne de la propriété	Fourchette
3-4 membres	2 200-2 800 pieds carrés	$450,000 - $725,000

Investisseurs immobiliers

Le segment des investisseurs immobiliers représente 12,6% de la clientèle de CHCI.

• Investissement moyen par projet: 1,3 million de dollars
• Types de propriété préférés: résidentiel multi-unités
• Attente de retour en placement: 15-18% par an

Demandeurs de maisons de luxe

Le segment des maisons de luxe représente 6% du portefeuille de développement de CHCI.

Valeur de propriété	Préférence de localisation	Exigences de commodité
1,2 million de dollars - 3,5 millions de dollars	Virginie du Nord	Finitions haut de gamme, technologie de maison intelligente

Comstock Holding Companies, Inc. (CHCI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des terres

Depuis les rapports financiers les plus récents, Comstock Holding Companies, Inc. a déclaré des coûts d'acquisition de terrains de 27,6 millions de dollars pour l'exercice 2023.

Catégorie d'acquisition de terres	Coût ($)
Région métropolitaine de Washington DC	19,400,000
Développements de Virginie du Nord	8,200,000

Coûts de construction et de développement

Les frais de construction et de développement pour CHCI ont totalisé 83,4 millions de dollars en 2023.

• Coûts de construction directs: 62,1 millions de dollars
• Développement des infrastructures: 14,2 millions de dollars
• Services d'ingénierie et d'architecture: 7,1 millions de dollars

Conformité réglementaire et permis

Les dépenses réglementaires pour CHCI s'élevaient à 3,9 millions de dollars en 2023.

Catégorie de conformité	Coût ($)
Zonage et permis	1,750,000
Évaluations environnementales	1,250,000
Conformité légale	900,000

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour CHCI étaient de 5,2 millions de dollars en 2023.

• Marketing numérique: 1,8 million de dollars
• Compensation de l'équipe de vente: 2,4 millions de dollars
• Matériel publicitaire et promotionnel: 1 million de dollars

Frais généraux opérationnels et administratifs

Les frais généraux opérationnels et administratifs totaux pour le CHCI étaient de 12,6 millions de dollars en 2023.

Catégorie aérienne	Coût ($)
Salaires de l'entreprise	7,200,000
Dépenses de bureau	2,500,000
Technologie et systèmes	1,900,000
Services professionnels	1,000,000

Comstock Holding Companies, Inc. (CHCI) - Modèle d'entreprise: Strots de revenus

Ventes à domicile

Depuis l'exercice 2023, les sociétés de portefeuille de Comstock ont ​​rapporté:

Métrique	Valeur
Revenu total des ventes de maisons	47,3 millions de dollars
Nombre de maisons vendues	73 unités
Prix ​​de vente à domicile moyen	$648,630

Bénéfices de développement immobilier

Développement des biens Répartition financière pour 2023:

Catégorie de développement	Profit
Développement résidentiel	12,5 millions de dollars
Projets à usage mixte	8,2 millions de dollars

Return d'investissement immobilier

Métriques de retour d'investissement:

• Valeur du portefeuille d'investissement immobilier total: 156,7 millions de dollars
• Taux de rendement des investissements annuel: 7,3%
• Revenu locatif: 4,6 millions de dollars

Frais de gestion de la construction

Détails des revenus de la gestion de la construction:

Type de projet	Frais de gestion
Projets résidentiels	3,8 millions de dollars
Projets commerciaux	2,1 millions de dollars

Droit foncier et vente

Données financières des transactions foncières:

Catégorie de transaction terrestre	Revenu
Services de droit foncier	6,4 millions de dollars
Ventes de terres	11,2 millions de dollars

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.