Comstock Holding Companies, Inc. (CHCI): Business Model Canvas [Dec-2025 Updated]

You're digging into Comstock Holding Companies, Inc.'s (CHCI) strategy right now, trying to map out exactly how they generate returns in this late-2025 environment. Honestly, their business model is quite distinct: it's an asset-light play, built on a debt-free balance sheet, where recurring fees-like the 49.2% of Q3 revenue from Asset Management-are the core engine, not just property ownership. This structure, anchored by premium transit-oriented assets and buttressed by the growing ParkX parking management arm, is designed to weather volatility, but it also means personnel costs are climbing fast, as seen with the 139 new ParkX hires in Q3. Want the full blueprint? Below, we dissect the nine blocks of the Comstock Holding Companies, Inc. Business Model Canvas, showing you precisely where their value lies and where the near-term operational risks are defintely hiding.

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

You're building a real estate portfolio across the high-growth Dulles Corridor, so understanding who Comstock Holding Companies, Inc. (CHCI) relies on for capital, operations, and tenancy is key to seeing their asset-light model work. These partnerships are the bedrock of their fee-based revenue streams.

Institutional Investors and Family Offices for Asset Ownership

Comstock Holding Companies, Inc. operates under an asset-light, debt-free model, relying on external capital from institutional partners and family offices for asset ownership and development funding. As of the third quarter of 2025, institutional investors held a 8.55% stake in the company's stock, based on the Midyear 2025 Investor Presentation data.

As of September 30, 2025, a total of 47 institutional owners and funds had filed 13D/G or 13F forms with the SEC, collectively holding 1,342,866 shares.

The top institutional holders and their positions as of September 30, 2025, show active participation:

Institutional Partner	Shares Held (9/30/2025)	Change in Shares (vs. prior filing)	Percentage Change
Truffle Hound Capital, Llc	261,292	147,738	130.104%
Vanguard Group Inc.	215,235	-1,146	-0.53%
Renaissance Technologies Llc	170,679	13,700	8.727%
Geode Capital Management, Llc	161,090	56	0.028%
Blackrock, Inc.	21,362	12,867	151.466%

These relationships provide the capital base that supports Comstock Holding Companies, Inc.'s managed portfolio, which includes 91 assets as of the third quarter of 2025.

Government Entities for Large-Scale Public-Private Developments

Comstock Holding Companies, Inc. is involved in developing and operating assets through multiple large-scale public-private partnership developments in the mid-Atlantic region. The company primarily serves various governmental bodies as clients for its development and management services.

The nature of these partnerships is critical to unlocking large-scale, transit-oriented projects near key Metro stations, such as Reston Station and Loudoun Station.

Commercial Tenants like Booz Allen and Retail Brands like Starbucks

Tenant partnerships drive the stabilized revenue component of the business. As of the third quarter of 2025, the stabilized Commercial managed portfolio was 93% leased.

Significant leasing activity in 2025 includes:

• Booz Allen Hamilton, Inc. signing a landmark lease for its Global Headquarters at Reston Station, announced November 17, 2025.
• Starbucks opening at Loudoun Station, celebrated on December 4, 2025.
• Total YTD commercial leasing reached more than 500,000 sqft as of the third quarter end, with significant office leases signed post-quarter end.
• The 1870 Reston Row Plaza, a 254,000 sqft Trophy-class office tower, is reported as fully leased.
• FM Global, a commercial property insurance giant, was welcomed as a new commercial tenant in Q1 2025.
• KPUB signed for 6,600 square feet within the BLVD Ansel complex, announced in April 2025.

The company also has premium retail offerings set to open in late 2025 and early 2026, including Tous les Jour (Q3-2025), Noku Sushi (Q4-2025), and Ebbitt House (Q1-2026).

Dulles Greenway for Community Engagement and Events

Comstock Holding Companies, Inc. maintains a visible community partnership with the Dulles Greenway, which owns and operates the 14-mile privately-owned toll road. This collaboration centers on the 5th annual Run The Greenway event held on May 4, 2025.

This event serves as a fundraising vehicle benefiting over 15 local non-profit organizations.

Third-Party Customers for ParkX Management Services

The ParkX subsidiary is a major growth driver, providing parking management services to third parties, which diversifies fee-based revenue streams.

ParkX Management contributed 29.1% of Comstock Holding Companies, Inc.'s total revenue for the three months ended September 30, 2025. Third-party revenue from ParkX saw a 96% increase in Q3 2025 versus the prior year, and a 126% increase year-to-date.

Key metrics for ParkX third-party customer growth as of Q3 2025:

• 17 new third-party contracts added year-to-date.
• 7 new third-party service contracts executed in Q3 2025 alone.
• The subsidiary expanded services to include porter and janitorial services, requiring the hiring of 139 new employees in Q3 2025 to staff these new contracts.

The company notes that the ability to expand relationships with existing parking and security clients minimizes costs related to securing new contracts.

Finance: draft Q4 2025 cash flow projection by January 15, 2026.

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

You're looking at the core engine of Comstock Holding Companies, Inc. (CHCI) right now, which is heavily weighted toward fee-based services rather than pure asset ownership, which is key to their low-risk model. The activities center on managing, developing, and expanding service lines across their portfolio in the Washington, D.C. region.

Real estate asset and property management (fee-based services)

The primary activity here is generating predictable revenue from managing assets for others, which is the foundation of their asset-light approach. For the three months ended September 30, 2025, the Asset Management segment brought in 49.2% of total revenue, amounting to $6.56 million. Property Management contributed another 21.7%, or $2.89 million, in that same quarter. This focus on recurring fees shows up in the growth metrics, too; recurring, fee-based revenue from property management subsidiaries increased 30% year-over-year in Q3 2025.

The scale of this management activity is substantial:

• Managed portfolio now includes 91 assets.
• Stabilized Commercial managed portfolio leased at 93% as of Q3 2025.
• Residential managed portfolio occupancy stood at 96%.
• Average in-place residential rents increased nearly 4% versus the prior year (Q3 2025).

Development of mixed-use, transit-oriented properties

While management drives current cash flow, development sets up future fee streams. Comstock Holding Companies, Inc. is focused on large-scale, transit-oriented development (TOD) projects, like Reston Station and Loudoun Station. The total managed portfolio, including stabilized and development assets, is projected to reach approximately 10 million square feet at full build-out.

The pipeline is active, with significant deliveries occurring in 2025:

Development Metric	Operating Assets (As of 2025)	Development Pipeline Assets (Planned)
Total Assets	34	18
Commercial Square Footage	$\approx$ 2.2 million sqft (Operating)	$\approx$ 2.0 million sqft (Planned Commercial)
Multifamily Units	1,636 units (Operating)	$\approx$ 1,900 units (Planned)
Hotels	Included in 91 assets (e.g., JW Marriott Reston Station delivered)	2 assets

The delivery of The Row at Reston Station assets, including the JW Marriott luxury hotel and condominium tower, was a key Q3 2025 milestone, adding new recurring revenue streams. Condominium pre-sales for these units generated approximately $78 million to-date as of Q2 2025, with deliveries scheduled to begin in September 2025.

Parking facility management via ParkX subsidiary

Parking facility management through the ParkX subsidiary is a rapidly expanding service activity. In Q3 2025, ParkX Management accounted for 29.1% of total revenue, generating $3.87 million. This segment saw significant growth, with ParkX revenue increasing 59% year-over-year in Q3 2025.

Expanding third-party service contracts for growth

A major driver of ParkX growth is the expansion of third-party contracts, which is a deliberate strategy to diversify fee revenue. Third-party revenue from ParkX saw a massive 96% increase in Q3 2025 compared to the prior year. The company added 7 new ParkX third-party contracts in Q3 2025, bringing the total third-party contracts added year-to-date to 17. This expansion required significant operational investment, including hiring 139 new employees in Q3 2025 to staff new porter and janitorial service contracts starting in Q4.

Leasing and maintaining high-occupancy commercial/residential assets

Securing and maintaining high occupancy across the stabilized portfolio is critical for supporting the fee-based revenue structure. Leasing momentum continued strongly through Q3 2025, with 9 new commercial leases signed in the quarter, representing approximately 75,000 sqft of office and retail space. Year-to-date commercial leasing volume surpassed 500,000 sqft. On the residential side, over 500 units were leased year-to-date as of Q3 2025.

Overall, the company reported total revenue of $13.3 million for Q3 2025, a 2.5% increase year-over-year, marking its 27th consecutive quarter of year-over-year revenue growth.

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

You're looking at the core assets Comstock Holding Companies, Inc. (CHCI) relies on to generate its fee-based revenue streams. These aren't just buildings; they are the managed assets and the specialized structure built around them.

The physical assets under management form a significant base. As of the third quarter of 2025, the managed portfolio includes exactly 91 assets, covering commercial, residential, hospitality, and parking facilities. The total projected size at full build-out is approximately 10 million square feet.

The Anchor Portfolio is central to this resource base. This portfolio, featuring major developments like Reston Station and Loudoun Station, is a proven revenue generator. For context, the Anchor Portfolio generated over $100 million in gross revenue for property owners in fiscal year 2024. Furthermore, Phase II of Reston Station, known as The Row at Reston Station, was scheduled for delivery starting in the third quarter of 2025.

Financially, Comstock Holding Companies, Inc. operates with a distinct advantage: a debt-free balance sheet. As of June 30, 2025, the company held $30.5 million in cash and cash equivalents. This strong liquidity allowed the company to generate over $2 million of operating cash in the second quarter of 2025 alone, directly fueled by its management agreements.

The contractual framework underpinning this is crucial. The recurring, fee-based revenue model is secured by long-term Asset Management Agreement (AMA) contracts, specifically referencing the 2022 Asset Management Agreement (AMA) which includes cost-plus and market-rate structures. This structure delivered results, with recurring, fee-based revenue increasing by 42% in the second quarter of 2025 compared to the prior year.

These resources are managed by specialized internal teams, structured as distinct operating subsidiaries. Here's how the revenue was segmented for the three months ended September 30, 2025:

• Asset Management accounted for 49.2% of total revenue.
• ParkX Management made up 29.1% of total revenue.
• Property Management contributed 21.7% of total revenue.

The ParkX subsidiary, focused on parking and new services, shows active resource deployment. To support the introduction of a new porter/janitorial service offering in Q3 2025, Comstock Holding Companies, Inc. hired 139 new employees that quarter to meet staffing needs.

Here is a snapshot of the key financial and operational metrics supporting these Key Resources as of late 2025:

Resource Metric	Value/Detail	Reporting Period/Date
Managed Assets (Count)	91 assets	Q3 2025
Total Managed Square Feet (Build-out)	Approximately 10 million square feet	2025 Midyear Update
Cash and Cash Equivalents	$30.5 million	June 30, 2025
Operating Cash Generated	Over $2 million	Q2 2025
Recurring Fee-Based Revenue Growth	42% increase	Q2 2025
Anchor Portfolio Gross Revenue (for owners)	Over $100 million	Fiscal Year 2024
ParkX Third-Party Revenue Growth	124% surge	Q2 2025
New Employees Hired for ParkX Service Expansion	139 new employees	Q3 2025

The specialized teams include CHCI Commercial, CHCI Residential, and ParkX. The residential portfolio showed a leased percentage of 97% in Q2 2025, and the stabilized commercial portfolio was 93% leased in Q3 2025.

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.