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What changed in Comstock Holding Companies, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Comstock Holding Companies, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+122 added−97 removedSource: 10-K (2026-03-17) vs 10-K (2025-03-21)

Top changes in Comstock Holding Companies, Inc.'s 2025 10-K

122 paragraphs added · 97 removed · 83 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeTo learn more about Comstock's culture, please visit www.Comstock.com/WeShowUp . Our Values We are committed to pursuing environmental sustainability, social responsibility, and robust governance practices across all our operations. We recognize that development of real estate can have significant impact, positive or negative, for the surrounding community, the region, and the environment that we all share.
Biggest changeWe Show Up every day because we believe that showing up makes a difference for our customers, our stakeholders, and in the communities that we serve. To learn more about Comstock's culture, please visit www.Comstock.com/WeShowUp . Our Values We are committed to pursuing environmental sustainability, social responsibility, and robust governance practices across all our operations.
In February 2020, we arranged for DivcoWest, an unaffiliated entity, to purchase a majority ownership stake in The Hartford and secured a $87 million loan facility from MetLife. As part of the transaction, we entered into asset management and property management agreements for the building to go along with our 2.5% equity interest.
In February 2020, we arranged for DivcoWest, an unaffiliated entity, to purchase a majority ownership stake in The Hartford and secured an $87 million loan facility from MetLife. As part of the transaction, we entered into asset management and property management agreements for the building to go along with our 2.5% equity interest.
("Investors X"), an unconsolidated variable interest entity that owns Comstock’s residual homebuilding operations. As of December 31, 2024, all residential lots have been sold. The proceeds from the lot sales will be distributed to the Company as remaining land development work associated with these projects is completed.
("Investors X"), an unconsolidated variable interest entity that owns Comstock’s residual homebuilding operations. As of December 31, 2025, all residential lots have been sold. The proceeds from the lot sales will be distributed to the Company as remaining land development work associated with these projects is completed.
We had no material publicly reportable information security incidents in the fiscal year ended December 31, 2024 . Competition The real estate asset management and services industry is highly competitive. We compete with other businesses in the asset management and real estate-related services businesses on the basis of price, location, experience, service and reputation.
We had no material publicly reportable information security incidents in the fiscal year ended December 31, 2025 . Competition The real estate asset management and services industry is highly competitive. We compete with other businesses in the asset management and real estate-related services businesses on the basis of price, location, experience, service and reputation.
The services we provide include asset management, property/facility management (including security, concierge, firewatch, and more), development and construction management, leasing and marketing, acquisition and disposition, asset recapitalization, design (including planning and entitlements), strategic investment consultation and execution, and various other property-specific services.
The services we provide include asset management, property/facility management (including security, porter/janitorial, concierge, firewatch, and more), development and construction management, leasing and marketing, acquisition and disposition, asset recapitalization, design (including planning and entitlements), strategic investment consultation and execution, and various other property-specific services.
We are currently leasing and managing the four existing office buildings and one existing retail building while finalizing plans for the permitted new development. • Midline District (In Development) The Midline District, located directly across Wiehle Avenue from the Reston Row District and the Metro Plaza District, has entitlements in place that allow for approximately 1.2 million square feet of new mixed-use development.
We are currently leasing and managing the four existing office buildings and one existing retail building while finalizing plans and permits for this new development. • Midline District (In Development) The Midline District, located directly across Wiehle Avenue from the Reston Row District and the Metro Plaza District, has entitlements in place that allow for approximately 1.2 million square feet of new mixed-use development.
Loudoun Station has more than 1.0 million square feet of mixed-use development completed and stabilized, including nearly 700 residential units, approximately 50,000 square feet of Class-A office space, and approximately 150,000 square feet of retail space, highlighted by an 11-screen AMC Cinema as well as multiple dining and entertainment venues.
Loudoun Station has more than 1.0 million square feet of mixed-use development completed and stabilized, including 3 Table of Contents nearly 700 residential units, approximately 50,000 square feet of Class-A office space, and approximately 150,000 square feet of retail space, highlighted by an 11-screen AMC Cinema as well as multiple dining and entertainment venues.
Our employees have access to a comprehensive suite of benefits, including, but not limited to, medical, dental, vision, and life 6 Table of Contents insurance options; flexible and health savings accounts; 401k plan matching; and professional development reimbursement. We offer numerous wellness initiatives and training opportunities, including diversity training and a broad suite of e-learning courses.
Our employees have access to a comprehensive suite of benefits, including, but not limited to, medical, dental, vision, and life insurance options; flexible and health savings accounts; 401k plan matching; and professional development reimbursement. We offer numerous wellness initiatives and training opportunities, including diversity training and a broad suite of e-learning courses.
The particular environmental laws that apply to any given real estate asset vary based on several factors, including the environmental conditions related to a particular property and the present and former uses of the property. 7 Table of Contents Additional Information Comstock Holding Companies, Inc. was incorporated in Delaware in 2004.
The particular environmental laws that apply to any given real estate asset vary based on several factors, including the environmental conditions related to a particular property and the present and former uses of the property. Additional Information Comstock Holding Companies, Inc. was incorporated in Delaware in 2004.
Some of the laws to which we and our properties are subject to may impose requirements concerning development in waters of the United States, including wetlands, the closure of water supply wells, management of asbestos-containing materials, exposure to radon and similar issues.
Some of the laws to which we and our properties are subject to may impose requirements concerning development 7 Table of Contents in waters of the United States, including wetlands, the closure of water supply wells, management of asbestos-containing materials, exposure to radon and similar issues.
We have a partnership with DAVIS Construction on the utilization of CarbonCure, a sustainable concrete component, in the construction of Phase II of our Reston Station development (the Reston Row District).
We established a partnership with DAVIS Construction on the utilization of CarbonCure, a sustainable concrete component, in the construction of Phase II of our Reston Station development, the Reston Row District.
Our proven track record of developing and managing best-in-class properties across the region has positioned us as an attractive partner for additional government entities looking to improve infrastructure and enhance their surrounding communities.
Our proven track record of developing and managing best-in-class properties across the region has positioned us as an attractive partner for additional government entities looking to improve infrastructure and enhance their surrounding 5 Table of Contents communities.
Anchor Portfolio Our Anchor Portfolio (see below for details) includes, or will soon include, millions of square feet of Trophy and Class A office towers, luxury multi-family residential buildings, luxury hotels with branded condominium residences, high-end retail and entertainment options, associated public spaces, and commercial parking garages to serve all the properties.
Anchor Portfolio Our Anchor Portfolio includes, or will soon include, millions of square feet of Trophy and Class A office towers, luxury multi-family residential buildings, luxury hotels with branded condominium residences, high-end retail and entertainment options, associated public spaces, and commercial parking garages to serve all the properties.
The expansion and continued investment of these large technology companies will benefit Northern Virginia’s employment market, further driving increased demand for the assets we manage and the mixed-use communities we are developing. • Leveraging our growth platform and industry expertise to secure additional development and investment opportunities Our stable growth platform and streamlined balance sheet provide us with insulation from significant downturns in the commercial real estate industry.
The expansion and continued investment of these influential industry leaders will benefit Northern Virginia’s employment market, further driving increased demand for the assets we manage and the mixed-use communities we are developing. • Leveraging our growth platform and industry expertise to secure additional development and investment opportunities Our stable growth platform and streamlined balance sheet provide us with insulation from significant downturns in the commercial real estate industry.
Parking ParkX, one of our wholly owned operating subsidiaries, currently manages a total of 32 commercial parking garages, including 17 commercial parking garages owned by unaffiliated parties.
Parking ParkX, one of our wholly owned operating subsidiaries, currently manages a total of 34 commercial parking garages, including 17 commercial parking garages owned by unaffiliated parties.
We are currently updating the entitlements secured by the previous owner and plan to commence development and leasing operations after receiving the necessary permits for the new development. • West District (In Development) The West District sits adjacent to the Reston Row District and Metro Plaza District and includes a previously developed 90,000 square foot office building owned by one of our affiliates and an apartment building owned by a third party.
We are currently updating the entitlements secured by the previous owner and plan to commence development after receiving the necessary approvals and permits. • West District (In Development) The West District sits adjacent to the Reston Row District and Metro Plaza District and includes a previously developed 90,000-square-foot office building owned by one of our affiliates and an apartment building owned by a third party.
We specialize in supporting the seamless integration of residential, commercial, and retail offerings into vibrant mixed-use communities, exemplified by Reston Station and Loudoun Station, two assets in our Anchor Portfolio (see "Our Portfolio" for additional information) that are among the region's largest and most prominent mixed-use, transit-oriented developments.
We specialize in supporting the seamless integration of residential, commercial, and retail offerings into vibrant mixed-use communities, exemplified by Reston Station and Loudoun Station, the two flagship developments that make up our Anchor Portfolio and are among the region's largest and most prominent mixed-use, transit-oriented neighborhoods (see "Our Portfolio" for additional information).
It has entitlements in place that allow for approximately 1.5 million square feet of new mixed-use development surrounding the four existing stabilized Class-A office buildings that represent a total of approximately 590,000 square feet.
It has entitlements in place that allow for approximately 1.5 million square feet of new mixed-use development surrounding the four existing stabilized Class-A office buildings that represent a total of approximately 597,400 square feet.
The Reston Station transit facility provides Metro commuters with an indoor bus transit depot designed to accommodate upwards of 110 buses per hour, 2,300 commuter parking spaces operated by Fairfax County, and approximately 2,750 additional parking spaces for retail, office, and commuter uses, a Tesla Super Charging Station and numerous other electric vehicle charging stations, secure bicycle parking and storage facilities, substantial storm water management vaults, and state-of-the-art water treatment systems. • Reston Row District (Operating + Under Construction) The Reston Row District (i.e., The Row at Reston Station) is the newest phase of the Reston Station development and is currently being constructed adjacent to the Metro Plaza District.
The Reston Station transit facility provides Metro commuters with an indoor bus transit depot designed to accommodate upwards of 110 buses per hour, 2,300 commuter parking spaces operated by Fairfax County, and approximately 2,750 additional parking spaces for retail, office, and commuter uses, a Tesla Super Charging Station and numerous other electric vehicle charging stations, secure bicycle parking and storage facilities, substantial storm water management vaults, and state-of-the-art water treatment systems. • Reston Row District (Operating + Under Construction) The Reston Row District ("The Row at Reston Station") is the second and most recently delivered phase of the Reston Station development.
In 2024, Anchor portfolio assets generated a well over $100.0 million of gross revenue for the property owners. Reston Station (Operating + Under Construction+ In Development) Reston Station is one of the largest mixed-use, transit-oriented developments in the mid-Atlantic region.
In 2025, Anchor portfolio assets generated over $120.0 million of gross revenue for the property owners. Reston Station (Operating + Under Construction+ In Development) Reston Station is one of the largest mixed-use, transit-oriented developments in the mid-Atlantic region.
We have become the area’s premier real estate service company by creating extraordinary places, providing exceptional experiences, and generating excellent results for all stakeholders. Since 1985, we have acquired, developed, operated, and sold millions of square feet of residential, commercial, and mixed-use properties.
We have become one of the area’s premier real estate services companies by creating extraordinary places, delivering exceptional experiences, and generating excellent results for all stakeholders. Since 1985, we have acquired, developed, operated, and sold millions of square feet of residential, commercial, and mixed-use properties.
The Reston Row District is expected to utilize approximately 500,000 cubic yards of CarbonCure, which will divert 5 million pounds of carbon, or the equivalent of 258,000 gallons of gasoline not being burned. Furthermore, we intend to engage our supply chain to incorporate sustainable designs, materials, and systems into all ongoing or future developments.
The Reston Row District includes approximately 500,000 cubic yards of CarbonCure, which diverts 5 million pounds of carbon, or the equivalent of 258,000 gallons of gasoline, from being burned. Furthermore, we intend to engage our supply chain to incorporate sustainable designs, materials, and systems into all our ongoing or future developments.
At full build, the Loudoun Station development will cover nearly 50 acres. 3 Table of Contents Other Portfolio Assets The following summarizes additional operating assets that are currently in our managed portfolio: Investors X In April 2019, we entered into a Master Transfer agreement with CP Real Estate Services, LC (“CPRES”), an entity owned by Comstock’s Chief Executive Officer, Christopher Clemente, that provided for priority distribution of residual cash flow from its Class B membership interest in Comstock Investors X, L.C.
Other Portfolio Assets The following summarizes additional operating assets that are currently in our managed portfolio: Investors X In April 2019, we entered into a Master Transfer agreement with CP Real Estate Services, LC (“CPRES”), an entity owned by Comstock’s Chief Executive Officer, Christopher Clemente, that provided for priority distribution of residual cash flow from its Class B membership interest in Comstock Investors X, L.C.
Upon closing, we will enter into an operating agreement and a development agreement with SCG, under which we will provide construction management services for the affordable housing project that will be fully financed by SCG. We will also be entitled to provide property management services once the development is ready for occupancy.
Upon closing, we will enter into an operating agreement and a development agreement with SCG, under which we will provide construction management services for the affordable housing project that will be fully financed by SCG. We will also be provided with the opportunity to provide property management services upon delivery.
In 2022, our affiliate acquired an existing 58,000 square foot office building on an adjacent parcel that is planned for demolition and will be incorporated into the West District's development plans, which are planned to commence after entitlements are secured.
In 2022, our affiliate acquired an existing 58,000-square-foot office building on an adjacent parcel that is planned for demolition and will be incorporated into the West District's development plans, which are planned to commence after entitlements are secured. It is anticipated that entitlements will allow for five mixed-use buildings in the West District, including the aforementioned existing apartment building.
It is also home to a 1,500-space Metro commuter parking garage that is the subject of a public-private partnership between a Comstock affiliate and Loudoun County.
It is also home to a 1,500-space Metro commuter parking garage that is the subject of a public-private partnership between a Comstock affiliate and Loudoun County. At full build, the Loudoun Station development will cover nearly 50 acres.
Our Culture Over nearly four decades we have curated a unique culture that distinguishes us from our industry peers and is firmly rooted in our commitment to work together - every day, in-person to drive the standard of excellence that we consider to be our baseline. 5 Table of Contents We Show Up every day because we believe that showing up makes a difference for our customers, our stakeholders, and in the communities that we serve.
Our Culture Over nearly four decades we have curated a unique culture that distinguishes us from our industry peers and is firmly rooted in our commitment to work together - every day, in-person - to drive the standard of excellence that we consider to be our baseline.
In Northern Virginia specifically, growing demand for technology and cybersecurity services has driven the proliferation of major corporations opening operational headquarters in the region, including Amazon, Microsoft, CoStar, Nestle, Raytheon Technologies, Boeing, and others.
In Northern Virginia specifically, growing demand for technology and cybersecurity services has driven the proliferation of major global corporations opening operational headquarters in the region.
The Reston Station neighborhood is being developed in phases and is composed of the following five districts: • Metro Plaza District (Operating) The Metro Plaza District is located adjacent to Wiehle Reston-East Metro Station and contains approximately 1.4 million square feet of mixed-use development, highlighted by three Trophy-Class office buildings and BLVD Reston, a luxury residential tower with 448 units.
The Reston Station neighborhood is being developed in phases and is composed of the following five districts: 2 Table of Contents • Metro Plaza District (Operating) The Metro Plaza District is located adjacent to Wiehle Reston-East Metro Station and contains approximately 1.4 million square feet of mixed-use development.
In addition, ParkX provides approximately 2,555 hours per week of security, concierge, and other alternative property management services across 32 different properties, 12 of which are also managed parking garage locations. 4 Table of Contents Our Business Strategy In early 2018, we transitioned away from the development and sale of residential homes to our current business model, which primarily focuses on driving recurring fee-based revenue streams from the asset and property management services we provide for commercial and mixed-use real estate properties in the greater Washington, D.C. region.
Our Business Strategy In early 2018, we transitioned away from the development and sale of residential homes to our current business model, which primarily focuses on driving recurring fee-based revenue streams from the asset and property management services we provide for commercial and mixed-use real estate properties in the greater Washington, D.C. region.
We promote collaboration, support, and innovation, providing all our employees the opportunity to achieve their professional and wellness goals. We continuously strive to diversify our workforce, provide equal access to opportunities to our people, and promote a working environment based on mutual trust, confidence, and respect.
We continuously strive to diversify our workforce, provide equal access to opportunities to our people, and promote a working environment based on mutual trust, confidence, and respect.
The Metro Plaza District also includes one of the largest underground commuter parking garages and bus transit facilities in the region. The 1.7 million square foot subterranean garage and transit facility is the subject of a public-private partnership between a Comstock affiliate and Fairfax County, Virginia.
The 1.7 million square foot subterranean garage and transit facility is the subject of a public-private partnership between a Comstock affiliate and Fairfax County, Virginia.
With direct rail connectivity to Dulles International Airport, Reston, Tysons, and Washington, D.C., it represents the beginning of Loudoun County’s transformation into a transit-connected community.
Loudoun Station (Operating + In Development) Loudoun Station, located in Ashburn, Virginia adjacent to Ashburn Station at the terminus of Metro’s Silver Line, is Loudoun County’s first and only Metro-connected development. With direct rail connectivity to Dulles International Airport, Reston, Tysons, and Washington, D.C., it represents the beginning of Loudoun County’s transformation into a transit-connected community.
The following table summarizes the operating assets that were included in our managed portfolio as of December 31, 2024: Type # of Assets Size/Scale % Leased Commercial (1) 14 2.3 million sqft. 82% Residential 6 1.8 million sqft. / ~1,700 units 96% ParkX - Garages 32 22,000+ spaces ParkX - Security & Other (2) 20 ~2,500 hrs/week Total 72 (1) Commercial % leased includes Q1 2024 delivery of a new office tower located in The Row at Reston Station.
The following table summarizes the operating assets, categorized by asset type, that were included in our managed portfolio as of December 31, 2025: Type # of Assets Size/Scale % Leased Commercial (1) 15 2.6 million sqft. 87% Residential (2) 7 2.0 million sqft. / 1,700+ units 93% Hospitality (3) 1 290,000+ sqft. / 248 keys ParkX - Garages (4) 34 ~26,000 spaces ParkX - Security & Other (5) 35 ~8,000 hrs/week Total 92 (1) Commercial % leased includes 2024 delivery of a new Trophy-class office tower located in The Row at Reston Station that is not yet stabilized.
We partner with Cornerstones, Reston’s leading non-profit dedicated to helping underserved populations, to purchase winter coats for children and contribute meals to those in need. We encourage all employees to participate in charitable efforts in the community by providing paid leave to volunteer and numerous charitable contribution matching opportunities.
We partner with Cornerstones, Reston’s leading non-profit dedicated to helping underserved populations, to purchase winter coats for children and contribute meals to those in need.
The following are highlights from our 2024 ESG Report, the full version of which can be found on our website: www.Comstock.com/Corporate-Responsibility . Environmental We believe that environmentally sound business practices are critical to the long-term success of our business and the communities in which we operate.
Environmental We believe that environmentally sound business practices are critical to the long-term success of our business and the communities in which we operate.
In addition, we manage the following assets that are under construction and scheduled for delivery in the next 6 to 12 months: • 2 commercial assets representing approximately 266,000 square feet; • 1 residential asset with 420 units representing approximately 430,000 square feet; • 1 JW Marriott-branded hotel/condominium with 247 keys and 94 residential units representing a total of approximately 520,000 square feet; and • 1 commercial parking garage with approximately 1,300 spaces.
In addition, we manage the following assets that are under construction and scheduled for delivery in the next 6 to 12 months: • 1 commercial asset representing approximately 6,000 square feet; and • 1 residential asset with 419 units representing approximately 430,000 square feet; Our development pipeline currently includes 5 commercial assets that represent approximately 1.5 million square feet, 5 residential assets with more than 2,300 units that represent approximately 2.5 million square feet, and 1 dual-use hotel with 240 keys that represents approximately 220,000 square feet.
Our development pipeline currently includes 5 commercial assets that represent approximately 1.5 million square feet, 5 residential assets with 2,326 units that represent approximately 2.5 million square feet, and 1 hotel that will include 140 keys. At full build out, our managed portfolio of assets is currently projected to total 88 assets that represent approximately 10 million square feet.
At full build out, our managed portfolio of assets is currently projected to total 105 assets that represent approximately 10 million square feet.
We believe that companies developing real estate have a responsibility to maximize the positive impacts while taking steps to minimize negative impacts. Supporting and fostering these initiatives is instrumental in making our communities better places to live, work, and play while simultaneously bolstering asset value, reducing risk, and positively impacting all stakeholders.
Supporting and fostering these initiatives is instrumental in making our communities better places to live, work, and play while simultaneously bolstering asset value, reducing risk, and positively impacting all stakeholders. The following are highlights from our 2025 ESG Report, the full version of which can be found on our website: www.Comstock.com/Corporate-Responsibility .
It is home to corporate and regional headquarters of Google, ICF Global, Spotify, 2 Table of Contents Qualtrics, Rolls-Royce of North America, Carfax, and others. All buildings in the Metro Plaza District have ground floor retail, which has been leased to high-quality tenants, including Starbucks, CVS, Founding Farmers, Matchbox, Scissors & Scotch, and others.
All buildings in the Metro Plaza District have ground floor retail, which has been leased to high-quality tenants, including Starbucks, CVS, Founding Farmers, Scissors & Scotch, and more. The Metro Plaza District also includes one of the largest underground commuter parking garages and bus transit facilities in the region.
A key to our success is our ability to attract and retain a talented workforce that understands the numerous benefits of working in-office rather than remotely. We employ a diverse, multi-generational staff that consisted of 206 full-time and 45 part-time employees as of December 31, 2024.
We encourage all employees to participate in charitable efforts in the community by providing paid leave to volunteer and numerous charitable contribution matching opportunities. 6 Table of Contents A key to our success is our ability to attract and retain a talented workforce that understands the numerous benefits of working in-office rather than remotely.
The first office tower was delivered in 2024 and the remainder of the development is expected to be substantially delivered by the end of 2025. • Commerce District (In Development) The Commerce District is located adjacent to Wiehle Reston-East Metro Station, directly across the Dulles Toll Road from the Metro Plaza District.
Highlighting the district's premier wellness and restaurant offerings are a 55,000-square-foot VIDA Fitness & Spa and Ebbitt House, the first-ever expansion of D.C.'s iconic Old Ebbitt Grill, which is also scheduled to open in early 2026. • Commerce District (In Development) The Commerce District is located adjacent to Wiehle Reston-East Metro Station, directly across the Dulles Toll Road from the Metro Plaza District.
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Excluding that impact, the % leased for stabilized assets is 93%. (2) # of assets total excludes 12 properties where both parking & other services are provided to avoid double-counting.
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The % leased for stabilized commercial assets is 93%. (2) Includes JW Marriott Residences - Reston Station, luxury condominiums that were delivered in September 2025 for which we are providing property management services. (3) JW Marriott Reston Station, Virginia's first and only JW Marriott Hotel, delivered in September 2025.
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It has entitlements in place allowing for approximately 1.5 million square feet of mixed-use development and, when completed, will feature two Trophy-Class office buildings, a residential building with 420 multifamily units, over 100,000 square feet of retail, and Virginia's first JW Marriott Hotel and Condominium tower, which will have 243 hotel rooms, 94 JW Marriott-branded condominium residences, and approximately 25,000 square feet of meeting space.
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(4) Includes 17 garages owned by unaffiliated third-party asset-owners (5) Includes porter/janitorial; # of assets excludes 41 properties already counted in the categories above to avoid double-counting, therefore total # of assets where Security & Other services are provided is 76; hours/week statistic represents estimated total amount billed across all managed properties.
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It is anticipated that entitlements will allow for five mixed-use buildings in the West District, including the aforementioned existing apartment building. Loudoun Station (Operating + In Development) Loudoun Station, located in Ashburn, Virginia adjacent to Ashburn Station at the terminus of Metro’s Silver Line, is Loudoun County’s first and only Metro-connected development.
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It includes three Trophy-class office towers that represent over 800,000 square feet that are home to corporate or regional headquarters of Google, ICF Global, CARFAX, FM, Amentum, and numerous others, as well as BLVD Reston, a 456,000-square-foot luxury residential tower with 448 units.
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Anchoring the district is Virginia's first and only JW-Marriott branded property, a 28-story tower representing over 540,000 square feet that includes a best-in-class 248-key hotel with approximately 40,000 square feet of event space ("JW Marriott Reston Station") and 94 luxury condominiums ("JW Marriott Residences Reston Station"), both which have direct access to fine dining and premium amenities.
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The Row at Reston Station includes two Trophy-class office towers that represent approximately 590,000 square feet and will be the future headquarters for Booz Allen Hamilton and numerous other major corporations, as well as BLVD Haley, a 427,000-square foot luxury residential tower with 419 units that is scheduled to fully deliver in early 2026.
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In December 2025, we received legislative approval from the City of Rockville for the affordable housing development and the relocation of certain moderately-priced dwelling units (MPDUs) from BLVD Forty Four to Comstock 41.
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The rezoning approval triggered an entitlement success fee based on a contingent fee agreement with BLVD Forty Four that was recognized as revenue 4 Table of Contents for the year ended December 31, 2025. (See Note 13 in the Notes to Consolidated Financial Statements for additional information).
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In addition, ParkX provides approximately 8,000 hours per week of security, concierge, porter/janitorial, and other services across a total of 76 different properties, including 41 for which we provide multiple types of property management services.
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We recognize that development of real estate can have significant impact, positive or negative, for the surrounding community, the region, and the environment that we all share. We believe that companies developing real estate have a responsibility to maximize the positive impacts while taking steps to minimize negative impacts.
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We employ a diverse, multi-generational staff that consisted of 308 full-time and 216 part-time employees as of December 31, 2025. We promote collaboration, support, and innovation, providing all our employees the opportunity to achieve their professional and wellness goals.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe Board is briefed on material cybersecurity incidents as necessary to maintain transparency and informed decision-making. Our Vice President of Information Technology leads our cybersecurity strategy, programs, and risk management processes. With over 30 years of experience in IT, including 15+ years in cybersecurity, the Vice President provides strategic oversight and ensures alignment with industry best practices.
Biggest changeThe Vice President and Head of IT has more than 30 years of experience in information technology and over 15 years in technology leadership roles, including oversight of enterprise infrastructure, cloud platforms, and cybersecurity risk management programs.
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Item 1C. Cybersecurity Risk Management and Strategy To mitigate cybersecurity risks, we continuously assess and enhance our security processes and procedures. We collaborate with industry-leading managed security service providers to strengthen our ability to identify, assess, prevent, and respond to cybersecurity threats.
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Item 1C. Cybersecurity Risk Management and Strategy Cybersecurity is embedded within Comstock’s enterprise risk management framework and is treated as a core operational priority. Over the past year, the Company materially strengthened its cybersecurity governance structure, formalized policy oversight, expanded independent testing, and enhanced preventive and detective controls across the organization.
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Our information technology operations and security processes are being aligned with the National Institute of Standards and Technology (NIST) framework to further standardize and improve our security posture. As part of our commitment to a cloud-first strategy, we prioritize the use of SaaS-based solutions for critical business functions.
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Our cybersecurity program is aligned with the National Institute of Standards and Technology Cybersecurity Framework and is integrated into the Company’s broader risk oversight processes. In 2025, Comstock formalized and implemented a comprehensive Written Information Security Policy Framework, which was approved by the Board of Directors. This framework establishes defined risk classifications, control standards, documentation requirements, and escalation protocols.
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These third-party providers conduct annual Statement on Standards for Attestation Engagements ("SSAE") audits, ensuring compliance with industry best practices. We have adopted a cybersecurity risk management framework designed to identify and mitigate potential cybersecurity risks, which is being integrated into our overall enterprise risk management program.
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During the year, we enhanced and formalized our Incident Response Plan to include severity-based classifications, executive notification thresholds, structured remediation workflows, defined disclosure evaluation procedures, and coordinated response procedures with external security partners. Independent Monitoring, Detection, and Testing We have engaged nationally recognized cybersecurity firms to provide continuous monitoring and independent validation of our control environment.
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Our risk assessments are informed by third-party cybersecurity experts, who conduct annual internal penetration tests and monthly vulnerability scans to continuously evaluate and strengthen our security posture. Cybersecurity risks are categorized using a Critical, High, Medium, and Low risk scoring methodology.
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These services include: • 24x7 managed detection and response • Continuous endpoint monitoring • Monthly external vulnerability scanning • Annual independent penetration testing • Email threat monitoring and impersonation defense • Incident triage and forensic response support Vulnerabilities and findings are ranked using a standardized Critical, High, Medium, and Low methodology and tracked from discovery through remediation to closure.
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These assessments are performed through a combination of automated tools, manual audits, and expert evaluations, allowing us to implement effective controls that enhance our security framework. In addition, we have introduced annual cybersecurity awareness training, phishing simulations, and ongoing communication initiatives to strengthen organizational awareness of cybersecurity risks and threat prevention.
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This risk-ranking model is incorporated into our enterprise risk matrix and reviewed quarterly with executive leadership and the Audit Committee. The expansion of third-party monitoring, formal testing, and documented remediation tracking materially strengthened our ability to detect, contain, and remediate potential cybersecurity threats. 8 Table of Contents To date, we have not experienced a material cybersecurity incident.
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To date, we and our subsidiaries have not experienced any material cybersecurity incidents. Governance Cybersecurity is a key component of our enterprise risk oversight framework, with our Board of Directors actively engaged in overseeing cybersecurity risk management. While management is responsible for day-to-day cybersecurity operations, the Board ensures that our cybersecurity risk management strategies are effectively implemented.
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We experience routine cybersecurity threats and attempts; however, none have had a material impact, or are reasonably likely to have a material impact, on the Company’s operations, financial condition, or results of operations.
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This role is supported by a team of cybersecurity professionals with formal training and specialized expertise, as well as partnerships with managed security service providers focused on proactive threat detection, incident response, and risk mitigation. As part of our annual enterprise risk assessment, cybersecurity risks are ranked and reviewed by executive management.
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Identity, Endpoint, and Cloud Controls Consistent with our cloud-first operating strategy, we prioritize SaaS-based enterprise platforms hosted by providers that undergo independent annual audit examinations, including SOC reporting.
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In the event of a cybersecurity incident, the Vice President of Information Technology, in collaboration with our cybersecurity partners, would conduct a comprehensive impact assessment. This assessment would outline both potential and actual risks, along with 8 Table of Contents necessary remediation steps.
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We maintain a structured third-party risk management process that includes review of service provider security practices, evaluation of independent audit reports, contractual security requirements, and notification expectations in the event of a cybersecurity incident.
Removed
If an incident is deemed material, the Vice President would escalate the matter to the Board of Directors, who would determine whether disclosure to customers or investors is required.
Added
During the year, we strengthened core security controls across identity and endpoint management, including: • Enterprise-wide multi-factor authentication enforcement • Centralized identity governance and conditional access controls • Privileged access management oversight • Advanced endpoint detection and response deployment • Business email compromise and impersonation protections • Mobile device management and remote security enforcement These measures reduce exposure to credential compromise, ransomware, phishing-based attacks, and unauthorized access risks across our environment.
Added
Security Awareness and Organizational Discipline We formalized a structured cybersecurity training program applicable to all employees. All new hires complete mandatory cybersecurity awareness training during onboarding, including phishing identification and reporting procedures. Comstock conducts quarterly phishing simulation campaigns across the organization. Ongoing communication reinforces awareness, accountability, and reporting expectations across the Company.
Added
Incident Review and Operational Resilience Cybersecurity incidents are reviewed quarterly by the Vice President and Head of IT and presented to the Audit Committee of the Board of Directors and executive leadership team. This recurring cadence supports trend analysis, accountability, and continuous improvement. We maintain documented backup and recovery procedures designed to preserve operational continuity.
Added
Backup integrity is monitored and recovery processes are periodically evaluated to support defined resilience objectives and company standards. External cybersecurity partners serve as first responders in the event of a suspected incident, providing containment guidance, forensic analysis, and remediation support.
Added
Governance Management Oversight The Company’s cybersecurity program is overseen by the Vice President and Head of IT, who is responsible for cybersecurity strategy, policy governance, vulnerability management, third-party security oversight, and coordination of incident response activities.
Added
In this role, the Vice President and Head of IT oversees the Company’s security technologies and managed security service providers, monitors emerging threats and vulnerabilities, and evaluates cybersecurity risks across the Company’s information systems.
Added
Cybersecurity posture, incident trends, and control enhancements are reviewed quarterly with executive leadership and the Audit Committee of the Board of Directors, ensuring cybersecurity risk remains visible, measurable, and accountable at the highest levels of management. 9 Table of Contents Board Oversight The Board of Directors formally approved the Comstock’s Written Information Security Policy Framework and assigned cybersecurity oversight responsibility to both the Company's General Counsel and the Vice President and Head of IT.
Added
The Company’s General Counsel, in partnership with the Vice President and Head of IT, provides regular updates to the Board of Directors regarding cybersecurity posture, risk exposure, and significant control enhancements. In the event of a cybersecurity incident determined to be material, management would promptly inform the Board of Directors.
Added
In consultation with the Company’s General Counsel, the Board would evaluate disclosure obligations and stakeholder communications as required. Continued Program Advancement Over the past year, Comstock transitioned from foundational controls to a formally governed, independently tested, and continuously monitored cybersecurity program with defined executive and Board oversight.
Added
Key advancements include: • Board-approved Written Information Security Policy Framework • Defined Legal and IT shared oversight structure • Formalized Incident Response Plan with severity classifications and escalation thresholds • Quarterly executive and Audit Committee cybersecurity review process • Expanded 24x7 managed detection and response capabilities • Continuous vulnerability scanning and annual independent penetration testing • Enterprise-wide multi-factor authentication enforcement • Centralized identity and privileged access governance • Structured phishing simulation and remedial training framework • Standardized cybersecurity risk-ranking methodology integrated into enterprise risk management Cybersecurity is not static.
Added
Threat actors continue to evolve, and regulatory expectations continue to mature. The Company expects to continue enhancing monitoring capabilities, automation, third-party risk oversight, and incident response readiness as part of its ongoing risk management strategy.
Added
We believe the enhancements implemented during 2025 strengthened our cybersecurity posture and governance framework and further aligned Comstock with leading public companies with regards to cybersecurity risk management and oversight.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeIn January 2022, we executed a lease for a remote monitoring center for ParkX, our parking management subsidiary, and in November 2022 we executed a lease to expand our corporate headquarters, bringing the total amount of leased space to 25,630 square feet as of December 31, 2024.
Biggest changeIn January 2022, we executed a lease for a remote monitoring center for ParkX, our parking management subsidiary, and in November 2022 we executed a lease to expand our corporate headquarters, bringing the total amount of leased space to 25,630 square feet as of December 31, 2025.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeWe believe that we have obtained adequate insurance coverage, rights to indemnification, or where appropriate, have established reserves in connection with these legal proceedings. Item 4. Mine Safety Disclosures Not applicable. 9 Table of Contents PART II
Biggest changeWe believe that we have obtained adequate insurance coverage, rights to indemnification, reasonable assurances of being removed from any applicable legal action, or where appropriate, have established reserves in connection with these legal proceedings. Item 4. Mine Safety Disclosures Not applicable. 10 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeItem 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities Our Class A common stock is traded on The Nasdaq Capital Market under the symbol “CHCI”. As of December 31, 2024, there were 34 registered holders of record of our Class A common stock and 1 holder of our Class B common stock.
Biggest changeItem 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities Our Class A common stock is traded on The Nasdaq Capital Market under the symbol “CHCI”. As of December 31, 2025, there were 31 registered holders of record of our Class A common stock and 1 holder of our Class B common stock.
We did not repurchase any securities under our share repurchase program or issue any unregistered securities during the year ended December 31, 2024. Item 6. [RESERVED] Not Applicable. 10 Table of Contents
We did not repurchase any securities under our share repurchase program or issue any unregistered securities during the year ended December 31, 2025. Item 6. [RESERVED] Not Applicable. 11 Table of Contents

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

36 edited+9 added−2 removed39 unchanged
Biggest changeComstock 41 Operating Acquired in 2023, this 18,150 square foot parcel located at 41 Maryland Ave. in Rockville, Md. and is adjacent to BLVD Forty Four; currently a surface parking lot operated by ParkX Management, LC; provides an excellent opportunity for significant value enhancement through by-right entitlements for approximately 117 residential units Investors X Operating Investment in Comstock Investors X, LC that owns legacy homebuilding assets that were monetized through market-rate sales that were completed in March 2024 ParkX Operating Commercial parking garages & spaces managed by ParkX Management that are located at/around affiliated managed properties as well as a growing number of third-party locations Comstock 41 - Additional Information Given its proximity to BLVD 44, we plan to explore rezoning opportunities at Comstock 41 that would allow for potential relocation of moderately-priced dwelling units from BLVD 44 to Comstock 41 as well as utilization of excess parking capacity at both BLVD 44 and BLVD Ansel.
Biggest changeComstock 41 Operating Acquired in 2023, this 18,150 square foot parcel located at 41 Maryland Ave. in Rockville, Md. and is adjacent to BLVD Forty Four; currently a surface parking lot operated by ParkX Management, LC; provides an excellent opportunity for significant value enhancement through by-right entitlements for approximately 117 residential units.
The two-building complex is the premier residential offering in Rockville Town Center.
The two-building complex is the premier residential offering in Rockville Town Center.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements, the related notes thereto, and other financial information appearing elsewhere in this Annual Report on Form 10-K.
We are able to maintain this high standard because We Show Up - every day, in person, in a collaborative environment that is structured to deliver on our mission to make a difference for our customers, our stakeholders, and in the communities that we serve. 11 Table of Contents Managed Portfolio The focus of our managed portfolio revolves primarily around high quality, mixed-use real estate properties and developments that are strategically located adjacent to Metro rail stations, providing convenient access to public transportation.
We are able to maintain this high standard because We Show Up - every day, in person, in a collaborative environment that is structured to deliver on our mission to make a difference for our customers, our stakeholders, and in the communities that we serve. 12 Table of Contents Managed Portfolio The focus of our managed portfolio revolves primarily around high quality, mixed-use real estate properties and developments that are strategically located adjacent to Metro rail stations, providing convenient access to public transportation.
(See Note 13 for additional information). 17 Table of Contents Incentive Fees are calculated as a percentage of the imputed profit that would be realized upon the hypothetical sale or recapitalization of the asset (or assets) for which triggering event criteria were met.
(See Note 13 for additional information). 18 Table of Contents Incentive Fees are calculated as a percentage of the imputed profit that would be realized upon the hypothetical sale or recapitalization of the asset (or assets) for which triggering event criteria were met.
In November 2024, we entered into a definitive purchase agreement for Comstock 41 with SCG Development Holdings, LLC ("SCG") that is contingent upon the successful rezoning of the property to allow for the development of an affordable housing project at the site.
Comstock 41 - Additional Information In November 2024, we entered into a definitive purchase agreement for Comstock 41 with SCG Development Holdings, LLC ("SCG") that is contingent upon the successful rezoning of the property to allow for the development of an affordable housing project at the site.
We have determined we are not the primary beneficiary in these investments, and therefore do not consolidate them into our balance sheets as of December 31, 2024 and 2023 or into our statements of operations for the years ended December 31, 2024 and 2023.
We have determined we are not the primary beneficiary in these investments, and therefore do not consolidate them into our balance sheets as of December 31, 2025 and 2024 or into our statements of operations for the years ended December 31, 2025 and 2024.
As of December 31, 2024, we had $111.1 million of net operating loss (“NOL") carryforwards. Non-GAAP Financial Measures To provide investors with additional information regarding our financial results, we prepare certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), specifically Adjusted EBITDA.
As of December 31, 2025, we had $96.5 million of net operating loss (“NOL") carryforwards. Non-GAAP Financial Measures To provide investors with additional information regarding our financial results, we prepare certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), specifically Adjusted EBITDA.
We assess our liquidity in terms of our cash and cash equivalents on hand and the ability to generate cash to fund our operating activities. Our principal sources of liquidity as of December 31, 2024, were our cash and cash equivalents of $28.8 million and our $10.0 million of available borrowings on our Credit Facility.
We assess our liquidity in terms of our cash and cash equivalents on hand and the ability to generate cash to fund our operating activities. Our principal sources of liquidity as of December 31, 2025, were our cash and cash equivalents of $31.3 million and our $10.0 million of available borrowings on our Credit Facility.
For the years ended December 31, 2024 and 2023, we recorded net decreases to our deferred tax valuation allowance of $6.5 million and $1.5 million, respectively.
For the years ended December 31, 2025 and 2024, we recorded net decreases to our deferred tax valuation allowance of $7.5 million and $6.5 million, respectively.
Income taxes We recorded a $3.8 million income tax benefit in 2024, compared to a provision for income tax of $0.4 million in 2023. The $4.2 million net change was primarily driven by a $6.5 million valuation allowance release in the current period, partially offset by the impact of higher taxable income from operations.
Income taxes We recorded a $4.2 million income tax benefit in 2025, compared to a $3.8 million tax benefit in 2024. The $0.4 million net change was primarily driven by a valuation allowance release that was $1.0 million higher in the current period, partially offset by the impact of higher taxable income from operations.
Upon closing, we will enter into an operating agreement and a development agreement with SCG, under which we will provide construction management services for the affordable housing project that will be fully financed by SCG. We will also be entitled to provide property management services once the development is ready for occupancy.
Upon closing, we will enter into an operating agreement and a development agreement with SCG, under which we will provide construction management services for the affordable housing project that will be fully financed by SCG. We will also be given the opportunity to provide property management services upon delivery.
Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis.
Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis.
Those judgments are normally based on knowledge and experience with regard to past and current events and assumptions about future events. Certain accounting policies, methods and estimates are particularly sensitive because of their significance to the consolidated financial statements and because of the possibility that future events affecting them may differ from management’s current judgments.
Certain accounting policies, methods and estimates are particularly sensitive because of their significance to the consolidated financial statements and because of the possibility that future events affecting them may differ from management’s current judgments.
In 2024, Anchor portfolio assets generated a well over $100.0 million of gross revenue for the property owners.
In 2025, Anchor portfolio assets generated over $120.0 million of gross revenue for the property owners.
Adjusted EBITDA may differ from similarly titled measures presented by other companies. 15 Table of Contents The following table presents a reconciliation of net income (loss), the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted EBITDA (in thousands): Year Ended December 31, 2024 2023 Net income (loss) $ 14,560 $ 7,784 Interest income (672) (96) Income taxes (3,835) 368 Depreciation and amortization 302 212 Stock-based compensation 945 968 (Gain) loss on real estate ventures 297 1,187 Adjusted EBITDA $ 11,597 $ 10,423 The increases in Adjusted EBITDA for the year ended December 31, 2024 were primarily driven by significant increases in recurring fee-based property and parking management revenue and supplemental asset management fee revenue.
Adjusted EBITDA may differ from similarly titled measures presented by other companies. 16 Table of Contents The following table presents a reconciliation of net income (loss), the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted EBITDA (in thousands): Year Ended December 31, 2025 2024 Net income (loss) $ 17,051 $ 14,560 Interest income (807) (672) Income taxes (4,174) (3,835) Depreciation and amortization 306 302 Stock-based compensation 1,060 945 (Gain) loss on real estate ventures 1 297 Adjusted EBITDA $ 13,437 $ 11,597 The increase in Adjusted EBITDA for the year ended December 31, 2025 was primarily driven by significant increases in recurring fee-based revenue from our three operating property management subsidiaries and supplemental fee revenue from leasing activity.
We provide a comprehensive suite of real estate services to our asset-owning clients, including asset management, property management, development and construction management, and more. Our client base is composed primarily of institutional real estate investors, high net worth family offices, financial institutions, and governmental bodies seeking to develop real estate they own through public-private partnerships.
Our client base is composed primarily of institutional real estate investors, high net worth family offices, financial institutions, and governmental bodies seeking to develop real estate they own through public-private partnerships.
Our commitment to this mission drives our ability to expand our managed portfolio of assets, grow revenue, and deliver value to our shareholders. 13 Table of Contents Results of Operations The following tables set forth consolidated statement of operations data for the periods presented (in thousands): Year Ended December 31, 2024 2023 Revenue $ 51,294 $ 44,721 Operating costs and expenses: Cost of revenue 38,630 33,040 Selling, general, and administrative 2,075 2,305 Depreciation and amortization 302 212 Total operating costs and expenses 41,007 35,557 Income (loss) from operations 10,287 9,164 Other income (expense): Interest income 672 96 Gain (loss) on real estate ventures (297) (1,187) Other income (expense), net 63 79 Income (loss) from operations before income tax 10,725 8,152 Provision for (benefit from) income tax (3,835) 368 Net income (loss) $ 14,560 $ 7,784 Comparison of the Years Ended December 31, 2024 and 2023 Revenue The following table summarizes revenue by line of business (in thousands): Year Ended December 31, 2024 2023 Change Amount % Amount % $ % Asset management $ 31,497 61.4 % $ 29,278 65.5 % $ 2,219 7.6 % Property management 11,612 22.6 % 10,604 23.7 % 1,008 9.5 % Parking management 8,185 16.0 % 4,839 10.8 % 3,346 69.1 % Total revenue $ 51,294 100.0 % $ 44,721 100.0 % $ 6,573 14.7 % Revenue increased 14.7% in 2024.
Our commitment to this mission drives our ability to expand our managed portfolio of assets, grow revenue, and deliver value to our shareholders. 14 Table of Contents Results of Operations The following tables set forth consolidated statement of operations data for the periods presented (in thousands): Year Ended December 31, 2025 2024 Revenue $ 62,861 $ 51,294 Operating costs and expenses: Cost of revenue 48,080 38,630 Selling, general, and administrative 2,545 2,075 Depreciation and amortization 306 302 Total operating costs and expenses 50,931 41,007 Income (loss) from operations 11,930 10,287 Other income (expense): Interest income 807 672 Gain (loss) on real estate ventures (1) (297) Other income (expense), net 141 63 Income (loss) from operations before income tax 12,877 10,725 Provision for (benefit from) income tax (4,174) (3,835) Net income (loss) $ 17,051 $ 14,560 Comparison of the Years Ended December 31, 2025 and 2024 Revenue The following table summarizes revenue by line of business (in thousands): Year Ended December 31, 2025 2024 Change Amount % Amount % $ % Asset management $ 36,620 58.3 % $ 31,497 61.4 % $ 5,123 16.3 % Property management (1) 11,879 18.9 % 11,612 22.6 % 267 2.3 % ParkX management 14,362 22.8 % 8,185 16.0 % 6,177 75.5 % Total revenue $ 62,861 100.0 % $ 51,294 100.0 % $ 11,567 22.6 % (1) CHCI Commercial and CHCI Residential Revenue increased 22.6% in 2025.
Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with GAAP. Accounting policies, methods and estimates are an integral part of the preparation of consolidated financial statements in accordance with U.S. GAAP and, in part, are based upon management’s current judgments.
Accounting policies, methods and estimates are an integral part of the preparation of consolidated financial statements in accordance with U.S. GAAP and, in part, are based upon management’s current judgments. Those judgments are normally based on knowledge and experience with regard to past and current events and assumptions about future events.
Other income (expense) The following table summarizes other income (expense) (in thousands): Year Ended December 31, Change 2024 2023 $ % Interest income $ 672 $ 96 $ 576 600.0 % Gain (loss) on real estate ventures (297) (1,187) 890 (75.0) % Other income (expense), net 63 79 (16) (20.3) % Total other income (expense) $ 438 $ (1,012) $ 1,450 (143.3) % Other income (expense) changed by $1.5 million in 2024, primarily driven by primarily driven by a combined $0.9 million improvement in mark-to-market valuation impacts of equity method investments in real estate ventures and a $0.6 million increase in interest income stemming from interest earned on money market sweep accounts that were not active for all of 2023.
Other income (expense) The following table summarizes other income (expense) (in thousands): Year Ended December 31, Change 2025 2024 $ % Interest income $ 807 $ 672 $ 135 20.1 % Gain (loss) on real estate ventures (1) (297) 296 99.7 % Other income (expense), net 141 63 78 123.8 % Total other income (expense) $ 947 $ 438 $ 509 116.2 % Other income (expense) changed by $0.5 million in 2025, primarily driven by a combined $0.3 million improvement in mark-to-market valuation impacts of equity method investments in real estate ventures and a $0.1 million increase in interest income stemming from interest earned on money market sweep accounts.
The following tables provide further details on our managed portfolio: Anchor Portfolio Name Status Description Reston Station Operating + Under Construction + In Development Among the largest mixed-use, transit-oriented developments in the Washington, D.C. region, covering nearly 90 acres spanning the Dulles Toll Road and surrounding the Wiehle Reston-East Metro Station and strategically located mid-way between Tysons, Va. and Dulles International Airport on Metro's Silver Line (Fairfax County, Va.) Loudoun Station Operating + In Development Loudoun County’s first and only mixed-use, Metro-connected development that is located adjacent to Ashburn Station at the terminus of Metro's Silver Line in Ashburn, Va (Loudoun County, Va.) 12 Table of Contents Other Portfolio Assets Name Status Description The Hartford Operating Acquired in 2019, this 211,000 square foot mixed-use building is located adjacent to the Clarendon Station on Metro's Orange Line and is the subject of a joint venture with DivcoWest and Comstock Partners, LC.
The following tables provide further details on the operating assets included in our managed portfolio: Anchor Portfolio Name Status Description Reston Station Operating + Under Construction + In Development Among the largest mixed-use, transit-oriented developments in the Washington, D.C. region, covering nearly 90 acres spanning the Dulles Toll Road and surrounding the Wiehle Reston-East Metro Station and strategically located mid-way between Tysons, Va. and Dulles International Airport on Metro's Silver Line (Fairfax County, Va.).
Cash Flows The following table summarizes our cash flows for the periods indicated (in thousands): Year Ended December 31, 2024 2023 Change Net cash provided by (used in) operating activities $ 10,675 $ 9,003 $ 1,672 Net cash provided by (used in) investing activities (350) (1,547) 1,197 Net cash provided by (used in) financing activities (352) (390) 38 Net increase (decrease) in cash and cash equivalents $ 9,973 $ 7,066 $ 2,907 Operating Activities The $1.7 million variance in net operating cash activity was primarily driven by a $1.7 million increase in net income from continuing operations after adjustments for non-cash items.
Cash Flows The following table summarizes our cash flows for the periods indicated (in thousands): Year Ended December 31, 2025 2024 Change Net cash provided by (used in) operating activities $ 4,797 $ 10,675 $ (5,878) Net cash provided by (used in) investing activities (1,762) (350) (1,412) Net cash provided by (used in) financing activities (514) (352) (162) Net increase (decrease) in cash and cash equivalents $ 2,521 $ 9,973 $ (7,452) Operating Activities The $5.9 million variance in net operating cash activity was driven by an $7.8 million incremental cash outflow stemming from changes to our net working capital, partially offset by a $1.9 million increase in net income from continuing operations after 17 Table of Contents adjustments for non-cash items.
The following table summarizes the operating assets that are included in our managed portfolio as of December 31, 2024: Type # of Assets Size/Scale % Leased Commercial (1) 14 2.3 million sqft. 82% Residential 6 1.8 million sqft. / ~1,700 units 96% ParkX - Garages 32 22,000+ spaces ParkX - Security & Other (2) 20 ~2,500 hrs/week Total 72 (1) Commercial % leased includes Q1 2024 delivery of a new office tower located in The Row at Reston Station.
The following table summarizes the operating assets, categorized by asset type, that were included in our managed portfolio as of December 31, 2025: Type # of Assets Size/Scale % Leased Commercial (1) 15 2.6 million sqft. 87% Residential (2) 7 2.0 million sqft. / 1,700+ units 93% Hospitality (3) 1 290,000+ sqft. / 248 keys ParkX - Garages (4) 34 ~26,000 spaces ParkX - Security & Other (5) 35 ~8,000 hrs/week Total 92 (1) Commercial % leased includes 2024 delivery of a new Trophy-class office tower located in The Row at Reston Station that is not yet stabilized.
Operating costs and expenses The following table summarizes operating costs and expenses (in thousands): Year Ended December 31, Change 2024 2023 $ % Cost of revenue $ 38,630 $ 33,040 $ 5,590 16.9 % Selling, general, and administrative 2,075 2,305 (230) (10.0) % Depreciation and amortization 302 212 90 42.5 % Total operating costs and expenses $ 41,007 $ 35,557 $ 5,450 15.3 % 14 Table of Contents Operating costs and expenses increased 15.3% in 2024.
Operating costs and expenses The following table summarizes operating costs and expenses (in thousands): Year Ended December 31, Change 2025 2024 $ % Cost of revenue $ 48,080 $ 38,630 $ 9,450 24.5 % Selling, general, and administrative 2,545 2,075 470 22.7 % Depreciation and amortization 306 302 4 1.3 % Total operating costs and expenses $ 50,931 $ 41,007 $ 9,924 24.2 % 15 Table of Contents Operating costs and expenses increased 24.2% in 2025.
As a result, we only recognize Incentive Fees at or near each asset's respective triggering event (as detailed in the 2022 AMA) when imputed profit could be reasonably calculated and relied upon to not materially change. For the years ended December 31, 2024 and 2023, we recognized revenue from Incentive Fees of $1.5 million and $4.8 million, respectively.
As a result, we only recognize Incentive Fees at or near each asset's respective triggering event (as detailed in the 2022 AMA) when imputed profit can be reasonably calculated and the calculation has received consent from all parties, thereby confirming it can relied upon to not materially change.
In addition, we manage the following assets that are under construction and scheduled for delivery in the next 12 to 24 months: • 2 commercial assets that represent approximately 266,000 square feet; • 1 residential asset with 420 units representing approximately 430,000 square feet; • 1 JW Marriott-branded hotel/condominium with 247 keys and 94 residential units representing a total of approximately 520,000 square feet; and • 1 commercial parking garages with approximately 1,300 spaces.
In addition, we manage the following assets that are under construction and scheduled for delivery in the next 6 to 12 months: • 1 commercial asset that represents approximately 6,000 square feet; and • 1 residential asset with 419 units representing approximately 430,000 square feet.
All references to “2024” and “2023” are referring to the twelve-month period ended December 31 for each of those respective fiscal years. This section of this Annual Report on Form 10-K generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. The following discussion may contain forward-looking statements that reflect our plans and expectations.
Unless otherwise indicated, references to “2025” and “2024” are referring to the twelve-month period ended December 31 for each of those respective fiscal years. The following discussion may contain forward-looking statements that reflect our plans and expectations. Our actual results could differ materially from those anticipated by these forward-looking statements.
Financing Activities The immaterial variance in net financing cash activity was primarily driven by $0.2 million of proceeds in conjunction with the issuance of common stock related to equity awards, which was almost entirely offset by a $0.2 million increase in cash paid for taxes related to the net share settlement of equity awards.
Financing Activities The $0.2 million variance in n et financing cash activity was driven by a $0.1 million decrease in equity award-related proceeds collected and an immaterial increase in cash paid for taxes related to the net share settlement of equity awards. Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with GAAP.
Our development pipeline currently includes 5 commercial assets that represent approximately 1.5 million square feet, 5 residential assets with 2,326 units that represent approximately 2.5 million square feet, and 1 hotel that will include 140 keys. At full build out, our managed portfolio of assets is currently projected to total 88 assets representing nearly 10 million square feet.
At full build out, our managed portfolio of assets is currently projected to total 105 assets representing approximately 10 million square feet.
Our actual results could differ materially from those anticipated by these forward-looking statements due to the factors discussed elsewhere in this Annual Report on Form 10-K. We do not undertake, and specifically disclaim, any obligation to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
We do not undertake, and specifically disclaim, any obligation to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law. Overview We are a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region.
Overview We are a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. We have become the area’s premier real estate service company by creating extraordinary places, delivering exceptional experiences, and generating excellent results for all stakeholders.
We have become one of the area’s premier real estate services companies by creating extraordinary places, delivering exceptional experiences, and generating excellent results for all stakeholders. We provide a comprehensive suite of real estate services to our asset-owning clients, including asset management, property management, development and construction management, and more.
The $6.6 million comparative increase was primarily driven by a $4.8 million, or 101.4%, increase in recurring, fee-based revenue from our property and parking management services due to the continued expansion of our managed portfolio.
The $11.6 million variance was primarily driven by the growth of our managed portfolio, which expanded by net total of 20 assets. This expansion resulted in a combined $5.0 million, or 51.1%, increase in recurring, fee-based revenue across our three operating property management subsidiaries and a $3.3 million, or 13.7%, increase in fee-based asset management revenue.
Also contributing to the increase was $3.1 million of additional supplemental fees stemming from leasing activity and refinancing fees, as well as a $1.8 million increase in fee-based asset management services. Partially offsetting these increases was a $3.3 million decrease in incentive fees earned.
Also contributing to the increase was a $3.9 million, or 85.5%, net increase in supplemental fee revenue, stemming primarily from a $3.7 million increase in leasing fees earned.
In conjunction with the acquisition, we entered into a contingent fee agreement with BLVD 44 should these pursuits prove successful (See Note 13 in the Notes to Consolidated Financial Statements for additional information).
The rezoning approval triggered an entitlement success fee based on a contingent fee agreement with BLVD Forty Four that was recognized as revenue for the year ended December 31, 2025. (See Note 13 in the Notes to Consolidated Financial Statements for additional information).
The comparative net changes to our net working capital balances were immaterial. 16 Table of Contents Investing Activities The $1.2 million variance in net investing cash activity was primarily driven by a $1.4 million decrease in investments in real estate ventures, partially offset by a $0.4 million increase in purchases of securities to fund non-qualified deferred compensation plan liabilities.
The net working capital decrease was primarily influenced by a decrease in related party accounts receivable collections. Investing Activities The $1.4 million variance in net investing cash activity was driven by $1.2 million of capitalized costs in 2025 related to a potential multifamily property acquisition.
The $5.5 million comparative increase was primarily due to a $3.6 million increase in personnel expenses from increased headcount and employee compensation and a net $1.9 million increase in reimbursable/billable expenses.
The $9.9 million variance was primarily due to an $8.4 million increase in personnel expenses from increased headcount and employee compensation, which includes a $4.8 million increase in onboarding and payroll expenses from the 265 new ParkX employees that were hired in 2025 to meet the staffing needs for our expanding customer base.
Removed
Excluding that impact, the % leased for stabilized assets is 93%. (2) # of assets total excludes 12 properties where both parking & other services are provided to avoid double-counting.
Added
The % leased for stabilized commercial assets is 93%. (2) Includes JW Marriott Residences - Reston Station, luxury condominiums that were delivered in September 2025 for which we are providing property management services. (3) JW Marriott Reston Station, Virginia's only and first-ever JW Marriott Hotel, delivered in September 2025.
Removed
A previously scheduled October 1, 2024 incentive fee trigger event for seven specified managed portfolio assets was deferred. (See Note 13 in the Notes to Consolidated Financial Statements for additional information).
Added
(4) # of Assets includes 17 garages owned by unaffiliated third-party asset-owners (5) Includes parking/janitorial; # of assets excludes 41 properties already counted in the categories above to avoid double-counting, therefore total # of assets where Security & Other services are provided is 76; hours/week statistic represents estimated total amount billed across all managed properties.
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Our development pipeline currently includes 5 commercial assets that represent approximately 1.5 million square feet, 5 residential assets with more than 2,300 units that represent approximately 2.5 million square feet, and 1 dual-use hotel with 240 keys that represents approximately 220,000 square feet.
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Nearing completion of Phase II of five planned development phases. Includes Trophy-class office towers, luxury residential buildings and JW Marriott-brand luxury condominiums, premier retail offerings, and Virginia's first and only JW Marriott Hotel.
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Loudoun Station Operating + In Development Loudoun County’s first and only mixed-use, Metro-connected development that is located adjacent to Ashburn Station at the terminus of Metro's Silver Line in Ashburn, Va.
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Includes premier office and residential buildings as well as a diverse array of retail and entertainment options. 13 Table of Contents Other Portfolio Assets Name Status Description The Hartford Operating Acquired in 2019, this 211,000 square foot mixed-use building is located adjacent to the Clarendon Station on Metro's Orange Line and is the subject of a joint venture with DivcoWest and Comstock Partners, LC.
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Investors X Operating Investment in Comstock Investors X, LC that owns legacy homebuilding assets that were monetized through market-rate sales that were completed in March 2024 ParkX Operating Parking garages & buildings/public spaces for which ParkX Management provides supplemental property management services that include parking management, security, porter/janitorial, and more.
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In December 2025, we received legislative approval from the City of Rockville for the affordable housing development and the relocation of certain moderately-priced dwelling units (MPDUs) from BLVD Forty Four to Comstock 41.
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We recognized no revenue from Incentive Fees for the year ended December 31, 2025. For the year ended December 31, 2024, we recognized $1.5 million of revenue from Incentive Fees. Income taxes Income taxes are accounted for under the asset and liability method.

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