Q125 results again produce double-digit growth across key financial metrics

Revenue increased 19% to $12.6 million, including 20% increase in total recurring fee-based revenue
Net income of $1.6 million, a 75% increase vs. prior year
Adjusted EBITDA of $2.1 million, a 38% increase vs. prior year
11 additional AUM vs. prior year; ParkX subsidiary continues to expand
Commercial and Residential portfolio assets are thriving, remain leased well-above industry average

Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock" or the "Company"), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced its financial results for the first quarter ended March 31, 2025.

"Fiscal 2025's first quarter continued the steady growth and positive results that have become our standard, aligning with our plan and expectations," said Christopher Clemente, Comstock's Chairman and Chief Executive Officer. "Year-to-date top line revenue increased for the 25^th consecutive quarter, driving the profitability and operating cash flow generation that are typical with our unique business model. The leasing momentum we experienced last year continued into Q1. We welcomed multiple new commercial tenants to our premium office buildings, including commercial property insurance giant, FM, and our highly amenitized residential buildings once again ended the period at near full-occupancy. Finally, in Q1 our ParkX team continued to increase its third-party AUM, setting the stage for another year of growth. With exciting milestones upcoming, particularly the initial delivery of significant assets in The Row at Reston Station this fall, 2025 is shaping up to be a landmark year for Comstock."

Key Performance Metrics

($ in thousands, except per share and portfolio data)	Q1 2025		Q1 2024
Revenue	$	12,639	$	10,638

Net income	$	1,589	$	910
Adjusted EBITDA		2,050		1,486

Net income per share — diluted	$	0.15	$	0.09

Managed Portfolio - # of assets		76		65
Please see the included financial tables for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure.

Additional Information

Stabilized Commercial managed portfolio leased percentage of 93%; 8 commercial leases executed in Q1, representing 85,000 sqft. of office and retail spaces.
Residential managed portfolio leased percentage of 96%; average in-place rents increased 4% vs. prior year and 143 units leased YTD.
ParkX AUM expansion led to 56% increase in total revenue for ParkX Management subsidiary.
The Row at Reston Station construction progress remains on track for deliveries to begin in Fall 2025, including:
- JW Marriott luxury hotel and condominium tower
  - Condominium pre-sales have generated strong interest - approximately $70 million in sales to-date
  - Hotel conference and event spaces already have over $1 million in event pre-sale contracts secured.
- BLVD Haley luxury residential tower
- Trophy-class office and premium retail spaces

Cautionary Statement Regarding Forward-Looking Statements

This release may include "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as "anticipate," "believe," "estimate," "may," "intend," "expect," "will," "should," "seeks" or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. You should not place any undue reliance on any forward-looking statement, which speaks only as of the date made. Any number of important factors could cause actual results to differ materially from those projected or suggested by the forward-looking statements. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Comstock

Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio that includes approximately 10 million square feet of stabilized, under construction, and planned assets that are strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in one of the nation's best real estate markets. Comstock's developments include some of the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale public-private partnership developments. For more information, please visit Comstock.com.

COMSTOCK HOLDING COMPANIES, INC. Consolidated Balance Sheets (Unaudited; In thousands)

	March 31,			December 31,
		2025			2024
Assets
Current assets:
Cash and cash equivalents	$	28,297		$	28,761
Accounts receivable, net		433			282
Accounts receivable - related parties		5,413			7,254
Prepaid expenses and other current assets		662			430
Total current assets		34,805			36,727
Fixed assets, net		664			574
Intangible assets		144			144
Leasehold improvements, net		52			60
Investments in real estate ventures		6,248			6,228
Operating lease assets		5,692			5,916
Deferred income taxes, net		14,397			14,720
Deferred compensation plan assets		750			438
Other assets		55			60
Total assets	$	62,807		$	64,867

Liabilities and Stockholders' Equity
Current liabilities:
Accrued personnel costs	$	1,235		$	4,952
Accounts payable and accrued liabilities		1,090			781
Current operating lease liabilities		940			922
Total current liabilities		3,265			6,655
Deferred compensation plan liabilities		718			492
Operating lease liabilities		5,107			5,351
Total liabilities		9,090			12,498

Stockholders' equity:
Class A common stock		98			97
Class B common stock		2			2
Additional paid-in capital		202,460			202,702
Treasury stock		(2,662	)		(2,662	)
Accumulated deficit		(146,181	)		(147,770	)
Total stockholders' equity		53,717			52,369
Total liabilities and stockholders' equity	$	62,807		$	64,867

COMSTOCK HOLDING COMPANIES, INC. Consolidated Statements of Operations (Unaudited; In thousands, except per share data)

	Three Months Ended March 31,
		2025			2024
Revenue	$	12,639		$	10,638
Operating costs and expenses:
Cost of revenue		10,287			8,885
Selling, general, and administrative		535			535
Depreciation and amortization		80			68
Total operating costs and expenses		10,902			9,488
Income (loss) from operations		1,737			1,150
Other income (expense):
Interest income		184			141
Gain (loss) on real estate ventures		9			(193	)
Other income (expense), net		(18	)		22
Income (loss) from operations before income tax		1,912			1,120
Provision for (benefit from) income tax		323			210
Net income (loss)	$	1,589		$	910

Weighted-average common stock outstanding:
Basic		10,033			9,794
Diluted		10,367			10,169

Net income (loss) per share:
Basic	$	0.16		$	0.09
Diluted	$	0.15		$	0.09

COMSTOCK HOLDING COMPANIES, INC.

Non-GAAP Financial Measures

(Unaudited; In thousands)

Adjusted EBITDA

The following table presents a reconciliation of net income (loss) from continuing operations, the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted EBITDA:

	Three Months Ended March 31,
		2025			2024
Net income (loss)	$	1,589		$	910
Interest income		(184	)		(141	)
Income taxes		323			210
Depreciation and amortization		80			68
Stock-based compensation		251			246
(Gain) loss on real estate ventures		(9	)		193
Adjusted EBITDA	$	2,050		$	1,486

The increase in Adjusted EBITDA for the three months ended March 31, 2025 is primarily driven by significant increases in recurring fee-based property and parking management revenue and supplemental asset management fee revenue.

We define Adjusted EBITDA as net income (loss) from continuing operations, excluding the impact of interest expense (net of interest income), income taxes, depreciation and amortization, stock-based compensation, and gain or loss on equity method investments in real estate ventures.

We use Adjusted EBITDA to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources. We expect to compute Adjusted EBITDA consistently using the same methods each period.

We believe Adjusted EBITDA is a useful measure because it permits investors to better understand changes over comparative periods by providing financial results that are unaffected by certain non-cash items that are not considered by management to be indicative of our operational performance.

While we believe that Adjusted EBITDA is useful to investors when evaluating our business, it is not prepared and presented in accordance with GAAP, and therefore should be considered supplemental in nature. Adjusted EBITDA should not be considered in isolation, or as a substitute, for other financial performance measures presented in accordance with GAAP. Adjusted EBITDA may differ from similarly titled measures presented by other companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250509499002/en/

Investor Contact

investorrelations@comstock.com

Media Contact

publicrelations@comstock.com

Comstock Reports First Quarter 2025 Results