Strong commercial leasing in Q3; significant office leases signed post-quarter end bring YTD to 500,000+ sqft.

Investment in ParkX expansion drives Q325 headcount growth; adds new fee-based revenue streams

Revenue increased 3% to $13.3 million; YTD increase of 13% to $38.9 million
- YTD revenue growth for 27^th consecutive quarter; includes 25 periods with double-digit increases
- 30% increase in recurring, fee-based revenue from property management subsidiaries; up 37% YTD
  - Includes 96% increase in third-party revenue from ParkX; up 126% YTD
- Supplemental fee revenue up 35% vs. prior year
Net income of $0.5 million; $3.6 million YTD
Adjusted EBITDA of $1.1 million; $5.3 million YTD
Q3 investment in ParkX expansion supports new service offerings and further diversifies fee-based revenue
Multiple new leases secured post-quarter end for two newest Trophy-class office towers at Reston Station
19 additional AUM vs. prior year
- Includes 7 new ParkX third-party contracts added in Q3 and 17 third-party contracts added YTD
- JW Marriott Reston Station delivered, adding hospitality AUM and new recurring revenue stream
- JW Marriott Residences Reston Station delivered, driving increase in property management fees

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 third quarter ended September 30, 2025.

"Our Q3 financials are a result of our focus on long-term, sustainable growth through diversified revenue that drives earnings per share," said Christopher Clemente, Comstock's Chairman and Chief Executive Officer. "During Q3, we invested in the expansion of our ParkX subsidiary by hiring 139 new employees to support new service offerings, including porter and janitorial services, allowing us to both expand existing relationships and secure new clients. The high-quality properties we develop and manage continue to be some of the most sought-after in the region. Subsequent to quarter-end, we secured multiple new office leases covering more than 310,000 square feet in the two newest office towers in The Row at Reston Station. Our industry-leading leased percentages across our stabilized portfolio continue to drive revenue growth, including recurring, fee-based revenue streams and supplemental fees."

The Company will post an updated Investor Presentation to the "Events and Presentations" section of its Investor Relations website on November 13, 2025.

Key Performance Metrics

($ in thousands, except per share and portfolio data)	Q3 2025		Q3 2024		YTD 2025		YTD 2024
Revenue	$	13,317	$	12,995	$	38,928	$	34,386

Net income	$	541	$	2,377	$	3,576	$	4,233
Adjusted EBITDA		1,066		3,133		5,338		6,220

Net income per share — diluted	$	0.05	$	0.23	$	0.34	$	0.41

Managed Portfolio - # of assets		91		72		91		72
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 is 93% leased; 9 commercial leases executed in Q3, representing approximately 75,000 sqft. of office and retail spaces; 193,000 sqft. leased YTD.
- Significant office leases secured at Reston Station subsequent to Q3, increases YTD commercial leasing to more than 500,000 sqft.
Residential managed portfolio is 96% leased; over 500 units leased YTD; average in-place rents up nearly 4% vs. prior year.
ParkX subsidiary revenue increased 59% vs. prior year; ParkX increased headcount by 139 in Q3 to staff 12 new porter and janitorial contracts that will commence in Q4, in addition to 10 previously secured porter and janitorial contracts. Ability to expand relationships with existing parking and security clients minimizes costs related to securing new contracts.
The Row at Reston Station delivered 2 significant assets that will generate fee-based revenue:
- JW Marriott Reston Station, a 248-key luxury hotel that is Virginia's first ever JW Marriott and includes the D.C. region's largest luxury meeting and event space (40,000 sqft.); promptly began hosting weddings and other large events and has already secured numerous event contracts for 2025 and 2026.
- JW Marriott Residences Reston Station, a 94-unit luxury condominium tower, has generated nearly $90 million in condominium sales to-date; $20 million closed in September alone.
Developed assets currently under construction/opening soon in The Row at Reston Station:
- BLVD Haley, a 419-unit luxury residential tower - delivery begins in late Q425, fully delivered by Q226.
- 1870 Reston Row Plaza, a 254,000 sqft. Trophy-class office tower delivering in Q425 is now fully leased.
- A commercial parking garage with approximately 1,200 spaces that will service all residents, office and retail tenants, and visitors.

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)

	September 30,			December 31,
		2025			2024
Assets
Current assets:
Cash and cash equivalents	$	26,171		$	28,761
Accounts receivable, net		729			282
Accounts receivable - related parties		12,271			7,254
Prepaid expenses and other current assets		1,820			430
Total current assets		40,991			36,727
Fixed assets, net		584			574
Intangible assets		144			144
Leasehold improvements, net		37			60
Investments in real estate ventures		6,308			6,228
Operating lease assets		5,235			5,916
Deferred income taxes, net		13,308			14,720
Deferred compensation plan assets		925			438
Other assets		63			60
Total assets	$	67,595		$	64,867

Liabilities and Stockholders' Equity
Current liabilities:
Accrued personnel costs	$	3,742		$	4,952
Accounts payable and accrued liabilities		1,058			781
Current operating lease liabilities		975			922
Total current liabilities		5,775			6,655
Deferred compensation plan liabilities		943			492
Operating lease liabilities		4,613			5,351
Total liabilities		11,331			12,498

Stockholders' equity:
Class A common stock		98			97
Class B common stock		2			2
Additional paid-in capital		203,020			202,702
Treasury stock		(2,662	)		(2,662	)
Accumulated deficit		(144,194	)		(147,770	)
Total stockholders' equity		56,264			52,369
Total liabilities and stockholders' equity	$	67,595		$	64,867

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Revenue	$	13,317	$	12,995		$	38,928	$	34,386
Operating costs and expenses:
Cost of revenue		11,858		9,583			32,647		27,375
Selling, general, and administrative		725		507			1,869		1,588
Depreciation and amortization		73		77			231		218
Total operating costs and expenses		12,656		10,167			34,747		29,181
Income (loss) from operations		661		2,828			4,181		5,205
Other income (expense):
Interest income		218		169			622		476
Gain (loss) on real estate ventures		35		(75	)		53		(369	)
Other income (expense), net		77		23			132		56
Income (loss) from operations before income tax		991		2,945			4,988		5,368
Provision for (benefit from) income tax		450		568			1,412		1,135
Net income (loss)	$	541	$	2,377		$	3,576	$	4,233

Weighted-average common stock outstanding:
Basic		10,076		9,864			10,059		9,830
Diluted		10,500		10,329			10,448		10,278

Net income (loss) per share:
Basic	$	0.05	$	0.24		$	0.36	$	0.43
Diluted	$	0.05	$	0.23		$	0.34	$	0.41

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:

COMSTOCK HOLDING COMPANIES, INC. Non-GAAP Financial Measures (Unaudited; In thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Net income (loss)	$	541		$	2,377		$	3,576		$	4,233
Interest income		(218	)		(169	)		(622	)		(476	)
Income taxes		450			568			1,412			1,135
Depreciation and amortization		73			77			231			218
Stock-based compensation		255			205			794			741
(Gain) loss on real estate ventures		(35	)		75			(53	)		369
Adjusted EBITDA	$	1,066		$	3,133		$	5,338		$	6,220

The decrease in Adjusted EBITDA for the three and nine months ended September 30, 2025 is primarily driven by lower net income due to a significant increase in operating costs from our ParkX subsidiary. This cost increase stems directly from significant payroll and onboarding costs incurred to staff and setup a new porter/janitorial service offering.

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.

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Investor Contact

investorrelations@comstock.com

Media Contact

publicrelations@comstock.com

Comstock Reports Third Quarter 2025 Results