Comstock Reports First Quarter 2026 Results
CHCI
Revenue growth of 38% highlights strong first quarter for CHCI Q1 2026 Revenue increased 38% to $17.4 million Net income increased 25% to $2.0 million Adjusted EBITDA increased 6% to $2.2 million Managed Portfolio 24 additional AUM vs. prior year ParkX secured 13 new contracts in Q1 and announced entry into food & beverage management Commercial and Residential stabilized assets remain well above 90% leased JW Marriott Residences Reston Station shatters Virginia record for most valuable condo sale ($10.25M) Real Estate Venture Platforms Institutional Venture Platform (“IVP”) gains momentum Q1 acquisition of The Reed, a stabilized, transit-oriented 417-unit multifamily asset in Rockville, Md. Early Q2 acquisition of Woodland Pointe, a fully-leased office complex in Herndon, Va. Includes existing 185k sqft. office building and adds second “build-to-suit” office building into development pipeline
Published on 05/14/2026 at 04:01 pm EDT
Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”) today announced financial results for the first quarter ended March 31, 2026.
“Our Q1 results included a 38% increase in revenue and a 25% increase in net income — the direct result of our disciplined focus on the development and acquisition of strategically located, high-quality, in-demand assets positioned to outperform broader industry trends,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “The significant expansion of our assets under management has generated diversified, recurring fee-based revenue streams that create a strong foundation for consistent growth. Our streamlined, debt-free balance sheet enables us to execute on strategic, low-risk investment opportunities that will further drive revenue growth and produce above average returns on invested capital.”
Key Performance Metrics
($ in thousands, except per share and portfolio data)
Q1 2026
Q1 2025
YTD 2026
YTD 2025
Revenue
$
17,446
$
12,639
$
17,446
$
12,639
Net income
$
1,989
$
1,589
$
1,989
$
1,589
Adjusted EBITDA
2,170
2,050
2,170
2,050
Net income per share — diluted
$
0.19
$
0.15
$
0.19
$
0.15
Managed Portfolio - # of assets
100
76
100
76
Please see the included financial tables for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure.
As previously reported, the Company’s recently completed Trophy office towers in The Row at Reston Station remain in high demand for office tenants seeking highly amenitized, mixed-use, transit-oriented neighborhoods to attract their workforces back to the office, while the development’s residential, retail, and hospitality assets have continued to perform and near full stabilization.
Additionally, residential and commercial acquisitions under the Company’s Institutional Venture Platform have generated significant transaction-related revenue, expanded the Company’s development pipeline, and created additional fee-based revenue streams. The recently announced expansion of the Company’s operating platform to include regional mall management and leasing services introduces a new vertical that fits the skill set of Comstock’s management team. This new offering further diversifies the Company’s sources of revenue and opens new opportunities for expansion outside of the Washington, D.C. region, significantly enhancing Comstock’s future growth plans.
The Company will post an updated Investor Presentation to the “Events and Presentations” section of its Investor Relations website on May 14, 2026.
Additional Information
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,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
19,631
$
31,282
Accounts receivable, net
1,215
829
Accounts receivable - related parties
21,736
19,137
Prepaid expenses and other current assets
1,004
2,018
Total current assets
43,586
53,266
Fixed assets, net
611
674
Intangible assets
144
144
Leasehold improvements, net
22
30
Investments in real estate ventures
10,560
5,953
Equity investments
1,935
—
Operating lease assets
4,767
5,002
Deferred income taxes, net
18,695
18,894
Deferred compensation plan assets
1,179
897
Other assets
187
102
Total assets
$
81,686
$
84,962
Liabilities and Stockholders' Equity
Current liabilities:
Accrued personnel costs
$
2,459
$
7,839
Accounts payable and accrued liabilities
1,111
847
Current operating lease liabilities
1,000
994
Total current liabilities
4,570
9,680
Deferred compensation plan liabilities
1,203
960
Operating lease liabilities
4,103
4,356
Total liabilities
9,876
14,996
Stockholders' equity:
Class A common stock
100
99
Class B common stock
2
2
Additional paid-in capital
203,100
203,246
Treasury stock
(2,662
)
(2,662
)
Accumulated deficit
(128,730
)
(130,719
)
Total stockholders' equity
71,810
69,966
Total liabilities and stockholders' equity
$
81,686
$
84,962
COMSTOCK HOLDING COMPANIES, INC. Consolidated Statements of Operations (Unaudited; In thousands, except per share data)
Three Months Ended March 31,
2026
2025
Revenue
$
17,446
$
12,639
Operating costs and expenses:
Cost of revenue
14,671
10,287
Selling, general, and administrative
1,163
535
Depreciation and amortization
72
80
Total operating costs and expenses
15,906
10,902
Income (loss) from operations
1,540
1,737
Other income (expense):
Interest income
129
184
Gain (loss) on real estate ventures
72
9
Gain (loss) on equity investments
435
—
Other income (expense), net
12
(18
)
Income (loss) from operations before income tax
2,188
1,912
Provision for (benefit from) income tax
199
323
Net income (loss)
$
1,989
$
1,589
Weighted-average common stock outstanding:
Basic
10,204
10,033
Diluted
10,493
10,367
Net income (loss) per share:
Basic
$
0.19
$
0.16
Diluted
$
0.19
$
0.15
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,
2026
2025
Net income (loss)
$
1,989
$
1,589
Interest income
(129
)
(184
)
Income taxes
199
323
Depreciation and amortization
72
80
Stock-based compensation
546
251
(Gain) loss on real estate ventures
(72
)
(9
)
(Gain) loss on equity investments
(435
)
—
Adjusted EBITDA
$
2,170
$
2,050
The increase in Adjusted EBITDA for the three months ended March 31, 2026 are primarily driven by significant increases in recurring fee-based revenue from our three operating property management subsidiaries and higher asset management fee revenue from the continued expansion of our managed portfolio.
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 unrealized gains (losses) on real estate ventures and equity investments.
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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