Comstock Holding Companies (CHCI) Investor presentation summary

Business model and strategy

• Asset-light, debt-free model drives revenue and EBITDA growth while mitigating real estate risks.

• Focus on fee-based, recurring revenue from long-term management agreements.

• Integrated real estate services offered to institutional investors, family offices, and corporate owners.

• Emphasis on local expertise, institutional knowledge, and a strong culture of presence and accountability.

• ESG initiatives include LEED-certified buildings, energy efficiency, and community involvement.

Financial performance and growth

• 1H 2025 revenue reached $25.6M, up 20% year-over-year; net income grew 64% to $3.0M.

• Adjusted EBITDA for 1H 2025 was $4.3M, a 38% increase; operating cash flow up 386% to $2.8M.

• Revenue CAGR of 23% and Adjusted EBITDA CAGR of 35% from 2020 to 1H 2025.

• No corporate debt as of 6/30/2025; stock price/book value ratio at 6.3x, outperforming peers.

• Incentive fees totaled $10.1M from FY22-24, supporting cash generation.

Portfolio and assets

• 82 operating assets: 14 commercial (2.3M SF), 6 residential (~1,700 units), 31 garages (25K spaces), and 31 security/other locations.

• Under construction: 2 commercial assets (266K SF), 1 residential (420 units), 1 garage (1,300 spaces), and 1 JW Marriott hotel/condo.

• Development pipeline includes 5 commercial (1.5M SF), 5 residential (~2,300 units), and 1 hotel (140 keys).

• Major projects: Reston Station (~3.1M SF, 2,700 residences, 11 restaurants) and Loudoun Station (600K SF office, 1,500 residences).

• At full buildout, AUM expected to exceed $5B and 10M+ SF.