Comstock Holding Companies — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue increased 34% year-over-year to $17.9 million; Year-to-Date (YTD) 2026 revenue increased 49% to $57.9 million.
• Q3 2026 net income increased 9% year-over-year to $0.6 million; YTD 2026 net income increased 219% to $11.4 million.
• Q3 2026 Adjusted EBITDA increased 112% year-over-year to $2.3 million; YTD 2026 Adjusted EBITDA increased 121% to $11.8 million.
• Q3 2026 net income per share (diluted) was $0.06 compared to $0.05 in Q3 2025; YTD 2026 net income per share (diluted) was $1.05 compared to $0.34 in YTD 2025.
• Q3 2026 net income included a $1.0 million unrealized loss on Jericho (JEV) equity investments, partially reversing a significant gain recorded in Q2.
• YTD 2026 gain on equity investments remained up $3.7 million compared to the prior year period.
• Operating costs and expenses for Q3 2026 were $16.2 million compared to $12.7 million in Q3 2025; YTD 2026 operating costs were $48.0 million compared to $34.7 million in YTD 2025.
• Cash and cash equivalents as of September 30, 2026, were $22.7 million, down from $31.3 million as of December 31, 2025.
• Total assets as of September 30, 2026, were $94.6 million, up from $85.0 million as of December 31, 2025.
• The company maintains a debt-free business model.

Guidance and Future Outlook:

• Management stated the company is well on track to deliver record results in 2026.
• The company anticipates sustained growth and long-term value creation through the expansion of its integrated platform beyond the Washington, D.C. region.
• The Ebbitt House expansion is scheduled to open in November 2026.
• The JW Marriott Reston Station Hotel conference center expansion is scheduled to deliver in Q4 2026.

Business Segments and Product Lines:

• Managed Portfolio: Total managed assets increased to 115 (up 24 from the prior year).
  • Stabilized Commercial portfolio is 92% leased; 12 commercial leases were executed in Q3 covering ~62,000 sq ft, and 27 leases were executed YTD covering ~502,000 sq ft.
  • Stabilized Residential portfolio is 91% leased; 699 units were leased YTD.
  • Reston Station's five Trophy-class office towers are 98% leased/reserved, with interior build-outs underway for Booz Allen Hamilton's 300,000+ sq ft HQ.
  • The 419-unit BLVD Haley at Reston Station was 50% leased at period end.
  • ParkX subsidiary revenue increased 65% year-over-year in Q3 and 84% YTD.
• Institutional Venture Platform (IVP):
  • Secured a purchase agreement to acquire The Ascher, a 672-unit value-add multifamily property in Charlotte, North Carolina.
  • Secured development approval for a 147-unit LITEC multifamily development in Rockville, Maryland.
• Data Center Platform (DCP):
  • An Oklahoma joint venture secured 1,000 acres of surface development rights in Q3, bringing the total holdings to ~7,000 acres.
  • Development plans have commenced for the first of several large-scale data center campuses.
• Other Product Lines: JW Marriott Residences Reston Station sales continue to outperform all other condo sales in the Reston sub-market.

Market and Competitive Landscape:

• The company operates in the mixed-use, transit-oriented property and data center development sectors.
• The company highlights its position in one of the real estate industry's top-performing segments (AI and digital infrastructure).
• The company leverages a vertically integrated operating platform with over four decades of industry expertise.

Risks and Challenges:

• Forward-looking statements involve inherent risks and uncertainties, many beyond the company's control, which could cause actual results to differ materially from projections.
• Specific factors causing potential differences are not detailed in the release, though the company disclaims any obligation to update forward-looking statements.

Management Commentary and Tone:

• Christopher Clemente, Chairman and CEO, described the third quarter results as demonstrating the "strength and scalability of Comstock's business model."
• Management noted achieving double-digit revenue growth for the 8th consecutive quarter.
• Management emphasized building a "stronger, more diversified company" through operating subsidiary growth, expanding third-party asset owner relationships, and geographic expansion.
• The tone is confident, citing the company as "well positioned for sustained growth and long-term value creation."

Other Key Points:

• A new Investor Presentation will be posted to the Investor Relations website on November 5, 2026.
• The company's business model is described as asset-light and debt-free.
• Adjusted EBITDA increases were primarily driven by the expansion of the managed portfolio, resulting in higher recurring fee-based revenue, asset management fees, supplemental leasing fees, and acquisition fees.
• Comstock Holding Companies, Inc. trades on Nasdaq under the ticker symbol CHCI.