Comstock Holding Companies, Inc. · NASDAQ:CHCI
Comstock Holding Companies — Q4 2025 Earnings Presentation
26 slides from Comstock Holding Companies's earnings presentation, Mar 17, 2026
Slide 1: Comstock Holding Companies, Inc. Q4 2025 Investor Presentation
NASDAQ: CHCI COMSTOCK HOLDING COMPANIES, INC. | NASDAQ: CHCI Q4 2025 INVESTOR PRESENTATION Exhibit 99.2
Slide 2: Disclosures
NASDAQ: CHCI 2 Disclosures This presentation 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,” “e
Slide 3: Table of Contents
NASDAQ: CHCI 3 Table of Contents Comstock Overview 4 Visionary Leadership 5 Why Comstock 6-8 Q4 2025 Update 9 Institutional Venture Platform (IVP) 10 Data Center Platform (DCP) 11 Our Managed Portfolio 12-18 ESG: Creating Positive Impacts 19 Supplemental Information Leadership and Board 22 -23 Corpo
Slide 4: Premier Commercial Developer and Real Estate Services Provider in the Washington, D.C. Region
NASDAQ: CHCI 4 Comstock is the Premier Commercial Developer and Real Estate Services Provider in the Washington, D.C. Region ▪ Leading asset manager, developer, and operator of mixed -use and transit-oriented properties ▪ Since 1985, we have acquired, developed, operated, and sold millions of square
Slide 5: Visionary Leadership
NASDAQ: CHCI 5 Visionary Leadership Chris Clemente – Chairman and CEO ▪ Founded Comstock (Nasdaq: CHCI ) in 1985 ▪ Led acquisition, development, operation, and sale of millions of square feet of residential, commercial, and mixed -use properties ▪ Guided Comstock’s successful transformation from hom
Slide 6: Why Comstock
NASDAQ: CHCI 6 Why Comstock DYNAMIC & RESILIENT BUSINESS MODEL PROVEN EXPERTISE ▪ Fee -based, asset -light, and debt -free platform that mitigates risk and drives consistent revenue growth ▪ Long -term asset management agreements generate reliable fee -based and supplemental revenue and include cost
Slide 7: By the Numbers: A Proven Model That Delivers
NASDAQ: CHCI $3.4 $5.8 $9.0 $10.4 $11.6 $13.4 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $- $10 $20 $30 $40 $50 $60 $70 2020 2021 2022 2023 2024 2025 Cost Plus Asset + Property Management (Non-Cost-Plus) Supplemental Fees Incentive Fees Adjusted EBITDA 7 By the Numbers: A Proven Model That Deliv
Slide 8: By the Numbers: A Compelling Investment Opportunity
NASDAQ: CHCI 8 DELIVERING SUPERIOR VALUE Note: Peers include JBG Smith (JBGS), BXP Inc (BXP), Brandywine Realty (BDN), Piedmont Realty (PDM), Armada Hoffler (AHH), Co usins Properties (CUZ), American Assets Trust (AAT) and One Liberty Properties (OLP). Peer metrics (including debt) represents stra i
Slide 9: Diversified Revenue Streams
NASDAQ: CHCI 9 Diversified Revenue Streams 1 CHCI Commercial and CHCI Residential 19% 23% Asset Management Property Management ParkX Management REVENUE BY LINE OF BUSINESS (YTD) ▪ Stabilized Commercial managed portfolio is 93% leased; 8 commercial leases executed in Q4, representing approximately 41
Slide 10: CHCI's Institutional Venture Platform
NASDAQ: CHCI 10 CHCI's Institutional Venture Platform: Institutional-Quality Assets Operated by Institutional -Quality Teams Our Institutional Venture Platform ("IVP") is designed to pair Comstock's operational expertise with the capital resources of our institutional partners to co -invest in real
Slide 11: CHCI's Data Center Platform: Accelerating Growth Potential
NASDAQ: CHCI 11 CHCI's Data Center Platform: Accelerating Growth Potential Through Strategic Partnerships We recently announced the launch of our Data Center Platform ("DCP") , a logical expansion of our Institutional Venture Platform that focuses on low -risk, high -reward joint venture opportuniti
Slide 12: Our Managed Portfolio
NASDAQ: CHCI 12 Above information as of 12/31/25. *Excludes 26 properties where parking management services are also provided to avoid double -counting; hours/week total is repres entative of all security & other locations, including duplicates COMMERCIAL 15 Operating Assets 2.6M SF RESIDENTIAL 7 Op
Slide 13: Case Study: Demand for Trophy-Class Office Space in Reston Station
NASDAQ: CHCI 13 Case Study: The Demand for Trophy -Class Office Space in Reston Station Our commercial assets remain among the most sought -after properties in the region, as return -to-work initiatives increase the de mand for Trophy office space In Q425, we finalized multiple new office leases wit
Slide 14: Premium Assets. Proven Results.
NASDAQ: CHCI 14 Premium Assets. Proven Results. AUM FINANCIAL PERFORMANCE 2020 LTM 12/31/25% Increase REVENUE NOI $52M $22M $128M $62M 146% 182% RESIDENTIAL 2020 Q4 2025% Increase # UNITS LEASED % 1,123 73% 1,638 93% 46% 20% COMMERCIAL 2020 Q4 2025% Increase SQFT LEASED % 1.8M 79% 2.4M 93% * 33% 14%
Slide 15: Flight-to-Quality Attracting Premier Tenants and Partners
NASDAQ: CHCI 15 Flight-to-Quality Attracting Premier Tenants and Partners MAJOR OFFICE TENANTS MAJOR RETAIL LEASES STRATEGIC PARTNERS
Slide 16: Anchor Portfolio: At a Glance
NASDAQ: CHCI 16 ANCHOR PORTFOLIO Two of the largest and most prominent mixed -use, transit-oriented developments in the Mid -Atlantic region; include legacy assets owned by Comstock Partners that CHCI develops, manages, and operates RESTON STATION LOUDOUN STATION 90 acres Size 50 acres Metro Silver
Slide 17: At a Glance: Our Managed Portfolio
NASDAQ: CHCI INVESTMENT ASSETS 17 THE HARTFORD BLVD FORTY FOUR COMSTOCK 41*BLVD ANSEL Parking garages & buildings/public spaces for which ParkX Management provides supplemental property management services that include parking management, security, porter/janitorial, and more. ParkX OTHER PORTFOLIO
Slide 18: Under Construction & Development Pipeline
NASDAQ: CHCI 18 UNDER CONSTUCTION & DEVELOPMENT PIPELINE Figures are approximate, include future development assets, and completion dates are subject to adjustments based on market c ond itions. NAME LOCATION ASSET CLASS TOTAL GSF UNITS DELIVERY DATE UNDER CONSTRUCTION BLVD HALEY Reston Station Mult
Slide 19: ESG: Creating Positive Impacts
NASDAQ: CHCI 19 We recognize that development of real estate can have significant impact, positive or negative, for the surrounding community , the region, and the environment that we all share. Supporting and fostering these initiatives in a rational way is instrumental in making our co mmunities b
Slide 20: Comstock contact details
NASDAQ: CHCI 20 1900 Reston Metro Plaza, Reston, VA 20190 703.230.1985 comstock.com | investorrelations@comstock.com NASDAQ: CHCI
Slide 21: Supplemental Information
NASDAQ: CHCI 21 SUPPLEMENTAL INFORMATION
Slide 22: Leadership Team
NASDAQ: CHCI 22 Leadership Team EX EC U TI V E C O M M IT TE E SE N IO R L EA D ER SH IP TIMOTHY STEFFAN Chief Operating Officer CHRISTOPHER GUTHRIE CFO & EVP ROBERT DEMCHAK General Counsel & Corporate Secretary TRACY SCHAR SVP of Marketing & Design Management JOHN HARRISON EVP of Development PAUL S
Slide 23: Board of Directors
NASDAQ: CHCI 23 Board of Directors CHRIS CLEMENTE Chairman of the Board of Directors & Chief Executive Officer DAVID GUERNSEY Director Compensation Committee Chair TOM HOLLY Director Audit Committee Member JAMES MACCUTCHEON Director Audit Committee Chair, Compensation Committee Member, & Financial E
Slide 24: Corporate Structure Overview
NASDAQ: CHCI 24 Corporate Structure Overview CHRISTOPHER CLEMENTE CEO and Chairman Executive Management Team and BOD Public Shareholders DWIGHT SCHAR via Private Entity Comstock Holding Companies, Inc. (NASDAQ: CHCI ) Asset Management and Property Management Fees Comstock Partners LC (Owner of the “
Slide 25: Our Services
NASDAQ: CHCI 25 CUSTOMERS ▪ Institutional Real Estate Investors ▪ HNW Family Offices ▪ Real Estate Owners ▪ Financial Institutions ▪ Governmental Institutions ASSET TYPES ▪ Office ▪ Multifamily ▪ Retail ▪ Hotel ▪ Commercial Garages ▪ Public Spaces ▪ Owner’s Associations ▪ Data Centers SERVICES ▪ Ass
Slide 26: Reconciliation of Non-GAAP Financial Measures
NASDAQ: CHCI 26 This investor presentation contains certain non -GAAP financial measures including adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”). We define Adjusted EBITDA as net income (loss) from continuing operations, excluding the impact of interest
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