Comstock’s Adjusted EBITDA Rises 112% in Q3 to $2.259 Million
Key Facts
Comstock Holding Companies reported on November 5 results for the third quarter ended September 30, 2026, with adjusted EBITDA rising 112% to $2.259 million from $1.066 million in the year-earlier period. Net income rose to $588,000 from $541,000, while diluted earnings per share increased to $0.06 from $0.05. Chairman and Chief Executive Christopher Clemente said the company had posted double-digit revenue growth for the eighth consecutive quarter. He added that adjusted EBITDA more than doubled compared with the corresponding periods and that the company was “on track to deliver record results in 2026.” In the latest trading session included in the data, the company’s shares, listed under the ticker CHCI, fell 2.43% on November 10 to $16.44.
The company attributed adjusted EBITDA growth primarily to continued expansion of its managed portfolio and increases in recurring fee-based revenue, as well as asset management, leasing and acquisition fees. The managed portfolio comprised 115 assets, an increase of 24 from a year earlier. ParkX, a company subsidiary, also signed 12 new management contracts during the quarter. The contracts broaden the base of activities generating management-related revenue, while the company said adjusted EBITDA growth came alongside an increase in recurring fee-based revenue. Clemente said growth at the operating subsidiaries and the expansion of the company’s relationships with third-party asset owners supported the expansion of its platform.
For commercial assets, the company said 92% of its stabilized commercial portfolio was leased at quarter-end. It executed 12 commercial leases during the period, covering about 62,000 square feet of office and retail space. Since the start of the year, it had executed 27 commercial leases covering about 502,000 square feet. The stabilized residential portfolio had an occupancy rate of 91%, with 699 units leased since the start of the year. Occupancy at BLVD Haley, a 419-unit tower, reached 50% at quarter-end.
The quarterly results included an unrealized loss of $964,000 on equity investments, while the company recorded gains of $3.732 million on those investments during the nine months ended September 30. The company described the valuation impact on its Jericho investments as a $1 million unrealized loss in the third quarter, partly reversing a significant gain recorded in the second quarter. The year-to-date net gain on equity investments remained $3.7 million, according to the results statement. This movement places investment items among the components of net income, alongside the improvement in adjusted operating profitability. Revenue for the first nine months of 2026 was about $57.884 million, compared with $38.928 million in the same period of 2025.
In the November 10 session, CHCI shares traded between $15.61 and $17.81 before closing at $16.44, down 2.43% for the day. Clemente said expansion opportunities beyond the Washington, D.C., area, together with growth at the subsidiaries and broader relationships with asset owners, positioned the company well for sustainable growth and long-term value creation. The company also reported that its Oklahoma joint venture secured additional surface development rights covering 1,000 acres during the quarter, bringing its holdings to about 7,000 acres. Planning began for the first of several data center campuses on the land. The company’s announced operational milestones included delivery of the JW Marriott Reston Station hotel conference center expansion in the fourth quarter and the opening of Ebbitt House in November 2026.