CHCI News & Events

Jericho Energy Ventures (JROOF) entered into a letter of intent, dated February 11, with Comstock Holding Companies (CHCI), pursuant to which the parties have committed to establish a strategic partnership focused on the acquisition and development of land in and around Jericho's existing energy assets in Oklahoma. As part of the proposed joint venture, Comstock has agreed to invest in Jericho through an initial non-brokered private placement for gross proceeds of $1.5M, subject to applicable regulatory approvals, including acceptance by the TSX Venture Exchange. The Financing will consist of 25,684,932 units priced at C$0.08 per unit. Each Unit will be comprised of one variable voting share of the Company and one-half of one share purchase warrant. Each two Warrants will entitle the holder to acquire one variable voting share at an exercise price of C$0.20 per Warrant Share, exercisable for a period of 24 months from the date of issuance. In addition, the Company may, at its discretion and subject to investor demand, offer up to an additional 20,000,000 Units under the private placement on the same terms as Comstock's investment. Comstock's CEO Chris Clemente, is expected to join Jericho's board of directors following receipt of Exchange approval. Net proceeds from the Financing will be used to accelerate development of Jericho's planned flagship AI data center campus and related energy-infrastructure in Oklahoma and for general working capital needs. When consummated, the joint venture is expected to focus on assembling a portfolio of strategically located land that integrates Jericho's subsurface energy infrastructure assets with surface land interests, supporting the development of large-scale AI data center campuses and related digital infrastructure. Comstock is currently expected to contribute $6M into the newly formed JV. In addition, it will have the opportunity, at its discretion, to either participate in a subsequent private placement financing to Jericho or cause an indirect capital contribution from the JV to be distributed to Jericho.

Booz Allen (BAH) and Comstock (CHCI) announced Booz Allen will relocate its global headquarters from McLean, Virginia to Reston, Virginia. The company will occupy a newly constructed facility in The Row at Reston Station-the newest phase of Comstock's Reston Station development-designed to upgrade and enhance the Booz Allen employee experience while streamlining operating costs. Interior build-out in the recently completed building is scheduled to begin in Summer 2026, with the new space expected to open in Fall 2027.

Reports Q2 revenue $12.97M vs. $10.75M last year. The company said, "The strength of our business model is characterized by the upward trajectory of our top and bottom lines and underpinned by its low-risk, high reward philosophy. With zero debt and a pristine balance sheet, we were able to generate over $2 million of operating cash in Q2 alone. This success was directly fueled by the growing fee-based revenue streams that we earn from our long-term asset and property management agreements, providing us with a stable foundation for growth and clear visibility into our future earnings potential.. The high quality assets we manage continue to be amongst the most sought-after in the D.C. region, supported by our hard-working team of professionals that show up every day and are frequently recognized as best-in-class. The second half will see the official delivery of The Row at Reston Station - a remarkable project that is a significant development milestone for Comstock and will make what is already one of Virginia's premier destinations even better."

Reports Q1 revenue $12.639M vs $10.638M last year. "Fiscal 2025's first quarter continued the steady growth and positive results that have become our standard, aligning with our plan and expectations," said Christopher Clemente, Comstock's Chairman and Chief Executive Officer. "Year-to-date top line revenue increased for the 25th consecutive quarter, driving the profitability and operating cash flow generation that are typical with our unique business model. The leasing momentum we experienced last year continued into Q1. We welcomed multiple new commercial tenants to our premium office buildings, including commercial property insurance giant, FM, and our highly amenitized residential buildings once again ended the period at near full-occupancy. Finally, in Q1 our ParkX team continued to increase its third-party AUM, setting the stage for another year of growth. With exciting milestones upcoming, particularly the initial delivery of significant assets in The Row at Reston Station this fall, 2025 is shaping up to be a landmark year for Comstock."