COMSTOCK HOLDING COMPANIES, INC., 10-Q filed on 5/12/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 1-32375  
Entity Registrant Name Comstock Holding Companies, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-1164345  
Entity Address, Address Line One 1900 Reston Metro Plaza  
Entity Address, Address Line Two 10th Floor  
Entity Address, City or Town Reston  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 20190  
City Area Code 703  
Local Phone Number 230-1985  
Title of 12(b) Security Class A Common Stock, $0.01 par value  
Trading Symbol CHCI  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001299969  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   9,847,944
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   220,250
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 28,297 $ 28,761
Prepaid expenses and other current assets 662 430
Total current assets 34,805 36,727
Fixed assets, net 664 574
Intangible assets 144 144
Leasehold improvements, net 52 60
Investments in real estate ventures 6,248 6,228
Operating lease assets 5,692 5,916
Deferred income taxes, net 14,397 14,720
Deferred compensation plan assets 750 438
Other assets 55 60
Total assets 62,807 64,867
Current liabilities:    
Accrued personnel costs 1,235 4,952
Accounts payable and accrued liabilities 1,090 781
Current operating lease liabilities 940 922
Total current liabilities 3,265 6,655
Deferred compensation plan liabilities 718 492
Operating lease liabilities 5,107 5,351
Total liabilities 9,090 12,498
Commitments and Contingencies
Stockholders' equity:    
Additional paid-in capital 202,460 202,702
Treasury stock, at cost (86 shares of Class A common stock) (2,662) (2,662)
Accumulated deficit (146,181) (147,770)
Total stockholders' equity 53,717 52,369
Total liabilities and stockholders' equity 62,807 64,867
Nonrelated Party    
Current assets:    
Accounts receivable 433 282
Related party    
Current assets:    
Accounts receivable 5,413 7,254
Common Class A    
Stockholders' equity:    
Common stock 98 97
Common Class B    
Stockholders' equity:    
Common stock $ 2 $ 2
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Mar. 31, 2025
Dec. 31, 2024
Treasury stock (in shares) 86 86
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 59,780 59,780
Common stock, shares issued (in shares) 9,934 9,774
Common stock, shares outstanding (in shares) 9,848 9,689
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 220 220
Common stock, shares issued (in shares) 220 220
Common stock, shares outstanding (in shares) 220 220
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue $ 12,639 $ 10,638
Operating costs and expenses:    
Cost of revenue 10,287 8,885
Selling, general, and administrative 535 535
Depreciation and amortization 80 68
Total operating costs and expenses 10,902 9,488
Income (loss) from operations 1,737 1,150
Other income (expense):    
Interest income 184 141
Gain (loss) on real estate ventures 9 (193)
Other income (expense), net (18) 22
Income (loss) from operations before income tax 1,912 1,120
Provision for (benefit from) income tax 323 210
Net income (loss) $ 1,589 $ 910
Weighted-average common stock outstanding:    
Basic - weighted-average common stock outstanding (in shares) 10,033 9,794
Diluted - weighted-average common stock outstanding (in shares) 10,367 10,169
Net income (loss) per share:    
Basic - net income (loss) per share (in dollars per share) $ 0.16 $ 0.09
Diluted - net income (loss) per share (in dollars per share) $ 0.15 $ 0.09
v3.25.1
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
APIC
Treasury Stock
Accumulated deficit
Common Class A
Common Class A
Common Stock
Common Class B
Common Class B
Common Stock
Beginning balance (in shares) at Dec. 31, 2023           9,525   220
Beginning balance at Dec. 31, 2023 $ 37,216 $ 202,112 $ (2,662) $ (162,330)   $ 94   $ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of shares withheld for taxes ( in shares)           158    
Issuance of common stock, net of shares withheld for taxes (444) (446)       $ 2    
Stock-based compensation (in shares)           7    
Stock-based compensation 246 246            
Net income (loss) 910     910        
Ending balance (in shares) at Mar. 31, 2024           9,690   220
Ending balance at Mar. 31, 2024 37,928 201,912 (2,662) (161,420)   $ 96   $ 2
Beginning balance (in shares) at Dec. 31, 2024         9,689 9,774 220 220
Beginning balance at Dec. 31, 2024 52,369 202,702 (2,662) (147,770)   $ 97   $ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of shares withheld for taxes ( in shares)           156    
Issuance of common stock, net of shares withheld for taxes (492) (493)       $ 1    
Stock-based compensation (in shares)           4    
Stock-based compensation 251 251            
Net income (loss) 1,589     1,589        
Ending balance (in shares) at Mar. 31, 2025         9,848 9,934 220 220
Ending balance at Mar. 31, 2025 $ 53,717 $ 202,460 $ (2,662) $ (146,181)   $ 98   $ 2
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income (loss) $ 1,589 $ 910
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 80 68
Stock-based compensation 251 246
(Gain) loss on real estate ventures (9) 193
Deferred income taxes 323 210
Accrued interest income (65) (48)
(Gain) loss on deferred compensation plan 5 (1)
Changes in operating assets and liabilities:    
Accounts receivable 1,690 (4)
Prepaid expenses and other current assets (167) (208)
Accrued personnel costs (3,717) (3,903)
Accounts payable and accrued liabilities 310 61
Deferred compensation plan liabilities 293 229
Other assets and liabilities (1) 6
Net cash provided by (used in) operating activities 582 (2,241)
Investing Activities    
Investments in real estate ventures (7) (23)
Distributions from real estate ventures 1 586
Purchase of deferred compensation plan securities (346) (253)
Purchase of fixed assets (163) (191)
Net cash provided by (used in) investing activities (515) 119
Financing Activities    
Distributions from sales of deferred compensation plan securities (39) 0
Proceeds from issuance of common stock related to equity awards 86 0
Payment of taxes related to the net share settlement of equity awards (578) (444)
Net cash provided by (used in) financing activities (531) (444)
Net increase (decrease) in cash and cash equivalents (464) (2,566)
Cash and cash equivalents, beginning of period 28,761 18,788
Cash and cash equivalents, end of period 28,297 16,222
Supplemental Cash Flow Information    
Interest (188) (93)
Income taxes $ 0 $ 0
v3.25.1
Company Overview
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Company Overview Company Overview
Comstock Holding Companies, Inc. ("Comstock" or the "Company"), founded in 1985 and incorporated in the state of Delaware in 2004, is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region.
The Company operates through four primarily real estate-focused subsidiaries – CHCI Asset Management, LC (“CAM”); CHCI Residential Management, LC; CHCI Commercial Management, LC; and Park X Management, LC.
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the requirements of the U.S. Securities and Exchange Commission (the “SEC”). As permitted, certain information and footnote disclosures have been condensed or omitted. Intercompany balances and transactions have been eliminated and certain prior period amounts have been reclassified to conform to current period presentation.
In management’s opinion, the consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position and operating results. The results of operations presented in these interim condensed consolidated financial statements are unaudited and are not necessarily indicative of the results to be expected for the full fiscal year.
These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s fiscal year 2024 Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”) filed with the SEC on March 21, 2025. The consolidated balance sheet as of December 31, 2024 was derived from the audited consolidated financial statements contained in the 2024 Annual Report.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant items subject to such estimates include, but are not limited to, the valuation of equity method investments, incentive fee revenue recognition, and the valuation of deferred tax assets. Assumptions made in the development of these estimates contemplate both the macroeconomic landscape and the Company's anticipated results, however actual results may differ materially from these estimates.
Recent Accounting Pronouncements - Adopted
In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842) – Common Control Arrangements.” This guidance amends certain provisions of ASC 842, specifically those that apply to leasing arrangements between related parties under common control. The standard is effective for fiscal years beginning after December 15, 2023, and early adoption was permitted. The Company adopted the standard effective January 1, 2024 and determined that adoption of the standard had no material impact on its consolidated financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improving Reportable Segment Disclosures.” This guidance is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The standard requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The standard also requires all annual disclosures currently required by ASC Topic 280 to be included in interim periods. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company adopted the standard effective January 1, 2024 and determined that adoption of the standard had no material impact on its consolidated financial statements. (See Note 13 for the related segment information disclosures).
Recent Accounting Pronouncements - Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance is a final standard on improvements to income tax disclosures and requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and should be applied prospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This guidance requires disclosure of disaggregated information about certain financial statement expense line items presented on the consolidated statements of operations in the notes to the financial statements on an interim and annual basis. The standard can be applied either prospectively or retrospectively and is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
v3.25.1
Investments in Real Estate Ventures
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Real Estate Ventures Investments in Real Estate Ventures
The following table summarizes the Company's investments in real estate ventures (in thousands):
March 31,December 31,
InvestmentOwnership %20252024Accounting Method
Investors X50.0%$388 $395 Fair Value
The Hartford2.5%562591 Fair Value
BLVD Forty Four5.0%1,7111,661 Fair Value
BLVD Ansel5.0%1,9511,952 Fair Value
Total investments recorded at fair value4,612 4,599 
Comstock 41100.0%1,636 1,629 Consolidated
Total investments in real estate ventures$6,248 $6,228 
The Company’s maximum loss exposure on each of its investments in real estate ventures is equal to the carrying amount of the investment.
Investments Recorded at Fair Value
Additional details on the Company's unconsolidated investments in real estate ventures that are recorded at fair value are as follows:
Investors X
In April 2019, the Company entered into a master transfer agreement with CP Real Estate Services, LC (“CPRES”), an entity owned by Comstock’s Chief Executive Officer Christopher Clemente, that entitled the Company to priority distribution of residual cash flow from its Class B membership interest in Comstock Investors X, L.C. ("Investors X"), an unconsolidated variable interest entity that owns the Company's residual homebuilding operations. As of March 31, 2025, all residential lots have been sold. The proceeds from the lot sales will be distributed to the Company as remaining land development work associated with these projects is completed. (See Note 12 for additional information).
The Hartford
In December 2019, the Company entered into a joint venture with Comstock Partners, LC ("CP"), an entity controlled by Mr. Clemente and wholly owned by Mr. Clemente and certain family members, to acquire The Hartford Building ("The Hartford"), a Class-A office building adjacent to Clarendon Station on Metro’s Orange Line in Arlington County, Virginia. Built in 2003, the 211,000 square foot LEED gold-certified, mixed-use building is located in the premier Rosslyn-Ballston corridor. In February 2020, the Company arranged for DivcoWest to purchase a majority ownership stake in The Hartford and secured a $87.0 million loan facility from MetLife. As part of the transaction, the Company entered into asset management and property management agreements to manage the property in exchange for market-rate fees. It recognized $0.3 million and $0.3 million of revenue for the three months ended March 31, 2025 and 2024, respectively. Fair value of the property is determined on a quarterly basis using an income approach model. As of March 31, 2025, the Company’s ownership interest in the Hartford was 2.5%. (See Note 12 for additional information).
BLVD Forty Four
In October 2021, the Company entered into a joint venture with CP to acquire a stabilized 15-story, luxury high-rise apartment building in Rockville, Maryland that was rebranded as BLVD Forty Four. Built in 2015 and located one block from the Rockville Station on Metro's Red Line in the heart of the I-270 Technology and Life Science Corridor, the 263-unit mixed use property includes approximately 16,000 square feet of retail and a commercial parking garage. In connection with the transaction, the Company received an acquisition fee and is entitled to receive investment related income and promote distributions in connection with its equity interest in the asset. The Company also provides asset, residential, retail and parking property management services for the property in exchange for market-rate fees. It recognized $0.4 million and $0.3 million of revenue for the three months ended March 31, 2025 and 2024, respectively. Fair value of the property is determined on a quarterly basis using an income approach model. As of March 31, 2025, the Company’s ownership interest in BLVD Forty Four was 5.0%. (See Note 12 for additional information).
BLVD Ansel
In March 2022, the Company entered into a joint venture with CP to acquire BLVD Ansel, a newly completed 18-story, luxury high-rise apartment building with 250 units located adjacent to the Rockville Metro Station and BLVD Forty Four in Rockville, Maryland. BLVD Ansel features approximately 20,000 square feet of retail space, 611 parking spaces, and expansive amenities including multiple private workspaces designed to meet the needs of remote-working residents. In connection with the transaction, the Company received an acquisition fee and is entitled to receive investment related income and promote distributions in connection with its equity interest in the asset. The Company also provides asset, residential, retail and parking property management services for the property in exchange for market-rate fees. It recognized $0.3 million and $0.3 million of revenue for the three months ended March 31, 2025 and 2024, respectively. Fair value is determined on a quarterly basis using an income approach model. As of March 31, 2025, the Company’s ownership interest in BLVD Ansel was 5.0%. (See Note 12 for additional information).
The following table summarizes the activity of the Company’s unconsolidated investments in real estate ventures that are reported at fair value (in thousands):
Balance as of December 31, 2024$4,599 
Investments— 
Distributions(1)
Change in fair value14 
Balance as of March 31, 2025$4,612 
Comstock 41
In December 2023, the Company completed the acquisition of an 18,150 square foot land parcel located at 41 Maryland Avenue in Rockville, Maryland (“Comstock 41”) through a wholly owned subsidiary for $1.5 million. This investment property sits adjacent to BLVD Ansel and BLVD Forty-Four and is currently a surface parking lot. Comstock 41 has existing entitlements for at least 117 dwelling units and approximately 11,000 square feet of retail space. (See Note 12 for additional information).
In November 2024, the Company entered into a definitive purchase agreement for Comstock 41 with SCG Development Holdings, LLC ("SCG") that is contingent upon the successful rezoning of the property to allow for the development of an affordable housing project at the site. Upon closing, the Company will enter into an operating agreement and a development agreement with SCG, under which the Company will provide construction management services for the affordable housing project that will be fully financed by SCG. The Company will also be entitled to provide property management services once the development is ready for occupancy.
Other Investments
In addition, the Company has a joint venture with Superior Title Services, Inc. ("STS") to provide title insurance to its clients. The Company records this co-investment using the equity method of accounting and adjusts the carrying value of the investment for its proportionate share of net income and distributions. The carrying value of the STS investment is recorded in "other assets" on the Company's consolidated statement of balance sheets. The Company's proportionate share of STS net income and distributions are recorded in gain (loss) on real estate ventures in the consolidated statements of operations and was immaterial for the three months ended March 31, 2025 and 2024
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The Company has operating leases for office space leased in various buildings for its own use. The Company's leases typically have terms ranging from 5 to 10 years. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease costs related to the Company's operating leases are primarily reflected in "cost of revenue" in the consolidated statements of operations, as they are a reimbursable cost under the Company's respective asset management agreements. (See Note 12 for additional information).
The following table summarizes operating lease costs, by type (in thousands):
Three Months Ended March 31,
20252024
Operating lease costs
Fixed lease costs$297 $297 
Variable lease costs97 106 
Total operating lease costs$394 $403 
The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):
Three Months Ended March 31,
20252024
Cash paid for lease liabilities:
Operating cash flows from operating leases$396 $398 
As of March 31, 2025, the Company's operating leases had a weighted-average remaining lease term of 5.5 years and a weighted-average discount rate of 4.64%.
The following table summarizes future lease payments (in thousands):
Year Ending December 31, Operating Leases
2025 (9 months)$897 
20261,222 
20271,204 
20281,233 
20291,262 
Thereafter1,073 
Total future lease payments6,891 
Imputed interest(844)
Total lease liabilities$6,047 
The Company does not have any leases which have not yet commenced as of March 31, 2025.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt DebtIn March 2025, the Company entered into a five-year Revolving Capital Line of Credit Agreement with CP, pursuant to which the Company secured a $10.0 million capital line of credit with a variable interest rate of the Wall Street Journal Prime Rate plus 1.00% per annum that is scheduled to expire in March 2030 (the “Credit Facility”). As of March 31, 2025, the full balance of the Credit Facility remained available for use up through the expiration date, and the Company had no outstanding debt or financing arrangements for which future payments are due.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company maintains certain non-cancelable operating leases that contain various renewal options. (See Note 4 for additional information).
The Company is subject to litigation from time to time in the ordinary course of business; however, the Company does not expect the results, if any, to have a material adverse impact on its results of operations, financial position, or liquidity. The Company records a contingent liability when it is both probable that a liability has been incurred and the amount can be reasonably estimated; however, the Company is not aware of any reasonably possible losses that would have a material impact on its results of operations, financial position, or liquidity. The Company expenses legal defense costs as they are incurred.
v3.25.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
As of March 31, 2025, the carrying amount of cash and cash equivalents, accounts receivable, other current assets, and accounts payable approximated fair value because of the short-term nature of these instruments.
As of March 31, 2025, deferred compensation plan assets, which are Company-funded investments that are meant to correlate with participant-directed hypothetical investments in stock and bond mutual funds, are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held (Level 1). Corresponding deferred compensation plan liabilities reflect the fair value of the aforementioned hypothetical investments and are based on inputs derived principally from observable market data (Level 2) through their direct correlation with the deferred compensation plan assets.
As of March 31, 2025, the Company had certain equity method investments in real estate ventures that it elected to record at fair value using significant unobservable inputs (Level 3). (See Note 3 for additional information).
The Company may also value its non-financial assets and liabilities, including items such as long-lived assets, at fair value on a non-recurring basis if it is determined that impairment has occurred. Such fair value measurements typically use significant unobservable inputs (Level 3), unless a quoted market price (Level 1) or quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, or amounts derived from valuation models (Level 2) are available.
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock
The Company's certificate of incorporation authorizes the issuance of Class A common stock and Class B common stock, each with a par value of $0.01 per share. Holders of Class A common stock and Class B common stock are entitled to dividends when, as and if, declared by the Company's board of directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to fifteen votes per share. Shares of Class B common stock are convertible into an equivalent number of shares of our Class A common stock upon transfer. As of March 31, 2025, the Company had not declared any dividends.
Stock-based Compensation
On February 12, 2019, the Company approved the 2019 Omnibus Incentive Plan (the “2019 Plan”), which replaced the 2004 Long-Term Compensation Plan (the “2004 Plan”). The 2019 Plan provides for the issuance of stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units, dividend equivalents, performance awards, and stock or other stock-based awards. The 2019 Plan mandates that all lapsed, forfeited, expired, terminated, cancelled and withheld shares, including those from the predecessor plan, be returned to the 2019 Plan and made available for issuance. The 2019 Plan originally authorized 2.5 million shares of the Company's Class A common stock for issuance. As of March 31, 2025, there were 1.3 million shares of Class A common stock available for issuance under the 2019 Plan.
During the three months ended March 31, 2025 and 2024, the Company recorded stock-based compensation expense of $0.3 million and $0.2 million, respectively. Stock-based compensation costs are included in selling, general, and administrative expense on the Company's consolidated statements of operations. As of March 31, 2025, there was $1.6 million of total unrecognized stock-based compensation, which is expected to be recognized over a weighted-average period of 2.1 years.
Restricted Stock Units
Restricted stock unit (“RSU”) awards granted to employees are subject to continued employment and generally vest in four annual installments over the four-year period following the grant dates. The Company also grants certain RSU awards to management that contain additional vesting conditions tied directly to a defined performance metric for the Company (“PSUs”).
The actual number of PSUs that will vest can range from 60% to 120% of the original grant target amount, depending upon actual Company performance below or above the established performance metric targets. The Company estimates performance in relation to the defined targets when calculating the related stock-based compensation expense.
The following table summarizes all restricted stock unit activity (in thousands, except per share data):
RSUs
Outstanding		Weighted-Average Grant Date Fair Value
Balance as of December 31, 2024531 $4.12 
Granted144 7.91 
Performance awards(1)
1 4.63 
Released(198)3.88 
Canceled/Forfeited(11)5.18 
Balance as of March 31, 2025467 $5.37 
Vested and expected to vest after March 31, 2025468 $5.37 
(1)
Represents additional restricted stock units that vested and were released as a result of the satisfaction of a performance vesting condition.
The total intrinsic value of RSUs that vested during the three months ended March 31, 2025 and 2024 was $1.6 million and $1.2 million, respectively.
Stock Options
Non-qualified stock options generally expire 10 years after the grant date and, except under certain conditions, the options are subject to continued employment and vest in four annual installments over the four-year period following the grant dates.

The following table summarizes all stock option activity (in thousands, except per share data and time periods):
Options
Outstanding		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (Years)		Aggregate
Intrinsic
Value
Balance as of December 31, 202490 $2.72 3.2$479 
Granted— — 
Exercised(25)2.14 
Canceled/Forfeited— — 
Expired— — 
Balance as of March 31, 202565 $2.94 3.4$369 
Exercisable as of March 31, 202565 $2.94 3.4$369 
The total intrinsic value of stock options exercised during the three months ended March 31, 2025 was $0.2 million. There were no stock options exercised during the three months ended March 31, 2024.
v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
All of the Company's revenue for the three months ended March 31, 2025 and 2024 was generated in the United States.
The following tables summarize the Company’s revenue by line of business, customer type, and contract fee type (in thousands):
Three Months Ended March 31,
20252024
Revenue by Line of Business
Asset management$7,127 $6,255 
Property management2,958 2,745 
Parking management2,554 1,638 
Total revenue$12,639 $10,638 
Three Months Ended March 31,
20252024
Revenue by Customer Type
Related party$11,452 $10,174 
Third party1,187 464 
Total revenue$12,639 $10,638 
Three Months Ended March 31,
20252024
Revenue by Timing
Recurring/over time$11,559 $10,173 
Point-in-time1,080 465 
Total revenue$12,639 $10,638 
Three Months Ended March 31,
20252024
Revenue by Contract Fee Type (1)
Cost recovery(2)
$8,624 $8,254 
Variable(3)
2,651 1,664 
Fixed fee(4)
1,364 720 
Total revenue$12,639 $10,638 
(1)
Certain contracts contain multiple revenue streams that lend to classification in more than one category.
(2)
Includes cost plus revenues tied to asset management services under the 2022 AMA and reimbursable expenses.
(3)
Includes fixed rate contract amounts applied to various variable metrics to determine the amount of revenue earned.
(4)
Includes fixed fee arrangements where the dollar value of the revenue earned remains consistent over time.
Pursuant to the terms of the asset management agreement with CP (the "2022 AMA"), the Company may earn and recognize incentive fee revenue for certain commercial assets in its managed portfolio based on specific dates and measurement criteria that are defined in the agreement. (See Note 12 for additional information).
The Company recognized no revenue from incentive fees for the three months ended March 31, 2025 and 2024.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company has significant deferred tax assets that stem from net operating loss ("NOL") carryforwards generated prior to 2019 when the Company's primary focus was on homebuilding activities. As of December 31, 2024, these NOL carryforwards were estimated to represent approximately $28.6 million in potential future tax savings. The Company currently maintains a valuation allowance against its deferred tax assets to reduce the carrying balance to the amount that is more likely than not to be realized against future taxable income. The balance of the deferred tax asset valuation allowance is assessed on a quarterly basis and adjusted as needed.
The Company's effective tax rates for the three months ended March 31, 2025 and 2024 differ from the U.S. federal statutory tax rate of 21%, primarily due to the impact of state income taxes, permanent tax differences, and stock compensation shortfall/windfall adjustments.
v3.25.1
Net Income (Loss) Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The following table sets forth the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):
Three Months Ended March 31,
20252024
Numerator:
Net income (loss) - Basic and Diluted$1,589 $910 
Denominator:
Weighted-average common shares outstanding - Basic10,033 9,794 
Effect of common share equivalents334 375 
Weighted-average common shares outstanding - Diluted10,367 10,169 
Net income (loss) per share:
Basic$0.16 $0.09 
Diluted$0.15 $0.09 
The following common share equivalents have been excluded from the computation of diluted net income (loss) per share because their effect was anti-dilutive (in thousands):
Three Months Ended March 31,
20252024
Restricted stock units— — 
Stock options— 6 
Warrants— 38 
v3.25.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Asset Management Agreements
In June 2022, CHCI Asset Management, L.C. (“CAM”), an entity wholly owned by the Company, entered into a master asset management agreement with CP (the “2022 AMA”) that superseded in its entirety the previous asset management agreement between CAM and CPRES dated April 30, 2019. Entry into the 2022 AMA was unanimously approved by the independent directors of the Company.
The 2022 AMA engaged CAM to manage and administer CP’s commercial real estate portfolio (the "Anchor Portfolio") and the day-to-day operations of CP and each property-owning subsidiary of CP (collectively, the “CP Entities”). CAM will provide investment advisory, development, and asset management services necessary to build out, stabilize and manage the Anchor Portfolio, which currently consists primarily of two of the larger transit-oriented, mixed-use developments located on Washington D.C. Metro’s Silver Line (Reston Station and Loudoun Station) that are owned by CP Entities and ultimately controlled by Mr. Clemente.
Pursuant to the fee structures set forth in the 2022 AMA, CAM is entitled to receive an annual payment equal to the greater of the "Cost-Plus Fee" or the "Market Rate Fee". The Cost-Plus Fee is equal to the sum of (i) the comprehensive costs incurred by or for providing services to the Anchor Portfolio, (ii) the costs and expenses of the Company related to maintaining the listing of its shares on a securities exchange and complying with regulatory and reporting obligations of a public company, and (iii) a fixed annual payment of $1.0 million. The Market Rate Fee calculation is defined in the 2022 AMA as the sum of the fees detailed in the following table:

Description2022 AMA Fees
Asset Management Fee
2.5% of Anchor Portfolio revenue
Entitlement Fee
15% of total re-zoning costs
Development and Construction Fee
5% of development costs (excluding previously charged Entitlement Fees)
Property Management Fee
1% of Anchor Portfolio revenue
Acquisition Fee
1% on first $50 million of purchase price; 0.5% above $50 million
Disposition Fee
1% on first $50 million of sale price; 0.5% above $50 million
In addition to the annual payment of either the Market Rate Fee or the Cost-Plus Fee, CAM is also entitled on an annual basis to receive certain supplemental fees, as detailed for the respective asset management agreements in the following table:
Description2022 AMA
Incentive Fee
When receiving Market Rate Fee:
On a mark-to-market basis, equal to 20% of the imputed profit of certain real estate assets comprising the Anchor Portfolio for which a Triggering Event(1) has occurred, after calculating a compounding preferred return of 8% on CP invested capital (the “Market Incentive Fee”)

When receiving the Cost-Plus Fee:
On a mark-to-market basis, an incentive fee equal to 10% of the imputed profit of certain real estate assets comprising the Anchor Portfolio for which a Triggering Event1 has occurred, after calculating a compounding preferred return of 8% on CP invested capital (the “Base Incentive Fee”)
Investment Origination Fee
1% of raised capital
Leasing Fee
$1/per sqft. for new leases and $0.50/per sqft. for lease renewals  
Loan Origination Fee
1% of any Financing Transaction or other commercially reasonable and mutually agreed upon fee
(1)
Triggering events are differentiated between operating assets (i.e. those already in service) and assets under development. Operating asset triggering events are scheduled for specific dates, whereas triggering events for assets under development are tied to various metrics that indicate stabilization, such as occupancy and leasing rates.
On September 11, 2024, the Company entered into an amendment to the 2022 AMA with an effective date of July 1, 2024 (the "First Amendment") that included, among others, the following key revised provisions:
•A deferral of the Operating Assets Trigger Event that was originally scheduled on October 1, 2024 (as defined in the original 2022 AMA) to calculate incentive fee revenue for seven specified managed portfolio assets to be, at the election of the Company upon the occurrence of the event and with consent from CP, either (a) October 1, 2027, (b) upon the sale of the asset, (c) upon the refinance of the asset, or (d) the period of time in which an 85% leased rate has been achieved if the asset is a commercial asset;
•A revised definition of the Development and Construction Management Fee to include payment of the fee during delays in delivery caused by a casualty event; and
•A revised definition of Supplemental Fees to include a lease termination fee equal to 3.5% of the gross rental revenue paid by any tenant of a commercial asset in connection with the early termination of a lease.
Except as amended by the First Amendment, the original terms of the 2022 AMA remain in full force and effect.
The 2022 AMA will terminate on January 1, 2035 (“Initial Term”) and will automatically renew for successive additional one year terms (each an “Extension Term”) unless CP delivers written notice of non-renewal of the 2022 AMA at least 180 days prior to the termination date of the Initial Term or any Extension Term. Twenty-four months after the effective date of the 2022 AMA,
CP is entitled to terminate the 2022 AMA without cause upon 180 days advance written notice to CAM. In the event of such a termination and in addition to the payment of any accrued annual fees due and payable as of the termination date under the 2022 AMA, CP is required to pay a termination fee equal to two times the Cost-Plus Fee or Market Rate Fee paid to CAM for the calendar year immediately preceding the termination.
Residential, Commercial, and Parking Property Management Agreements
The Company entered into separate residential property management agreements with properties owned by CP Entities under which the Company receives fees to manage and operate the properties, including tenant communications, leasing of apartment units, rent collections, building maintenance and day-to-day operations, engagement and supervision of contractors and vendors providing services for the buildings, and budget preparation and oversight.
The Company entered into separate commercial property and parking management agreements with several properties owned by CP Entities under which the Company receives fees to manage and operate the office and retail portions of the properties, including tenant communications, rent collections, building maintenance and day-to-day operations, engagement and supervision of contractors and vendors providing services for the buildings, and budget preparation and oversight. These property management agreements each have initial terms of one year with successive, automatic one-year renewal terms. The Company generally receives base management fees under these agreements based upon a percentage of gross rental revenues for the portions of the buildings being managed in addition to reimbursement of specified expenses, including employment expenses of personnel employed by the Company in the management and operation of each property.
Construction Management Agreements
The Company has construction management agreements with properties owned by CP Entities under which the Company receives fees to provide certain construction management and supervision services, including management of tenant buildouts and casualty event remediation and restoration. The Company typically receives a construction management fee that is set forth in the applicable tenant’s lease or executed work authorization and based on a percentage of the total costs (or total hard costs) of the project.
Lease Procurement Agreements
The Company has lease procurement agreements with properties owned by CP Entities under which the Company receives certain finders' fees in connection with the procurement of new leases for such properties where an external broker is not engaged on behalf of the CP Entities. Such leasing fees are supplemental to the fees generated from the Company's management agreements referenced above and are generally 1-2% of the future lease payments to be received by the CP Entity from the executed lease.
Business Management Agreements
In January 2023, CAM entered into a Business Management Agreement (the “BC Management Agreement”) with DCS Real Estate Investments, LC, an entity controlled by a member of CP. The BC Management Agreement provided that DCS Real Estate Investments, LC pay CAM an annual management fee equal to $0.4 million to reimburse CAM for certain expenses. The BC Management Agreement was terminated effective December 31, 2024.
In February 2024, CAM entered into a Business Management Agreement (the “SH Management Agreement”) with Springfield Holdings, LLC (“Springfield”), an entity controlled by a member of CP, whereby CAM provides Springfield with professional management and consultation on land development and real estate services for a residential community located in Ranson, West Virginia. The initial term of the SH Management Agreement extended through December 31, 2024, with automatic one-year renewals. The SH Management Agreement provides that Springfield will reimburse CAM for certain immaterial title, survey, and architectural expenses at cost.
Investors X
In April 2019, the Company entered into a master transfer agreement with CPRES that entitled the Company to priority distribution of residual cash flow from its Class B membership interest in Comstock Investors X, L.C. ("Investors X"), an unconsolidated variable interest entity that owns the Company's residual homebuilding operations. The Company considers Investors X to be a variable interest entity over which it does not have the power to direct activities that most significantly impact economic performance, therefore it is not the primary beneficiary of Investors X and does not have to consolidate the entity into its financial results. (See Note 3 for additional information).
The Hartford
In December 2019, the Company made an investment related to the purchase of The Hartford, a stabilized commercial office building located at 3101 Wilson Boulevard in the Clarendon area of Arlington, Virginia. In conjunction with the investment, the Company entered into an operating agreement with CP to form Comstock 3101 Wilson, LC, to purchase The Hartford. Pursuant to the Operating Agreement, the Company held a minority membership interest of The Hartford and the remaining membership interests of The Hartford are held by CP.
In February 2020, the Company, CP and DWF VI 3101 Wilson Member, LLC (“DWF”), an unaffiliated, third party, equity investor in the Hartford, entered into a limited liability company agreement (the “DWC Operating Agreement”) to form DWC 3101 Wilson Venture, LLC (“DWC”) to, among other things, acquire, own and hold all interests in The Hartford. In furtherance thereof, on February 7, 2020, the Original Operating Agreement was amended and restated (the “A&R Operating Agreement”) to memorialize the Company’s and CP’s assignment of 100% of its membership interests in The Hartford to DWC. As a result, DWC is the sole member of the Hartford Owner. The Company and CP, respectively, hold minority membership interests in, and DWF holds the majority membership interest in, DWC. (See Note 3 for additional information).
BLVD Forty Four/BLVD Ansel
In October 2021 and March 2022, the Company entered into joint ventures with CP to acquire BLVD Forty Four and BLVD Ansel, respectively, two adjacent mixed-use luxury high-rise apartment buildings located near the Rockville Metro Station in Rockville, Maryland. The Company considers BLVD Forty Four and BLVD Ansel to be variable interest entities upon which it exercises significant influence; however, considering key factors such as the Company’s ownership interest and participation in policy-making decisions by majority equity holders, and oversight of management services by majority equity holders, the Company concluded that the power to direct activities that most significantly impact economic performance is shared. Given that the Company is not the entity most closely associated with the properties, it concluded that it is not the primary beneficiary and does not have a controlling financial interest in either property.
In conjunction with the acquisition of Comstock 41, the Company entered into an amendment to the existing asset management agreement with CP to introduce an acquisition pursuit fee of $0.1 million and contingent entitlement success fee to pursue potential relocation of moderately-priced dwelling units ("MPDUs") from BLVD Forty Four to Comstock 41. The acquisition pursuit fee was earned and recognized as revenue for the year ended December 31, 2023, upon the completion of the Comstock 41 acquisition. The entitlement success fee, if earned, will equal 25% of the economic value created by the relocation of the MPDUs (subject to reasonable agreed upon changes at the time of the calculation) and due upon approval of a finalized amendment to the existing project development plan by local government agencies. (See Note 3 for additional information).
Corporate Leases
In November 2020, the Company relocated its corporate headquarters to office space owned and controlled by its Chief Executive Officer Christopher Clemente and his family, pursuant to a ten-year lease agreement. In November 2022, the Company executed a 3,778 square foot lease expansion agreement with terms that align with the original agreement. In January 2022, ParkX Management, LC, a subsidiary of the Company, entered into a separate five-year lease agreement with an affiliate controlled and owned by Mr. Clemente and his family to host ParkX's specialized remote monitoring center operations. (See Note 4 for additional information).
Credit Facility
In March 2025, the Company entered into an agreement with CP to secure a $10.0 million capital line of credit with a variable interest rate of the Wall Street Journal Prime Rate plus 1.00% per annum that is scheduled to expire in March 2030, replacing a pre-existing expiring credit facility with a different affiliated entity (See Note 5 for additional information).
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s CODM is the Chief Executive Officer. The Company views its operations and manages its business as a single reportable operating segment. Segment revenue is primarily generated from the performance of various real estate services through the asset and property management contracts entered into with customers.
The CODM evaluates segment performance and decides how to allocate resources primarily based on the Company’s consolidated net income results, as reported in the consolidated statements of operations as "net income (loss)". The measure of segment assets is reported on the consolidated balance sheets as "total assets".
The financial information reviewed by the CODM includes the following disaggregation of operating expenses for the Company's single reportable operating segment (in thousands):
Three Months Ended March 31,
20252024
Asset management and corporate operating expenses$5,909 $5,547 
Commercial operating expenses1,105 1,042 
Residential operating expenses1,309 1,181 
ParkX operating expenses2,248 1,404 
Stock compensation251 246 
Depreciation and amortization80 68 
Total operating costs and expenses$10,902 $9,488 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) $ 1,589 $ 910
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the requirements of the U.S. Securities and Exchange Commission (the “SEC”). As permitted, certain information and footnote disclosures have been condensed or omitted. Intercompany balances and transactions have been eliminated and certain prior period amounts have been reclassified to conform to current period presentation.
In management’s opinion, the consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position and operating results. The results of operations presented in these interim condensed consolidated financial statements are unaudited and are not necessarily indicative of the results to be expected for the full fiscal year.
These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s fiscal year 2024 Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”) filed with the SEC on March 21, 2025. The consolidated balance sheet as of December 31, 2024 was derived from the audited consolidated financial statements contained in the 2024 Annual Report.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant items subject to such estimates include, but are not limited to, the valuation of equity method investments, incentive fee revenue recognition, and the valuation of deferred tax assets. Assumptions made in the development of these estimates contemplate both the macroeconomic landscape and the Company's anticipated results, however actual results may differ materially from these estimates.
Recent Accounting Pronouncements - Adopted and Not Yet Adopted
Recent Accounting Pronouncements - Adopted
In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842) – Common Control Arrangements.” This guidance amends certain provisions of ASC 842, specifically those that apply to leasing arrangements between related parties under common control. The standard is effective for fiscal years beginning after December 15, 2023, and early adoption was permitted. The Company adopted the standard effective January 1, 2024 and determined that adoption of the standard had no material impact on its consolidated financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improving Reportable Segment Disclosures.” This guidance is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The standard requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The standard also requires all annual disclosures currently required by ASC Topic 280 to be included in interim periods. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company adopted the standard effective January 1, 2024 and determined that adoption of the standard had no material impact on its consolidated financial statements. (See Note 13 for the related segment information disclosures).
Recent Accounting Pronouncements - Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance is a final standard on improvements to income tax disclosures and requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and should be applied prospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This guidance requires disclosure of disaggregated information about certain financial statement expense line items presented on the consolidated statements of operations in the notes to the financial statements on an interim and annual basis. The standard can be applied either prospectively or retrospectively and is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
v3.25.1
Investments in Real Estate Ventures (Tables)
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments, Group of Investment Consolidated Balance Sheet at Fair Value
The following table summarizes the Company's investments in real estate ventures (in thousands):
March 31,December 31,
InvestmentOwnership %20252024Accounting Method
Investors X50.0%$388 $395 Fair Value
The Hartford2.5%562591 Fair Value
BLVD Forty Four5.0%1,7111,661 Fair Value
BLVD Ansel5.0%1,9511,952 Fair Value
Total investments recorded at fair value4,612 4,599 
Comstock 41100.0%1,636 1,629 Consolidated
Total investments in real estate ventures$6,248 $6,228 
Schedule of Investments in Real Estate Ventures
The following table summarizes the activity of the Company’s unconsolidated investments in real estate ventures that are reported at fair value (in thousands):
Balance as of December 31, 2024$4,599 
Investments— 
Distributions(1)
Change in fair value14 
Balance as of March 31, 2025$4,612 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Cost and Cash Flow Information
The following table summarizes operating lease costs, by type (in thousands):
Three Months Ended March 31,
20252024
Operating lease costs
Fixed lease costs$297 $297 
Variable lease costs97 106 
Total operating lease costs$394 $403 
The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):
Three Months Ended March 31,
20252024
Cash paid for lease liabilities:
Operating cash flows from operating leases$396 $398 
Schedule of Maturities of Lease Liabilities
The following table summarizes future lease payments (in thousands):
Year Ending December 31, Operating Leases
2025 (9 months)$897 
20261,222 
20271,204 
20281,233 
20291,262 
Thereafter1,073 
Total future lease payments6,891 
Imputed interest(844)
Total lease liabilities$6,047 
v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Company's Restricted Share Activity
The following table summarizes all restricted stock unit activity (in thousands, except per share data):
RSUs
Outstanding		Weighted-Average Grant Date Fair Value
Balance as of December 31, 2024531 $4.12 
Granted144 7.91 
Performance awards(1)
1 4.63 
Released(198)3.88 
Canceled/Forfeited(11)5.18 
Balance as of March 31, 2025467 $5.37 
Vested and expected to vest after March 31, 2025468 $5.37 
(1)
Represents additional restricted stock units that vested and were released as a result of the satisfaction of a performance vesting condition.
Summary Information about Stock Option Activity
The following table summarizes all stock option activity (in thousands, except per share data and time periods):
Options
Outstanding		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (Years)		Aggregate
Intrinsic
Value
Balance as of December 31, 202490 $2.72 3.2$479 
Granted— — 
Exercised(25)2.14 
Canceled/Forfeited— — 
Expired— — 
Balance as of March 31, 202565 $2.94 3.4$369 
Exercisable as of March 31, 202565 $2.94 3.4$369 
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Revenues from Contracts with Customers Disaggregated by Categories
The following tables summarize the Company’s revenue by line of business, customer type, and contract fee type (in thousands):
Three Months Ended March 31,
20252024
Revenue by Line of Business
Asset management$7,127 $6,255 
Property management2,958 2,745 
Parking management2,554 1,638 
Total revenue$12,639 $10,638 
Three Months Ended March 31,
20252024
Revenue by Customer Type
Related party$11,452 $10,174 
Third party1,187 464 
Total revenue$12,639 $10,638 
Three Months Ended March 31,
20252024
Revenue by Timing
Recurring/over time$11,559 $10,173 
Point-in-time1,080 465 
Total revenue$12,639 $10,638 
Three Months Ended March 31,
20252024
Revenue by Contract Fee Type (1)
Cost recovery(2)
$8,624 $8,254 
Variable(3)
2,651 1,664 
Fixed fee(4)
1,364 720 
Total revenue$12,639 $10,638 
(1)
Certain contracts contain multiple revenue streams that lend to classification in more than one category.
(2)
Includes cost plus revenues tied to asset management services under the 2022 AMA and reimbursable expenses.
(3)
Includes fixed rate contract amounts applied to various variable metrics to determine the amount of revenue earned.
(4)
Includes fixed fee arrangements where the dollar value of the revenue earned remains consistent over time.
v3.25.1
Net Income (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Summary of Earnings Per Share, Basic and Diluted
The following table sets forth the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):
Three Months Ended March 31,
20252024
Numerator:
Net income (loss) - Basic and Diluted$1,589 $910 
Denominator:
Weighted-average common shares outstanding - Basic10,033 9,794 
Effect of common share equivalents334 375 
Weighted-average common shares outstanding - Diluted10,367 10,169 
Net income (loss) per share:
Basic$0.16 $0.09 
Diluted$0.15 $0.09 
Summary of Shares Equivalents Excluded from Dilutive Share Computation
The following common share equivalents have been excluded from the computation of diluted net income (loss) per share because their effect was anti-dilutive (in thousands):
Three Months Ended March 31,
20252024
Restricted stock units— — 
Stock options— 6 
Warrants— 38 
v3.25.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Market Rate Fee The Market Rate Fee calculation is defined in the 2022 AMA as the sum of the fees detailed in the following table:
Description2022 AMA Fees
Asset Management Fee
2.5% of Anchor Portfolio revenue
Entitlement Fee
15% of total re-zoning costs
Development and Construction Fee
5% of development costs (excluding previously charged Entitlement Fees)
Property Management Fee
1% of Anchor Portfolio revenue
Acquisition Fee
1% on first $50 million of purchase price; 0.5% above $50 million
Disposition Fee
1% on first $50 million of sale price; 0.5% above $50 million
Schedule of Supplemental Fees
In addition to the annual payment of either the Market Rate Fee or the Cost-Plus Fee, CAM is also entitled on an annual basis to receive certain supplemental fees, as detailed for the respective asset management agreements in the following table:
Description2022 AMA
Incentive Fee
When receiving Market Rate Fee:
On a mark-to-market basis, equal to 20% of the imputed profit of certain real estate assets comprising the Anchor Portfolio for which a Triggering Event(1) has occurred, after calculating a compounding preferred return of 8% on CP invested capital (the “Market Incentive Fee”)

When receiving the Cost-Plus Fee:
On a mark-to-market basis, an incentive fee equal to 10% of the imputed profit of certain real estate assets comprising the Anchor Portfolio for which a Triggering Event1 has occurred, after calculating a compounding preferred return of 8% on CP invested capital (the “Base Incentive Fee”)
Investment Origination Fee
1% of raised capital
Leasing Fee
$1/per sqft. for new leases and $0.50/per sqft. for lease renewals  
Loan Origination Fee
1% of any Financing Transaction or other commercially reasonable and mutually agreed upon fee
(1)
Triggering events are differentiated between operating assets (i.e. those already in service) and assets under development. Operating asset triggering events are scheduled for specific dates, whereas triggering events for assets under development are tied to various metrics that indicate stabilization, such as occupancy and leasing rates.
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Information
The financial information reviewed by the CODM includes the following disaggregation of operating expenses for the Company's single reportable operating segment (in thousands):
Three Months Ended March 31,
20252024
Asset management and corporate operating expenses$5,909 $5,547 
Commercial operating expenses1,105 1,042 
Residential operating expenses1,309 1,181 
ParkX operating expenses2,248 1,404 
Stock compensation251 246 
Depreciation and amortization80 68 
Total operating costs and expenses$10,902 $9,488 
v3.25.1
Company Overview (Details)
Mar. 31, 2025
subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of subsidiaries 4
v3.25.1
Investments in Real Estate Ventures - Schedule of Equity Method Investments, Group of Investment Consolidated Balance Sheet at Fair Value (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Total investments in real estate ventures $ 6,248 $ 6,228
Variable Interest Entity, Not Primary Beneficiary    
Schedule of Equity Method Investments [Line Items]    
Total investments in real estate ventures $ 4,612 4,599
Investors X    
Schedule of Equity Method Investments [Line Items]    
Ownership % 50.00%  
Investors X | Variable Interest Entity, Not Primary Beneficiary    
Schedule of Equity Method Investments [Line Items]    
Total investments in real estate ventures $ 388 395
The Hartford    
Schedule of Equity Method Investments [Line Items]    
Ownership % 2.50%  
The Hartford | Variable Interest Entity, Not Primary Beneficiary    
Schedule of Equity Method Investments [Line Items]    
Total investments in real estate ventures $ 562 591
BLVD Forty Four    
Schedule of Equity Method Investments [Line Items]    
Ownership % 5.00%  
BLVD Forty Four | Variable Interest Entity, Not Primary Beneficiary    
Schedule of Equity Method Investments [Line Items]    
Total investments in real estate ventures $ 1,711 1,661
BLVD Ansel    
Schedule of Equity Method Investments [Line Items]    
Ownership % 5.00%  
BLVD Ansel | Variable Interest Entity, Not Primary Beneficiary    
Schedule of Equity Method Investments [Line Items]    
Total investments in real estate ventures $ 1,951 1,952
Comstock 41    
Schedule of Equity Method Investments [Line Items]    
Ownership % 100.00%  
Comstock 41 | Variable Interest Entity, Primary Beneficiary    
Schedule of Equity Method Investments [Line Items]    
Total investments in real estate ventures $ 1,636 $ 1,629
v3.25.1
Investments in Real Estate Ventures - Narrative (Detail)
$ in Thousands
 1 Months Ended 3 Months Ended
Dec. 31, 2023
USD ($)
ft²
unit
Mar. 31, 2022
ft²
parkingSpace
unit
Oct. 31, 2021
ft²
unit
Dec. 31, 2019
ft²
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Feb. 29, 2020
USD ($)
Schedule of Equity Method Investments [Line Items]              
Revenue         $ 12,639 $ 10,638  
The Hartford              
Schedule of Equity Method Investments [Line Items]              
Number of square foot | ft²       211,000      
Maximum borrowing capacity             $ 87,000
Revenue         $ 300 300  
Ownership %         2.50%    
BLVD Forty Four              
Schedule of Equity Method Investments [Line Items]              
Number of square foot | ft²     16,000        
Revenue         $ 400 300  
Ownership %         5.00%    
Number of units in property | unit     263        
BLVD Ansel              
Schedule of Equity Method Investments [Line Items]              
Number of square foot | ft²   20,000          
Revenue         $ 300 $ 300  
Ownership %         5.00%    
Number of units in property | unit   250          
Number of parking spaces | parkingSpace   611          
Comstock 41              
Schedule of Equity Method Investments [Line Items]              
Ownership %         100.00%    
Number of square foot acquired | ft² 18,150            
Payments to acquire real estate $ 1,500            
Number of dwelling units | unit 117            
Square footage of retail space | ft² 11,000            
v3.25.1
Investments in Real Estate Ventures - Schedule of Investments in Real Estate Ventures (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity Method Investment and Joint Venture, Fair Value Change [Roll Forward]    
Fair value investments, beginning balance $ 6,228  
Change in fair value (9) $ 193
Fair value investments, ending balance 6,248  
Fair Value, Inputs, Level 3    
Equity Method Investment and Joint Venture, Fair Value Change [Roll Forward]    
Fair value investments, beginning balance 4,599  
Investments 0  
Distributions (1)  
Change in fair value 14  
Fair value investments, ending balance $ 4,612  
v3.25.1
Leases - Narrative (Detail)
Mar. 31, 2025
Lessee, Lease, Description [Line Items]  
Operating lease, weighted average remaining lease term 5 years 6 months
Operating lease, weighted average discount rate, percent 4.64%
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease term 5 years
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease term 10 years
v3.25.1
Leases - Schedule of Lease Cost and Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lease, Cost [Abstract]    
Fixed lease costs $ 297 $ 297
Variable lease costs 97 106
Total operating lease costs $ 394 $ 403
v3.25.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash paid for lease liabilities:    
Operating cash flows from operating leases $ 396 $ 398
v3.25.1
Leases - Schedule of Maturities of Lease Liabilities (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Leases [Abstract]  
2025 (9 months) $ 897
2026 1,222
2027 1,204
2028 1,233
2029 1,262
Thereafter 1,073
Total future lease payments 6,891
Imputed interest (844)
Total lease liabilities $ 6,047
v3.25.1
Debt - Narrative (Details) - Secured Financing - Credit Facility
$ in Millions
 1 Months Ended
Mar. 31, 2025
USD ($)
Line of Credit Facility [Line Items]  
Debt instrument term (in years) 5 years
Maximum borrowing capacity $ 10.0
Debt instrument spread variable rate 1.00%
v3.25.1
Stockholders' Equity - Narrative (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
vote
installment
$ / shares
shares
Mar. 31, 2024
USD ($)
Dec. 31, 2024
$ / shares
shares
Feb. 12, 2019
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock compensation | $ $ 0.3 $ 0.2    
Unrecognized compensation cost related to nonvested stock issuances | $ $ 1.6      
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition 2 years 1 month 6 days      
Total intrinsic value of stock options | $ $ 0.2 0.0    
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of annual installments | installment 4      
Vesting period 4 years      
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, vested | $ $ 1.6 $ 1.2    
Restricted stock units | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award vesting range, percentage 60.00%      
Restricted stock units | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award vesting range, percentage 120.00%      
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of annual installments | installment 4      
Vesting period 4 years      
Omnibus incentive plan stock option expiration period 10 years      
Common Class A        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, par value (in dollars per share) | $ / shares $ 0.01   $ 0.01  
Common stock, number of votes per share | vote 1      
Common stock, shares issued (in shares) | shares 9,934   9,774  
Common Class A | Two Thousand Nineteen Omnibus Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) | shares       2,500
Common stock, shares issued (in shares) | shares 1,300      
Common Class B        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, par value (in dollars per share) | $ / shares $ 0.01   $ 0.01  
Common stock, number of votes per share | vote 15      
Common stock, shares issued (in shares) | shares 220   220  
v3.25.1
Stockholders' Equity - Summary of Company's Restricted Share Activity (Details) - Restricted stock units
shares in Thousands
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
RSUs Outstanding  
Restricted shares, beginning balance (in shares) | shares 531
Restricted shares, granted (in shares) | shares 144
Restricted shares, performance award (in shares) | shares 1
Restricted shares, released (in shares) | shares (198)
Restricted shares, canceled/forfeited (in shares) | shares (11)
Restricted shares, ending balance (in shares) | shares 467
Vested and expected to vest shares (in shares) | shares 468
Weighted-Average Grant Date Fair Value  
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares $ 4.12
Weighted average grant date fair value, granted (in dollars per share) | $ / shares 7.91
Weighted average grant date fair value, performance awards (in dollars per share) | $ / shares 4.63
Weighted average grant date fair value, released (in dollars per share) | $ / shares 3.88
Weighted average grant date fair value, canceled/forfeited (in dollars per share) | $ / shares 5.18
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares 5.37
Weighted average grant date fair value, vested and expected to vest (in dollars per share) | $ / shares $ 5.37
v3.25.1
Stockholders' Equity - Summary Information about Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Options Outstanding    
Beginning balance (in shares) 90  
Granted (in shares) 0  
Exercised (in shares) (25)  
Canceled/forfeited (in shares) 0  
Expired (in shares) 0  
Ending balance (in shares) 65 90
Exercisable (in shares) 65  
Weighted- Average Exercise Price    
Weighted average exercise price, beginning balance (in dollars per share) $ 2.72  
Weighted average exercise price, granted (in dollars per share) 0  
Weighted average exercise price, exercised (in dollars per share) 2.14  
Weighted average exercise price, canceled/forfeited (in dollars per share) 0  
Weighted average exercise price, expired (in dollars per share) 0  
Weighted average exercise price, ending balance (in dollars per share) 2.94 $ 2.72
Weighted average exercise price, exercisable (in dollars per share) $ 2.94  
Weighted- Average Remaining Contractual Term (Years)    
Weighted-average remaining contractual term, outstanding 3 years 4 months 24 days 3 years 2 months 12 days
Weighted-average remaining contractual term, exercisable 3 years 4 months 24 days  
Aggregate Intrinsic Value    
Aggregate intrinsic value outstanding $ 369 $ 479
Aggregate intrinsic value exercisable $ 369  
v3.25.1
Revenue - Summary of Revenues from Contracts with Customers Disaggregated by Categories (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenue $ 12,639 $ 10,638
Cost recovery    
Disaggregation of Revenue [Line Items]    
Revenue 8,624 8,254
Variable Contract    
Disaggregation of Revenue [Line Items]    
Revenue 2,651 1,664
Fixed fee    
Disaggregation of Revenue [Line Items]    
Revenue 1,364 720
Recurring/over time    
Disaggregation of Revenue [Line Items]    
Revenue 11,559 10,173
Point-in-time    
Disaggregation of Revenue [Line Items]    
Revenue 1,080 465
Related party    
Disaggregation of Revenue [Line Items]    
Revenue 11,452 10,174
Third party    
Disaggregation of Revenue [Line Items]    
Revenue 1,187 464
Asset management    
Disaggregation of Revenue [Line Items]    
Revenue 7,127 6,255
Property management    
Disaggregation of Revenue [Line Items]    
Revenue 2,958 2,745
Parking management    
Disaggregation of Revenue [Line Items]    
Revenue $ 2,554 $ 1,638
v3.25.1
Revenue - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Incentive fee revenue $ 0.0
v3.25.1
Income Taxes (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Income Tax Disclosure [Abstract]  
NOL carryforwards $ 28.6
v3.25.1
Net Income (Loss) Per Share - Summary of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income (loss) - Basic and Diluted $ 1,589 $ 910
Denominator:    
Basic - weighted-average common stock shares outstanding (in shares) 10,033 9,794
Effect of common share equivalents (in shares) 334 375
Diluted - weighted-average common shares outstanding (in shares) 10,367 10,169
Net income (loss) per share:    
Basic - net income (loss) per share (in dollars per share) $ 0.16 $ 0.09
Diluted - net income (loss) per share (in dollars per share) $ 0.15 $ 0.09
v3.25.1
Net Income (Loss) Per Share - Summary of Shares Equivalents Excluded from Continued Operations Dilutive Share Computation (Detail) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from diluted share computation (in shares) 0 0
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from diluted share computation (in shares) 0 6
Warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from diluted share computation (in shares) 0 38
v3.25.1
Related Party Transactions - Narrative (Detail)
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 01, 2024
Mar. 31, 2025
USD ($)
Nov. 30, 2022
ft²
Jun. 30, 2022
Mar. 31, 2025
USD ($)
Dec. 31, 2024
Sep. 11, 2024
asset
Jan. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jan. 31, 2022
Nov. 30, 2020
Feb. 07, 2020
Related Party Transaction [Line Items]                        
Termination fee             0.035          
Number of operating assets, trigger event | asset             7          
Incentive fee, leased rate             0.85          
Secured Financing | Credit Facility                        
Related Party Transaction [Line Items]                        
Maximum borrowing capacity   $ 10.0     $ 10.0              
Debt instrument spread variable rate   1.00%                    
Comstock 41                        
Related Party Transaction [Line Items]                        
Business combination, acquisition related costs         $ 0.1              
Entitlement success fee, earned, economic value percentage           0.25            
Business Management Agreement                        
Related Party Transaction [Line Items]                        
Management fee payable               $ 0.4        
Business management agreements renewal term 1 year                      
Related party                        
Related Party Transaction [Line Items]                        
Operating lease, term of contract                   5 years 10 years  
Related party | DWC Operating Agreement                        
Related Party Transaction [Line Items]                        
Percentage of membership interest owned by company and partners                       100.00%
Related party | Residential Property Management Agreements                        
Related Party Transaction [Line Items]                        
Property management agreements initial term         1 year              
Property management agreements renewal term         1 year              
Related party | Lease Procurement Agreement | Minimum                        
Related Party Transaction [Line Items]                        
Future lease payment percentage of leasing fee         1.00%              
Related party | Lease Procurement Agreement | Maximum                        
Related Party Transaction [Line Items]                        
Future lease payment percentage of leasing fee         2.00%              
Related party | Lease Expansion Agreement                        
Related Party Transaction [Line Items]                        
Number of square foot | ft²     3,778                  
Related party | 2022 Amended Asset Management Agreement                        
Related Party Transaction [Line Items]                        
Fixed annual payment                 $ 1.0      
Agreement additional extension term (in years)       1 year                
Agreement notice period required for non-renewal       180 days                
Agreement notice period after effective date for termination       24 months                
Agreement cost-plus and market rate fee, multiply, termination fee payment                 2      
v3.25.1
Related Party Transactions - Schedule of Market Rate Fee (Details) - 2022 Amended Asset Management Agreement - Related party - USD ($)
$ in Millions
 1 Months Ended
Jun. 30, 2022
Dec. 31, 2022
Asset Management Fee    
Related Party Transaction [Line Items]    
Percentage of anchor portfolio revenue   2.50%
Entitlement Fee    
Related Party Transaction [Line Items]    
Percentage of re-zoning costs   15.00%
Development and Construction Fee    
Related Party Transaction [Line Items]    
Percentage of development costs   5.00%
Property Management Fee    
Related Party Transaction [Line Items]    
Percentage of anchor portfolio revenue   1.00%
Acquisition Fee | Asset Management Agreement    
Related Party Transaction [Line Items]    
Asset acquisition, price of acquisition, expected $ 50  
Acquisition Fee | Minimum    
Related Party Transaction [Line Items]    
Percentage of purchase price   1.00%
Acquisition Fee | Maximum    
Related Party Transaction [Line Items]    
Percentage of purchase price   0.50%
Disposition Fee | Asset Management Agreement    
Related Party Transaction [Line Items]    
Asset acquisition, price of acquisition, expected $ 50  
Disposition Fee | Minimum    
Related Party Transaction [Line Items]    
Percentage sales price   1.00%
Disposition Fee | Maximum    
Related Party Transaction [Line Items]    
Percentage sales price   0.50%
v3.25.1
Related Party Transactions - Schedule of Supplemental Fees (Details) - 2022 Amended Asset Management Agreement - Related party
 1 Months Ended
Jun. 30, 2022
$ / ft²
Incentive Fee  
Related Party Transaction [Line Items]  
Percentage of market-to-market profit basis 20.00%
Cumulative, compounded, preferred return rate 8.00%
Percentage of cost-plus fee market-to-market profit basis 10.00%
Investment Origination Fee  
Related Party Transaction [Line Items]  
Percentage of raised capital 1.00%
Leasing Fee  
Related Party Transaction [Line Items]  
Lease fee for new leases (in dollars per square foot) 1
Lease fee for renewal leases (in dollars per square foot) 0.50
Loan Origination Fee  
Related Party Transaction [Line Items]  
Percentage of financing transaction 1.00%
v3.25.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.25.1
Segment Information - Segment Reporting Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Stock compensation $ 300 $ 200
Depreciation and amortization 80 68
Total operating costs and expenses 10,902 9,488
Reportable Segment    
Segment Reporting Information [Line Items]    
Stock compensation 251 246
Depreciation and amortization 80 68
Total operating costs and expenses 10,902 9,488
Reportable Segment | Asset management and corporate operating expenses    
Segment Reporting Information [Line Items]    
Operating expenses 5,909 5,547
Reportable Segment | Commercial operating expenses    
Segment Reporting Information [Line Items]    
Operating expenses 1,105 1,042
Reportable Segment | Residential operating expenses    
Segment Reporting Information [Line Items]    
Operating expenses 1,309 1,181
Reportable Segment | ParkX operating expenses    
Segment Reporting Information [Line Items]    
Operating expenses $ 2,248 $ 1,404