What changed in this filing

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Item 1. Business

2026-03-17 compared with 2025-03-21 · 49 added, 37 removed, 173 unchanged (33% of the section changed)

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Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C.

We have become the area’s premier real estate service company by creating extraordinary places, providing exceptional experiences, and generating excellent results for all stakeholders.

We have become one of the area’s premier real estate services companies by creating extraordinary places, delivering exceptional experiences, and generating excellent results for all stakeholders.

Since 1985, we have acquired, developed, operated, and sold millions of square feet of residential, commercial, and mixed-use properties.

Our industry expertise and commitment to excellence enable us to consistently deliver best-in-class services across the diverse assets in our managed portfolio.

We specialize in supporting the seamless integration of residential, commercial, and retail offerings into vibrant mixed-use communities, exemplified by Reston Station and Loudoun Station, two assets in our Anchor Portfolio (see "Our Portfolio" for additional information) that are among the region's largest and most prominent mixed-use, transit-oriented developments.

We specialize in supporting the seamless integration of residential, commercial, and retail offerings into vibrant mixed-use communities, exemplified by Reston Station and Loudoun Station, the two flagship developments that make up our Anchor Portfolio and are among the region's largest and most prominent mixed-use, transit-oriented neighborhoods (see "Our Portfolio" for additional information).

We maintain a market-leading position in Northern Virginia's Dulles Corridor, an area that is undergoing an urban transformation driven by the creation of Metro's Silver Line, which connects Loudoun County and Dulles International Airport to Reston, Tysons, Washington, D.C., and suburban Maryland.

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Our experienced team of professionals provides a comprehensive suite of services and solutions related to the management, development, and operation of real estate assets.

The services we provide include asset management, property/facility management (including security, concierge, firewatch, and more), development and construction management, leasing and marketing, acquisition and disposition, asset recapitalization, design (including planning and entitlements), strategic investment consultation and execution, and various other property-specific services.

The services we provide include asset management, property/facility management (including security, porter/janitorial, concierge, firewatch, and more), development and construction management, leasing and marketing, acquisition and disposition, asset recapitalization, design (including planning and entitlements), strategic investment consultation and execution, and various other property-specific services.

Our Managed Portfolio

The focus of our managed portfolio revolves primarily around high quality, mixed-use real estate properties and developments that are strategically located adjacent to Metro rail stations, providing convenient access to public transportation.

The following table summarizes the operating assets that were included in our managed portfolio as of December 31, 2024:

The following table summarizes the operating assets, categorized by asset type, that were included in our managed portfolio as of December 31, 2025:

Type # of Assets Size/Scale % Leased

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15 2.6 million sqft.

Residential 6 1.8 million sqft.

Residential (2)

7 2.0 million sqft.

/ 1,700+ units 93%

ParkX - Garages 32 22,000+ spaces

Hospitality (3)

1 290,000+ sqft.

ParkX - Garages (4)

34 ~26,000 spaces

ParkX - Security & Other (5)

35 ~8,000 hrs/week

Commercial % leased includes Q1 2024 delivery of a new office tower located in The Row at Reston Station.

Excluding that impact, the % leased for stabilized assets is 93%.

# of assets total excludes 12 properties where both parking & other services are provided to avoid double-counting.

Commercial % leased includes 2024 delivery of a new Trophy-class office tower located in The Row at Reston Station that is not yet stabilized.

The % leased for stabilized commercial assets is 93%.

Includes JW Marriott Residences - Reston Station, luxury condominiums that were delivered in September 2025 for which we are providing property management services.

JW Marriott Reston Station, Virginia's first and only JW Marriott Hotel, delivered in September 2025.

Includes 17 garages owned by unaffiliated third-party asset-owners

Includes porter/janitorial;

# of assets excludes 41 properties already counted in the categories above to avoid double-counting, therefore total # of assets where Security & Other services are provided is 76;

hours/week statistic represents estimated total amount billed across all managed properties.

In addition, we manage the following assets that are under construction and scheduled for delivery in the next 6 to 12 months:

• 2 commercial assets representing approximately 266,000 square feet;

• 1 commercial asset representing approximately 6,000 square feet;

• 1 residential asset with 419 units representing approximately 430,000 square feet;

• 1 JW Marriott-branded hotel/condominium with 247 keys and 94 residential units representing a total of approximately 520,000 square feet;

• 1 commercial parking garage with approximately 1,300 spaces.

Our development pipeline currently includes 5 commercial assets that represent approximately 1.5 million square feet, 5 residential assets with 2,326 units that represent approximately 2.5 million square feet, and 1 hotel that will include 140 keys.

Our development pipeline currently includes 5 commercial assets that represent approximately 1.5 million square feet, 5 residential assets with more than 2,300 units that represent approximately 2.5 million square feet, and 1 dual-use hotel with 240 keys that represents approximately 220,000 square feet.

At full build out, our managed portfolio of assets is currently projected to total 105 assets that represent approximately 10 million square feet.

Anchor Portfolio

Our Anchor Portfolio (see below for details) includes, or will soon include, millions of square feet of Trophy and Class A office towers, luxury multi-family residential buildings, luxury hotels with branded condominium residences, high-end retail and entertainment options, associated public spaces, and commercial parking garages to serve all the properties.

In 2024, Anchor portfolio assets generated a well over $100.0 million of gross revenue for the property owners.

Our Anchor Portfolio includes, or will soon include, millions of square feet of Trophy and Class A office towers, luxury multi-family residential buildings, luxury hotels with branded condominium residences, high-end retail and entertainment options, associated public spaces, and commercial parking garages to serve all the properties.

In 2025, Anchor portfolio assets generated over $120.0 million of gross revenue for the property owners.

Reston Station (Operating + Under Construction+ In Development)

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• Metro Plaza District (Operating)

The Metro Plaza District is located adjacent to Wiehle Reston-East Metro Station and contains approximately 1.4 million square feet of mixed-use development, highlighted by three Trophy-Class office buildings and BLVD Reston, a luxury residential tower with 448 units.

It is home to corporate and regional headquarters of Google, ICF Global, Spotify,

Qualtrics, Rolls-Royce of North America, Carfax, and others.

All buildings in the Metro Plaza District have ground floor retail, which has been leased to high-quality tenants, including Starbucks, CVS, Founding Farmers, Matchbox, Scissors & Scotch, and others.

The Metro Plaza District is located adjacent to Wiehle Reston-East Metro Station and contains approximately 1.4 million square feet of mixed-use development.

It includes three Trophy-class office towers that represent over 800,000 square feet that are home to corporate or regional headquarters of Google, ICF Global, CARFAX, FM, Amentum, and numerous others, as well as BLVD Reston, a 456,000-square-foot luxury residential tower with 448 units.

All buildings in the Metro Plaza District have ground floor retail, which has been leased to high-quality tenants, including Starbucks, CVS, Founding Farmers, Scissors & Scotch, and more.

The Metro Plaza District also includes one of the largest underground commuter parking garages and bus transit facilities in the region.

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• Reston Row District (Operating + Under Construction)

The Reston Row District (i.e., The Row at Reston Station) is the newest phase of the Reston Station development and is currently being constructed adjacent to the Metro Plaza District.

It has entitlements in place allowing for approximately 1.5 million square feet of mixed-use development and, when completed, will feature two Trophy-Class office buildings, a residential building with 420 multifamily units, over 100,000 square feet of retail, and Virginia's first JW Marriott Hotel and Condominium tower, which will have 243 hotel rooms, 94 JW Marriott-branded condominium residences, and approximately 25,000 square feet of meeting space.

The first office tower was delivered in 2024 and the remainder of the development is expected to be substantially delivered by the end of 2025.

The Reston Row District ("The Row at Reston Station") is the second and most recently delivered phase of the Reston Station development.

Anchoring the district is Virginia's first and only JW-Marriott branded property, a 28-story tower representing over 540,000 square feet that includes a best-in-class 248-key hotel with approximately 40,000 square feet of event space ("JW Marriott Reston Station") and 94 luxury condominiums ("JW Marriott Residences Reston Station"), both which have direct access to fine dining and premium amenities.

The Row at Reston Station includes two Trophy-class office towers that represent approximately 590,000 square feet and will be the future headquarters for Booz Allen Hamilton and numerous other major corporations, as well as BLVD Haley, a 427,000-square foot luxury residential tower with 419 units that is scheduled to fully deliver in early 2026.

Highlighting the district's premier wellness and restaurant offerings are a 55,000-square-foot VIDA Fitness & Spa and Ebbitt House, the first-ever expansion of D.C.'s iconic Old Ebbitt Grill, which is also scheduled to open in early 2026.

• Commerce District (In Development)

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It has entitlements in place that allow for approximately 1.5 million square feet of new mixed-use development surrounding the four existing stabilized Class-A office buildings that represent a total of approximately 597,400 square feet.

We are currently leasing and managing the four existing office buildings and one existing retail building while finalizing plans for the permitted new development.

We are currently leasing and managing the four existing office buildings and one existing retail building while finalizing plans and permits for this new development.

• Midline District (In Development)

The Midline District, located directly across Wiehle Avenue from the Reston Row District and the Metro Plaza District, has entitlements in place that allow for approximately 1.2 million square feet of new mixed-use development.

We are currently updating the entitlements secured by the previous owner and plan to commence development and leasing operations after receiving the necessary permits for the new development.

We are currently updating the entitlements secured by the previous owner and plan to commence development after receiving the necessary approvals and permits.

• West District (In Development)

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With direct rail connectivity to Dulles International Airport, Reston, Tysons, and Washington, D.C., it represents the beginning of Loudoun County’s transformation into a transit-connected community.

Loudoun Station has more than 1.0 million square feet of mixed-use development completed and stabilized, including nearly 700 residential units, approximately 50,000 square feet of Class-A office space, and approximately 150,000 square feet of retail space, highlighted by an 11-screen AMC Cinema as well as multiple dining and entertainment venues.

Loudoun Station has more than 1.0 million square feet of mixed-use development completed and stabilized, including

nearly 700 residential units, approximately 50,000 square feet of Class-A office space, and approximately 150,000 square feet of retail space, highlighted by an 11-screen AMC Cinema as well as multiple dining and entertainment venues.

It is also home to a 1,500-space Metro commuter parking garage that is the subject of a public-private partnership between a Comstock affiliate and Loudoun County.

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Built in 2003, the 211,000 square foot LEED Gold-certified, mixed-use building located in the premier Rosslyn-Ballston corridor.

In February 2020, we arranged for DivcoWest, an unaffiliated entity, to purchase a majority ownership stake in The Hartford and secured a $87 million loan facility from MetLife.

In February 2020, we arranged for DivcoWest, an unaffiliated entity, to purchase a majority ownership stake in The Hartford and secured an $87 million loan facility from MetLife.

As part of the transaction, we entered into asset management and property management agreements for the building to go along with our 2.5% equity interest.

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Upon closing, we will enter into an operating agreement and a development agreement with SCG, under which we will provide construction management services for the affordable housing project that will be fully financed by SCG.

We will also be entitled to provide property management services once the development is ready for occupancy.

We will also be provided with the opportunity to provide property management services upon delivery.

In December 2025, we received legislative approval from the City of Rockville for the affordable housing development and the relocation of certain moderately-priced dwelling units (MPDUs) from BLVD Forty Four to Comstock 41.

The rezoning approval triggered an entitlement success fee based on a contingent fee agreement with BLVD Forty Four that was recognized as revenue

for the year ended December 31, 2025.

(See Note 13 in the Notes to Consolidated Financial Statements for additional information).

ParkX, one of our wholly owned operating subsidiaries, currently manages a total of 34 commercial parking garages, including 17 commercial parking garages owned by unaffiliated parties.

In addition, ParkX provides approximately 2,555 hours per week of security, concierge, and other alternative property management services across 32 different properties, 12 of which are also managed parking garage locations.

In addition, ParkX provides approximately 8,000 hours per week of security, concierge, porter/janitorial, and other services across a total of 76 different properties, including 41 for which we provide multiple types of property management services.

Our Business Strategy

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We anticipate the heightened demand for top-tier real estate will persist across both commercial and residential markets, driven by an increasing number of tenants who are willing to pay higher rents for top-quality assets located in mixed-use, transit-oriented communities with access to premium amenities.

In Northern Virginia specifically, growing demand for technology and cybersecurity services has driven the proliferation of major corporations opening operational headquarters in the region, including Amazon, Microsoft, CoStar, Nestle, Raytheon Technologies, Boeing, and others.

The expansion and continued investment of these large technology companies will benefit Northern Virginia’s employment market, further driving increased demand for the assets we manage and the mixed-use communities we are developing.

In Northern Virginia specifically, growing demand for technology and cybersecurity services has driven the proliferation of major global corporations opening operational headquarters in the region.

The expansion and continued investment of these influential industry leaders will benefit Northern Virginia’s employment market, further driving increased demand for the assets we manage and the mixed-use communities we are developing.

• Leveraging our growth platform and industry expertise to secure additional development and investment opportunities

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We have worked closely with our affiliates to secure public-private partnerships with local governments from Fairfax County and Loudoun County in Virginia to develop and manage large-scale mixed-use, transit-oriented developments.

Our proven track record of developing and managing best-in-class properties across the region has positioned us as an attractive partner for additional government entities looking to improve infrastructure and enhance their surrounding communities.

In addition, recent changes to the comprehensive land use plans of Fairfax County and Loudoun County that encourage high-density and mixed-use development proximate to Metro's Silver Line stations may further enhance our potential growth opportunities.

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We continue to expand our capabilities around monitoring energy and utility consumption at all our properties, allowing us to better identify opportunities to maximize efficiency and sustainability through operational and capital improvements.

We have a partnership with DAVIS Construction on the utilization of CarbonCure, a sustainable concrete component, in the construction of Phase II of our Reston Station development (the Reston Row District).

We established a partnership with DAVIS Construction on the utilization of CarbonCure, a sustainable concrete component, in the construction of Phase II of our Reston Station development, the Reston Row District.

CarbonCure is clean technology that produces greener concrete by recycling carbon dioxide (CO 2 ) produced during the cement manufacturing process and injecting the recycled CO 2 into fresh concrete during mixing.

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Every cubic yard of concrete produced with CarbonCure technology saves an average of 25 pounds of carbon from entering the atmosphere, which will save millions of pounds of CO 2 emissions from entering the atmosphere.

The Reston Row District is expected to utilize approximately 500,000 cubic yards of CarbonCure, which will divert 5 million pounds of carbon, or the equivalent of 258,000 gallons of gasoline not being burned.

Furthermore, we intend to engage our supply chain to incorporate sustainable designs, materials, and systems into all ongoing or future developments.

The Reston Row District includes approximately 500,000 cubic yards of CarbonCure, which diverts 5 million pounds of carbon, or the equivalent of 258,000 gallons of gasoline, from being burned.

Furthermore, we intend to engage our supply chain to incorporate sustainable designs, materials, and systems into all our ongoing or future developments.

Our transit-oriented developments promote the use of mass transit, ride sharing, and alternate modes of transportation.

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We continuously strive to diversify our workforce, provide equal access to opportunities to our people, and promote a working environment based on mutual trust, confidence, and respect.

Our employees have access to a comprehensive suite of benefits, including, but not limited to, medical, dental, vision, and life

insurance options;

Our employees have access to a comprehensive suite of benefits, including, but not limited to, medical, dental, vision, and life insurance options;

flexible and health savings accounts;

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We are also subject to a variety of local, state, and federal statutes, ordinances, rules and regulations concerning protection of the environment.

Some of the laws to which we and our properties are subject to may impose requirements concerning development in waters of the United States, including wetlands, the closure of water supply wells, management of asbestos-containing materials, exposure to radon and similar issues.

Some of the laws to which we and our properties are subject to may impose requirements concerning development

in waters of the United States, including wetlands, the closure of water supply wells, management of asbestos-containing materials, exposure to radon and similar issues.

The particular environmental laws that apply to any given real estate asset vary based on several factors, including the environmental conditions related to a particular property and the present and former uses of the property.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business