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Investments in Real Estate Ventures | 9 Months Ended
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Sep. 30, 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):
|  |  |  | September 30, |  | December 31, |  |
Investment |  | Ownership % |  | 2025 |  | 2024 |  | Accounting Method
Investors X |  | 50.0% |  | $ | 376 |  |  | $ | 395 |  |  | Fair Value
The Hartford |  | 2.5% |  | 543 |  | 591 |  |  | Fair Value
BLVD Forty Four |  | 5.0% |  | 1,742 |  | 1,661 |  |  | Fair Value
BLVD Ansel |  | 5.0% |  | 1,986 |  | 1,952 |  |  | Fair Value
Total investments recorded at fair value |  |  |  | 4,647 |  |  | 4,599 |  |  |
Comstock 41 |  | 100.0% |  | 1,661 |  |  | 1,629 |  |  | Consolidated
Total investments in real estate ventures |  |  |  | $ | 6,308 |  |  | $ | 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 September 30, 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, under which it recognized $0.2 million and $0.8 million of revenue for the three and nine months ended September 30, 2025, respectively. It recognized $0.4 million and $0.8 million of revenue for the three and nine months ended September 30, 2024, respectively. Fair value of the property is determined on a quarterly basis using an income approach model. As of September 30, 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. As part of the transaction, the Company entered into asset management and property management agreements to provide asset, residential, retail, and parking property management services in exchange for market-rate fees, under which it recognized $0.3 million and $1.0 million of revenue for the three and nine months ended September 30, 2025, respectively. It recognized $0.4 million and $1.0 million of revenue for the three and nine months ended September 30, 2024, respectively. Fair value of the property is determined on a quarterly basis using an income approach model. As of September 30, 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, 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. As part of the transaction, the Company entered into asset management and property management agreements to provide asset, residential, retail and parking property management services in exchange for market-rate fees, under which it recognized $0.3 million and $0.9 million of revenue for the three and nine months ended September 30, 2025, respectively. It recognized $0.3 million and $0.9 million of revenue for the three and nine months ended September 30, 2024, respectively. Fair value is determined on a quarterly basis using an income approach model. As of September 30, 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 | (2) |
Change in fair value | 50 |
Balance as of September 30, 2025 | $ | 4,647 |
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 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 and nine months ended September 30, 2025 and 2024. In September 2025, the Company entered into a Purchase and Sale Agreement (the "Purchase Agreement") with a seller relating to the purchase of a 400+ unit multifamily building located in Rockville, Maryland, pursuant to which it paid a $1.0 million deposit that will be applied to the purchase price if the acquisition is completed. In accordance with the Purchase Agreement, the Company has a 45-day due diligence period during which time it may terminate the Purchase Agreement and receive a refund of the initial contract deposit posted by the Company. The deposit is currently recorded on the Company's consolidated balance sheet in "prepaid expenses and other current assets", and closing is currently anticipated to occur in the fourth quarter of 2025. The Company plans to explore securing an institutional partner with whom it would enter into a joint venture at or prior to closing on the acquisition that would result in the Company retaining a minority equity interest in the joint venture while providing asset management and property management services for the acquired asset.

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