Comstock is a real estate asset manager and property services company focused exclusively on the Washington, D.C. metro region. Rather than owning real estate outright, Comstock manages properties on behalf of third-party owners and earns fees — an asset-light model that avoids balance sheet risk and capital intensity. Comstock's portfolio spans 92 assets, including Trophy and Class-A office towers, luxury residential buildings, hotels, and retail, concentrated along Metro's Silver Line in Northern Virginia's Dulles Corridor. Its two flagship developments are Reston Station and Loudoun Station, mixed-use transit-oriented developments adjacent to Metro stations. Comstock's revenue falls into two categories: asset management fees earned under long-term agreements, and property management fees earned through three subsidiaries — CHCI Commercial, CHCI Residential, and ParkX, which manages 34 parking garages with roughly 26,000 spaces across 76 properties. The core of Comstock's revenue comes from a long-term asset management agreement with Comstock Partners, an affiliate controlled by CEO Christopher Clemente — a related-party relationship that represents a meaningful concentration risk. Comstock's development pipeline includes roughly 10 properties and approximately 4 million sq ft, which would expand the managed portfolio as assets are delivered and stabilized, driving fee growth. Comstock is also pursuing third-party management mandates to diversify beyond its affiliated client base.