0001299969-22-000023 | 10-Q | XBRL Viewer | Comstock Holding Companies INC

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	Apr. 30, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
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		8,199,678
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		220,250

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 11,560	$ 15,823
Accounts receivable	802	46
Accounts receivable - related parties	2,505	1,697
Prepaid expenses and other current assets	415	197
Current assets held for sale	0	2,313
Total current assets	15,282	20,076
Fixed assets, net	389	264
Leasehold improvements, net	119	0
Investments in real estate ventures	7,490	4,702
Operating lease assets	7,161	7,245
Deferred income taxes, net	11,766	11,300
Other assets	90	15
Total assets	42,297	43,602
Current liabilities:
Accrued personnel costs	1,394	3,468
Accounts payable and accrued liabilities	1,104	783
Current operating lease liabilities	667	616
Current liabilities held for sale	0	1,194
Total current liabilities	3,165	6,061
Credit facility - due to affiliates	5,500	5,500
Operating lease liabilities	6,744	6,745
Total liabilities	15,409	18,306
Commitments and Contingencies
Stockholders' equity:
Additional paid-in capital	200,461	200,617
Treasury stock, at cost (86 shares of Class A common stock)	(2,662)	(2,662)
Accumulated deficit	(177,760)	(179,507)
Total stockholders' equity	26,888	25,296
Total liabilities and stockholders' equity	42,297	43,602
Series C Preferred Stock
Stockholders' equity:
Series C preferred stock; $0.01 par value; aggregate liquidation preference of $17,203; 20,000 shares authorized; 3,441 issued and outstanding as of March 31, 2022 and December 31, 2021	6,765	6,765
Common Class A
Stockholders' equity:
Common stock	82	81
Common Class B
Stockholders' equity:
Common stock	$ 2	$ 2

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Treasury stock (in shares)	86	86
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation value	$ 17,203	$ 17,203
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	3,441	3,441
Preferred stock, shares outstanding (in shares)	3,441	3,441
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)	8,232	8,102
Common stock, shares outstanding (in shares)	8,146	8,017
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

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 8,731	$ 6,840
Operating costs and expenses:
Cost of revenue	6,935	6,078
Selling, general, and administrative	387	299
Depreciation and amortization	44	20
Total operating costs and expenses	7,366	6,397
Income (loss) from operations	1,365	443
Other income (expense)
Interest expense	(59)	(58)
Gain (loss) on real estate ventures	252	6
Other income (expense), net	0	1
Income (loss) from continuing operations before income tax	1,558	392
Provision for (benefit from) income tax	(456)	2
Net income (loss) from continuing operations	2,014	390
Net income (loss) from discontinued operations, net of tax	(267)	(143)
Net income (loss)	$ 1,747	$ 247
Weighted-average common stock outstanding:
Basic weighted average shares outstanding (in shares)	8,340	8,166
Diluted weighted average shares outstanding (in shares)	8,974	8,997
Net income (loss) per share:
Basic - continuing operations (in dollars per share)	$ 0.24	$ 0.05
Basic - discontinued operations (in dollars per share)	(0.03)	(0.02)
Basic net income per share (in dollars per share)	0.21	0.03
Diluted - continuing operations (in dollars per share)	0.22	0.05
Diluted - discontinued operations (in dollars per share)	(0.03)	(0.02)
Diluted net income per share (in dollars per share)	$ 0.19	$ 0.03

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	APIC	Treasury Stock	Accumulated deficit	Series C Preferred Stock Preferred Stock	Common Class A Common Stock	Common Class B Common Stock
Beginning balance (in shares) at Dec. 31, 2020					3,441	7,953	220
Beginning balance at Dec. 31, 2020	$ 11,215	$ 200,147	$ (2,662)	$ (193,116)	$ 6,765	$ 79	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of shares withheld for taxes ( in shares)						105
Issuance of common stock, net of shares withheld for taxes	(187)	(189)				$ 2
Stock-based compensation	183	183
Net income (loss)	247			247
Ending balance (in shares) at Mar. 31, 2021					3,441	8,058	220
Ending balance at Mar. 31, 2021	11,458	200,141	(2,662)	(192,869)	$ 6,765	$ 81	$ 2
Beginning balance (in shares) at Dec. 31, 2021					3,441	8,102	220
Beginning balance at Dec. 31, 2021	25,296	200,617	(2,662)	(179,507)	$ 6,765	$ 81	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of shares withheld for taxes ( in shares)						130
Issuance of common stock, net of shares withheld for taxes	(297)	(298)				$ 1
Stock-based compensation	142	142
Net income (loss)	1,747			1,747
Ending balance (in shares) at Mar. 31, 2022					3,441	8,232	220
Ending balance at Mar. 31, 2022	$ 26,888	$ 200,461	$ (2,662)	$ (177,760)	$ 6,765	$ 82	$ 2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities - Continuing Operations
Net income (loss) from continuing operations	$ 2,014	$ 390
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	44	20
Stock-based compensation	197	153
(Gain) loss on real estate ventures	(252)	(6)
Deferred income taxes	(456)	0
Changes in operating assets and liabilities:
Accounts receivable	(1,689)	(1,218)
Prepaid expenses and other current assets	(218)	(92)
Accrued personnel costs	(2,074)	(1,455)
Accounts payable and accrued liabilities	322	142
Other assets and liabilities	160	26
Net cash provided by (used in) operating activities	(1,952)	(2,040)
Investing Activities - Continuing Operations
Investments in real estate ventures	(2,656)	0
Proceeds from sale of CES	1,016	0
Distributions from real estate ventures	18	1,660
Purchase of fixed assets	(163)	(7)
Net cash provided by (used in) investing activities	(1,785)	1,653
Financing Activities - Continuing Operations
Loan proceeds	0	121
Loan payments	0	(30)
Payment of taxes related to the net share settlement of equity awards	(297)	(196)
Net cash provided by (used in) financing activities	(297)	(105)
Discontinued Operations
Operating cash flows, net	(202)	117
Investing cash flows, net	0	0
Financing cash flows, net	(27)	0
Net cash provided by (used in) discontinued operations	(229)	117
Net increase (decrease) in cash and cash equivalents	(4,263)	(375)
Cash and cash equivalents, beginning of period	15,823	7,032
Cash and cash equivalents, end of period	11,560	6,657
Supplemental Cash Flow Information
Cash paid for interest	59	58
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued liability settled through issuance of common stock	0	7
Right of use assets and lease liabilities at commencement	$ 209	$ 0

Company Overview	3 Months Ended
Company Overview	Mar. 31, 2022
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 developer and manager of mixed-use and transit-oriented properties in the Washington, D.C. metropolitan area. As a vertically integrated and multi-faceted asset management and real estate services company, Comstock has designed, developed, constructed, acquired, and managed thousands of residential units and millions of square feet of commercial and mixed-use properties. On March 31, 2022, the Company completed the sale of its wholly-owned subsidiary Comstock Environmental Services, LLC ("CES") to August Mack Environmental, Inc. ("August Mack") for approximately $1.4 million of total consideration, composed of $1.0 million in cash and $0.4 million held in escrow that is subject to net working capital and other adjustments, as set forth in the executed Asset Purchase Agreement with August Mack. For additional information, see Note 3. 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.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
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 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 2021 Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) filed with the SEC on March 31, 2022. The consolidated balance sheet as of December 31, 2021 was derived from the audited financial statements contained in the 2021 Annual Report. The Company has reflected CES as a discontinued operation in its consolidated statements of operations for all periods presented. Unless otherwise noted, all amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company's continuing operations. For additional information, see Note 3. 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 and the valuation of deferred tax assets. Assumptions made in the development of these estimates contemplate the macroeconomic landscape and the Company's anticipated results, however actual results may differ materially from these estimates. Recent Accounting Pronouncements - Adopted None. Recent Accounting Pronouncements - Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments.” This guidance is intended to introduce a revised approach to the recognition and measurement of credit losses, emphasizing an updated model based on current expected credit losses ("CECL") rather than incurred losses. The standard will become effective for the Company for financial statement periods beginning after December 15, 2022, and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its financial statements and related disclosures.

Discontinued Operations

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On March 31, 2022, the Company completed the sale of its wholly-owned subsidiary CES to August Mack in accordance with the Asset Purchase Agreement for approximately $1.4 million of total consideration, composed of $1.0 million in cash and $0.4 million held in escrow that is subject to net working capital and other adjustments. The Company executed this divestiture to enhance its focus and pursue continued growth initiatives for its core asset management business.

The following table reconciles major line items constituting pretax income (loss) from discontinued operations to net income (loss) from discontinued operations as presented in the consolidated statements of operations (in thousands):


	Three Months Ended March 31,
		2022		2021
Revenue		$	1,460	$	1,477
Cost of revenue		(1,173)		(1,087)
Selling, general, and administrative		(714)		(504)
Depreciation and amortization		—		(29)
Other income (expense)		150		—

Pre-tax income (loss) from continuing operations		(277)		(143)
Provision for (benefit from) income tax		(10)		—
Net income (loss) from discontinued operations		$	(267)	$	(143)

The Company recognized an estimated gain of $0.2 million on the divestiture of CES, calculated by comparing the purchase price to the carrying value of the net assets sold in the transaction as of March 31, 2022. This gain on sale is reflected in other income (expense) in the above table and does not include the impact of $0.4 million of transaction costs that are included in selling, general, and administrative expense. These amounts may be adjusted in future periods as ongoing changes to the net working capital and transaction costs related to the sale are finalized.

The following table reconciles the carrying amounts of major classes of assets and liabilities of discontinued operations to total assets and liabilities of discontinued operations that were classified as held for sale in the consolidated balance sheet as of December 31, 2021 (in thousands):




Carrying amounts of major classes of assets held for sale:
Accounts receivable	$	2,075

Prepaid expenses and other current assets	129
Total current assets	2,204
Fixed assets, net	106

Intangible assets, net	3
Total assets	$	2,313

Carrying amounts of major classes of liabilities held for sale:
Accrued personnel costs	$	153
Accounts payable and accrued liabilities	1,015
Loans payable	26
Total liabilities	$	1,194

Investments in Real Estate Ventures

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Real Estate Ventures

Investments in Real Estate VenturesThe Company's material unconsolidated investments in real estate ventures are recorded on the consolidated balance sheets at fair value. The following table summarizes the fair value of these investments (in thousands):


	March 31,		December 31,
Description	2022		2021
Investors X	$	1,430	$	1,484
The Hartford	1,199		1,211
BLVD Forty Four	2,252		2,007
BLVD Ansel	2,609		—
Total	$	7,490	$	4,702

Investors X

On April 30, 2019, the Company entered into a Master Transfer agreement with CP Real Estate Services, LC (“CPRES”), formerly Comstock Development Services, LC, an entity wholly owned by the Company’s CEO, Christopher Clemente, which 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, 2022, the residual cash flow primarily relates to anticipated returns of cash backing outstanding letters of credit and cash collateral posted for land development work performed by subsidiaries owned by Investors X. The cash will be released as bond release work associated with these projects is completed. In addition, a subsidiary of Investors X is undergoing a re-zoning of land from commercial to residential and the Company will be entitled to 50% of the profit from the anticipated residential lot sales after re-zoning and land development work is completed. Expected future cash flows include contractually fixed revenues and expenses, as well as estimates for future revenues and expenses where contracts do not currently exist. These estimates are based on prior experience as well as comparable, third-party data. See Note 13 for further information.

The Hartford

In December 2019, the Company partnered with Comstock Partners, LC (“Partners”), an entity that is controlled by our CEO, and wholly-owned by Mr. Clemente and certain family members, to acquire a Class-A office building immediately adjacent to Clarendon Station on Metro’s Orange Line in Arlington County’s premier transit-oriented office market, the Rosslyn-Ballston Corridor. Built in 2003, the 211,000 square foot mixed-use Leadership in Energy and Environmental Design (“LEED”) GOLD building is approximately 76% leased to multiple high-quality tenants. In February 2020, the Company arranged for DivcoWest to purchase a majority ownership stake in the Hartford Building and secured a $87 million loan facility from MetLife. As part of the transaction, the Company entered into asset management and property management agreements to manage the property. Fair value is determined using an income approach and sales comparable approach models. As of March 31, 2022, the Company’s ownership interest in the Hartford was 2.5%. See Note 13 for further information.

BLVD Forty Four

In October 2021, the Company entered into a joint venture with Partners to acquire BLVD Forty Four, a 15-story, luxury high-rise apartment building located one block from the Rockville Metro Station and in the heart of the I-270 Technology and Life Science Corridor in Montgomery County. Built in 2015, 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 will also receive investment related income and incentive fees 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. Fair value is determined using an income approach and sales comparable approach models. As of March 31, 2022, the Company’s ownership interest in BLVD Forty Four was 5%. See Note 13 for further information.

BLVD Ansel

In March 2022, the Company entered into a joint venture with Partners to acquire BLVD Ansel, an 18-story, luxury high-rise apartment building with 250 units located adjacent to BLVD Forty Four in Rockville, Maryland. In connection with the transaction, the Company received an acquisition fee and is entitled to receive investment related income and incentive fees in connection with its equity interest in the asset. The Company will also provide asset, residential, retail and parking property management services for the property in exchange for market rate fees. Fair value is determined using an income approach and sales comparable approach models. As of March 31, 2022, the Company’s ownership interest in BLVD Forty Ansel was 5%. See Note 13 for further information.

The following table below 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, 2021	$	4,702
Investments	2,656
Distributions	(18)
Change in fair value	150
Balance as of March 31, 2022	$	7,490

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 net income and distributions are recorded in gain (loss) on real estate ventures in the consolidated statements of operations and were $0.1 million and immaterial for the three months ended March 31, 2022 and 2021.

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

The Company has operating leases for office space leased in various buildings for its own use. The Company's leases have remaining 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 2019 Asset Management Agreement ("2019 AMA", see Note 13 for further information).

The following table summarizes operating lease costs, by type (in thousands):


	Three Months Ended March 31,
		2022		2021
Operating lease costs
Fixed lease costs		$	240	$	223
Variable lease costs		86		75
Total operating lease costs		$	326	$	298

The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):


	Three Months Ended March 31,
		2022		2021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating lease liabilities		$	160	$	139

As of March 31, 2022, the Company's operating leases had a weighted-average remaining lease term of 6.67 years and a weighted-average discount rate of 4.25%.

The following table summarizes future lease payments (in thousands):


Year Ending December 31,	Operating Leases
2022	$	723
2023	985
2024	1,008
2025	1,031
2026	1,054
Thereafter	4,091
Total future lease payments	8,892
Imputed interest	(1,481)
Total lease liabilities	$	7,411

The Company does not have any leases which have not yet commenced as of March 31, 2022.

Debt	3 Months Ended
Debt	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Credit Facility - Due to Affiliates On March 19, 2020, the Company entered into a Revolving Capital Line of Credit Agreement with CP Real Estate Services, LC (“CPRES”), formerly known as Comstock Development Services, LC, pursuant to which the Company secured a $10.0 million capital line of credit (the “Credit Facility”). Under the terms, the Credit Facility provides for an initial variable interest rate of the Wall Street Journal Prime Rate plus 1.00% per annum on advances made under the Credit Facility, payable monthly in arrears. The Credit Facility also allows for interim draws that carry a maturity date of 12 months from the initial date of the disbursement unless a longer initial term is agreed to by CPRES. On March 27, 2020, the Company borrowed $5.5 million under the Credit Facility and signed an unsecured promissory note to repay principal and interest borrowed by the April 30, 2023 maturity date. As of March 31, 2022 and December 31, 2021, the outstanding balance on the Credit Facility was $5.5 million. The effective interest rate as of March 31, 2022 and December 31, 2021 was 4.50% and 4.25%, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
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 5 for further information on the Company's operating lease commitments. 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. The Company expenses legal defense costs as they are incurred.

Fair Value Disclosures	3 Months Ended
Fair Value Disclosures	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures As of March 31, 2022, the carrying amount of cash and cash equivalents, accounts receivable, prepaid and other current assets, accounts payable and accrued liabilities approximated fair value because of the short-term nature of these instruments. As of March 31, 2022, based upon unobservable market rates (Level 3), the fair value of the Company’s floating rate debt was estimated to approximate carrying value. As of March 31, 2022, 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). For further information on these investments, see Note 4. 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

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 our Class B common stock are convertible into an equivalent number of shares of our Class A common stock and generally convert into shares of our Class A common stock upon transfer. As of March 31,2022, the Company had not declared any dividends.

Preferred Stock

The Company's certificate of incorporation authorizes the issuance of Series C non-convertible preferred stock with a par value of $0.01 per share and a stated value of $5.00 per share. The Series C Preferred Stock has a discretionary, non-cumulative, dividend feature and is redeemable for $5.00 per share. The Series C Preferred Stock is redeemable by holders in the event of liquidation or change in control of the Company.

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, 2022, there were 1.4 million shares of Class A common stock available for issuance under the 2019 Plan.

During the three months ended March 31, 2022 and 2021, the Company recorded stock-based compensation expense of $0.2 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, 2022, there was $1.4 million of total unrecognized stock-based compensation.

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 years 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, 2021	847	$	2.28
Granted	219	4.63


Released	(173)	2.72
Canceled/Forfeited	(125)	2.31
Balance as of March 31, 2022	768	$	2.95

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, 2021	397	$	2.89	5.7	$	998
Granted	—	—
Exercised	(30)	1.71
Canceled/Forfeited	(3)	2.24
Expired	(46)	4.48
Balance as of March 31, 2022	318	$	2.78	5.6	$	1,122
Exercisable as of March 31, 2022	298	$	2.78	4.7	$	1,054

Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

All of the Company's revenue for the three months ended March 31, 2022 and December 31, 2021 was generated in the United States. The following tables summarize the Company’s revenue by line of business, customer type, and contract type (in thousands):


	Three Months Ended March 31,
		2022		2021
Revenue by Line of Business
Asset management		$	5,997	$	4,893
Property management		2,131		1,630
Parking management		603		317
Total revenue		$	8,731	$	6,840


	Three Months Ended March 31,
		2022		2021
Revenue by Customer Type
Related party		$	8,640	$	6,825
Commercial		91		15
Total revenue		$	8,731	$	6,840


	Three Months Ended March 31,
		2022		2021
Revenue by Contract Type
Fixed-price		$	1,887	$	815
Cost-plus		4,770		4,290
Time and material		2,074		1,735
Total revenue		$	8,731	$	6,840

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim periods, we recognize an income tax provision (benefit) based on our estimated annual effective tax rate expected for the entire fiscal year. The interim annual estimated effective tax rate is based on the statutory tax rates then in effect, as adjusted for estimated changes in temporary and estimated permanent differences, and excludes certain discrete items whose tax effect, when material, is recognized in the interim period in which they occur. These changes in temporary differences, permanent differences, and discrete items result in variances to the effective tax rate from period to period. We also have elected to exclude the impacts from significant pre-tax, non-recognized subsequent events from our interim estimated annual effective rate until the period in which they occur. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Prior to 2021, the Company had recorded valuation allowances for certain tax attributes and deferred tax assets due the existence of sufficient uncertainty regarding the future realization of those deferred tax assets through future taxable income. In June 2021, based on its recent financial performance and current forecasts of future operating results, the Company determined that it was more likely than not that a portion of the deferred tax assets related to its net operating loss carryforwards would be utilized in future periods. For the three months ended March 31, 2022, the Company recognized a $0.5 million tax benefit stemming from the tax impact of a $0.7 million release of a deferred tax asset valuation allowance in the period. This recognized tax benefit was supported by the Company's recent trend of positive net income from continuing operations and expectation that current operations will continue to generate future taxable income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

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,
		2022		2021
Numerator:
Net income (loss) from continuing operations - Basic and Diluted		$	2,014	$	390
Net income (loss) from discontinued operations - Basic and Diluted		(267)		(143)

Denominator:
Weighted-average common shares outstanding - Basic		8,340		8,166
Effect of common share equivalents		634		831
Weighted-average common shares outstanding - Diluted		8,974		8,997

Net income (loss) per share:
Basic - Continuing operations		$	0.24	$	0.05
Basic - Discontinued operations		(0.03)		(0.02)
Basic net income (loss) per share		$	0.21	$	0.03

Diluted - Continuing operations		$	0.22	$	0.05
Diluted - Discontinued operations		(0.03)		(0.02)
Diluted net income (loss) per share		$	0.19	$	0.03

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,
	2022	2021
Restricted stock units		—	—
Stock options		27	46
Warrants		76	149

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Lease for Corporate Headquarters On November 1, 2020, the Company relocated its corporate headquarters to a new office space pursuant to a ten-year lease agreement with an affiliate controlled and owned by our Chief Executive Officer and family, as landlord. 2019 Asset Management Agreement On April 30, 2019, CHCI Asset Management, LC ("CAM") entered into the 2019 Asset Management Agreement ("2019 AMA") with CP Real Estate Services, LC (“CPRES”), formerly Comstock Development Services, LC, which amended and restated in its entirety the prior asset management agreement between the parties with an effective date as of January 1, 2018. Pursuant to the 2019 AMA, CPRES engages CAM to manage and administer the Anchor Portfolio and the day to-day operations of CPRES and each property-owning subsidiary of CPRES (collectively, the “CPRES Entities”). Pursuant to the 2019 AMA, the Company provides asset management services related to the build out, lease-up and stabilization, and management of the Anchor Portfolio. CPRES pays the Company and its subsidiaries annual fees equal to the greater of either (i) an aggregate amount equal to the sum of (a) an asset management fee equal to 2.5% of revenues generated by properties included in the Anchor Portfolio; (b) a construction management fee equal to 4% of all costs associated with Anchor Portfolio projects in development; (c) a property management fee equal to 1% of the Anchor Portfolio revenues, (d) an acquisition fee equal to up to 0.5% of the purchase price of acquired assets; and (f) a disposition fee equal to 0.5% of the sales price of an asset on disposition; or (ii) an aggregate amount equal to the sum of (x) the employment expenses of personnel dedicated to providing services to the Anchor Portfolio pursuant to the 2019 AMA, (y) the costs and expenses of the Company related to maintaining the public listing of its shares and complying with related regulatory and reporting obligations, and (z) a fixed annual payment of $1.0 million. In addition to the annual payment of the greater of either the Market Rate Fee or the Cost Plus Fee, the Company also is entitled on an annual basis to the following additional fees: (i) an incentive fee equal to 10% of the free cash flow of each of the real estate assets comprising the Anchor Portfolio after calculating a compounding preferred return of 8% on CPRES invested capital (ii) an investment origination fee equal to 1% of raised capital, (iii) a leasing fee equal to $1.00/sf for new leases and $0.50/sf for renewals; and (iv) mutually agreeable loan origination fees related to the Anchor Portfolio. The 2019 AMA is currently scheduled to terminate on December 31, 2027 (“Initial Term”) and will automatically renew for successive additional one-year terms (each an “Extension Term”) unless CPRES delivers written notice of non-renewal at least 180 days prior to the termination date. Twenty-four months after the effective date of the 2019 AMA, CPRES is entitled to terminate the 2019 AMA without cause provided 180 days advance written notice is delivered 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 2019 AMA, CPRES is required to pay a termination fee equal to (i) the Market Rate Fee or the Cost Plus Fee paid to CAM for the calendar year immediately preceding the termination , and (ii) a one-time payment of the Incentive Fee as if the CRE Portfolio were liquidated for fair market value as of the termination date; or the continued payment of the Incentive Fee as if a termination had not occurred. Residential, Commercial, and Parking Property Management Agreements The Company entered into separate residential property management agreements with properties owned by CPRES 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 CPRES 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 CPRES Entities under which the Company receives fees to provide certain construction management and supervision services, including construction supervision and management of the buildout of certain tenant premises. The Company receives a flat construction management fee for each engagement under a work authorization based upon the construction management or supervision fee set forth in the applicable tenant’s lease, which fee is generally 1% to 4% of the total costs (or total hard costs) of construction of the tenant’s improvements in its premises, or as otherwise agreed to by the parties. Lease Procurement Agreements The Company has lease procurement agreements with properties owned by CPRES Entities under which the Company receives certain leasing fees in connection with the procurement of new leases for such properties where external brokers are not involved. Such leasing fees are supplemental to the fees generated from the AMA and above-referenced management agreements. Business Management Agreements On April 30, 2019, CAM entered into a Business Management Agreement with Investors X, whereby CAM provides Investors X with asset and professional services related to the wind down of the Company’s divested homebuilding operations and the continuation of services related to the Company’s divested land development activities. The aggregate fee payable to CAM from Investors X under the Business Management Agreement is $0.94 million payable in 15 quarterly installments of $0.06 million each. On July 1, 2019, CAM entered into a Business Management Agreement (the “BC Management Agreement”) with CPRES, whereby CAM provides CPRES with professional management and consultation services, including, without limitation, consultation on land development and real estate transactions, for a residential community located in Monteverde, Florida. The initial term of the BC Management Agreement expired on December 31, 2020, subject to automatic, successive one (1) year extensions, unless sooner terminated in accordance with the terms of the BC Management Agreement. The current term of the BC Management Agreement expires on December 31, 2022. The BC Management Agreement provides that CPRES will pay CAM an annual management fee equal to $0.34 million, payable in equal monthly installments during the term commencing on July 1, 2019, and will reimburse CAM for certain expenses. 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 County, Virginia. In conjunction with the investment, the Company entered into an operating agreement with Partners 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 Partners. In February 2020, the Company, Partners 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 Partners’ assignment of 100% of its membership interests in the Hartford to DWC. As a result thereof, DWC is the sole member of the Hartford Owner. The Company and Partners, respectively, hold minority membership interests in, and DWF holds the majority membership interest in, DWC. See Note 4 for further information. BLVD Forty Four/BLVD Ansel In October 2021 and March 2022, the Company entered into joint ventures with Partners 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 Montgomery County, Md. 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, the Company concluded that it does not have a controlling financial interest in either property. See Note 4 for further information. ParkX Monitoring Center LeaseOn January 1, 2022, ParkX Management, LC, a subsidiary of the Company, entered into a five-year lease agreement for its parking operations monitoring center with an affiliate controlled and owned by our Chief Executive Officer and family, as landlord.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
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 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 2021 Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) filed with the SEC on March 31, 2022. The consolidated balance sheet as of December 31, 2021 was derived from the audited financial statements contained in the 2021 Annual Report. The Company has reflected CES as a discontinued operation in its consolidated statements of operations for all periods presented. Unless otherwise noted, all amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company's continuing operations. For additional information, see Note 3.
Use of Estimates	Use of EstimatesThe 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 and the valuation of deferred tax assets. Assumptions made in the development of these estimates contemplate 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 None. Recent Accounting Pronouncements - Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments.” This guidance is intended to introduce a revised approach to the recognition and measurement of credit losses, emphasizing an updated model based on current expected credit losses ("CECL") rather than incurred losses. The standard will become effective for the Company for financial statement periods beginning after December 15, 2022, and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its financial statements and related disclosures.

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations in Financial Statements


	Three Months Ended March 31,
		2022		2021
Revenue		$	1,460	$	1,477
Cost of revenue		(1,173)		(1,087)
Selling, general, and administrative		(714)		(504)
Depreciation and amortization		—		(29)
Other income (expense)		150		—

Pre-tax income (loss) from continuing operations		(277)		(143)
Provision for (benefit from) income tax		(10)		—
Net income (loss) from discontinued operations		$	(267)	$	(143)




Carrying amounts of major classes of assets held for sale:
Accounts receivable	$	2,075

Prepaid expenses and other current assets	129
Total current assets	2,204
Fixed assets, net	106

Intangible assets, net	3
Total assets	$	2,313

Carrying amounts of major classes of liabilities held for sale:
Accrued personnel costs	$	153
Accounts payable and accrued liabilities	1,015
Loans payable	26
Total liabilities	$	1,194

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Investments in Real Estate Ventures (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments, Group of Investment Consolidated Balance Sheet at Fair Value

The Company's material unconsolidated investments in real estate ventures are recorded on the consolidated balance sheets at fair value. The following table summarizes the fair value of these investments (in thousands):


	March 31,		December 31,
Description	2022		2021
Investors X	$	1,430	$	1,484
The Hartford	1,199		1,211
BLVD Forty Four	2,252		2,007
BLVD Ansel	2,609		—
Total	$	7,490	$	4,702

Schedule of Investments in Real Estate Ventures

The following table below 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, 2021	$	4,702
Investments	2,656
Distributions	(18)
Change in fair value	150
Balance as of March 31, 2022	$	7,490

Leases (Tables)

3 Months Ended

Mar. 31, 2022

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,
		2022		2021
Operating lease costs
Fixed lease costs		$	240	$	223
Variable lease costs		86		75
Total operating lease costs		$	326	$	298

The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):


	Three Months Ended March 31,
		2022		2021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating lease liabilities		$	160	$	139

Schedule of Maturities of Lease Liabilities

The following table summarizes future lease payments (in thousands):


Year Ending December 31,	Operating Leases
2022	$	723
2023	985
2024	1,008
2025	1,031
2026	1,054
Thereafter	4,091
Total future lease payments	8,892
Imputed interest	(1,481)
Total lease liabilities	$	7,411

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

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, 2021	847	$	2.28
Granted	219	4.63


Released	(173)	2.72
Canceled/Forfeited	(125)	2.31
Balance as of March 31, 2022	768	$	2.95

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, 2021	397	$	2.89	5.7	$	998
Granted	—	—
Exercised	(30)	1.71
Canceled/Forfeited	(3)	2.24
Expired	(46)	4.48
Balance as of March 31, 2022	318	$	2.78	5.6	$	1,122
Exercisable as of March 31, 2022	298	$	2.78	4.7	$	1,054

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

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 type (in thousands):


	Three Months Ended March 31,
		2022		2021
Revenue by Line of Business
Asset management		$	5,997	$	4,893
Property management		2,131		1,630
Parking management		603		317
Total revenue		$	8,731	$	6,840


	Three Months Ended March 31,
		2022		2021
Revenue by Customer Type
Related party		$	8,640	$	6,825
Commercial		91		15
Total revenue		$	8,731	$	6,840


	Three Months Ended March 31,
		2022		2021
Revenue by Contract Type
Fixed-price		$	1,887	$	815
Cost-plus		4,770		4,290
Time and material		2,074		1,735
Total revenue		$	8,731	$	6,840

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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,
		2022		2021
Numerator:
Net income (loss) from continuing operations - Basic and Diluted		$	2,014	$	390
Net income (loss) from discontinued operations - Basic and Diluted		(267)		(143)

Denominator:
Weighted-average common shares outstanding - Basic		8,340		8,166
Effect of common share equivalents		634		831
Weighted-average common shares outstanding - Diluted		8,974		8,997

Net income (loss) per share:
Basic - Continuing operations		$	0.24	$	0.05
Basic - Discontinued operations		(0.03)		(0.02)
Basic net income (loss) per share		$	0.21	$	0.03

Diluted - Continuing operations		$	0.22	$	0.05
Diluted - Discontinued operations		(0.03)		(0.02)
Diluted net income (loss) per share		$	0.19	$	0.03

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,
	2022	2021
Restricted stock units		—	—
Stock options		27	46
Warrants		76	149

Company Overview (Details) - USD ($) $ in Thousands	3 Months Ended
Company Overview (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of CES	$ 1,016	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| CES
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration	1,400
Proceeds from sale of CES	1,000
Escrow deposit from divestiture of business	$ 400

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of CES	$ 1,016	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| CES
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration	1,400
Proceeds from sale of CES	1,000
Escrow deposit from divestiture of business	400
Discontinued operation, gain on disposal of discontinued operation, net of tax	200
Transaction costs	$ 400

Discontinued Operations - Summary of Operating Results of Discontinued Operations Reflected on Consolidated Statement of Operations (Details) - Discontinued Operations, Held-for-sale - CES - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 1,460	$ 1,477
Cost of revenue	(1,173)	(1,087)
Selling, general, and administrative	(714)	(504)
Depreciation and amortization	0	(29)
Other income (expense)	150	0
Pre-tax income (loss) from continuing operations	(277)	(143)
Provision for (benefit from) income tax	(10)	0
Net income (loss) from discontinued operations	$ (267)	$ (143)

Discontinued Operations - Summary of Assets and Liabilities from Discontinued Operations (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable	$ 802	$ 46
Prepaid expenses and other current assets	415	197
Total current assets	15,282	20,076
Total assets	42,297	43,602
Accounts payable and accrued liabilities	1,104	783
Total liabilities	$ 15,409	18,306
Discontinued Operations, Held-for-sale \| CES
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable		2,075
Prepaid expenses and other current assets		129
Total current assets		2,204
Fixed assets, net		106
Intangible assets, net		3
Total assets		2,313
Accrued personnel costs		153
Accounts payable and accrued liabilities		1,015
Loans payable		26
Total liabilities		$ 1,194

Investments in Real Estate Ventures - Schedule of Equity Method Investments, Group of Investment Consolidated Balance Sheet at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments in real estate ventures	$ 7,490	$ 4,702
Investors X
Schedule of Equity Method Investments [Line Items]
Investments in real estate ventures	1,430	1,484
The Hartford
Schedule of Equity Method Investments [Line Items]
Investments in real estate ventures	1,199	1,211
BLVD Forty Four
Schedule of Equity Method Investments [Line Items]
Investments in real estate ventures	2,252	2,007
BLVD Ansel
Schedule of Equity Method Investments [Line Items]
Investments in real estate ventures	$ 2,609	$ 0

Investments in Real Estate Ventures - Narrative (Detail) ft² in Thousands, $ in Millions	1 Months Ended		3 Months Ended
	Oct. 31, 2021 ft² unit	Dec. 31, 2019 ft²	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Feb. 29, 2020 USD ($)	Apr. 30, 2019
Schedule of Equity Method Investments [Line Items]
Proceed from sale of investment, percentage of profit						50.00%
Proportionate share of net income and distributions, amount \| $			$ (0.1)	$ 0.0
Hartford Investment \| Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			2.50%
BLVD Forty Four \| Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			5.00%
BLVD Ansel \| Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			5.00%
The Hartford
Schedule of Equity Method Investments [Line Items]
Number of square foot \| ft²		211
Percentage of lease to tenants		76.00%
Maximum borrowing capacity \| $					$ 87.0
BLVD Forty Four
Schedule of Equity Method Investments [Line Items]
Number of square foot \| ft²	16
Number of units in property \| unit	263

Investments in Unconsolidated Entities - Schedule of Investments in Real Estate Ventures (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity Method Investment and Joint Venture, Fair Value Change [Roll Forward]
Fair value investments, beginning balance	$ 4,702
Change in fair value	(252)	$ (6)
Fair value investments, ending balance	7,490
Fair Value, Inputs, Level 3
Equity Method Investment and Joint Venture, Fair Value Change [Roll Forward]
Fair value investments, beginning balance	4,702
Investments	2,656
Distributions	(18)
Change in fair value	150
Fair value investments, ending balance	$ 7,490

Leases - Narrative (Detail)	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	6 years 8 months 1 day
Operating lease, weighted average discount rate, percent	4.25%
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

Leases - Schedule of Lease Cost and Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease, Cost [Abstract]
Fixed lease costs	$ 240	$ 223
Variable lease costs	86	75
Lease, Cost, Total	$ 326	$ 298

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating lease liabilities	$ 160	$ 139

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
2022	$ 723
2023	985
2024	1,008
2025	1,031
2026	1,054
Thereafter	4,091
Total future lease payments	8,892
Imputed interest	(1,481)
Total lease liabilities	$ 7,411

Debt - Narrative (Details) - Credit Facility - USD ($) $ in Millions	Mar. 19, 2020	Mar. 31, 2022	Dec. 31, 2021	Mar. 27, 2020
WSJ Prime Rate
Line of Credit Facility [Line Items]
Debt instrument spread variable rate	1.00%
Secured Financing \| CDS
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10.0
Debt instrument maturity date from initial date	12 months
Capital line of credit drawn		$ 5.5	$ 5.5	$ 5.5
Secured Financing \| CDS \| Minimum
Line of Credit Facility [Line Items]
Effective interest rate		4.50%
Secured Financing \| CDS \| Maximum
Line of Credit Facility [Line Items]
Effective interest rate			4.25%

Stockholders' Equity - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) vote installment $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 $ / shares shares	Feb. 12, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation cost \| $	$ 200	$ 200
Unrecognized compensation cost related to nonvested stock issuances \| $	$ 1,400
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual installments \| installment	4
Vesting period	4 years
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 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
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	8,232		8,102
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	1,400
Series C Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01		$ 0.01
Preferred stock, redemption price (in dollars per share) \| $ / shares	$ 5.00

Stockholders' Equity - Summary Information about Stock Option Activity (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted shares, beginning balance (in shares) \| shares	847
Restricted shares, granted (in shares) \| shares	219
Restricted shares, released (in shares) \| shares	(173)
Restricted shares, canceled/forfeited (in shares) \| shares	(125)
Restricted shares, ending balance (in shares) \| shares	768
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 2.28
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	4.63
Weighted average grant date fair value, released (in dollars per share) \| $ / shares	2.72
Weighted average grant date fair value, canceled/forfeited (in dollars per share) \| $ / shares	2.31
Weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 2.95

Stockholders' Equity - Summary of Company's Restricted Share Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	397
Granted (in shares)	0
Exercised (in shares)	(30)
Canceled/forfeited (in shares)	(3)
Expired (in shares)	(46)
Ending balance (in shares)	318	397
Exercisable (in shares)	298
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, beginning balance (in dollars per share)	$ 2.89
Weighted average exercise price, granted (in dollars per share)	0
Weighted average exercise price, exercised (in dollars per share)	1.71
Weighted average exercise price, canceled/forfeited (in dollars per share)	2.24
Weighted average exercise price, expired (in dollars per share)	4.48
Weighted average exercise price, ending balance (in dollars per share)	2.78	$ 2.89
Weighted average exercise price, exercisable (in dollars per share)	$ 2.78
Weighted-average remaining contractual term, outstanding	5 years 7 months 6 days	5 years 8 months 12 days
Weighted-average remaining contractual term, exercisable	4 years 8 months 12 days
Aggregate intrinsic value outstanding	$ 1,122	$ 998
Aggregate intrinsic value exercisable	$ 1,054

Revenue - Summary of Revenues from Contracts with Customers Disaggregated by Categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 8,731	$ 6,840
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,887	815
Cost-plus
Disaggregation of Revenue [Line Items]
Revenue	4,770	4,290
Time and material
Disaggregation of Revenue [Line Items]
Revenue	2,074	1,735
Related party
Disaggregation of Revenue [Line Items]
Revenue	8,640	6,825
Commercial
Disaggregation of Revenue [Line Items]
Revenue	91	15
Asset management
Disaggregation of Revenue [Line Items]
Revenue	5,997	4,893
Property management
Disaggregation of Revenue [Line Items]
Revenue	2,131	1,630
Parking management
Disaggregation of Revenue [Line Items]
Revenue	$ 603	$ 317

Income Taxes (Detail) $ in Millions	3 Months Ended
Income Taxes (Detail) $ in Millions	Mar. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Deferred income tax benefit	$ 0.5
Release of valuation allowance	$ 0.7

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, 2022	Mar. 31, 2021
Numerator:
Net income (loss) from continuing operations - Basic and Diluted	$ 2,014	$ 390
Net income (loss) from discontinued operations - Basic and Diluted	$ (267)	$ (143)
Denominator:
Basic weighted average shares outstanding (in shares)	8,340	8,166
Effect of common share equivalents (in shares)	634	831
Diluted weighted average shares outstanding (in shares)	8,974	8,997
Net income (loss) per share:
Basic - continuing operations (in dollars per share)	$ 0.24	$ 0.05
Basic - discontinued operations (in dollars per share)	(0.03)	(0.02)
Basic net income per share (in dollars per share)	0.21	0.03
Diluted - continuing operations (in dollars per share)	0.22	0.05
Diluted - discontinued operations (in dollars per share)	(0.03)	(0.02)
Diluted net income per share (in dollars per share)	$ 0.19	$ 0.03

Net Income (Loss) Per Share - Summary of Shares Equivalents Excluded from Continued Operations Dilutive Share Computation (Detail) - Continued Operations - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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)	27	46
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted share computation (in shares)	76	149

Related Party Transactions - Narrative (Detail) $ in Thousands		3 Months Ended
	Apr. 30, 2019 USD ($) installment $ / ft²	Mar. 31, 2022	Jan. 01, 2022	Nov. 01, 2020	Feb. 07, 2020	Jul. 01, 2019 USD ($)
Business Management Agreement
Related Party Transaction [Line Items]
Related party transaction, expiration period						1 year
Management fee payable						$ 340
Affiliated Entity
Related Party Transaction [Line Items]
Operating lease, term of contract				10 years
Affiliated Entity \| DWC Operating Agreement
Related Party Transaction [Line Items]
Percentage of membership interest owned by company and partners					100.00%
CDS \| 2019 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Fixed annual payment	$ 1,000
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
CDS \| Asset Management Fee \| 2019 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Percentage of CRE portfolio revenues	2.50%
CDS \| Construction Management Fee \| 2019 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Percentage of all costs associated with portfolio projects in development	4.00%
CDS \| Property Management Fee \| 2019 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Percentage of CRE portfolio revenues	1.00%
CDS \| Acquisition Fee \| 2019 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Maximum percentage of purchase price of an acquired asset	0.50%
CDS \| Disposition Fee \| 2019 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Percentage sales price of an asset on disposition	0.50%
CDS \| Residential Property Management Agreements
Related Party Transaction [Line Items]
Property management agreements initial term		1 year
Property management agreements renewal term		1 year
CDS \| Construction Management Agreement \| Minimum
Related Party Transaction [Line Items]
Percentage of construction management fee		1.00%
CDS \| Construction Management Agreement \| Maximum
Related Party Transaction [Line Items]
Percentage of construction management fee		4.00%
Comstock Asset Management, L.C. \| 2019 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Cumulative, compounded, preferred return rate	8.00%
Lease fee for new leases (in dollars per square foot) \| $ / ft²	1.00
Lease fee for renewal leases (in dollars per square foot) \| $ / ft²	0.50
Comstock Asset Management, L.C. \| Incentive Fee \| 2019 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Percentage of free cash flow from real estate assets	10.00%
Comstock Asset Management, L.C. \| Investment Origination Fee \| 2019 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Percentage of raised capital	1.00%
Comstock Investors X \| Business Management Agreement
Related Party Transaction [Line Items]
Aggregate fee payable	$ 940
Number of installments of fee payment \| installment	15
Fee payable in installments	$ 60
ParkX Management, LC
Related Party Transaction [Line Items]
Operating lease, term of contract			5 years