0001299969-24-000018 | 10-Q | XBRL Viewer | Comstock Holding Companies INC

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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, 2024	Mar. 31, 2023
Numerator:
Net income (loss) - Basic and Diluted	$ 910	$ 754
Denominator:
Basic - weighted-average common stock shares outstanding (in shares)	9,794	9,583
Effect of common share equivalents (in shares)	375	486
Diluted - weighted-average common shares outstanding (in shares)	10,169	10,069
Net income (loss) per share:
Basic - net income (loss) per share (in dollars per share)	$ 0.09	$ 0.08
Diluted - net income (loss) per share (in dollars per share)	$ 0.09	$ 0.07

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

Leases - Schedule of Lease Cost and Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease, Cost [Abstract]
Fixed lease costs	$ 297	$ 297
Variable lease costs	106	109
Total operating lease costs	$ 403	$ 406

Investments in Real Estate Ventures - Schedule of Investments in Real Estate Ventures (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Method Investment and Joint Venture, Fair Value Change [Roll Forward]
Fair value investments, beginning balance	$ 7,077
Change in fair value	193	$ 411
Fair value investments, ending balance	6,328
Fair Value, Inputs, Level 3
Equity Method Investment and Joint Venture, Fair Value Change [Roll Forward]
Fair value investments, beginning balance	5,513
Investments	20
Distributions	(586)
Change in fair value	(185)
Fair value investments, ending balance	$ 4,762

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the requirements of the U.S. Securities and Exchange Commission (the “SEC”). As permitted, certain information and footnote disclosures have been condensed or omitted. Intercompany balances and transactions have been eliminated and certain prior period amounts have been reclassified to conform to current period presentation. In management’s opinion, the consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position and operating results. The results of operations presented in these interim condensed consolidated financial statements are unaudited and are not necessarily indicative of the results to be expected for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s fiscal year 2023 Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”) filed with the SEC on March 21, 2024. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements contained in the 2023 Annual Report. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant items subject to such estimates include, but are not limited to, the valuation of equity method investments, incentive fee revenue recognition, and the valuation of deferred tax assets. Assumptions made in the development of these estimates contemplate both the macroeconomic landscape and the Company's anticipated results, however actual results may differ materially from these estimates. Recent Accounting Pronouncements - Adopted In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842) – Common Control Arrangements.” This guidance amends certain provisions of ASC 842, specifically those that apply to leasing arrangements between related parties under common control. The standard is effective for fiscal years beginning after December 15, 2023, and early adoption was permitted. The Company adopted the standard effective January 1, 2024 and determined that adoption of the standard had no material impact on its consolidated financial statements and related disclosures. Recent Accounting Pronouncements - Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements – Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This guidance affects a wide variety of topics in the Codification. The effective date for each amendment will be the date on which the removal of the respective related disclosures from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited. The Company does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improving Reportable Segment Disclosures.” This guidance is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The standard requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The standard also requires all annual disclosures currently required by ASC Topic 280 to be included in interim periods. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance is a final standard on improvements to income tax disclosures and requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and should be applied prospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Related Party Transactions - Narrative (Detail) $ in Millions					3 Months Ended
	Nov. 01, 2022 ft²	Jun. 13, 2022 USD ($)	Jul. 01, 2019 USD ($)	Apr. 30, 2019 USD ($) installment	Mar. 31, 2024 USD ($)	Dec. 31, 2023	Jan. 01, 2022	Nov. 01, 2020	Feb. 07, 2020
Comstock 41
Related Party Transaction [Line Items]
Business combination, acquisition related costs					$ 0.1
Entitlement success fee, earned, economic value percentage						0.25
Business Management Agreement
Related Party Transaction [Line Items]
Business management agreements renewal term			1 year
Management fee payable			$ 0.4
Related party
Related Party Transaction [Line Items]
Operating lease, term of contract							5 years	10 years
Related party \| DWC Operating Agreement
Related Party Transaction [Line Items]
Percentage of membership interest owned by company and partners									100.00%
Related party \| Residential Property Management Agreements
Related Party Transaction [Line Items]
Property management agreements initial term					1 year
Property management agreements renewal term					1 year
Related party \| Lease Procurement Agreement \| Minimum
Related Party Transaction [Line Items]
Future lease payment percentage of leasing fee					1.00%
Related party \| Lease Procurement Agreement \| Maximum
Related Party Transaction [Line Items]
Future lease payment percentage of leasing fee					2.00%
Related party \| Lease Expansion Agreement
Related Party Transaction [Line Items]
Number of square foot \| ft²	3,778
Related party \| 2022 Amended Asset Management Agreement
Related Party Transaction [Line Items]
Fixed annual payment		$ 1.0
Agreement additional extension term (in years)		1 year
Agreement notice period required for non-renewal		180 days
Agreement notice period after effective date for termination		24 months
Agreement cost-plus and market rate fee, multiply, termination fee payment		200.00%
Related party \| Business Management Agreement
Related Party Transaction [Line Items]
Aggregate fee payable				$ 0.9
Number of installments of fee payment \| installment				15
Fee payable in installments				$ 0.1

Investments in Real Estate Ventures

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Real Estate Ventures

The following table summarizes the Company's investments in real estate ventures that are recorded on the consolidated balance sheets (in thousands):



		March 31,		December 31,
Investment	Ownership %	2024		2023		Accounting Method
Investors X	50.0%	$	402	$	976	Fair Value
The Hartford	2.5%	599		610		Fair Value
BLVD Forty Four	5.0%	1,798		1,837		Fair Value
BLVD Ansel	5.0%	1,963		2,090		Fair Value
Total investments recorded at fair value		4,762		5,513
Comstock 41	100.0%	1,566		1,564		Consolidated
Total investments in real estate ventures		$	6,328	$	7,077

The Company’s maximum loss exposure on each of its investments in real estate ventures is equal to the carrying amount of the investment. Additional details on each investment are as follows:

Investors X

In April 2019, the Company entered into a master transfer agreement with CP Real Estate Services, LC (“CPRES”), an entity owned by Comstock’s Chief Executive Officer Christopher Clemente, that entitled the Company to priority distribution of residual cash flow from its Class B membership interest in Comstock Investors X, L.C. ("Investors X"), an unconsolidated variable interest entity that owns the Company's residual homebuilding operations. As of March 31, 2024, all residential lots have been sold. The proceeds from the sales will be released as 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, for which it recognized $0.3 million of revenue for the three months ended March 31, 2024. Fair value of the property is determined on a quarterly basis using an income approach and sales comparable approach model. As of March 31, 2024, the Company’s ownership interest in the Hartford was 2.5%. (See Note 12 for additional information).

BLVD Forty Four

In October 2021, the Company entered into a joint venture with CP to acquire a stabilized 15-story, luxury high-rise apartment building in Rockville, Maryland that was rebranded as BLVD Forty Four. Built in 2015 and located one block from the Rockville Station on Metro's Red Line in the heart of the I-270 Technology and Life Science Corridor, the 263-unit mixed use property includes approximately 16,000 square feet of retail and a commercial parking garage. In connection with the transaction, the Company received an acquisition fee and is entitled to receive investment related income and promote distributions in connection with its equity interest in the asset. The Company also provides asset, residential, retail and parking property management services for the property in exchange for market-rate fees, for which it recognized $0.3 million of revenue for the three months ended March 31, 2024. Fair value of the property is determined on a quarterly basis using an income approach and sales comparable approach model. As of March 31, 2024, the Company’s ownership interest in BLVD Forty Four was 5.0%. (See Note 12 for additional information).

BLVD Ansel

In March 2022, the Company entered into a joint venture with CP to acquire BLVD Ansel, a newly completed 18-story, luxury high-rise apartment building with 250 units located adjacent to the Rockville Metro Station and BLVD Forty Four in Rockville, Maryland. BLVD Ansel features approximately 20,000 square feet of retail space, 611 parking spaces, and expansive amenities including multiple private workspaces designed to meet the needs of remote-working residents. In connection with the transaction, the Company received an acquisition fee and is entitled to receive investment related income and promote distributions in connection with its equity interest in the asset. The Company also provides asset, residential, retail and parking property management services for the property in exchange for market-rate fees, for which it recognized $0.3 million of revenue for the three months ended March 31, 2024. Fair value is determined on a quarterly basis using an income approach and sales comparable approach model. As of March 31, 2024, the Company’s ownership interest in BLVD Ansel was 5.0%. (See Note 12 for additional 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, 2023	$	5,513
Investments	20
Distributions	(586)
Change in fair value	(185)
Balance as of March 31, 2024	$	4,762

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).

Other Investments

In addition, the Company has a joint venture with Superior Title Services, Inc. ("STS") to provide title insurance to its clients. The Company records this co-investment using the equity method of accounting and adjusts the carrying value of the investment for its proportionate share of net income and distributions. The carrying value of the STS investment is recorded in "other assets" on the Company's consolidated statement of balance sheets. The Company's proportionate share of STS net income and distributions are recorded in gain (loss) on real estate ventures in the consolidated statements of operations and was immaterial for the three months ended March 31, 2024 and 2023

Company Overview (Details)	Mar. 31, 2024 subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of subsidiaries	4

Fair Value Disclosures	3 Months Ended
Fair Value Disclosures	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures As of March 31, 2024, the carrying amount of cash and cash equivalents, accounts receivable, other current assets, and accounts payable approximated fair value because of the short-term nature of these instruments. As of March 31, 2024, deferred compensation plan assets, which are Company-funded investments that are meant to correlate with participant-directed hypothetical investments in stock and bond mutual funds, are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held (Level 1). Corresponding deferred compensation plan liabilities reflect the fair value of the aforementioned hypothetical investments and are based on inputs derived principally from observable market data (Level 2) through their direct correlation with the deferred compensation plan assets. As of March 31, 2024, the Company had certain equity method investments in real estate ventures that it elected to record at fair value using significant unobservable inputs (Level 3). (See Note 3 for additional information). The Company may also value its non-financial assets and liabilities, including items such as long-lived assets, at fair value on a non-recurring basis if it is determined that impairment has occurred. Such fair value measurements typically use significant unobservable inputs (Level 3), unless a quoted market price (Level 1) or quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, or amounts derived from valuation models (Level 2) are available.

- 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

Related Party Transactions - Schedule of Supplemental Fees (Details) - 2022 Amended Asset Management Agreement - Related party	Jun. 13, 2022 $ / ft²
Incentive Fee
Related Party Transaction [Line Items]
Percentage of market-to-market profit basis	20.00%
Cumulative, compounded, preferred return rate	8.00%
Percentage of cost-plus fee market-to-market profit basis	10.00%
Investment Origination Fee
Related Party Transaction [Line Items]
Percentage of raised capital	1.00%
Leasing Fee
Related Party Transaction [Line Items]
Lease fee for new leases (in dollars per square foot)	1
Lease fee for renewal leases (in dollars per square foot)	0.50
Loan Origination Fee
Related Party Transaction [Line Items]
Percentage of financing transaction	1.00%

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for lease liabilities:
Operating cash flows from operating leases	$ 398	$ 389

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

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 upon transfer. As of March 31, 2024, the Company had not declared any dividends.

Stock-based Compensation

On February 12, 2019, the Company approved the 2019 Omnibus Incentive Plan (the “2019 Plan”), which replaced the 2004 Long-Term Compensation Plan (the “2004 Plan”). The 2019 Plan provides for the issuance of stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units, dividend equivalents, performance awards, and stock or other stock-based awards. The 2019 Plan mandates that all lapsed, forfeited, expired, terminated, cancelled and withheld shares, including those from the predecessor plan, be returned to the 2019 Plan and made available for issuance. The 2019 Plan originally authorized 2.5 million shares of the Company's Class A common stock for issuance. As of March 31, 2024, there were 1.3 million shares of Class A common stock available for issuance under the 2019 Plan.

During the three months ended March 31, 2024, and 2023, 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, 2024, there was $1.6 million of total unrecognized stock-based compensation, which is expected to be recognized over a weighted-average period of 2.1 years.

Restricted Stock Units

Restricted stock unit (“RSU”) awards granted to employees are subject to continued employment and generally vest in four annual installments over the four-year period following the grant dates. The Company also grants certain RSU awards to management that contain additional vesting conditions tied directly to a defined performance metric for the Company (“PSUs”). The actual number of PSUs that will vest can range from 60% to 120% of the original grant target amount, depending upon actual Company performance below or above the established performance metric targets. The Company estimates performance in relation to the defined targets when calculating the related stock-based compensation expense.

The following table summarizes all restricted stock unit activity (in thousands, except per share data):


		RSUs Outstanding	Weighted-Average Grant Date Fair Value
	Balance as of December 31, 2023	671	$	3.42
	Granted	234	4.72
	Performance awards (1)	3	3.18
	Released	(252)	3.11
	Canceled/Forfeited	(25)	4.40
	Balance as of March 31, 2024	631	$	3.99
	Vested and expected to vest after March 31, 2024	632	3.99


(1)	Represents additional restricted stock units that vested and were released as a result of the satisfaction of a performance vesting condition.

The total intrinsic value of RSUs that vested during the three months ended March 31, 2024 and 2023 was $1.2 million and $0.9 million, respectively.

Stock Options

Non-qualified stock options generally expire 10 years after the grant date and, except under certain conditions, the options are subject to continued employment and vest in four annual installments over the four-year period following the grant dates.

The following table summarizes all stock option activity (in thousands, except per share data and time periods):


	Options Outstanding	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance as of December 31, 2023	116	$	3.07	3.9	$	192
Granted	—	—
Exercised	—	—
Canceled/Forfeited	—	—
Expired	—	—
Balance as of March 31, 2024	116	$	3.07	3.6	$	261
Exercisable as of March 31, 2024	116	$	3.07	3.6	$	261

There were no stock option exercises during the three months ended March 31, 2024 and 2023.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net income (loss)	$ 910	$ 754
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	68	67
Stock-based compensation	246	238
(Gain) loss on real estate ventures	193	411
Deferred income taxes	210	156
Accrued interest income	(48)	0
(Gain) loss on deferred compensation plan	(1)	0
Changes in operating assets and liabilities:
Accounts receivable	(4)	(273)
Prepaid expenses and other current assets	(208)	(192)
Accrued personnel costs	(3,903)	(3,965)
Accounts payable and accrued liabilities	61	225
Deferred compensation plan liabilities	229	0
Other assets and liabilities	6	13
Net cash provided by (used in) operating activities	(2,241)	(2,566)
Investing Activities
Investments in real estate ventures	(23)	(33)
Distributions from real estate ventures	586	334
Purchase of deferred compensation plan securities	(253)	0
Purchase of fixed assets/leasehold improvements/intangibles	(191)	(104)
Net cash provided by (used in) investing activities	119	197
Financing Activities
Payment of taxes related to the net share settlement of equity awards	(444)	(294)
Net cash provided by (used in) financing activities	(444)	(294)
Net increase (decrease) in cash and cash equivalents	(2,566)	(2,663)
Cash and cash equivalents, beginning of period	18,788	11,722
Cash and cash equivalents, end of period	16,222	9,059
Supplemental Cash Flow Information
Interest	(93)	0
Income taxes	$ 0	$ 0

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

All of the Company's revenue for the three months ended March 31, 2024 and 2023 was generated in the United States.

The following tables summarize the Company’s revenue by line of business, customer type, and contract fee type (in thousands):


	Three Months Ended March 31,
		2024		2023
Revenue by Line of Business
Asset management		$	6,255	$	6,529
Property management		2,745		2,606
Parking management		1,638		1,140
Total revenue		$	10,638	$	10,275


	Three Months Ended March 31,
		2024		2023
Revenue by Customer Type
Related party		$	10,174	$	9,964
Commercial		464		311
Total revenue		$	10,638	$	10,275


		Three Months Ended March 31,
			2024		2023
	Revenue by Contract Fee Type (1)
	Fixed-price		$	1,587	$	1,745
	Cost-plus		5,332		5,514
	Variable		3,719		3,016
	Total revenue		$	10,638	$	10,275


(1)	Certain contracts contain multiple revenue streams with characteristics that lend to classification in more than one category

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) vote installment $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 $ / shares shares	Feb. 12, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation cost \| $	$ 0.2	$ 0.2
Unrecognized compensation cost related to nonvested stock issuances \| $	$ 1.6
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	2 years 1 month 6 days
Share-based compensation arrangement by share-based payment award, options, exercises in period (in shares)	0	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual installments \| installment	4
Vesting period	4 years
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, vested \| $	$ 1.2	$ 0.9
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting range, percentage	60.00%
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting range, percentage	120.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual installments \| installment	4
Vesting period	4 years
Omnibus incentive plan stock option expiration period	10 years
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01		$ 0.01
Common stock, number of votes per share \| vote	1
Common stock, shares issued (in shares)	9,690,000		9,525,000
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)				2,500,000
Common stock, shares issued (in shares)	1,300,000
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)	220,000		220,000

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

The Company has operating leases for office space leased in various buildings for its own use. The Company's leases typically have terms ranging from 5 to 10 years. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease costs related to the Company's operating leases are primarily reflected in "cost of revenue" in the consolidated statements of operations, as they are a reimbursable cost under the Company's respective asset management agreements. (See Note 12 for additional information).

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


	Three Months Ended March 31,
		2024		2023
Operating lease costs
Fixed lease costs		$	297	$	297
Variable lease costs		106		109
Total operating lease costs		$	403	$	406

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


	Three Months Ended March 31,
		2024		2023
Cash paid for lease liabilities:
Operating cash flows from operating leases		$	398	$	389

As of March 31, 2024, the Company's operating leases had a weighted-average remaining lease term of 6.5 years and a weighted-average discount rate of 4.64%.

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


Year Ending December 31,	Operating Leases
2024 (9 months)	$	876
2025	1,194
2026	1,222
2027	1,204
2028	1,233
Thereafter	2,336
Total future lease payments	8,065
Imputed interest	(1,147)
Total lease liabilities	$	6,918

The Company does not have any leases which have not yet commenced as of March 31, 2024.

Net Income (Loss) Per Share - Summary of Shares Equivalents Excluded from Continued Operations Dilutive Share Computation (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	1
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted share computation (in shares)	6	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted share computation (in shares)	38	65

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Market Rate Fee

The Market Rate Fee calculation is defined in the 2022 AMA as the sum of the fees detailed in the following table:


Description			2022 AMA Fees
Asset Management Fee			2.5% of Anchor Portfolio revenue
Entitlement Fee			15% of total re-zoning costs
Development and Construction Fee			5% of development costs (excluding previously charged Entitlement Fees)
Property Management Fee			1% of Anchor Portfolio revenue
Acquisition Fee			1% on first $50 million of purchase price; 0.5% above $50 million
Disposition Fee			1% on first $50 million of sale price; 0.5% above $50 million

Schedule of Supplemental Fees

In addition to the annual payment of either the Market Rate Fee or the Cost-Plus Fee, CAM is also entitled on an annual basis to receive certain supplemental fees, as detailed for the respective asset management agreements in the following table:


	Description	2022 AMA
	Incentive Fee	When receiving Market Rate Fee: On a mark-to-market basis, equal to 20% of the imputed profit of certain real estate assets comprising the Anchor Portfolio for which a Triggering Event(1) has occurred, after calculating a compounding preferred return of 8% on CP invested capital (the “Market Incentive Fee”) When receiving the Cost-Plus Fee: On a mark-to-market basis, an incentive fee equal to 10% of the imputed profit of certain real estate assets comprising the Anchor Portfolio for which a Triggering Event1 has occurred, after calculating a compounding preferred return of 8% on CP invested capital (the “Base Incentive Fee”)
	Investment Origination Fee	1% of raised capital
	Leasing Fee	$1/per sqft. for new leases and $0.50/per sqft. for lease renewals
	Loan Origination Fee	1% of any Financing Transaction or other commercially reasonable and mutually agreed upon fee


(1)	Triggering events are differentiated between operating assets (i.e. those already in service) and assets under development. Operating asset triggering events are scheduled for specific dates, whereas triggering events for assets under development are tied to various metrics that indicate stabilization, such as occupancy and leasing rates.

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023	671	$	3.42
	Granted	234	4.72
	Performance awards (1)	3	3.18
	Released	(252)	3.11
	Canceled/Forfeited	(25)	4.40
	Balance as of March 31, 2024	631	$	3.99
	Vested and expected to vest after March 31, 2024	632	3.99


(1)	Represents additional restricted stock units that vested and were released as a result of the satisfaction of a performance vesting condition.

Summary Information about Stock Option Activity

The following table summarizes all stock option activity (in thousands, except per share data and time periods):


	Options Outstanding	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance as of December 31, 2023	116	$	3.07	3.9	$	192
Granted	—	—
Exercised	—	—
Canceled/Forfeited	—	—
Expired	—	—
Balance as of March 31, 2024	116	$	3.07	3.6	$	261
Exercisable as of March 31, 2024	116	$	3.07	3.6	$	261

Debt - Narrative (Details) - Credit Facility $ in Millions	1 Months Ended
Debt - Narrative (Details) - Credit Facility $ in Millions	Mar. 31, 2020 USD ($)
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]
Debt instrument term (in years)	5 years
Maximum borrowing capacity	$ 10.0

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company maintains certain non-cancelable operating leases that contain various renewal options. (See Note 4 for additional information). The Company is subject to litigation from time to time in the ordinary course of business; however, the Company does not expect the results, if any, to have a material adverse impact on its results of operations, financial position, or liquidity. The Company records a contingent liability when it is both probable that a liability has been incurred and the amount can be reasonably estimated; however, the Company is not aware of any reasonably possible losses that would have a material impact on its results of operations, financial position, or liquidity. The Company expenses legal defense costs as they are incurred.

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 10,638	$ 10,275
Operating costs and expenses:
Cost of revenue	8,885	8,323
Selling, general, and administrative	535	564
Depreciation and amortization	68	67
Total operating costs and expenses	9,488	8,954
Income (loss) from operations	1,150	1,321
Other income (expense):
Interest income	141	0
Gain (loss) on real estate ventures	(193)	(411)
Other income (expense), net	22	0
Income (loss) from operations before income tax	1,120	910
Provision for (benefit from) income tax	210	156
Net income (loss)	$ 910	$ 754
Weighted-average common stock outstanding:
Basic - weighted-average common stock outstanding (in shares)	9,794	9,583
Diluted - weighted-average common stock outstanding (in shares)	10,169	10,069
Net income (loss) per share:
Basic - net income (loss) per share (in dollars per share)	$ 0.09	$ 0.08
Diluted - net income (loss) per share (in dollars per share)	$ 0.09	$ 0.07

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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,
		2024		2023
Numerator:
Net income (loss) - Basic and Diluted		$	910	$	754

Denominator:
Weighted-average common shares outstanding - Basic		9,794		9,583
Effect of common share equivalents		375		486
Weighted-average common shares outstanding - Diluted		10,169		10,069

Net income (loss) per share:
Basic		$	0.09	$	0.08
Diluted		$	0.09	$	0.07

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,
		2024	2023
Restricted stock units		—	1
Stock options		6	—
Warrants		38	65

Leases (Tables)

3 Months Ended

Mar. 31, 2024

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,
		2024		2023
Operating lease costs
Fixed lease costs		$	297	$	297
Variable lease costs		106		109
Total operating lease costs		$	403	$	406

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


	Three Months Ended March 31,
		2024		2023
Cash paid for lease liabilities:
Operating cash flows from operating leases		$	398	$	389

Schedule of Maturities of Lease Liabilities

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


Year Ending December 31,	Operating Leases
2024 (9 months)	$	876
2025	1,194
2026	1,222
2027	1,204
2028	1,233
Thereafter	2,336
Total future lease payments	8,065
Imputed interest	(1,147)
Total lease liabilities	$	6,918

Related Party Transactions - Schedule of Market Rate Fee (Details) - 2022 Amended Asset Management Agreement - Related party $ in Millions	Jun. 13, 2022 USD ($)
Asset Management Fee
Related Party Transaction [Line Items]
Percentage of anchor portfolio revenue	2.50%
Entitlement Fee
Related Party Transaction [Line Items]
Percentage of re-zoning costs	15.00%
Development and Construction Fee
Related Party Transaction [Line Items]
Percentage of development costs	5.00%
Property Management Fee
Related Party Transaction [Line Items]
Percentage of anchor portfolio revenue	1.00%
Acquisition Fee \| Asset Management Agreement
Related Party Transaction [Line Items]
Asset acquisition, price of acquisition, expected	$ 50
Acquisition Fee \| Minimum
Related Party Transaction [Line Items]
Percentage of purchase price	1.00%
Acquisition Fee \| Maximum
Related Party Transaction [Line Items]
Percentage of purchase price	0.50%
Disposition Fee \| Asset Management Agreement
Related Party Transaction [Line Items]
Asset acquisition, price of acquisition, expected	$ 50
Disposition Fee \| Minimum
Related Party Transaction [Line Items]
Percentage sales price	1.00%
Disposition Fee \| Maximum
Related Party Transaction [Line Items]
Percentage sales price	0.50%

Stockholders' Equity - Summary of Company's Restricted Share Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Options Outstanding
Beginning balance (in shares)	116,000
Granted (in shares)	0
Exercised (in shares)	0	0
Canceled/forfeited (in shares)	0
Expired (in shares)	0
Ending balance (in shares)	116,000		116,000
Exercisable (in shares)	116,000
Weighted- Average Exercise Price
Weighted average exercise price, beginning balance (in dollars per share)	$ 3.07
Weighted average exercise price, granted (in dollars per share)	0
Weighted average exercise price, exercised (in dollars per share)	0
Weighted average exercise price, canceled/forfeited (in dollars per share)	0
Weighted average exercise price, expired (in dollars per share)	0
Weighted average exercise price, ending balance (in dollars per share)	3.07		$ 3.07
Weighted average exercise price, exercisable (in dollars per share)	$ 3.07
Weighted-average remaining contractual term, outstanding	3 years 7 months 6 days		3 years 10 months 24 days
Weighted-average remaining contractual term, exercisable	3 years 7 months 6 days
Aggregate intrinsic value outstanding	$ 261		$ 192
Aggregate intrinsic value exercisable	$ 261

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	DebtIn March 2020, the Company entered into a five-year Revolving Capital Line of Credit Agreement with CPRES, pursuant to which the Company secured a $10.0 million capital line of credit with a variable interest rate of the Wall Street Journal Prime Rate plus 1.00% per annum (the “Credit Facility”). As of March 31, 2024, the full balance of the Credit Facility remained available for use up through the March 19, 2025 expiration date, and the Company had no outstanding debt or financing arrangements for which future payments are due.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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+ Details

Leases - Narrative (Detail)	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	6 years 6 months
Operating lease, weighted average discount rate, percent	4.64%
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	10 years

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the requirements of the U.S. Securities and Exchange Commission (the “SEC”). As permitted, certain information and footnote disclosures have been condensed or omitted. Intercompany balances and transactions have been eliminated and certain prior period amounts have been reclassified to conform to current period presentation. In management’s opinion, the consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position and operating results. The results of operations presented in these interim condensed consolidated financial statements are unaudited and are not necessarily indicative of the results to be expected for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s fiscal year 2023 Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”) filed with the SEC on March 21, 2024. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements contained in the 2023 Annual Report.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant items subject to such estimates include, but are not limited to, the valuation of equity method investments, incentive fee revenue recognition, and the valuation of deferred tax assets. Assumptions made in the development of these estimates contemplate both the macroeconomic landscape and the Company's anticipated results, however actual results may differ materially from these estimates.
Recent Accounting Pronouncements - Adopted and Not Yet Adopted	Recent Accounting Pronouncements - Adopted In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842) – Common Control Arrangements.” This guidance amends certain provisions of ASC 842, specifically those that apply to leasing arrangements between related parties under common control. The standard is effective for fiscal years beginning after December 15, 2023, and early adoption was permitted. The Company adopted the standard effective January 1, 2024 and determined that adoption of the standard had no material impact on its consolidated financial statements and related disclosures. Recent Accounting Pronouncements - Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements – Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This guidance affects a wide variety of topics in the Codification. The effective date for each amendment will be the date on which the removal of the respective related disclosures from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited. The Company does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improving Reportable Segment Disclosures.” This guidance is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The standard requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The standard also requires all annual disclosures currently required by ASC Topic 280 to be included in interim periods. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance is a final standard on improvements to income tax disclosures and requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and should be applied prospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 16,222	$ 18,788
Prepaid expenses and other current assets	609	353
Total current assets	22,080	24,386
Fixed assets, net	608	478
Intangible assets	144	144
Leasehold improvements, net	82	89
Investments in real estate ventures	6,328	7,077
Operating lease assets	6,575	6,790
Deferred income taxes, net	10,675	10,885
Deferred compensation plan assets	324	53
Other assets	30	37
Total assets	46,846	49,939
Current liabilities:
Accrued personnel costs	778	4,681
Accounts payable and accrued liabilities	898	838
Current operating lease liabilities	871	854
Total current liabilities	2,547	6,373
Deferred compensation plan liabilities	324	77
Operating lease liabilities	6,047	6,273
Total liabilities	8,918	12,723
Commitments and Contingencies
Stockholders' equity:
Additional paid-in capital	201,912	202,112
Treasury stock, at cost (86 shares of Class A common stock)	(2,662)	(2,662)
Accumulated deficit	(161,420)	(162,330)
Total stockholders' equity	37,928	37,216
Total liabilities and stockholders' equity	46,846	49,939
Nonrelated Party
Current assets:
Accounts receivable	387	496
Related party
Current assets:
Accounts receivable	4,862	4,749
Common Class A
Stockholders' equity:
Common stock	96	94
Common Class B
Stockholders' equity:
Common stock	$ 2	$ 2

Investments in Real Estate Ventures (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

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



		March 31,		December 31,
Investment	Ownership %	2024		2023		Accounting Method
Investors X	50.0%	$	402	$	976	Fair Value
The Hartford	2.5%	599		610		Fair Value
BLVD Forty Four	5.0%	1,798		1,837		Fair Value
BLVD Ansel	5.0%	1,963		2,090		Fair Value
Total investments recorded at fair value		4,762		5,513
Comstock 41	100.0%	1,566		1,564		Consolidated
Total investments in real estate ventures		$	6,328	$	7,077

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, 2023	$	5,513
Investments	20
Distributions	(586)
Change in fair value	(185)
Balance as of March 31, 2024	$	4,762

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	APIC	Treasury Stock	Accumulated deficit	Common Class A Common Stock	Common Class B Common Stock
Beginning balance (in shares) at Dec. 31, 2022					9,337	220
Beginning balance at Dec. 31, 2022	$ 28,854	$ 201,535	$ (2,662)	$ (170,114)	$ 93	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of shares withheld for taxes ( in shares)					141
Issuance of common stock, net of shares withheld for taxes	(293)	(294)			$ 1
Stock-based compensation	238	238
Net income (loss)	754			754
Ending balance (in shares) at Mar. 31, 2023					9,478	220
Ending balance at Mar. 31, 2023	29,553	201,479	(2,662)	(169,360)	$ 94	$ 2
Beginning balance (in shares) at Dec. 31, 2023					9,525	220
Beginning balance at Dec. 31, 2023	37,216	202,112	(2,662)	(162,330)	$ 94	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of shares withheld for taxes ( in shares)					165
Issuance of common stock, net of shares withheld for taxes	(444)	(446)			$ 2
Stock-based compensation	246	246
Net income (loss)	910			910
Ending balance (in shares) at Mar. 31, 2024					9,690	220
Ending balance at Mar. 31, 2024	$ 37,928	$ 201,912	$ (2,662)	$ (161,420)	$ 96	$ 2

- Definition

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

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001299969
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,604,658
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		220,250

Investments in Real Estate Ventures - Narrative (Detail) $ in Thousands	1 Months Ended				3 Months Ended
	Dec. 31, 2023 USD ($) ft² unit	Mar. 31, 2022 ft² unit parkingSpace	Oct. 31, 2021 ft² unit	Dec. 31, 2019 ft²	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Feb. 29, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Revenue					$ 10,638	$ 10,275
The Hartford
Schedule of Equity Method Investments [Line Items]
Number of square foot \| ft²				211,000
Maximum borrowing capacity							$ 87,000
Revenue					$ 300
Ownership %					2.50%
BLVD Forty Four
Schedule of Equity Method Investments [Line Items]
Number of square foot \| ft²			16,000
Revenue					$ 300
Ownership %					5.00%
Number of units in property \| unit			263
BLVD Ansel
Schedule of Equity Method Investments [Line Items]
Number of square foot \| ft²		20,000
Revenue					$ 300
Ownership %					5.00%
Number of units in property \| unit		250
Number of parking spaces \| parkingSpace		611
Comstock 41
Schedule of Equity Method Investments [Line Items]
Ownership %					100.00%
Number of square foot acquired \| ft²	18,150
Payments to acquire real estate	$ 1,500
Number of dwelling units \| unit	117
Square footage of retail space \| ft²	11,000

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Asset Management Agreements

In June 2022, CHCI Asset Management, L.C. (“CAM”), an entity wholly owned by the Company, entered into a new master asset management agreement with CP (the “2022 AMA”) that superseded in its entirety the previous asset management agreement between CAM and CPRES dated April 30, 2019 (the “2019 AMA”). Entry into the 2022 AMA was unanimously approved by the independent directors of the Company.

Consistent with the structure of the 2019 AMA, the 2022 AMA engages CAM to manage and administer CP’s commercial real estate portfolio (the "Anchor Portfolio") and the day to-day operations of CP and each property-owning subsidiary of CP (collectively, the “CP Entities”). CAM will provide investment advisory, development, and asset management services necessary to build out, stabilize and manage the Anchor Portfolio, which currently consists primarily of two of the larger transit-oriented, mixed-use developments located on Washington D.C. Metro’s Silver Line (Reston Station and Loudoun Station) that are owned by CP Entities and ultimately controlled by Mr. Clemente.

Pursuant to the fee structures set forth in the 2022 AMA, CAM is entitled to receive an annual payment equal to the greater of the "Cost-Plus Fee" or the "Market Rate Fee". The Cost-Plus Fee is equal to the sum of (i) the comprehensive costs incurred by or for providing services to the Anchor Portfolio, (ii) the costs and expenses of the Company related to maintaining the listing of its shares on a securities exchange and complying with regulatory and reporting obligations of a public company, and (iii) a fixed annual payment of $1.0 million. The Market Rate Fee calculation is defined in the 2022 AMA as the sum of the fees detailed in the following table:


Description			2022 AMA Fees
Asset Management Fee			2.5% of Anchor Portfolio revenue
Entitlement Fee			15% of total re-zoning costs
Development and Construction Fee			5% of development costs (excluding previously charged Entitlement Fees)
Property Management Fee			1% of Anchor Portfolio revenue
Acquisition Fee			1% on first $50 million of purchase price; 0.5% above $50 million
Disposition Fee			1% on first $50 million of sale price; 0.5% above $50 million


	Description	2022 AMA
	Incentive Fee	When receiving Market Rate Fee: On a mark-to-market basis, equal to 20% of the imputed profit of certain real estate assets comprising the Anchor Portfolio for which a Triggering Event(1) has occurred, after calculating a compounding preferred return of 8% on CP invested capital (the “Market Incentive Fee”) When receiving the Cost-Plus Fee: On a mark-to-market basis, an incentive fee equal to 10% of the imputed profit of certain real estate assets comprising the Anchor Portfolio for which a Triggering Event1 has occurred, after calculating a compounding preferred return of 8% on CP invested capital (the “Base Incentive Fee”)
	Investment Origination Fee	1% of raised capital
	Leasing Fee	$1/per sqft. for new leases and $0.50/per sqft. for lease renewals
	Loan Origination Fee	1% of any Financing Transaction or other commercially reasonable and mutually agreed upon fee


(1)	Triggering events are differentiated between operating assets (i.e. those already in service) and assets under development. Operating asset triggering events are scheduled for specific dates, whereas triggering events for assets under development are tied to various metrics that indicate stabilization, such as occupancy and leasing rates.

The 2022 AMA will terminate on January 1, 2035 (“Initial Term”), and will automatically renew for successive additional one year terms (each an “Extension Term”) unless CP delivers written notice of non-renewal of the 2022 AMA at least 180 days prior to the termination date of the Initial Term or any Extension Term. Twenty-four months after the effective date of the 2022 AMA, CP is entitled to terminate the 2022 AMA without cause upon 180 days advance written notice to CAM. In the event of such a termination and in addition to the payment of any accrued annual fees due and payable as of the termination date under the 2022 AMA, CP is required to pay a termination fee equal to two times the Cost-Plus Fee or Market Rate Fee paid to CAM for the calendar year immediately preceding the termination.

Residential, Commercial, and Parking Property Management Agreements

The Company entered into separate residential property management agreements with properties owned by CP Entities under which the Company receives fees to manage and operate the properties, including tenant communications, leasing of apartment units, rent collections, building maintenance and day-to-day operations, engagement and supervision of contractors and vendors providing services for the buildings, and budget preparation and oversight.

The Company entered into separate commercial property and parking management agreements with several properties owned by CP Entities under which the Company receives fees to manage and operate the office and retail portions of the properties, including tenant communications, rent collections, building maintenance and day-to-day operations, engagement and supervision of contractors and vendors providing services for the buildings, and budget preparation and oversight. These property management agreements each have initial terms of one year with successive, automatic one-year renewal terms. The Company generally receives base management fees under these agreements based upon a percentage of gross rental revenues for the portions of the buildings being managed in addition to reimbursement of specified expenses, including employment expenses of personnel employed by the Company in the management and operation of each property.

Construction Management Agreements

The Company has construction management agreements with properties owned by CP Entities under which the Company receives fees to provide certain construction management and supervision services, including management of tenant buildouts and casualty event remediation and restoration. The Company typically receives a construction management fee that is set forth in the applicable tenant’s lease or executed work authorization and based on a percentage of the total costs (or total hard costs) of the project.

Lease Procurement Agreements

The Company has lease procurement agreements with properties owned by CP Entities under which the Company receives certain finders' fees in connection with the procurement of new leases for such properties where an external broker is not engaged on behalf of the CP Entities. Such leasing fees are supplemental to the fees generated from the Company's management agreements referenced above and are generally 1-2% of the future lease payments to be received by the CP Entity from the executed lease.

Business Management Agreements

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, which ended on December 31, 2022, was $0.9 million payable in 15 quarterly installments of $0.1 million each. The Company considers Investors X to be a variable interest entity over which it does not have the power to direct activities that most significantly impact economic performance, therefore it is not the primary beneficiary of Investors X and does not have to consolidate the entity into its financial results. (See Note 3 for additional information).

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. On January 1, 2023, a successor contract for the BC Management Agreement was executed by DCS Real Estate Investments, LC, an entity controlled by a member of CP. The BC Management Agreement is structured in successive renewable one-year terms. The BC Management Agreement provides that DCS Real Estate Investments, LC will pay CAM an annual management fee equal to $0.4 million, payable in equal monthly installments and will reimburse CAM for certain expenses.

On February 1, 2024, CAM entered into a Business Management Agreement (the “SH Management Agreement”) with Springfield Holdings, LLC (“Springfield”), an entity controlled by a member of CP, whereby CAM provides Springfield with professional management and consultation on land development and real estate transactions for a residential community located in Ranson, West Virginia. The initial term of the SH Management Agreement expires on December 31, 2024 with automatic one-year renewals. The SH Management Agreement provides that Springfield will reimburse CAM for certain immaterial title, survey, and architectural expenses at cost.

The Hartford

In December 2019, the Company made an investment related to the purchase of The Hartford, a stabilized commercial office building located at 3101 Wilson Boulevard in the Clarendon area of Arlington, Virginia. In conjunction with the investment, the Company entered into an operating agreement with CP to form Comstock 3101 Wilson, LC, to purchase The Hartford. Pursuant to the Operating Agreement, the Company held a minority membership interest of The Hartford and the remaining membership interests of The Hartford are held by CP.

In February 2020, the Company, CP and DWF VI 3101 Wilson Member, LLC (“DWF”), an unaffiliated, third party, equity investor in the Hartford, entered into a limited liability company agreement (the “DWC Operating Agreement”) to form DWC 3101 Wilson Venture, LLC (“DWC”) to, among other things, acquire, own and hold all interests in The Hartford. In furtherance thereof, on February 7, 2020, the Original Operating Agreement was amended and restated (the “A&R Operating Agreement”) to memorialize the Company’s and CP’s assignment of 100% of its membership interests in The Hartford to DWC. As a result thereof, DWC is the sole member of the Hartford Owner. The Company and CP, respectively, hold minority membership interests in, and DWF holds the majority membership interest in, DWC. (See Note 3 for additional information).

BLVD Forty Four/BLVD Ansel

In October 2021 and March 2022, the Company entered into joint ventures with CP to acquire BLVD Forty Four and BLVD Ansel, respectively, two adjacent mixed-use luxury high-rise apartment buildings located near the Rockville Metro Station in

Rockville, Maryland. The Company considers BLVD Forty Four and BLVD Ansel to be variable interest entities upon which it exercises significant influence; however, considering key factors such as the Company’s ownership interest and participation in policy-making decisions by majority equity holders, and oversight of management services by majority equity holders, the Company concluded that the power to direct activities that most significantly impact economic performance is shared. Given that the Company is not the entity most closely associated with the properties, it concluded that it is not the primary beneficiary and does not have a controlling financial interest in either property. (See Note 3 for additional information).

In conjunction with the acquisition of Comstock 41, the Company entered into an amendment to the existing asset management agreement with CP to introduce an acquisition pursuit fee of $0.1 million and contingent entitlement success fee to pursue potential relocation of moderately-priced dwelling units ("MPDUs") from BLVD Forty Four to Comstock 41. The acquisition pursuit fee was earned and recognized as revenue for the year ended December 31, 2023, upon the completion of the Comstock 41 acquisition. The entitlement success fee, if earned, will equal 25% of the economic value created by the relocation of the MPDUs (subject to reasonable agreed upon changes at the time of the calculation) and due upon approval of a finalized amendment to the existing project development plan by local government agencies. (See Note 3 for additional information).

Corporate Leases

In November 2020, the Company relocated its corporate headquarters to office space owned and controlled by its Chief Executive Officer Christopher Clemente and his family, pursuant to a ten-year lease agreement. In November 2022, the Company executed a 3,778 square foot lease expansion agreement with terms that align with the original agreement. In January 2022, ParkX Management, LC, a subsidiary of the Company, entered into a separate five-year lease agreement with an affiliate controlled and owned by Mr. Clemente and his family to host ParkX's specialized remote monitoring center operations. (See Note 4 for additional information).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenues from Contracts with Customers Disaggregated by Categories

The following tables summarize the Company’s revenue by line of business, customer type, and contract fee type (in thousands):


	Three Months Ended March 31,
		2024		2023
Revenue by Line of Business
Asset management		$	6,255	$	6,529
Property management		2,745		2,606
Parking management		1,638		1,140
Total revenue		$	10,638	$	10,275


	Three Months Ended March 31,
		2024		2023
Revenue by Customer Type
Related party		$	10,174	$	9,964
Commercial		464		311
Total revenue		$	10,638	$	10,275


		Three Months Ended March 31,
			2024		2023
	Revenue by Contract Fee Type (1)
	Fixed-price		$	1,587	$	1,745
	Cost-plus		5,332		5,514
	Variable		3,719		3,016
	Total revenue		$	10,638	$	10,275


(1)	Certain contracts contain multiple revenue streams with characteristics that lend to classification in more than one category

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (9 months)	$ 876
2025	1,194
2026	1,222
2027	1,204
2028	1,233
Thereafter	2,336
Total future lease payments	8,065
Imputed interest	(1,147)
Total lease liabilities	$ 6,918

Investments in Real Estate Ventures - Schedule of Equity Method Investments, Group of Investment Consolidated Balance Sheet at Fair Value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total investments in real estate ventures	$ 6,328,000	$ 7,077,000
Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Total investments in real estate ventures	$ 4,762,000	5,513,000
Investors X
Schedule of Equity Method Investments [Line Items]
Ownership %	50.00%
Investors X \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Total investments in real estate ventures	$ 402,000	976,000
The Hartford
Schedule of Equity Method Investments [Line Items]
Ownership %	2.50%
The Hartford \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Total investments in real estate ventures	$ 599,000	610,000
BLVD Forty Four
Schedule of Equity Method Investments [Line Items]
Ownership %	5.00%
BLVD Forty Four \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Total investments in real estate ventures	$ 1,798,000	1,837,000
BLVD Ansel
Schedule of Equity Method Investments [Line Items]
Ownership %	5.00%
BLVD Ansel \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Total investments in real estate ventures	$ 1,963,000	2,090,000
Comstock 41
Schedule of Equity Method Investments [Line Items]
Ownership %	100.00%
Comstock 41 \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Total investments in real estate ventures	$ 1,566,000	$ 1,564,000

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2024

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,
		2024		2023
Numerator:
Net income (loss) - Basic and Diluted		$	910	$	754

Denominator:
Weighted-average common shares outstanding - Basic		9,794		9,583
Effect of common share equivalents		375		486
Weighted-average common shares outstanding - Diluted		10,169		10,069

Net income (loss) per share:
Basic		$	0.09	$	0.08
Diluted		$	0.09	$	0.07

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,
		2024	2023
Restricted stock units		—	1
Stock options		6	—
Warrants		38	65

Stockholders' Equity - Summary Information about Stock Option Activity (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
RSUs Outstanding
Restricted shares, beginning balance (in shares) \| shares	671
Restricted shares, granted (in shares) \| shares	234
Restricted shares, performance award (in shares) \| shares	3
Restricted shares, released (in shares) \| shares	(252)
Restricted shares, canceled/forfeited (in shares) \| shares	(25)
Restricted shares, ending balance (in shares) \| shares	631
Vested and expected to vest shares (in shares) \| shares	632
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 3.42
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	4.72
Weighted average grant date fair value, performance awards (in dollars per share) \| $ / shares	3.18
Weighted average grant date fair value, released (in dollars per share) \| $ / shares	3.11
Weighted average grant date fair value, canceled/forfeited (in dollars per share) \| $ / shares	4.40
Weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	3.99
Weighted average grant date fair value, vested and expected to vest (in dollars per share) \| $ / shares	$ 3,990

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Treasury stock (in shares)	86	86
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	59,780	59,780
Common stock, shares issued (in shares)	9,690	9,525
Common stock, shares outstanding (in shares)	9,605	9,440
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

Company Overview	3 Months Ended
Company Overview	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Overview	Company Overview Comstock Holding Companies, Inc. ("Comstock" or the "Company"), founded in 1985 and incorporated in the state of Delaware in 2004, is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. The Company operates through four primarily real estate-focused subsidiaries – CHCI Asset Management, LC (“CAM”); CHCI Residential Management, LC; CHCI Commercial Management, LC; and Park X Management, LC.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 2019, the Company had recorded valuation allowances for certain tax attributes and deferred tax assets due to the existence of sufficient uncertainty regarding the future realization of those deferred tax assets through future taxable income. Based on its recent financial performance and current forecasts of future operating results, the Company conducts a quarterly analysis to determine if it is more likely than not that a portion of the deferred tax assets related to its net operating loss carryforwards will be utilized in future periods. The Company's effective tax rate in any given period is directly impacted by the timing and magnitude of any partial valuation allowance releases. The Company's effective tax rates for the three months ended March 31, 2024 and 2023 differ from the U.S. federal statutory tax rate of 21%, primarily due to state income taxes and the impact of stock compensation shortfall/windfall adjustments.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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+ Details

Revenue - Summary of Revenues from Contracts with Customers Disaggregated by Categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 10,638	$ 10,275
Related party
Disaggregation of Revenue [Line Items]
Revenue	10,174	9,964
Nonrelated Party
Disaggregation of Revenue [Line Items]
Revenue	464	311
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,587	1,745
Cost-plus
Disaggregation of Revenue [Line Items]
Revenue	5,332	5,514
Variable
Disaggregation of Revenue [Line Items]
Revenue	3,719	3,016
Asset management
Disaggregation of Revenue [Line Items]
Revenue	6,255	6,529
Property management
Disaggregation of Revenue [Line Items]
Revenue	2,745	2,606
Parking management
Disaggregation of Revenue [Line Items]
Revenue	$ 1,638	$ 1,140