Nasdaq: CHCI COMSTOCK HOLDING COMPANIES, INC. | Nasdaq : CHCI Q1 2026 INVESTOR PRESENTATION Exhibit 99.2
Nasdaq: CHCI 2 Disclosures This presentation may include “forward -looking” statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward -looking statements can be identified by use of words such as “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect,” “will,” “should,” “seeks” or other similar expressions. Forward -looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. You should not place undue reliance on any forward - looking statement, which speaks only as of the date made. Any number of important factors could cause actual results to differ materially from those projected or suggested by the forward -looking statements. Comstock specifically disclaims any obligation to update or revise any forward -looking statements, whether as a result of new information, future developments, or otherwise. While every attempt has been made to ensure the accuracy of included measurements, all future development measurements are based on available information at the time of production of this Investor Presentation and therefore all square foot measurements are subject to change without notice.
Nasdaq: CHCI 3 Table of Contents Comstock Overview 4 Visionary Leadership 5 Why Comstock 6-8 Q1 2026 Update 9 Institutional Venture Platform (IVP) 10 Data Center Platform (DCP) 11 Service Offering Expansion – Mall Management 12 Our Managed Portfolio 13-19 ESG: Creating Positive Impacts 20 Supplemental Information Leadership and Board 23 -24 Corporate Structure Overview 25 Our Services 26 Reconciliation of Non -GAAP Financial Measures 27
Nasdaq: CHCI 4 Comstock is the Premier Commercial Developer and Real Estate Services Provider in the Washington, D.C. Region ▪ Leading asset manager, developer, and operator of mixed -use and transit-oriented properties ▪ Since 1985, we have acquired, developed, operated, and sold millions of square feet of residential, commercial, and mixed -use properties ▪ Our rapidly expanding portfolio of high-quality managed assets includes Reston Station and Loudoun Station, two of the largest and most prominent mixed -use, transit -oriented developments in the Mid -Atlantic Extraordinary places. Exceptional experiences. Proven results. We deliver a comprehensive suite of real estate services through long -term management agreements, including: ASSET MANAGEMENT DEVELOPMENT CONSTRUCTION MANAGEMENT PROPERTY MANAGEMENT PARKING MANAGEMENT SECURITY & OTHER See slide 26 for full listing of Comstock’s services
Nasdaq: CHCI 5 Visionary Leadership Chris Clemente – Chairman and CEO ▪ Founded Comstock (Nasdaq: CHCI ) in 1985 ▪ Led acquisition, development, operation, and sale of millions of square feet of residential, commercial, and mixed -use properties ▪ Guided Comstock’s successful transformation from homebuilder to leading commercial developer and real estate services provider ▪ Controlling CHCI shareholder and Managing Partner of Comstock Partners, LC (Anchor Portfolio owner) See slides 23 -24 for full listing of Comstock’s leadership team and Board of Directors See slide 25 for additional details on the relationship between Comstock Partners, LC and Comstock Holding Companies, Inc. (C HCI ) Dwight Schar – Strategic Advisor & Principal, Comstock Partners, LC ▪ Founder and former Chairman & CEO of NVR, Inc. (NYSE: NVR), a Fortune 500 homebuilder ▪ Led NVR in developing hundreds of thousands of homes across multiple states, generating billions in annual revenue ▪ Strategic Advisor to CHCI ; Instrumental in its business transformation and the visionary behind its fee -based, asset -light, debt -free business model that is based on the successful model he implemented at NVR ▪ Significant CHCI shareholder and Principal of Comstock Partners, LC (Anchor Portfolio owner)
Nasdaq: CHCI 6 Why Comstock DYNAMIC & RESILIENT BUSINESS MODEL PROVEN EXPERTISE ▪ Fee -based, asset -light, and debt -free platform mitigates risk and drives consistent revenue growth ▪ Long -term asset management agreements generate reliable fee -based and supplemental revenue and include cost -plus downside protection ▪ Vertically integrated operating subsidiaries provide property management services that generate diverse recurring fee revenue streams ▪ Strategic investments offer additional revenue sources and generate impressive ROIC ▪ Four decades of experience delivering thousands of residential units and millions of square feet of mixed -use properties ▪ Leadership team combining deep local market knowledge with extensive, national - level institutional experience ▪ Strong track record in developing, entitling, and managing complex real estate projects across multiple states in the Mid -Atlantic and Southeastern U.S. region ▪ Predictable revenue streams provide visibility into future earnings and foundation for continued growth ▪ Expanding managed portfolio, development pipeline, and strategic investments drive further drive scalability and profitability ▪ Focus on premier real estate assets in supply -constrained markets capitalizes on ongoing flight -to-quality demand SCALABLE GROWTH PLATFORM We Show Up every day to make a difference — for our customers, our stakeholders, and in the communities that we serve
Nasdaq: CHCI $3.4 $5.8 $9.0 $10.4 $11.6 $13.4 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $- $10 $20 $30 $40 $50 $60 $70 2020 2021 2022 2023 2024 2025 Q1 2026 YTD Cost Plus Asset + Property Management (Non-Cost-Plus) Supplemental Fees Incentive Fees Adjusted EBITDA 7 By the Numbers: A Proven Model That Delivers Our platform drives consistent growth, preserves flexibility, and generates cash – all with minimal risk ▪ 2022 Asset Management Agreement (2022 AMA) that covers our most significant properties (the Anchor Portfolio) generates consistent asset management fee revenue and provides cost -plus protection ▪ 3 vertically -integrated operating subsidiaries (CHCI Commercial, CHCI Residential, ParkX ) generate multiple fee - based property management and other revenue streams from long -term agreements ▪ One -time supplemental asset management fee income provides additional upside: ▪ Leasing, financing, acquisition, development, and construction management fees ▪ FY 2022 -25 avg/year =$4.4 million ▪ Incentive fees on stabilized/newly delivered assets ▪ FY 2022 -25 age/year = $3.4 million ▪ Predictable cash flow generation and streamlined balance sheet provide enhanced agility when pursuing strategic growth opportunities (capital re -investment, acquisitions, etc.) See slide 27 for reconciliation of Adjusted EBITDA to more directly comparable GAAP financial measure REVENUE = 23% CAGR | ADJUSTED EBITDA 31% CAGR ($ in M) Revenue ($ in M) Adjusted EBITDA We expect this upward trajectory to continue in 2026 and beyond $2.2
Nasdaq: CHCI 8 DELIVERING SUPERIOR VALUE Note: Peers include JBG Smith (JBGS), BXP Inc (BXP), Brandywine Realty (BDN), Piedmont Realty (PDM), Armada Hoffler (AHH), Co usins Properties (CUZ), American Assets Trust (AAT) and One Liberty Properties (OLP). Peer metrics (including debt) represents stra ight average. * Includes related party accounts receivable in net cash. Valuation date as of 3/31/2026. Peer multiples are averages. 12.9X LTM 3/31/2026 Adjusted EBITDA Multiple PEERS 13.7X 21% As of 3/31/2026 Net Cash/Market Cap* PEERS -215% 866% 2020 -3/31/2026 % Stock Price Increase PEERS -59% VALUATION $0 As of 3/31/2026 Debt PEERS $4B FINANCIAL METRICS 28% LTM 3/31/2026 ROE PEERS -3% 31% 2020 -2025 CAGR Adjusted EBITDA Growth PEERS 5% By the Numbers: A Compelling Investment Opportunity
Nasdaq: CHCI 9 Diversified Revenue Streams 1 CHCI Commercial and CHCI Residential 20% 30% Asset Management Property Management ParkX Management REVENUE BY LINE OF BUSINESS (YTD) ▪ Stabilized Commercial managed portfolio is 93% leased; 7 commercial leases executed in Q1 covering approximately 38,000 sqft. of office and retail spaces. ▪ Residential managed portfolio is 94% leased; 150 units leased in Q1. ▪ ParkX subsidiary revenue increased 106% vs. prior year; 13 new contracts secured in Q1 include 5 new third -party contracts . ▪ The JW Marriott Residences Reston Station recently set a new record for the most valuable condominium sale in the history of Virginia with a $10.25 million closing, easily eclipsing the previous record of $5.95 million ▪ Significant development assets delivering/opening soon in The Row at Reston Station: ▪ BLVD Haley , a 419-unit luxury residential tower – partially delivered in Q4 2025, scheduled to be fully delivered by Q2 2026. ▪ Ebbitt House , the first-ever expansion of D.C.’s c Old Ebbitt Grill Operational Highlights See slide 27 for reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure Q1 2026 Update 1 $17.4M REVENUE $2.2M ADJUSTED EBITDA QTD $2.0M NET INCOME 100 AUM Supplemental fee revenue 50% **See next slide for additional recent transaction highlights** 4% 38% GROWTH VS PY 25% GROWTH VS PY 6% GROWTH VS PY 32% GROWTH VS PY
Nasdaq: CHCI 10 CHCI's Institutional Venture Platform: Institutional-Quality Assets Operated by Institutional -Quality Teams Our Institutional Venture Platform ("IVP") is designed to pair Comstock's operational expertise with the capital resources of our institutional partners to co -invest in real estate opportunities that have the potential to produce strong, risk -adjusted returns. Assets acquired under the IVP are typically structured as a joint venture with a majority equity partner that recognizes Coms tock’s vertically integrated operating platform and track record of acquiring, rebranding, and managing properties. We maintain a disciplined approach when analyzing IVP investments, ensuring strategic portfolio alignment and structured grow th potential - both from the recurring revenue streams generated by the real estate services we provide and the long -term capital gains realized by our hands -on asset value enhancement efforts. We align our interests with our institutional partners to deliver a tailored investment solution designed to maximize return on invested capital for all stakeholders. Our IVP will remain a strategic focus as we continue to seek additional low -risk, high -value opportunities The Reed (March 2026) See slide 18 for additional details on our investment portfolio Woodland Pointe (April 2026) Additional IVP Acquisitions: Recent IVP Activity: The Hartford (2019) BLVD Forty Four (2021) BLVD Ansel (2022) Rockville, Md. 417-unit multifamily property located adjacent to Shady Grove station on Metro's Red Line Herndon, Va. 6.77-acre office campus with ~300k sqft. of office space and 1 major tenant ( Peraton )
Nasdaq: CHCI 11 CHCI's Data Center Platform: Accelerating Growth Potential Through Strategic Partnerships We recently announced the launch of our Data Center Platform ("DCP") , a logical expansion of our Institutional Venture Platform that focuses on low -risk, high -reward joint venture opportunities in one of the world's most coveted asset classes. Details on our current DCP endeavors are summarized below. \ Oklahoma - Jericho Energy Ventures (TSXV: JEV; OTCID: JROOF; FRA: JLM) ▪ Recently entered agreement to form joint venture with JEV covering portfolio of land to be entitled to permit large -scale data center campus development ▪ Will capitalize on CHCI development expertise and leverage JEV's control of ~18,000 acres of subsurface land and energy assets ▪ Direct access to abundance of natural gas provides ability to deliver low -cost, high -performance power solutions that are "behind the meter" and FASTER TO MARKET , as well as potential carbon sequestration ▪ Small initial capital investment in JEV to further align interests of strategic partners Mid-Atlantic ▪ Asset management agreement with subsidiary of Comstock Partners, LC (CHCI affiliate entity)("CP") to provide data center development services for CP -owned land parcels located in areas of the Mid -Atlantic U.S. region that are in the path of data center expansions ▪ Similar to existing asset management agreements with CP, CHCI will receive recurring fee revenue and potential supplemental fee revenue with no capital investment ▪ Negotiated a Purchase and Sale Agreement on behalf of CP whereby purchaser, a leading developer of data center campuses, will acquire the parcels upon securing applicable entitlements and power supply agreements, expected to occur in 2027 ▪ Asset management agreement provides CHCI significant profit share upon successful land sale and allows for additional fee -based revenue for development services provided to the purchaser from 2027 -2030 Our goal is to capitalize on the ever -growing demand for data center capacity and deliver potentially significant returns from t his rapidly growing sector
Nasdaq: CHCI 12 Experience Matters: CHCI Expands Service Offerings to Include Mall Management We recently announced our latest service offering expansion as we assumed management of Dulles Town Center, a 1.4 million -square -foot regional shopping mall located in Dulles, Virginia. Located near Dulles International Airport (IAD) in proximity to two of the wealthiest counties in the U.S., Dulles Town Center is Loudoun County's largest and only fully enclosed super -regional mall and has a strong mix of retail and entertainment tenants. Effective May 1, we assumed full responsibility for the day -to-day operation of Dulles Town Center, including property management, leasing, tenant relations, coordination of on-site activities and vendors, and marketing oversight. We will also provide strategic asset direction services to property ownership, which includes the evaluation of re - development options that could increase overall utilization of the land where Dulles Town Center is situated. The Comstock team has 200+ years of combined regional mall leasing and operating experience and an unparalleled placemaking resume. Our proven ability to align operations, leasing strategy, and strategic capital planning while successfully navigating complex mixed -use and retail environments will further enhance Dulles Town Center's market position and create enduring value for retail tenants, shoppers, and stakeholders alike. The addition of regional mall management and leasing services further diversifies our fee -based revenue sources and strengthens our growth platform Dulles Town Center Mall
Nasdaq: CHCI 13 Above information as of 3/31/26. *Excludes 26 properties where parking management services are also provided to avoid double -counting; hours/week total is repres entative of all security & other locations, including duplicates COMMERCIAL 15 Operating Assets 2.6M SF RESIDENTIAL 8 Operating Assets 2,100+ units, 2.5M SF 34 Garages, 26K Spaces 40 Security and Other Locations*, 9,500 + hrs/week COMMERCIAL 1 Asset 6K SF RESIDENTIAL 1 Asset 419 units, 430K SF 1 JW Marriott Hotel 290K SF, 248 keys COMMERCIAL 5 Assets 1.5M SF RESIDENTIAL 5 Assets ~2,300 units, 2.5M SF HOSPITALITY 1 Hotel 220K SF, 240 keys 100 OPERATING ASSETS 2 UNDER CONSTRUCTION 11 DEVELOPMENT PIPELINE Our Managed Portfolio DRIVING NEAR -TERM AND LONG -TERM GROWTH 113 AUM ~10M+ SF $5B+ AT FULL BUILD -OUT PARKX Preparations are underway for the next phase of development for our portfolio assets 2 Starbucks Location s HOSPITALITY
Nasdaq: CHCI 14 Flight-To-Quality: The Demand for Trophy -Class Office Space in Reston Station Our commercial assets remain among the most sought -after properties in the region, as return -to-work initiatives increase the de mand for Trophy office space In Q425, we finalized multiple new office leases with Booz Allen Hamilton that cover more than 310,000 sqft. across 1800 and 1870 Reston Row Plaza, our newest Trophy - class towers located in The Row at Reston Station. 1800 Reston Row Plaza is currently 83% leased/reserved. 1870 Reston Row Plaza, which was delivered in Q425, is 100% leased . In Q126, we executed more than 30,000 sqft of commercial leases in Reston Station. We are currently in negotiations with both new and existing tenants to occupy the office space that remains available . Of the 1.3 million sqft. of Trophy -Class office space in Reston Station's five premium office towers, 96% is currently leased/reserved. *Total sqft. from all signed leases, including renewals 1870 Reston Row Plaza1800 Reston Row Plaza
Nasdaq: CHCI 15 Flight-to-Quality: Attracting Premier Tenants and Partners MAJOR OFFICE TENANTS MAJOR RETAIL LEASES STRATEGIC PARTNERS
Nasdaq: CHCI 16 Premium Assets. Proven Results. AUM FINANCIAL PERFORMANCE 2020 LTM 3/31/26% Increase REVENUE NOI $52M $22M $144M $66M 177% 200% RESIDENTIAL 2020 Q1 2026% Increase # UNITS LEASED % 1,123 73% 2,148 94% 91% 21% COMMERCIAL 2020 Q1 2026% Increase SQFT LEASED % 1.8M 79% 2.6M 93% * 44% 14% PARKX 2020 Q1 2026% Increase # GARAGES PARKING SPACES SECURITY & OTHER HOURS/WEEK 3 8,000 - - 34 25,946 40 9,526 1033% 224% NE W NE W *Stabilized assets only HOSPITALITY 2020 Q1 2026% Increase # HOTELS # FOOD & BEVERAGE - - 1 2 NEW NE W
Nasdaq: CHCI 17 ANCHOR PORTFOLIO Two of the largest and most prominent mixed -use, transit-oriented developments in the Mid -Atlantic region; include legacy assets owned by Comstock Partners that CHCI develops, manages, and operates RESTON STATION LOUDOUN STATION 90 acres Size 50 acres Metro Silver Line: Wiehle -Reston Location Metro Silver Line: Ashburn 3.1M sqft. Commercial ~700,000 sqft. 2,700+ units Residential 1,200+ units JW Marriott Reston Station Hospitality Future boutique hotel (TBD) Founding Farmers; VIDA Fitness, Ebbitt House, Davios , Tous les Jours , Starbucks, CVS, and more Restaurants/Retail AMC Theaters, Starbucks, Juleps Kentucky Tavern, Curry Pizza House, Famous Toastery , Senor Tequila's, and more All numbers are estimates at full build -out At a Glance : Our Managed Portfolio
Nasdaq: CHCI INVESTMENT ASSETS 18 THE HARTFORD BLVD FORTY FOUR COMSTOCK 41*BLVD ANSEL Parking garages & buildings/public spaces for which ParkX Management provides supplemental property management services that include parking management, security, porter/janitorial, and more. ParkX OTHER PORTFOLIO ASSETS Properties that are partially or wholly -owned by CHCI, and for which CHCI provides various real estate services At a Glance: Our Managed Portfolio *Image represents rendering of planned future affordable housing development that was recently approved by the City of Rockvi lle Planning Commission THE REED
Nasdaq: CHCI 19 UNDER CONSTUCTION & DEVELOPMENT PIPELINE Figures are approximate, include future development assets, and completion dates are subject to adjustments based on market c ond itions. NAME LOCATION ASSET CLASS TOTAL GSF UNITS DELIVERY DATE UNDER CONSTRUCTION BLVD HALEY Reston Station Multifamily/Retail 427,000 419 2026 JEWEL BOX Reston Station Retail 5,786 N/A 2026 UNDER CONSTRUCTION SUBTOTAL 432,786 419 Units DEVELOPMENT PIPELINE ONE GRAMERCY Loudoun Station Office 187,000 N/A 2027 BLVD GRAMERCY WEST (A) Loudoun Station Office/Retail 187,000 N/A 2028 BLVD GRAMERCY WEST (B) Loudoun Station Office/Retail 187,000 N/A 2028 ONE COMMERCE Reston Station Office 462,000 N/A 2029 BLVD WEST Reston Station Multifamily 237,000 227 2030 BOUTIQUE DUAL -USE HOTEL Reston Station Hotel 220,000 240 Keys 2029 COMMERCE DISTRICT PHASE II Reston Station Multifamily 455,000 450 2029 LOUDOUN STATION PHASE IV (2) Loudoun Station Multifamily/Retail 259,000 249 2028 LOUDOUN STATION PHASE IV (3) Loudoun Station Multifamily/Retail 310,000 300 2028 MIDLINE DISTRICT Reston Station Multifamily/Retail 1,200,000 1,100 2028 1891 METRO CENTER DR Reston Station Office 512,000 N/A 2030 DEVELOPMENT SUBTOTAL 4,216,000 240 Keys/2,326 Units TOTAL UNDER CONSTRUCTION & DEVELOPMENT 4,648,786 240 Keys/2,745 Units At a Glance: Our Managed Portfolio
Nasdaq: CHCI 20 We recognize that development of real estate can have significant impact, positive or negative, for the surrounding community , the region, and the environment that we all share. Supporting and fostering these initiatives in a rational way is instrumental in making our co mmunities better places to live, work, and play while simultaneously bolstering asset value, reducing risk, and positively impacting all stakeholders. All buildings at Reston Metro Plaza LEED silver or above Green Cleaning: use environmentally -friendly practices and low toxicity cleaning products Electric Charging Stations 1902 and 1900 Reston Metro Plaza and The Hartford Building in Arlington LEED gold certified CarbonCure Concrete Bike Racks, Bike Repair Rooms, Bike to Work Events and Bike Share Program The Hartford Building is Energy Star certified in addition to buildings at Reston Metro Plaza, 43777 Loudoun Station and Commerce Districts Smoke Free Buildings Community Involvement Annual Summerbration , Arts Program, Community Donations, Sponsored Community Events, Habitat for Humanity Transit -oriented projects encourages use of and promotes public transportation to reduce the carbon footprint Non Corrosive and Non Toxic Ice Melt 2025 Best Places to Work & Best Workplaces for Commuters ESG: Creating Positive Impacts
Nasdaq: CHCI 21 1900 Reston Metro Plaza, Reston, VA 20190 703.230.1985 comstock.com | investorrelations@comstock.com NASDAQ: CHCI
Nasdaq: CHCI 22 SUPPLEMENTAL INFORMATION
Nasdaq: CHCI 23 Leadership Team EX EC U TI V E C O M M IT TE E SE N IO R L EA D ER SH IP TIMOTHY STEFFAN Chief Operating Officer CHRISTOPHER GUTHRIE CFO & EVP ROBERT DEMCHAK General Counsel & Corporate Secretary TRACY SCHAR SVP of Marketing & Design Management JOHN HARRISON EVP of Development PAUL SCHWARTZ SVP of Human Resources MICHAEL GUALTIERI Chief Accounting Officer RUBEN MERCADO VP & Head of Information Technology JIMMY MANDICH VP & Controller KRIS GREEN SVP, Property & Asset Management CHRIS FACAS Senior Managing Director, Asset Management DYLAN CLEMENTE President, ParkX Management CHRIS CLEMENTE CEO & Chairman of CHCI Significant Shareholder of CHCI Managing Partner of Comstock Partners, LC (Owner of Anchor Portfolio) DWIGHT SCHAR Former CEO & Chairman of NVR (NYSE: NVR) Significant Shareholder of CHCI Principal of Comstock Partners, LC (Owner of Anchor Portfolio) COMBINING LOCAL EXPERTISE WITH INDUSTRY EXPERIENCE ZACHARY MAGGIN SVP of Acquisitions and Capital Markets
Nasdaq: CHCI 24 Board of Directors CHRIS CLEMENTE Chairman of the Board of Directors & Chief Executive Officer DAVID GUERNSEY Director Compensation Committee Chair TOM HOLLY Director Audit Committee Member JAMES MACCUTCHEON Director Audit Committee Chair, Compensation Committee Member, & Financial Expert DAVID PAUL Director Compensation Committee Member Nom. & Gov. Committee Chair ROBERT PINCUS Director Audit Committee Member Nom. & Gov. Committee Member
Nasdaq: CHCI 25 Corporate Structure Overview CHRISTOPHER CLEMENTE CEO and Chairman Executive Management Team and BOD Public Shareholders DWIGHT SCHAR via Private Entity Comstock Holding Companies, Inc. (NASDAQ: CHCI ) Asset Management and Property Management Fees Comstock Partners LC (Owner of the “Anchor Portfolio”) Current AUM of $2.5BN+ | Full Build Out AUM of $5BN+ 30% 5% 29% 50%50% 36%
Nasdaq: CHCI 26 CUSTOMERS ▪ Institutional Real Estate Investors ▪ HNW Family Offices ▪ Real Estate Owners ▪ Financial Institutions ▪ Governmental Institutions ASSET TYPES ▪ Office ▪ Multifamily ▪ Retail ▪ Hotel ▪ Commercial Garages ▪ Public Spaces ▪ Owner’s Associations ▪ Data Centers SERVICES ▪ Asset Management ▪ Property Management ▪ Construction Management ▪ Development ▪ Parking Management ▪ Security, Valet, Concierge, and Other ▪ Porter/Janitorial ▪ Leasing and Marketing ▪ Design, Planning, and Entitlements ▪ Asset Recapitalization ▪ Mall Management Our Services
Nasdaq: CHCI 27 This investor presentation contains certain non -GAAP financial measures including adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”). We define Adjusted EBITDA as net income (loss) from continuing operations, excluding the impact of interest expense (net of interest income), income taxes, depreciation and amortization, stock -based compensation, and unrealized gains (losses) on real estate ventures and equity investments. We use Adjusted EBITDA to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources. We expect to compute Adjusted EBITDA consistently using the same methods each period. We believe Adjusted EBITDA is a useful measure because it permits investors to better understand changes over comparative periods by providing financial results that are unaffected by certain non -cash items that are not considered by management to be indicative of our operational performance. While we believe that Adjusted EBITDA is useful to investors when evaluating our business, it is not prepared and presented in accordance with GAAP, and therefore should be considered supplemental in nature. Adjusted EBITDA should not be considered in isolation, or as a substitute, for other financial performance measures presented in accordance with GAAP. Adjusted EBITDA may differ from similarly titled measures presented by other companies. Reconciliation of Non -GAAP Financial Measures (UNAUDITED) Non -GAAP Financial Measures ($ in thousands) March 31, 2026 Year Ended December 31, QTD 2025 2024 2023 2022 2021 2020 Net income from continuing operations 1,989 17,051 14,560 7,784 7,728 16,039 2,141 Interest (income) expense (129) (807) (672) (96) 222 235 344 Income taxes 199 (4,174) (3,835) 368 125 (11,217) 25 Depreciation and amortization 72 306 302 211 206 94 74 Stock -based compensation 546 1,060 945 968 834 633 701 (Gain) loss on real estate ventures (72) 1 297 1,187 (121) 14 160 (Gain) loss on equity investments (435) - - - - - - Adjusted EBITDA 2,170 13,437 11,597 10,423 8,994 5,798 3,445
