Comstock Holding Companies, Inc. (NASDAQ: CHCI) has appointed David Z. Hirsh to its Board of Directors, where he will serve an initial term expiring at the Company's 2027 Annual Meeting of Stockholders. Hirsh brings over 30 years of experience in real estate investment across major U.S. markets, strengthening the board's expertise in institutional investment and capital markets.

Hirsh's Professional Background

Hirsh is a former Managing Director at Blackstone Inc., where he spent approximately 16 years in the Real Estate Asset Management Group until his retirement in January 2018. At Blackstone, he managed portfolios including Equity Office Properties, IndCor Industrial Properties, and LXR Hotels and Resorts. Prior to this, he spent about 15 years at Citigroup Inc., leading the hotel group in real estate asset management and specializing in corporate real estate and project lending in corporate finance.

Current Roles and Education

Hirsh currently serves as an independent director and Chair of the Audit Committee of Seaport Entertainment Group Inc. (NYSE: SEG). He is also an Independent Advisor to Town House Partners and an Adjunct Professor and Vice Chair of the Advisory Board at the New York University Schack Institute of Real Estate. He holds a B.B.A. in Public Accounting from Pace University and an M.S. in Real Estate Development and Investment from New York University.

Strategic Appointment

Christopher Clemente, Chairman and Chief Executive Officer of Comstock, stated that Hirsh's extensive background in commercial real estate and capital markets will be an invaluable asset to the leadership team. Hirsh expressed enthusiasm for joining the board and guiding the company's continued growth, citing appreciation for what Comstock has built in the Washington, D.C. region.

Comstock's Portfolio

Comstock manages a portfolio of approximately 10 million square feet at full build-out, including stabilized and development assets located at key Metro stations in the Washington, D.C. region. The company focuses on mixed-use, transit-oriented properties and large-scale infrastructure developments.

Comstock Holding Companies and Jericho Energy Ventures have established Oklahoma AI Ventures LLC, a joint venture focused on developing large-scale AI data center campuses in Oklahoma's Pawnee and Noble counties. The partnership aims to meet the rapidly growing power and land requirements of artificial intelligence computing by integrating Jericho's subsurface energy infrastructure with surface land interests. The Joint Venture Agreement, dated June 4, 2026, formalizes the terms of a Letter of Intent announced on February 12, 2026.

The Joint Venture combines Jericho's integrated Oklahoma platform of land, energy, water, and infrastructure assets with Comstock's expertise in land aggregation, entitlement, planning, and large-scale project execution. Jericho contributes a roughly 18,000-acre subsurface portfolio, critical operating energy infrastructure, direct access to natural gas, on-site water, and roughly 60 miles of gathering pipeline. Comstock will lead the planning and development activities, while the initial focus will be Jericho's existing energy assets within its flagship Black Bear AI Data Center Campus.

To date, development options covering upwards of 4,000 acres have been secured. The Oklahoma JV intends to monetize the assembled land portfolio through powered-land sales, build-to-suit ground leases, and/or phased joint development of turnkey data center assets. The partners also entered into a right-of-first-offer arrangement, giving the Joint Venture preferred rights on additional Jericho-affiliated properties across Oklahoma.

Financial Commitments

Under the agreement, Comstock and a Jericho affiliate (of which Jericho owns 50%) each own 50% of the Joint Venture. Comstock, through a wholly-owned subsidiary, will serve as administrative member. The Joint Venture's capital structure reflects the agreed value of the land interests and rights contributed by Jericho and its affiliate entity, valued at US$5.0 million each. The Joint Venture is subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, though Jericho is exempt from formal valuation and minority approval requirements.

The Oklahoma location offers attributes suited for next-generation data center development, including direct access to abundant, low-cost natural gas, contiguous sparsely developed acreage with favorable topography, and a supportive regulatory environment. The region's geology and existing wellbores also create carbon-sequestration optionality.