Steffan Timothy 4

What Happened
Steffan Timothy, Chief Operating Officer of Comstock Holding Companies, Inc. (CHCI), had a mix of option exercises, an RSU vesting, and share dispositions to cover tax obligations. The filing shows a 15,000-share option exercise on 2026-03-18 (paid $3.30/share; $49,500 cash), a vesting/award of 5,774 performance-based RSUs on 2026-03-17 (no cash cost), and sales/withholdings of 2,489 shares on 2026-03-17 (weighted avg $14.31; $35,618) and 8,424 shares on 2026-03-18 (weighted avg $15.20; $128,045) to satisfy tax liabilities. The filing also lists a 15,000-share derivative disposition (M-coded) at $0 on 2026-03-18 as reported.

Key Details

• Transaction dates and amounts:
  • 2026-03-17: 5,774 RSUs vested (A) — acquired at $0.
  • 2026-03-17: 2,489 shares disposed (F) at $14.31 — $35,618 (tax withholding).
  • 2026-03-18: 15,000 shares acquired via option exercise (M) at $3.30 — $49,500 paid.
  • 2026-03-18: 8,424 shares disposed (F) at a weighted avg $15.20 — $128,045 (tax withholding). Footnote notes trades ranged $15.06–$15.34.
  • 2026-03-18: 15,000-share derivative disposition (M) reported at $0 (derivative).
• Aggregate (as reported): acquired 20,774 shares (15,000 exercised + 5,774 RSUs); disposed/withheld 10,913 shares for taxes (2,489 + 8,424) totaling ~$163,663; a 15,000-share derivative disposition is also listed separately.
• Footnotes: F1 = vesting of performance-based RSUs; F2 = multiple trades for the $15.20 weighted avg sale price (range $15.06–$15.34); F3 = the options vested in prior years and became fully exercisable on the noted date.
• Shares owned after the transactions are not disclosed in the filing.
• Filing timeliness: Form 4 cover dates 2026-03-17–03-18 and was filed 2026-03-19 — appears to be filed within the normal two-business-day Form 4 window.

Context

• The F-coded disposals are tax withholdings/payment of exercise price — common practice when RSUs vest or options are exercised; they do not necessarily indicate a broader directional bet.
• The M-coded lines indicate option exercise/derivative activity. One M-line shows acquisition via exercise (cash-paid exercise), and another M-line shows a derivative disposition at $0; the filing does not explain whether that reflects net settlement or cancellation.
• These transactions are routine insider reporting of compensation-related exercises/vesting and associated tax withholding rather than an open-market investment buy or sell for speculation.