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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1299969	Comstock Homebuilding Companies Inc.	CHCI	Operative Builders (1531)	201164345

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1127429	Phil Frohlich	1924 South Utica, Suite 1120 Tulsa OK 74104		No	No	Yes	No
1166152	Prescott Group Capital Management, L.l.c.	1924 South Utica, Suite 1120 Tulsa OK 74104		No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Class A Common Stock, Par Value $.01 Per Share	Acquisiton	2011-12-23	2,070	$1.06	1,764,133	No	4	P	Indirect	See Footnote
Class A Common Stock, Par Value $.01 Per Share	Acquisiton	2011-12-27	158	$1.06	1,764,291	No	4	P	Indirect	See Footnote

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See Footnote
No	4	P	Indirect	See Footnote

Footnotes

The filing of this Form 4 shall not be construed as an admission that Prescott Group Capital Management, L.L.C. ("Prescott Capital") or Phil Frohlich, the manager of Prescott Capital, is or was, for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of any of the shares of Class A Common Stock, par value $.01 per share (the "Common Stock"), of Comstock Homebuilding Companies, Inc. (the "Issuer") purchased by Prescott Group Aggressive Small Cap Master Fund, G.P. (the "Master Fund") for the accounts of Prescott Group Aggressive Small Cap, L.P. or Prescott Group Aggressive Small Cap II, L.P. (together, the "Small Cap Funds"). Pursuant to Rule 16a-1, both Prescott Capital and Phil Frohlich disclaim such beneficial ownership.
Prescott Capital holds indirectly 1,764,291 shares of Common Stock of the Issuer through the account of the Master Fund, of which the Prescott Capital is the Investment Manager. The Master Fund holds the shares of Common Stock for the accounts of the Small Cap Funds, of which Prescott Capital is the Investment Manager. Prescott Capital receives a portion of the profits in the way of a capital allocation from, and owns a partnership interest in, the Small Cap Funds. Phil Frohlich reports the shares held indirectly by Prescott Capital because, as the manager of Prescott Capital at the time of purchase, he controlled the disposition and voting of the securities.