Marcus & Millichap, Inc. Reports Preliminary Results for Fourth Quarter and Full Year 2025
Key Terms
adjusted ebitda financial
non-gaap financial
basis point financial
rule 10b5-1 plans regulatory
form 10-k regulatory
valuation allowance financial
deferred tax assets financial
forward-looking statements regulatory
Earnings per common share of
Revenue growth of
Fourth Quarter 2025 Highlights Compared to Fourth Quarter 2024
-
Total revenue of
$244.0 million 1.6% compared to$240.1 million -
Brokerage commissions of
$205.3 million 1.2% compared to$202.8 million -
Private Client Market brokerage revenue of
$132.8 million 10.3% compared to$120.4 million -
Middle Market and Larger Transaction Market brokerage revenue of
$64.6 million 15.8% compared to$76.7 million -
Financing fees of
$33.2 million 6.5% compared to$31.2 million
-
Brokerage commissions of
-
Net income of
$13.3 million $0.34 $8.5 million $0.22 -
Adjusted EBITDA1 of
$25.0 million 38.7% compared to$18.0 million
Full Year 2025 Highlights Compared to Full Year 2024
-
Total revenue of
$755.2 million 8.5% compared to$696.1 million -
Brokerage commissions of
$632.5 million 7.3% compared to$589.7 million -
Private Client Market brokerage revenue of
$406.3 million 11.1% compared to$365.8 million -
Middle Market and Larger Transaction Market brokerage revenue of
$200.3 million 1.3% compared to$202.8 million -
Financing fees of
$103.9 million 23.0% compared to$84.5 million
-
Brokerage commissions of
-
Net loss of
$1.9 million $0.05 $12.4 million $0.32 -
Adjusted EBITDA1 of
$24.6 million 162.6% compared to$9.4 million
“We delivered solid fourth quarter results against a tough comparison thanks to a late-stage acceleration of transaction closings and concluded 2025 as the second consecutive year of revenue recovery amid the severe market disruption. Our ongoing cost controls and focus on efficiency resulted in a meaningful improvement in profitability,” said Hessam Nadji, President and Chief Executive Officer of Marcus & Millichap. “Our performance was driven by a series of initiatives throughout the year to grow exclusive inventory, increase client outreach, expand financing availability and leverage the market improvement. Our Private Client business in particular – the cornerstone of our business – is showing positive momentum thanks to price adjustments and many lenders becoming active again.”
Mr. Nadji continued, “We enter 2026 with solid momentum. Market fundamentals continue to strengthen as lowered prices become more compelling, especially compared to replacement cost. While we remain mindful of lingering economic uncertainty and elevated geopolitical factors, the improving investor sentiment and trading environment we are seeing is encouraging. Our strong balance sheet provides the flexibility to invest in our growth while maintaining our disciplined approach to returning capital to shareholders and continue exploring strategic growth opportunities.”
____________________ |
1 Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. |
Fourth Quarter 2025 Results Compared to Fourth Quarter 2024
Total revenue for the fourth quarter 2025 was
For real estate brokerage commissions, revenue was
For financing fees, revenue was
Total operating expenses for the fourth quarter 2025 were
Selling, general and administrative expenses for the fourth quarter 2025 were
Net income for the fourth quarter 2025 was
Full Year 2025 Results Compared to Full Year 2024
Total revenue for 2025 was
Capital Allocation
During the twelve months ended December 31, 2025, the Company declared two semi-annual regular dividends aggregating
After accounting for shares repurchased through February 10, 2026, Marcus & Millichap has approximately
Business Outlook
Notwithstanding the ongoing price discovery and wider than normal bid/ask spreads, the Company believes the commercial real estate transaction market is poised to overcome the near-term challenges which are currently expected to extend through 2026. Accordingly, the Company believes it remains well-positioned to return to long-term growth.
The Company benefits from its experienced management team, infrastructure investments, industry-leading market research and proprietary technology. The size and fragmentation of the Private Client Market continues to offer long-term growth opportunities through consolidation. This highly fragmented market segment consistently accounts for over
Key factors that may influence the Company’s business during 2026 include:
-
Volatility in transactional activity and investor sentiment driven by:
- The still potentially volatile cost of debt capital
- Interest rate uncertainty, the potential for rising inflation and the heightened bid-ask spread between buyers and sellers
- Risks of a potential recession and its unfavorable impact to commercial real estate space demand
-
Possible impact to market sentiment related to the
U.S. administration’s tariff, immigration, geopolitics and other policy changes which may influence transaction velocity and/or future fluctuations in interest rates, sales and financing activity - Increases in operating expenses driven by labor costs, insurance, taxes and cost of construction materials
- The implementation of new tax laws, many of which are beneficial to commercial real estate investors
- Volatility in the markets in which the Company operates
- Increases in costs related to in-person events, client meetings, and conferences
- Global geopolitical uncertainty, which may cause investors to refrain from transacting
- The potential for acquisition activity and subsequent integration
Webcast and Call Information
Marcus & Millichap will host a live webcast today to discuss the financial results at 7:30 a.m. Pacific Time/10:30 a.m. Eastern Time. The webcast will be accessible through the Investor Relations section of Marcus & Millichap's website at ir.marcusmillichap.com and will be archived upon completion of the call. The Company encourages the use of the webcast due to potential extended wait times to access the conference call via dial-in.
For those unable to access the webcast, callers from
Replay Information
For those unable to participate during the live broadcast, a telephonic replay of the call will also be available from 1:30 p.m. Eastern Time on Friday, February 13, 2026 through 11:59 p.m. Eastern Time on Friday, February 27, 2026 by dialing 1-844-512-2921 in
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. As of December 31, 2025, the Company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory, and leasing services to its clients. Marcus & Millichap, Inc. closed 8,818 transactions in 2025, with a sales volume of
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements, including our expectations regarding the long-term outlook of the commercial real estate transaction market, and our positioning within it, our belief relating to the Company’s long-term growth, our assessment of the key factors influencing the Company’s business outlook, including the expectation for future interest rate cuts or rising inflation and likely impact of such cuts or inflation on commercial real estate demand, and the execution of our capital return program, including a semi-annual dividend and stock repurchase program. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:
- general uncertainty in the capital markets, a worsening of economic conditions, and the rate and pace of economic recovery following an economic downturn;
- changes in our business operations;
- market trends in the commercial real estate market or the general economy, including the impact of inflation and changes to interest rates;
- our ability to attract and retain qualified senior executives, managers, and investment sales and financing professionals;
- the impact of forgivable loans and related expense resulting from the recruitment and retention of agents;
- the impact of litigation and our success in appealing any judgments entered against us;
- the effects of increased competition on our business;
- our ability to successfully enter new markets or increase our market share;
- our ability to successfully expand our services and businesses and to manage any such expansions;
- our ability to retain existing clients and develop new clients;
- our ability to keep pace with changes in technology;
- any business interruption or technology failure, including cybersecurity risks and ransomware attacks, and any related impact on our reputation;
- changes in interest rates, availability of capital, tax laws, tariffs and trade regulations, executive orders, employment laws, or other government regulation affecting our business;
- our ability to successfully identify, negotiate, execute, and integrate accretive acquisitions; and
- other risk factors included under “Risk Factors” in our most recent Annual Report on Form 10-K.
In addition, in this release, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “goal,” “expect,” “predict,” “potential,” “should,” and similar expressions, as they relate to our Company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
We have not filed our Form 10-K for the year ended December 31, 2025. The Company’s closing procedures and the audit of the Company’s consolidated financial statements for the year ended December 31, 2025 are ongoing, and certain procedures remain in progress, including work related to the Company’s evaluation of a valuation allowance on its deferred tax assets. As a result, the provision (benefit) for income taxes, effective tax rate, and net income (loss) metrics presented herein are preliminary and may be subject to adjustment. Final results will be reported in the Company’s Form 10-K upon completion of the audit.
MARCUS & MILLICHAP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Real estate brokerage commissions |
$ |
205,311 |
|
|
$ |
202,827 |
|
|
$ |
632,516 |
|
|
$ |
589,695 |
|
Financing fees |
|
33,235 |
|
|
|
31,209 |
|
|
|
103,916 |
|
|
|
84,512 |
|
Other revenue |
|
5,404 |
|
|
|
6,042 |
|
|
|
18,724 |
|
|
|
21,853 |
|
Total revenue |
|
243,950 |
|
|
|
240,078 |
|
|
|
755,156 |
|
|
|
696,060 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of services |
|
154,524 |
|
|
|
151,768 |
|
|
|
470,486 |
|
|
|
431,471 |
|
Selling, general and administrative |
|
70,654 |
|
|
|
76,318 |
|
|
|
286,283 |
|
|
|
280,909 |
|
Depreciation and amortization |
|
3,353 |
|
|
|
5,288 |
|
|
|
12,098 |
|
|
|
16,589 |
|
Total operating expenses |
|
228,531 |
|
|
|
233,374 |
|
|
|
768,867 |
|
|
|
728,969 |
|
Operating income (loss) |
|
15,419 |
|
|
|
6,704 |
|
|
|
(13,711 |
) |
|
|
(32,909 |
) |
Other income, net |
|
3,986 |
|
|
|
4,992 |
|
|
|
17,504 |
|
|
|
20,693 |
|
Interest expense |
|
(189 |
) |
|
|
(201 |
) |
|
|
(773 |
) |
|
|
(812 |
) |
Income (loss) before provision (benefit) for income taxes |
|
19,216 |
|
|
|
11,495 |
|
|
|
3,020 |
|
|
|
(13,028 |
) |
Provision (benefit) for income taxes |
|
5,908 |
|
|
|
2,947 |
|
|
|
4,929 |
|
|
|
(666 |
) |
Net income (loss) |
$ |
13,308 |
|
|
$ |
8,548 |
|
|
$ |
(1,909 |
) |
|
$ |
(12,362 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.34 |
|
|
$ |
0.22 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.32 |
) |
Diluted |
$ |
0.34 |
|
|
$ |
0.22 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.32 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
38,826 |
|
|
|
38,826 |
|
|
|
38,943 |
|
|
|
38,678 |
|
Diluted |
|
38,961 |
|
|
|
39,293 |
|
|
|
38,943 |
|
|
|
38,678 |
|
MARCUS & MILLICHAP, INC.
KEY OPERATING METRICS SUMMARY
(Unaudited)
Total sales volume was approximately
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
Real Estate Brokerage |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Average number of investment sales professionals |
|
1,634 |
|
|
|
1,593 |
|
|
|
1,577 |
|
|
|
1,610 |
|
Average number of transactions per investment sales professional |
|
1.16 |
|
|
|
1.09 |
|
|
|
3.83 |
|
|
|
3.38 |
|
Average commission per transaction |
$ |
107,945 |
|
|
$ |
116,433 |
|
|
$ |
104,756 |
|
|
$ |
108,261 |
|
Average commission rate |
|
1.74 |
% |
|
|
1.65 |
% |
|
|
1.82 |
% |
|
|
1.75 |
% |
Average transaction size (in thousands) |
$ |
6,197 |
|
|
$ |
7,045 |
|
|
$ |
5,767 |
|
|
$ |
6,174 |
|
Total number of transactions |
|
1,902 |
|
|
|
1,742 |
|
|
|
6,038 |
|
|
|
5,447 |
|
Total brokerage sales volume (in millions) |
$ |
11,787 |
|
|
$ |
12,273 |
|
|
$ |
34,820 |
|
|
$ |
33,630 |
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
Financing (1) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Average number of financing professionals |
|
100 |
|
|
|
103 |
|
|
|
101 |
|
|
|
101 |
|
Average number of transactions per financing professional |
|
5.07 |
|
|
|
4.13 |
|
|
|
16.43 |
|
|
|
12.37 |
|
Average fee per transaction |
$ |
49,574 |
|
|
$ |
59,219 |
|
|
$ |
49,298 |
|
|
$ |
52,955 |
|
Average fee rate |
|
0.67 |
% |
|
|
0.72 |
% |
|
|
0.69 |
% |
|
|
0.73 |
% |
Average transaction size (in thousands) |
$ |
7,387 |
|
|
$ |
8,184 |
|
|
$ |
7,193 |
|
|
$ |
7,283 |
|
Total number of transactions |
|
507 |
|
|
|
425 |
|
|
|
1,659 |
|
|
|
1,249 |
|
Total financing sales volume (in millions) |
$ |
3,746 |
|
|
$ |
3,478 |
|
|
$ |
11,934 |
|
|
$ |
9,096 |
|
(1) |
Operating metrics exclude certain financing fees not directly associated to transactions. |
The following table sets forth the number of transactions, sales volume and revenue by commercial real estate market for real estate brokerage:
|
Three Months Ended December 31, |
|
|
|||||||||||||||||||||||
|
2025 |
|
2024 |
|
Change |
|||||||||||||||||||||
Real Estate Brokerage |
Number |
|
Volume |
|
Revenue |
|
Number |
|
Volume |
|
Revenue |
|
Number |
|
Volume |
|
Revenue |
|||||||||
|
|
|
(in millions) |
|
(in thousands) |
|
|
|
(in millions) |
|
(in thousands) |
|
|
|
(in millions) |
|
(in thousands) |
|||||||||
< |
274 |
|
$ |
160 |
|
$ |
7,913 |
|
223 |
|
$ |
118 |
|
$ |
5,735 |
|
51 |
|
|
$ |
42 |
|
|
$ |
2,178 |
|
Private Client Market
( |
1,409 |
|
|
4,816 |
|
|
132,774 |
|
1,280 |
|
|
4,276 |
|
|
120,364 |
|
129 |
|
|
|
540 |
|
|
|
12,410 |
|
Middle Market
( |
119 |
|
|
1,655 |
|
|
30,247 |
|
118 |
|
|
1,651 |
|
|
30,556 |
|
1 |
|
|
|
4 |
|
|
|
(309 |
) |
Larger Transaction Market (≥ |
100 |
|
|
5,156 |
|
|
34,377 |
|
121 |
|
|
6,228 |
|
|
46,172 |
|
(21 |
) |
|
|
(1,072 |
) |
|
|
(11,795 |
) |
|
1,902 |
|
$ |
11,787 |
|
$ |
205,311 |
|
1,742 |
|
$ |
12,273 |
|
$ |
202,827 |
|
160 |
|
|
$ |
(486 |
) |
|
$ |
2,484 |
|
|
Years Ended December 31, |
|
|
|||||||||||||||||||||||
|
2025 |
|
2024 |
|
Change |
|||||||||||||||||||||
Real Estate Brokerage |
Number |
|
Volume |
|
Revenue |
|
Number |
|
Volume |
|
Revenue |
|
Number |
|
Volume |
|
Revenue |
|||||||||
|
|
|
(in millions) |
|
(in thousands) |
|
|
|
(in millions) |
|
(in thousands) |
|
|
|
(in millions) |
|
(in thousands) |
|||||||||
< |
931 |
|
$ |
556 |
|
$ |
25,945 |
|
819 |
|
$ |
446 |
|
$ |
21,034 |
|
112 |
|
|
$ |
110 |
|
|
$ |
4,911 |
|
Private Client Market
( |
4,435 |
|
|
14,607 |
|
|
406,316 |
|
3,967 |
|
|
12,802 |
|
|
365,837 |
|
468 |
|
|
|
1,805 |
|
|
|
40,479 |
|
Middle Market
( |
381 |
|
|
5,195 |
|
|
96,498 |
|
344 |
|
|
4,764 |
|
|
84,186 |
|
37 |
|
|
|
431 |
|
|
|
12,312 |
|
Larger Transaction Market (≥ |
291 |
|
|
14,462 |
|
|
103,757 |
|
317 |
|
|
15,618 |
|
|
118,638 |
|
(26 |
) |
|
|
(1,156 |
) |
|
|
(14,881 |
) |
|
6,038 |
|
$ |
34,820 |
|
$ |
632,516 |
|
5,447 |
|
$ |
33,630 |
|
$ |
589,695 |
|
591 |
|
|
$ |
1,190 |
|
|
$ |
42,821 |
|
MARCUS & MILLICHAP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for shares and par value) (Unaudited) |
||||||
|
December 31, |
|||||
|
|
2025 |
|
|
2024 |
|
Assets |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash, cash equivalents, and restricted cash (restricted cash of |
|
|||||
December 31, 2025 and December 31, 2024, respectively) |
$ |
161,921 |
$ |
153,445 |
|
|
Commissions receivable |
|
14,851 |
|
|
18,804 |
|
Prepaid expenses |
|
10,424 |
|
|
9,311 |
|
Income tax receivable |
|
1,962 |
|
|
6,030 |
|
Marketable debt securities, available-for-sale (amortized cost of |
|
|||||
December 31, 2025 and December 31, 2024, respectively, and |
||||||
losses) |
|
90,564 |
|
189,667 |
|
|
Advances and loans, net |
|
15,299 |
|
|
17,519 |
|
Other assets, current |
|
14,189 |
|
|
15,543 |
|
Total current assets |
|
309,210 |
|
|
410,319 |
|
Property and equipment, net |
|
23,877 |
|
|
26,139 |
|
Operating lease right-of-use assets, net |
|
74,333 |
|
|
81,120 |
|
Marketable debt securities, available-for-sale (amortized cost of |
|
|||||
December 31, 2025 and December 31, 2024, respectively, and |
||||||
losses) |
|
145,701 |
|
51,147 |
|
|
Assets held in rabbi trust |
|
13,476 |
|
|
12,191 |
|
Deferred tax assets, net |
|
44,586 |
|
|
48,080 |
|
Goodwill and other intangible assets, net |
|
41,662 |
|
|
43,521 |
|
Advances and loans, net |
|
147,215 |
|
|
173,657 |
|
Other assets, non-current |
|
27,120 |
|
|
23,626 |
|
Total assets |
$ |
827,180 |
|
$ |
869,800 |
|
Liabilities and stockholders’ equity |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable and accrued expenses |
$ |
11,021 |
|
$ |
13,737 |
|
Deferred compensation and commissions |
|
57,463 |
|
|
67,197 |
|
Operating lease liabilities |
|
18,796 |
|
|
18,522 |
|
Accrued bonuses and other employee related expenses |
|
23,856 |
|
|
25,485 |
|
Other liabilities, current |
|
10,311 |
|
|
8,076 |
|
Total current liabilities |
|
121,447 |
|
|
133,017 |
|
Deferred compensation and commissions |
|
35,416 |
|
|
33,257 |
|
Operating lease liabilities |
|
59,459 |
|
|
65,701 |
|
Other liabilities, non-current |
|
7,755 |
|
|
7,007 |
|
Total liabilities |
|
224,077 |
|
|
238,982 |
|
Commitments and contingencies |
|
— |
|
|
— |
|
Stockholders’ equity: |
|
|
|
|||
Preferred stock, |
|
|
|
|||
Authorized shares – 25,000,000; issued and outstanding shares – none at December 31, 2025 |
|
|||||
and 2024, respectively |
|
— |
|
— |
|
|
Common stock, |
|
|
|
|||
Authorized shares – 150,000,000; issued and outstanding shares – 38,422,993 and |
|
|||||
38,856,790 at December 31, 2025 and 2024, respectively |
|
4 |
|
4 |
|
|
Additional paid-in capital |
|
192,945 |
|
|
173,340 |
|
Retained earnings |
|
409,753 |
|
|
458,907 |
|
Accumulated other comprehensive income (loss) |
|
401 |
|
|
(1,433 |
) |
Total stockholders’ equity |
|
603,103 |
|
|
630,818 |
|
Total liabilities and stockholders’ equity |
$ |
827,180 |
|
$ |
869,800 |
|
MARCUS & MILLICHAP, INC.
OTHER INFORMATION
(Unaudited)
Adjusted EBITDA Reconciliation
Adjusted EBITDA, which the Company defines as net income (loss) before (i) interest income and other, including interest on marketable debt securities, available-for-sale and cash, cash equivalents, and restricted cash, and net realized gains (losses) on marketable debt securities, available-for-sale, (ii) interest expense, (iii) provision (benefit) for income taxes, (iv) depreciation and amortization, and (v) stock-based compensation. The Company uses Adjusted EBITDA in its business operations to evaluate the performance of its business, develop budgets and measure its performance against those budgets, among other things. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate its overall operating performance. However, Adjusted EBITDA has material limitations as a supplemental metric and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under
A reconciliation of the most directly comparable
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net income (loss) |
$ |
13,308 |
|
|
$ |
8,548 |
|
|
$ |
(1,909 |
) |
|
$ |
(12,362 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest income and other (1) |
|
(3,608 |
) |
|
|
(4,987 |
) |
|
|
(15,506 |
) |
|
|
(18,793 |
) |
Interest expense |
|
189 |
|
|
|
201 |
|
|
|
773 |
|
|
|
812 |
|
Provision (benefit) for income taxes |
|
5,908 |
|
|
|
2,947 |
|
|
|
4,929 |
|
|
|
(666 |
) |
Depreciation and amortization |
|
3,353 |
|
|
|
5,288 |
|
|
|
12,098 |
|
|
|
16,589 |
|
Stock-based compensation |
|
5,858 |
|
|
|
6,037 |
|
|
|
24,226 |
|
|
|
23,792 |
|
Adjusted EBITDA |
$ |
25,008 |
|
|
$ |
18,034 |
|
|
$ |
24,611 |
|
|
$ |
9,372 |
|
(1) |
Other includes net realized gains (losses) on marketable debt securities available-for-sale. |
Glossary of Terms
-
Private Client Market: transactions with values from
$1 million $10 million -
Middle Market: transactions with values from
$10 million $20 million -
Larger Transaction Market: transactions with values of
$20 million - Acquisitions: acquisition of businesses accounted for as a business combination in accordance with generally accepted accounting standards
Certain Adjusted Metrics
Real Estate Brokerage
Following are actual and as adjusted metrics excluding any large transactions in our real estate brokerage business in excess of
|
Three Months Ended December 31, 2025 |
Year Ended December 31, 2025 |
||||||||||
(actual) |
(as adjusted) |
(actual) |
(as adjusted) |
|||||||||
Total sales volume (decrease) increase |
(4.0 |
)% |
(6.6 |
)% |
3.5 |
% |
2.6 |
% |
||||
Average commission rate increase |
5.5 |
% |
8.5 |
% |
4.0 |
% |
4.6 |
% |
||||
Average transaction size decrease |
(12.0 |
)% |
(14.4 |
)% |
(6.6 |
)% |
(7.4 |
)% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260213675159/en/
Investor Relations Contact:
Investor Relations
InvestorRelations@marcusmillichap.com
Source: Marcus & Millichap, Inc.
