Marcus & Millichap, Inc. Reports Results for Second Quarter 2025
Revenue growth of
Provision for income taxes of
Second Quarter 2025 Highlights Compared to Second Quarter 2024
-
Total revenue of
$172.3 million $158.4 million -
Brokerage commissions of
$141.4 million $135.4 million -
Private Client Market brokerage revenue of
$93.5 million $84.8 million -
Middle Market and Larger Transaction Market brokerage revenue of
$42.3 million $45.3 million
-
Brokerage commissions of
-
Financing fees of
$26.3 million $18.3 million -
Loss before provision for income taxes of
$3.7 million $3.4 million -
Net loss of
$11.0 million $0.28 $5.5 million $0.14 -
Loss per common share, diluted, of
$0.28 $0.19 -
Adjusted EBITDA1 of
$1.5 million $1.4 million
Six Months 2025 Highlights Compared to Six Months 2024
-
Total revenue of
$317.3 million $287.5 million -
Brokerage commissions of
$265.0 million $244.9 million -
Private Client Market brokerage revenue of
$171.2 million $158.0 million -
Middle Market and Larger Transaction Market brokerage revenue of
$83.1 million $76.8 million -
Financing fees of
$44.4 million $32.7 million
-
Brokerage commissions of
-
Net loss of
$15.5 million $0.40 $15.5 million $0.40 -
Adjusted EBITDA1 of
$(7.3) million $(8.6) million
“Our second-quarter results reflect the resilience and adaptability of our platform during a period of continued global market volatility and tariff-related uncertainty,” said Hessam Nadji, President and Chief Executive Officer of Marcus & Millichap. “We experienced a notable increase in activity within our Private Client segment along with a very strong performance in our financing business, all supported by gradually improving capital availability and gradual narrowing of bid/ask spreads. Decline in larger transactions comes after a rapid recovery in the segment averaging
Mr. Nadji continued, “Although the pace of recovery remains uneven and investor sentiment is still cautious, we are encouraged by a growing pipeline of listings and incremental gains in transaction activity in all price segments. Real estate fundamentals remain healthy, with demand holding steady and new supply remaining disciplined in most sectors and declining in apartments and industrial which have been the most active. We continue to prioritize operational efficiency, strategic investment in our platform, and long-term value creation for our clients and shareholders as we navigate this evolving environment.”
1 |
Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. | |
Second Quarter 2025 Results Compared to Second Quarter 2024
Total revenue for the second quarter 2025 was
For real estate brokerage commissions, revenue was
For financing fees, revenue was
Total operating expenses for the second quarter 2025 were
Selling, general and administrative expenses for the second quarter 2025 were
The loss before provision for income taxes for the second quarter 2025 was
The loss per common share, diluted, of
The Company calculated its income taxes for the second quarter of 2025 based on the actual year-to-date method as it was determined to be a more appropriate method than the annual effective tax rate (“AETR”) method used in prior periods. This change was made because nominal changes to projected pre-tax earnings can result in significant variability in the quarterly tax provisions under the AETR method. The net loss for the second quarter 2025 of
Adjusted EBITDA was comparable at
Six Months 2025 Results Compared to Six Months 2024
Total revenues for the six months ended June 30, 2025 were
Capital Allocation
On July 31, 2025, the Board of Directors declared a semi-annual regular dividend of
During the six months ended June 30, 2025, the Company repurchased 242,821 shares of common stock at an average price of
After accounting for shares repurchased through August 4, 2025, Marcus & Millichap has approximately
Business Outlook
Notwithstanding the ongoing price discovery and wider than normal bid/ask spreads, the commercial real estate transaction market is poised to overcome the near-term challenges which are currently expected to extend through 2025. Accordingly, the Company believes it remains well-positioned to achieve 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 the remainder of 2025 include:
-
Volatility in transactional activity and investor sentiment driven by:
- The elevated and still 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 new
U.S. presidential administration’s tariff, immigration 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 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 Thursday, August 7, 2025 through 11:59 p.m. Eastern Time on Thursday, August 21, 2025 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, 2024, the Company had 1,712 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 services to its clients. Marcus & Millichap, Inc. closed 7,836 transactions in 2024, 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 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 Quarterly Report on Form 10-Q (“Form 10-Q”) for the quarter ended June 30, 2025. As a result, all financial results described in this release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file our Form 10-Q.
MARCUS & MILLICHAP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Real estate brokerage commissions |
$ |
141,417 |
|
|
$ |
135,423 |
|
|
$ |
265,039 |
|
|
$ |
244,898 |
|
Financing fees |
|
26,259 |
|
|
|
18,294 |
|
|
|
44,389 |
|
|
|
32,721 |
|
Other revenue |
|
4,600 |
|
|
|
4,650 |
|
|
|
7,886 |
|
|
|
9,852 |
|
Total revenue |
|
172,276 |
|
|
|
158,367 |
|
|
|
317,314 |
|
|
|
287,471 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of services |
|
106,618 |
|
|
|
98,081 |
|
|
|
194,966 |
|
|
|
174,949 |
|
Selling, general and administrative |
|
71,550 |
|
|
|
65,003 |
|
|
|
143,102 |
|
|
|
133,919 |
|
Depreciation and amortization |
|
3,153 |
|
|
|
3,329 |
|
|
|
6,002 |
|
|
|
6,751 |
|
Total operating expenses |
|
181,321 |
|
|
|
166,413 |
|
|
|
344,070 |
|
|
|
315,619 |
|
Operating loss |
|
(9,045 |
) |
|
|
(8,046 |
) |
|
|
(26,756 |
) |
|
|
(28,148 |
) |
Other income, net |
|
5,498 |
|
|
|
4,812 |
|
|
|
9,477 |
|
|
|
10,380 |
|
Interest expense |
|
(200 |
) |
|
|
(204 |
) |
|
|
(387 |
) |
|
|
(403 |
) |
Loss before provision (benefit) for income taxes |
|
(3,747 |
) |
|
|
(3,438 |
) |
|
|
(17,666 |
) |
|
|
(18,171 |
) |
Provision (benefit) for income taxes |
|
7,288 |
|
|
|
2,100 |
|
|
|
(2,209 |
) |
|
|
(2,646 |
) |
Net loss |
$ |
(11,035 |
) |
|
$ |
(5,538 |
) |
|
$ |
(15,457 |
) |
|
$ |
(15,525 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.28 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.40 |
) |
Diluted |
$ |
(0.28 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.40 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
39,004 |
|
|
|
38,675 |
|
|
|
38,967 |
|
|
|
38,561 |
|
Diluted |
|
39,004 |
|
|
|
38,675 |
|
|
|
38,967 |
|
|
|
38,561 |
|
MARCUS & MILLICHAP, INC.
KEY OPERATING METRICS SUMMARY
(Unaudited)
Total sales volume was approximately
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
Real Estate Brokerage |
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Average Number of Investment Sales Professionals |
|
1,543 |
|
|
|
1,620 |
|
|
|
1,560 |
|
|
|
1,629 |
|
Average Number of Transactions per Investment |
|||||||||||||||
Sales Professional |
|
0.89 |
|
|
|
0.79 |
|
|
|
1.63 |
|
|
|
1.46 |
|
Average Commission per Transaction |
$ |
102,849 |
|
|
$ |
106,465 |
|
|
$ |
103,937 |
|
|
$ |
103,159 |
|
Average Commission Rate |
|
1.76 |
% |
|
|
1.89 |
% |
|
|
1.81 |
% |
|
|
1.91 |
% |
Average Transaction Size (in thousands) |
$ |
5,830 |
|
|
$ |
5,636 |
|
|
$ |
5,755 |
|
|
$ |
5,404 |
|
Total Number of Transactions |
|
1,375 |
|
|
|
1,272 |
|
|
|
2,550 |
|
|
|
2,374 |
|
Total Sales Volume (in millions) |
$ |
8,016 |
|
|
$ |
7,169 |
|
|
$ |
14,675 |
|
|
$ |
12,830 |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
Financing (1) |
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Average Number of Financing Professionals |
|
101 |
|
|
|
100 |
|
|
|
102 |
|
|
|
100 |
|
Average Number of Transactions per Financing |
|||||||||||||||
Professional |
|
4.05 |
|
|
|
2.72 |
|
|
|
7.31 |
|
|
|
5.06 |
|
Average Fee per Transaction |
$ |
53,448 |
|
|
$ |
51,184 |
|
|
$ |
48,594 |
|
|
$ |
49,331 |
|
Average Fee Rate |
|
0.64 |
% |
|
|
0.76 |
% |
|
|
0.68 |
% |
|
|
0.72 |
% |
Average Transaction Size (in thousands) |
$ |
8,294 |
|
|
$ |
6,705 |
|
|
$ |
7,131 |
|
|
$ |
6,885 |
|
Total Number of Transactions |
|
409 |
|
|
|
272 |
|
|
|
746 |
|
|
|
506 |
|
Total Financing Volume (in millions) |
$ |
3,392 |
|
|
$ |
1,824 |
|
|
$ |
5,320 |
|
|
$ |
3,484 |
|
(1) |
Operating metrics exclude certain financing fees not directly associated with transactions. |
The following table sets forth the number of transactions, sales volume and revenue by commercial real estate market segment for real estate brokerage:
|
Three Months Ended June 30, |
|
|
|||||||||||||||||||||||
|
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) |
|||||||||
< |
214 |
|
$ |
122 |
|
$ |
5,651 |
|
207 |
|
$ |
116 |
|
$ |
5,352 |
|
7 |
|
|
$ |
6 |
|
|
$ |
299 |
|
Private Client Market
( |
1,030 |
|
|
3,345 |
|
|
93,514 |
|
922 |
|
|
2,899 |
|
|
84,816 |
|
108 |
|
|
|
446 |
|
|
|
8,698 |
|
Middle Market
( |
71 |
|
|
933 |
|
|
19,223 |
|
79 |
|
|
1,082 |
|
|
19,135 |
|
(8 |
) |
|
|
(149 |
) |
|
|
88 |
|
Larger Transaction |
|
|
|
|
|
|
||||||||||||||||||||
Market (≥ |
60 |
|
|
3,616 |
|
|
23,029 |
|
64 |
|
|
3,072 |
|
|
26,120 |
|
(4 |
) |
|
$ |
544 |
|
|
$ |
(3,091 |
) |
|
1,375 |
|
$ |
8,016 |
|
$ |
141,417 |
|
1,272 |
|
$ |
7,169 |
|
$ |
135,423 |
|
103 |
|
|
$ |
847 |
|
|
$ |
5,994 |
|
|
Six Months Ended June 30, |
|
|
|||||||||||||||||||||||
|
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) |
|||||||||
< |
413 |
|
$ |
245 |
|
$ |
10,676 |
|
393 |
|
$ |
219 |
|
$ |
10,116 |
|
20 |
|
$ |
26 |
|
$ |
560 |
|||
Private Client Market
( |
1,862 |
|
|
6,033 |
|
|
171,219 |
|
1,730 |
|
|
5,489 |
|
|
157,979 |
|
132 |
|
|
544 |
|
|
13,240 |
|||
Middle Market
( |
156 |
|
|
2,135 |
|
|
40,112 |
|
138 |
|
|
1,884 |
|
|
34,228 |
|
18 |
|
|
251 |
|
|
5,884 |
|||
Larger Transaction |
|
|
|
|
|
|
||||||||||||||||||||
Market (≥ |
119 |
|
|
6,262 |
|
|
43,032 |
|
113 |
|
|
5,238 |
|
|
42,575 |
|
6 |
|
$ |
1,024 |
|
$ |
457 |
|||
|
2,550 |
|
$ |
14,675 |
|
$ |
265,039 |
|
2,374 |
|
$ |
12,830 |
|
$ |
244,898 |
|
176 |
|
$ |
1,845 |
|
$ |
20,141 |
|||
MARCUS & MILLICHAP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for shares and par value) |
||||||
|
June 30, 2025 (unaudited) |
|
December 31, 2024 |
|||
Assets |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash, cash equivalents, and restricted cash (restricted cash of |
||||||
June 30, 2025 and December 31, 2024, respectively) |
$ |
85,954 |
|
$ |
153,445 |
|
Commissions receivable |
|
16,897 |
|
|
18,804 |
|
Prepaid expenses |
|
7,738 |
|
|
9,311 |
|
Income tax receivable |
|
6,363 |
|
|
6,030 |
|
Marketable debt securities, available-for-sale (amortized cost of |
||||||
at June 30, 2025 and December 31, 2024, respectively, and |
||||||
losses) |
|
136,461 |
|
|
189,667 |
|
Advances and loans, net |
|
33,764 |
|
|
17,519 |
|
Other assets, current |
|
14,902 |
|
|
15,543 |
|
Total current assets |
|
302,079 |
|
|
410,319 |
|
Property and equipment, net |
|
24,176 |
|
|
26,139 |
|
Operating lease right-of-use assets, net |
|
79,399 |
|
|
81,120 |
|
Marketable debt securities, available-for-sale (amortized cost of |
||||||
June 30, 2025 and December 31, 2024, respectively, and |
|
110,206 |
|
|
51,147 |
|
Assets held in rabbi trust |
|
12,757 |
|
|
12,191 |
|
Deferred tax assets, net |
|
50,013 |
|
|
48,080 |
|
Goodwill and other intangible assets, net |
|
42,713 |
|
|
43,521 |
|
Advances and loans, net |
|
145,940 |
|
|
173,657 |
|
Other assets, non-current |
|
24,926 |
|
|
23,626 |
|
Total assets |
$ |
792,209 |
|
$ |
869,800 |
|
Liabilities and stockholders’ equity |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable and accrued expenses |
$ |
10,910 |
|
$ |
13,737 |
|
Deferred compensation and commissions |
|
37,428 |
|
|
67,197 |
|
Operating lease liabilities |
|
18,627 |
|
|
18,522 |
|
Accrued bonuses and other employee related expenses |
|
15,950 |
|
|
25,485 |
|
Other liabilities, current |
|
4,097 |
|
|
8,076 |
|
Total current liabilities |
|
87,012 |
|
|
133,017 |
|
Deferred compensation and commissions |
|
26,318 |
|
|
33,257 |
|
Operating lease liabilities |
|
63,794 |
|
|
65,701 |
|
Other liabilities, non-current |
|
7,310 |
|
|
7,007 |
|
Total liabilities |
|
184,434 |
|
|
238,982 |
|
Commitments and contingencies |
|
— |
|
|
— |
|
Stockholders’ equity: |
|
|
|
|||
Preferred stock, |
|
|
|
|||
Authorized shares – 25,000,000; issued and outstanding shares – none at June 30, 2025 and |
||||||
December 31, 2024, respectively |
|
— |
|
|
— |
|
Common stock, |
|
|
|
|||
Authorized shares – 150,000,000; issued and outstanding shares – 38,996,974 and |
||||||
38,856,790 at June 30, 2025 and December 31, 2024, respectively |
|
4 |
|
|
4 |
|
Additional paid-in capital |
|
181,624 |
|
|
173,340 |
|
Retained earnings |
|
425,822 |
|
|
458,907 |
|
Accumulated other comprehensive income (loss) |
|
325 |
|
|
(1,433 |
) |
Total stockholders’ equity |
|
607,775 |
|
|
630,818 |
|
Total liabilities and stockholders’ equity |
$ |
792,209 |
|
$ |
869,800 |
|
MARCUS & MILLICHAP, INC.
OTHER INFORMATION
(Unaudited)
Adjusted EBITDA Reconciliation
Adjusted EBITDA, which the Company defines as net loss before (i) interest income and other, including net realized gains (losses) on marketable debt securities, available-for-sale and cash, cash equivalents, and restricted cash, (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 June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Net loss |
$ |
(11,035 |
) |
|
$ |
(5,538 |
) |
|
$ |
(15,457 |
) |
|
$ |
(15,525 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest income and other(1) |
|
(4,373 |
) |
|
|
(4,543 |
) |
|
|
(8,411 |
) |
|
|
(9,308 |
) |
Interest expense |
|
200 |
|
|
|
204 |
|
|
|
387 |
|
|
|
403 |
|
Provision (benefit) for income taxes |
|
7,288 |
|
|
|
2,100 |
|
|
|
(2,209 |
) |
|
|
(2,646 |
) |
Depreciation and amortization |
|
3,153 |
|
|
|
3,329 |
|
|
|
6,002 |
|
|
|
6,751 |
|
Stock-based compensation |
|
6,223 |
|
|
|
5,889 |
|
|
|
12,402 |
|
|
|
11,684 |
|
Adjusted EBITDA |
$ |
1,456 |
|
|
$ |
1,441 |
|
|
$ |
(7,286 |
) |
|
$ |
(8,641 |
) |
(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
View source version on businesswire.com: https://www.businesswire.com/news/home/20250807621008/en/
Investor Relations Contact:
Investor Relations
InvestorRelations@marcusmillichap.com
Source: Marcus & Millichap, Inc.
