[Form 4] MARCUS & MILLICHAP Insider Trading Activity

Rhea-AI Filing Summary

Marcus & Millichap (MMI) insider transaction: Chief Executive Officer and Director Hessam Nadji reported three disposals of Common Stock on 08/26/2025 and 08/27/2025 totaling 2,625 shares. Each transaction lists a price of $0, indicating transfers were not sales for cash. Following the reported transactions, Mr. Nadji beneficially owns 261,203 shares.

Positive

• Maintains substantial ownership after transactions: 261,203 shares remain beneficially owned
• Transparent Section 16 disclosure with specific dates and amounts reported

Negative

• Beneficial holdings reduced by 2,625 shares via reported dispositions
• Transactions reported at $0, indicating non‑cash transfers which may reduce direct economic stake

Insights

Corporate Governance Expert

TL;DR: CEO/Director reported gift-like transfers of 2,625 shares, leaving substantial ongoing ownership of 261,203 shares.

The filings show three Code G dispositions (two on 08/26/2025 and one on 08/27/2025) totaling 2,625 common shares disposed at a reported price of $0, consistent with non‑cash transfers such as gifts or transfers to trusts. From a governance perspective, the insider retains meaningful equity, which maintains alignment with shareholders while documenting transfer activity required under Section 16.

Securities Analyst

TL;DR: Reported disposals are non‑cash transfers and are routine disclosures under Section 16, with limited immediate market impact.

The numeric detail is clear: 1,125 shares and 750 shares disposed on 08/26/2025 and 750 shares on 08/27/2025, reducing beneficial holdings to 261,203 shares. The transactions are coded G and show $0 consideration, indicating they are not open‑market sales. No derivative activity was reported. This disclosure is informative but not materially impactful to the company’s financials or operations.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nadji Hessam

(Last) (First) (Middle)

C/O MARCUS & MILLICHAP, INC.

23975 PARK SORRENTO, SUITE 400

(Street)

CALABASAS CA 91302

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Marcus & Millichap, Inc. [ MMI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/26/2025		G		1,125	D	$0	262,703	D
Common Stock	08/26/2025		G		750	D	$0	261,953	D
Common Stock	08/27/2025		G		750	D	$0	261,203	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Hessam Nadji	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Marcus & Millichap (MMI) insider Hessam Nadji report?

He reported three dispositions of Common Stock totaling 2,625 shares on 08/26/2025 and 08/27/2025.

What does the reported price of $0 mean on the Form 4?

The Form shows a price of $0 for each disposition, consistent with Code G transactions (non‑cash transfers such as gifts or transfers to trusts).

How many shares does Hessam Nadji own after these transactions?

Following the reported transactions, he beneficially owns 261,203 shares of Marcus & Millichap common stock.

Were any derivative securities reported in this Form 4?

No. The filing includes no derivative securities in Table II.

What transaction codes were used in the filing?

All reported dispositions use Code G, which indicates a disposition under a gift or similar non‑cash transfer.