Pzena holds 2.01M shares in Marcus & Millichap (MMI) — 5.3% passive stake

Rhea-AI Filing Summary

Marcus & Millichap, Inc. Schedule 13G filing shows Pzena Investment Management, LLC beneficially owns 2,012,763 shares of common stock, representing 5.3% of the class as of 03/31/2026. The filing states these shares are held on behalf of clients and no single client holds more than 5%.

Insights

Institutional Ownership Analyst

Pzena holds a 5.3% passive stake in Marcus & Millichap as of 03/31/2026.

Pzena Investment Management reports beneficial ownership of 2,012,763 shares, with 5.3% of the class and sole dispositive power over those shares. The filing is a passive ownership disclosure under Schedule 13G, indicating investment-manager positioning rather than an active control intent.

Because the filing notes holdings are for multiple clients and no single client exceeds 5%, voting and disposition authority is reported as held by the manager; subsequent Form 13D would be required only if intent or control changes.

Key Figures

Filing type: Schedule 13G Shares beneficially owned: 2,012,763 shares Percent of class: 5.3% +4 more

7 metrics

Filing type Schedule 13G Passive ownership disclosure

Shares beneficially owned 2,012,763 shares Amount beneficially owned reported by Pzena as of 03/31/2026

Percent of class 5.3% Percent of common stock class reported

Sole voting power 1,552,372 shares Shares with sole power to vote reported

Sole dispositive power 2,012,763 shares Shares with sole power to dispose reported

As of date 03/31/2026 Date to which ownership relates

Signature date 04/17/2026 Date filing was signed by Pzena representative

Key Terms

Schedule 13G, Beneficially owned, Sole dispositive power, Sole voting power

4 terms

Schedule 13G regulatory

"Schedule 13G filing shows Pzena Investment Management, LLC beneficially owns"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficially owned financial

"Amount beneficially owned: 2,012,763 (b) Percent of class: 5.3 %"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 2,012,763"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Sole voting power financial

"Sole power to vote or to direct the vote: 1,552,372"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

FAQ

What stake does Pzena Investment Management hold in Marcus & Millichap (MMI)?

Pzena beneficially owns 2,012,763 shares, equal to 5.3% of the class as of 03/31/2026. The filing lists sole dispositive power for the manager and states holdings are on behalf of multiple clients.

Does any single client of Pzena own more than 5% of MMI?

No. The filing explicitly states that no one client of Pzena relates to more than 5% of the class. The holdings are reported as manager-held for multiple client accounts.

What voting and dispositive powers does Pzena report for these shares?

Pzena reports 1,552,372 shares of sole voting power and 2,012,763 shares of sole dispositive power. Shared voting and dispositive powers are reported as 0 in the filing.

Is this filing a Schedule 13G or 13D and what does that imply?

This is a Schedule 13G, a passive investor disclosure. It implies Pzena reports passive ownership without the active control intentions that would trigger a Schedule 13D filing.

Who signed the filing for Pzena and when was it signed?

The filing is signed by Steven Coffey, Chief Legal Risk Officer and Chief Compliance Officer, with the signature date shown as 04/17/2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/17/2026 - 03:19 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Marcus & Millichap, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

566324109

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 566324109

1

Names of Reporting Persons

PZENA INVESTMENT MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,552,372.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,012,763.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,012,763.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Marcus & Millichap, Inc.
(b)	Address of issuer's principal executive offices: 23975 PARK SORRENTO, SUITE 400, CALABASAS, CALIFORNIA, 91302
Item 2.
(a)	Name of person filing: Pzena Investment Management, LLC
(b)	Address or principal business office or, if none, residence: 320 Park Avenue, 8th floor New York, NY 10022
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 566324109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,012,763
(b)	Percent of class: 5.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,552,372
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,012,763
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. CLIENTS OF THE FILING INVESTMENT MANAGER HAVE THE RIGHT TO RECEIVE AND THE ULTIMATE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS OF SALE OF THE SECURITIES REPORTED ON HEREINABOVE. NO INTEREST OF ANY ONE OF SUCH CLIENTS RELATES TO MORE THAN FIVE PERCENT OF THE CLASS.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PZENA INVESTMENT MANAGEMENT LLC

Signature:	s/Steven Coffey
Name/Title:	Chief Legal Risk Officer $ Chief Compliance Officer
Date:	04/17/2026