Company: MMI
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050707
Chunk: 39

Company: Marcus & Millichap, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 a discounted cash flow approach was utilized, taking the expected settlement for the event, and discounting it based on the expected timing and a discount rate. Each of the assumptions in the model were considered significant assumptions. We noted that a change in the expected probability, expected payoff, timing, or discount rate, would result in a change to the fair value ascribed to the convertible notes. As these are significant inputs not observable in the market, the valuation is classified as a Level 3 measurement.Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): September 30, 2025December 31, 2024Fair ValueLevel 1Level 2Level 3Fair ValueLevel 1Level 2Level 3Assets:Assets held in rabbi trust$13,266 $— $13,266 $— $12,191 $— $12,191 $— Convertible notes$5,944 $— $— $5,944 $6,347 $— $— $6,347 Cash equivalents (1):       Money market funds22,016 22,016 — — 90,737 90,737 — — $22,016 $22,016 $— $— $90,737 $90,737 $— $— Marketable debt securities, available-for-sale:        Short-term investments:        U.S. treasuries$11,930 $11,930 $— $— $29,517 $29,517 $— $— Corporate debt113,977 — 113,977 — 160,150 — 160,150 — ABS and other3,513 — 3,513 — — — — — $129,420 $11,930 $117,490 $— $189,667 $29,517 $160,150 $— Long-term investments:        U.S. treasuries$29,197 $29,197 $— $— $773 $773 $— $— U.S. government sponsored entities2,811 — 2,811 — 929 — 929 — Corporate debt45,348 — 45,348