Company: MMI
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050707
Chunk: 135

Company: Marcus & Millichap, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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 ended September 30, 2025 compared to the nine months ended September 30, 2024 (dollars in thousands): 

Nine Months Ended September 30, 2025PercentageofRevenue Nine Months Ended September 30, 2024PercentageofRevenue Change Dollar Percentage Revenue:Real estate brokerage commissions$427,205 83.6 %$386,868 84.8 %$40,337 10.4 %Financing fees70,681 13.8 53,303 11.7 17,378 32.6 %Other revenue13,320 2.6 15,811 3.5 (2,491)(15.8)%Total revenue511,206 100 455,982 100 55,224 12.1 %Operating expenses:Cost of services315,962 61.8 279,703 61.3 36,259 13.0 %Selling, general and administrative215,629 42.2 204,591 44.9 11,038 5.4 %Depreciation and amortization8,745 1.7 11,301 2.5 (2,556)(22.6)%Total operating expenses540,336 105.7 495,595 108.7 44,741 9.0 %Operating loss(29,130)(5.7)(39,613)(8.7)10,483 (26.5)%Other income, net13,518 2.6 15,701 3.4 (2,183)(13.9)%Interest expense(584)(0.1)(611)(0.1)27 (4.4)%Loss before benefit for income taxes(16,196)(3.2)(24,523)(5.4)8,327 (34.0)%Benefit for income taxes(979)(0.2)(3,613)(0.8)2,634 (72.9)%Net loss$(15,217)(3.0)%$(20,910)(4.6)%$5,693 (27.2)%Adjusted EBITDA(1)$(397)(0.1)%$(8,662)(1.9)%$8,265 95.4 %

(1)Adjusted EBITDA is not a measurement of our financial performance under U.S