Company: MMI
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050707
Chunk: 121

Company: Marcus & Millichap, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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 billion and $33.9 billion, respectively. During the year ended December 31, 2024, we closed 7,836 investment sales, financing and other transactions with total sales volume of approximately $49.6 billion. 

We generate revenue by collecting real estate brokerage commissions upon the sale, and financing fees upon the financing of commercial properties, by providing equity advisory services and loan sales, loan guarantees and by providing leasing, consulting and advisory services. Real estate brokerage commissions are typically based upon the value of the property and financing fees are typically based upon the size of the loan. During the three months ended September 30, 2025, approximately 84% of our revenue was generated from real estate brokerage commissions, 13% from financing fees and 3% from other real estate related services. 

We divide commercial real estate into four major markets, characterized by price: 

•Properties priced less than $1 million; 

•Private Client Market: properties priced from $1 million to up to but less than $10 million; 

•Middle Market: properties priced from $10 million to up to but less than $20 million; and 

•Larger Transaction Market: properties priced from $20 million and above. 

We are the industry leader in serving private clients in the $1 million - $10 million Private Client Market, which contributed approximately 63% and 62% of our real estate brokerage commissions during the three months ended September 30, 2025 and 2024, respectively, and approximately 64% and 63% of our real estate brokerage commissions during the nine months ended September 30, 2025 and 2024, respectively. The following table sets forth the number of transactions, sales volume and revenue by each commercial real estate market for real estate brokerage:

31

Three Months Ended September 30,20252024ChangeReal Estate Brokerage NumberVolumeRevenueNumberVolumeRevenueNumberVolumeRevenue(in millions)(in thousands)(in millions)(in thousands)(in millions)(in thousands)<$1 million244$151 $7,356 203$109 $5,183 41$42 $2,173 Private Client Market ($1 – <$10 million)1,1643,758 102,323 9573,037 87,494 207721 14,829 Middle Market ($10 – <$20 million)1061,405 26,139 881,229 19,402 18176 6,737