Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 89

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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 government sponsored entities— — 432 (70)432 (70)Corporate debt15,654 (46)25,520 (1,036)41,174 (1,082)ABS and other6,393 (70)4,333 (264)10,726 (334)$22,047 $(116)$40,335 $(1,434)$62,382 $(1,550)(1)The fair value excludes accrued interest receivable.Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, consisted of the following (in thousands): Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Gross realized gains (1)$— $— $8 $— Gross realized losses (1)$— $— $— $— (1)Recorded in other income, net in the condensed consolidated statements of operations. The cost basis of securities sold were determined based on the specific identification method. The Company invests its excess cash in a diversified portfolio of fixed and variable rate debt securities to meet current and future cash flow needs. All investments are made in accordance with the Company’s approved investment policy. As of June 30, 2025, the portfolio had a weighted average credit rating of AA- and a weighted term to contractual maturity of 5.7 years. As of June 30, 2025, the Company had 140 securities in the portfolio representing an unrealized aggregate loss of $1.0 million, or 0.4% of amortized cost, and a weighted average credit rating of AA-. As of June 30, 2025, the Company performed an impairment analysis and determined an allowance for credit losses was not required. The Company determined that it did not have an intent to sell and it was not more likely than not that the Company would be required to sell any security based on its current liquidity position, or to maintain compliance with its investment policy, specifically as it relates to minimum credit ratings. The Company evaluated the securities with an unrealized loss considering severity of loss, credit ratings, specific credit events during the period since acquisition, overall likelihood of default, market sector, potential impact from the current economic environment, including interest rates, geopolitical unrest and a review of an issuer’s and securities’ liquidity and financial strength, as needed. The Company 

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Table of ContentsMARCUS & MILL