Company: MMI
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050707
Chunk: 166

Company: Marcus & Millichap, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 166
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5, compared to the annual effective tax rate method for the three months ended September 30, 2024, as discussed in Note 10 – “Income Taxes” in the Notes to Condensed Consolidated Financial Statements in Item 1, Part I of this Quarterly Report on Form 10-Q.

39

Comparison of Nine Months Ended September 30, 2025 and 2024 

Below are key operating results for the nine months 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