Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 37

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 of cash flows0.3-2.3 years (0.9 years)Discount rate3.8%-5.6%(4.7%)Probability of achievement0.1%-100.0%(99.9%)Fair Value atDecember 31, 2024Valuation TechniqueUnobservable inputsRange (Weighted Average)(1)Contingent consideration$4,731 Discounted cash flowExpected life of cash flows0.3-2.8 years (0.4 years)Discount rate4.8%-6.1%(5.9%)Probability of achievement0.0%-100.0%(98.2%)(1)Unobservable inputs were weighted by the relative fair value of the instruments.The fair value of the convertible notes considered (i) the contractual maturity which may be extended at the option of the holders, (ii) a weighted average premium at settlement of 118% upon a subsequent financing, equity financing or a change in control, and (iii) a weighted average discount rate of 14.5%. During the six months ended June 30, 2025, the fair value of the convertible notes increased by approximately $267,000, primarily due to accrued interest and the reduction in the estimated time to settlement from a weighted average of 0.77 years to 0.58 years.Nonrecurring Fair Value Measurements 

In accordance with U.S. GAAP, from time to time, the Company measures certain assets at fair value on a nonrecurring basis. The Company reviews the carrying value of intangibles, goodwill and other assets for indications of impairment at least annually. When indications of potential impairment are identified, the Company may be required to determine the fair value of those assets and record an adjustment for the carrying amount in excess of the fair value determined. Any fair value determination would be based on valuation approaches, which are appropriate under the circumstances and utilize Level 2 and Level 3 measurements as required. 

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Table of ContentsMARCUS & MILLICHAP, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) 

8.    Stockholders’ Equity 

Common Stock As of June 30, 2025 and December 31, 2024, there were 38,996,974 and 38,856,790 shares of common stock, $0.0001 par value, issued and outstanding, which included unvested RSAs issued to non-employee directors, respectively. See