Company: MMI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001578732-25-000031
Chunk: 87

Company: Marcus & Millichap, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 87
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ANCIAL STATEMENTS(Unaudited) 

the limits set forth in the Deferred Compensation Plan. Amounts are paid out generally when the participant is no longer a service provider; however, an in-service payout election is available to participants. Participants may elect to receive payouts as a lump sum or quarterly over a two to 15-year period. The Company elected to fund the Deferred Compensation Plan through Company-owned variable life insurance policies. The Deferred Compensation Plan is managed by a third-party institutional fund manager, and the deferred compensation and investment earnings are held as a Company asset in a rabbi trust, which is recorded in assets held in rabbi trust in the accompanying condensed consolidated balance sheets. The assets in the trust are restricted unless the Company becomes insolvent, in which case the trust assets are subject to the claims of the Company’s creditors. The Company may also, in its sole and absolute discretion, elect to withdraw at any time a portion of the trust assets by an amount by which the fair market value of the trust assets exceeds 110% of the aggregate deferred compensation liability represented by the participants’ accounts. Estimated payouts within the next twelve months for participants that have separated from service or elected an in-service payout have been classified as current. During the three months ended March 31, 2025 and 2024, the Company made total payments to participants of $143,000 and $71,000 respectively.The assets held in the rabbi trust are carried at the cash surrender value of the variable life insurance policies, which represents its fair value. The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses, consisted of the following (in thousands): Three Months EndedMarch 31,20252024(Decrease) increase in the carrying value of the assets held in the rabbi trust (1)$(163)$689 Decrease (increase) in the net carrying value of the deferred compensation obligation (2)$232 $(575)(1)Recorded in other income, net in the condensed consolidated statements of operations. (2)Recorded in selling, general and administrative expense in the condensed consolidated statements of operations.Other Liabilities Other liabilities consisted of the following (in thousands): CurrentNon-CurrentMarch 31,2025December 31,2024March 31,2025December 31,2024Deferred consideration$415 $411 $— $— Contingent