Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 61

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 61
---
9 %$15 1.0 %

(1)Adjusted EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net loss, operating income or any other measures derived in accordance with U.S. GAAP. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net loss, which is the most directly comparable U.S. GAAP financial measure, see “Non-GAAP Financial Measure” below.     

Revenue

Total revenue was $172.3 million for the three months ended June 30, 2025 compared to $158.4 million for the same period in 2024, an increase of $13.9 million, or 8.8%. Total revenue increased as a result of increases in real estate brokerage commissions and financing fees, partially offset by a reduction in other revenue, as described below. See “Factors Affecting Our Business” for additional market information.

Real estate brokerage commissions. Revenue from real estate brokerage commissions increased to $141.4 million for the three months ended June 30, 2025 from $135.4 million for the same period in 2024, an increase of $6.0 million, or 4.4%. The increase was the result of total sales volume increasing by 11.8%, partially offset by a reduction of 13 basis points in the average commission rate earned during the three months ended June 30, 2025 compared to the same period in 2024. The reduction in the average commission rate is primarily the result of the increase in the average transaction size as larger transactions generally have smaller commission rates. Private Client Market revenue increased by 10.3%, while the combined Middle Market and Larger Transaction Market revenue decreased by 6.6%. The overall average transaction size increased by 3.4%.

Financing fees. Revenue from financing fees increased to $26.3 million for the three months ended June 30, 2025 from $18.3 million for the same period in 2024, an increase of $8.0 million, or 43.5%, resulting primarily from a 86.0% increase in total financing volume, partially offset by 12 basis point decrease in the average fee rate during the three months ended June 30, 2025 compared to the same period in 2024. The reduction in the average fee rate is primarily the result of the increase in the average