Company: MMI
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050707
Chunk: 93

Company: Marcus & Millichap, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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 the option for retrospective application. While the adoption is not expected to have an impact on the Company's condensed consolidated financial statements, it is expected to result in incremental disclosures within the footnotes to its consolidated financial statements.In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”), to update guidance on accounting for internal-use software. The amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs. ASU 2025-6 is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The new requirements may be applied on a prospective, retrospective, or modified transition approach. The Company is evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

2.    Property and Equipment, Net 

Property and equipment, net consisted of the following (in thousands): September 30,2025December 31,2024Computer software and hardware equipment$56,765 $52,208 Furniture, fixtures and equipment25,070 24,938 Less: accumulated depreciation and amortization(57,348)(51,007)$24,487 $26,139 Depreciation expense for property and equipment was $2.2 million and $2.4 million for the three months ended September 30, 2025 and 2024, respectively, and $7.1 million for both the nine months ended September 30, 2025 and 2024.

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

3.    Investments in Marketable Debt Securities, Available-for-Sale

Amortized cost, allowance for credit losses, gross unrealized gains (losses) in accumulated other comprehensive income (loss) and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands):September 30, 2025AmortizedCostAllowancefor CreditLossesGrossUnrealizedGainsGrossUnrealizedLosses FairValueShort-term investments:U.S. treasuries$11,927 $— $3 $— $11,930 Corporate debt113,974 —