Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 113

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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. During the year ended December 31, 2024, we closed 7,836 investment sales, financing and other transactions with total sales volume of approximately $49.6 billion. 

We generate revenue by collecting real estate brokerage commissions upon the sale, and financing fees upon the financing of commercial properties, by providing equity advisory services and loan sales, loan guarantees and by providing leasing, consulting and advisory services. Real estate brokerage commissions are typically based upon the value of the property and financing fees are typically based upon the size of the loan. During the three months ended June 30, 2025, approximately 82% of our revenue was generated from real estate brokerage commissions, 15% from financing fees and 3% from other real estate related services. 

We divide commercial real estate into four major markets, characterized by price: 

•Properties priced less than $1 million; 

•Private client market: properties priced from $1 million to up to but less than $10 million; 

•Middle market: properties priced from $10 million to up to but less than $20 million; and 

•Larger transaction market: properties priced from $20 million and above. 

We are the industry leader in serving private clients in the $1 million - $10 million private client market, which contributed approximately 66% and 63% of our real estate brokerage commissions during the three months ended June 30, 2025 and 2024, respectively, and approximately 65% of our real estate brokerage commissions during both the six months ended June 30, 2025 and 2024. The following table sets forth the number of transactions, sales volume and revenue by each commercial real estate market for real estate brokerage:

30

Three Months Ended June 30,20252024ChangeReal Estate Brokerage NumberVolumeRevenueNumberVolumeRevenueNumberVolumeRevenue(in millions)(in thousands)(in millions)(in thousands)(in millions)(in thousands)<$1 million214$122 $5,651 207$116 $5,352 7$6 $299 Private Client Market ($1 – <$10 million)1,0303,345 93,514 9222,899 84,816 108446 8,698 Middle Market ($10 – <$20 million)71933 19,223 791,082 19,135 (8)(149)88 Larger Transaction Market (≥$20 million)603,616 23,029 643,