Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 49

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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” section and the consolidated financial statements and notes included therein.

29

Overview 

We are a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. We have been the top commercial real estate investment broker in the United States based on the number of investment transactions for more than 15 years. As of June 30, 2025, we had 1,640 investment sales and financing professionals that are primarily exclusive independent contractors operating in more than 80 offices, who provide real estate brokerage and financing services to sellers and buyers of commercial real estate assets. During the three and six months ended June 30, 2025, we closed 2,070 and 3,776 investment sales, financing and other transactions with total sales volume of approximately $12.3 billion and $21.7 billion, respectively. 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