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Here are 1-3 brief analogies to describe Marcus & Millichap (MMI):

• RE/MAX for commercial properties.
• Merrill Lynch for commercial real estate investments.
• Sotheby's for commercial properties.

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Marcus & Millichap (MMI) Major Services

• Investment Sales: Provides brokerage services for the acquisition and disposition of various commercial real estate properties for investors.
• Financing Services: Offers debt and equity financing solutions for commercial real estate transactions through its capital markets division.
• Advisory Services: Delivers commercial real estate market research, valuation, and strategic consulting to clients.

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Marcus & Millichap (MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services. Given the transactional nature of its business, MMI serves a diverse range of clients involved in commercial real estate rather than having a few identifiable "major customer companies." Its client base is highly fragmented and includes a mix of private and institutional investors and property owners.

Therefore, describing categories of customers is the most appropriate way to detail Marcus & Millichap's clientele:

• Private Investors and High Net Worth Individuals: This category encompasses individuals, family offices, and private trusts who invest in commercial real estate for income, appreciation, or diversification. These clients often form a significant portion of MMI's transactional volume, particularly in the private client market segment across various asset classes like multifamily, retail, office, and industrial.
• Private Partnerships and Syndications: These are groups of investors, often structured as limited liability companies (LLCs) or other partnership entities, who pool capital to acquire, develop, or dispose of commercial properties. These entities range from local investment groups to larger regional syndicators and represent a broad spectrum of investment strategies.
• Institutional Investors and Corporations: MMI also provides brokerage and financing services to larger institutional clients. This category includes private equity real estate funds, real estate investment funds, select real estate investment trusts (REITs), and corporations with significant real estate holdings that utilize MMI's services for acquisitions, dispositions, or financing of properties. While these are corporate entities, MMI's business model means it serves a wide array of them on a transactional basis rather than having a concentrated dependence on a few "major customer companies."

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Hessam Nadji President, Chief Executive Officer

Hessam Nadji has served as President and Chief Executive Officer and as a director of Marcus & Millichap since March 2016. He joined the company in 1996 as Vice President of Research and Advisory Services and held various other senior management roles, including chief marketing officer and head of the company's specialty brokerage divisions. He played a leading role in the company's initial public offering (IPO) in 2013. Before joining Marcus & Millichap, Mr. Nadji began his career at Grubb & Ellis in 1986, where he rose to Senior Vice President of Research and Technology.

Steve DeGennaro Executive Vice President / Chief Financial Officer

Steve DeGennaro is Executive Vice President and Chief Financial Officer for Marcus & Millichap, a role he assumed in 2020. He oversees the firm's finance, accounting, treasury, payroll, and public reporting functions and plays a key role in executing the company's strategic plan. Prior to joining Marcus & Millichap, Mr. DeGennaro served as Executive Vice President and Chief Financial Officer of InTouch Technologies, a provider of virtual healthcare solutions, which was acquired by Teladoc Health, Inc. He also served as Senior Vice President and Chief Financial Officer of a publicly traded firm specializing in mobile network computing. Mr. DeGennaro began his career with KPMG, where he assisted clients with IPO preparation and execution.

J.D. Parker Executive Vice President / Chief Operating Officer

J.D. Parker was promoted to Executive Vice President, Chief Operating Officer firmwide in 2025, after serving as Chief Operating Officer of the Eastern Division since 2019. In this role, he oversees all brokerage-related operations and works closely with the firm's executive leadership on strategic direction. Mr. Parker began his career at Marcus & Millichap in 2004 as an investment sales agent and has since held various leadership positions, including sales manager and regional manager. He has overseen the opening of several offices, led the acquisition of multiple investment firms, and spearheaded the firm's expansion into Canada.

Richard Matricaria Senior Vice President / Chief Growth Officer

Richard Matricaria now serves as Senior Vice President, Chief Growth Officer, a role he took on in April 2025. He is responsible for key growth initiatives, including expanding strategic partnerships and investments, and enhancing producer training and development programs. From 2019 to 2025, he served as Chief Operating Officer of the Western Division. Mr. Matricaria joined the management team in 2010 and oversaw several offices in Central Florida before moving to Chicago as Division Manager of the Midwest and Texas. During his tenure in senior management, he led several acquisitions for the firm.

Evan Denner Executive Vice President / Head of Business, Marcus & Millichap Capital Corporation

Evan Denner is Executive Vice President/Head of Business for Marcus & Millichap Capital Corporation. He joined the firm in 2019 as Senior Vice President for Corporate Strategy, where he develops and executes strategies aligned with the company's long-term growth plan, including through the acquisition of synergistic companies and groups. Prior to joining Marcus & Millichap, Mr. Denner spent several decades in executive leadership and entrepreneurial roles within real estate and financial services.

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Key Risks to Marcus & Millichap (MMI)

1. Cyclical Nature of the Commercial Real Estate Market: Marcus & Millichap's business is highly sensitive to the cyclical nature of the commercial real estate (CRE) market, interest rate fluctuations, and broader economic downturns. The company's revenue is heavily reliant on transaction commissions from commercial property sales and financing, making its financial performance volatile and susceptible to market swings. A prolonged real estate downturn, volatile debt capital costs, and interest rate uncertainty are significant external headwinds that can lead to substantial declines in revenue and operating losses.
2. Competition for Talent and Operational Efficiency: The firm operates in a highly competitive and fragmented market, particularly within its Private Client segment. A constant and costly operational challenge for Marcus & Millichap is attracting and retaining top investment sales and financing professionals. The company's operational efficiency has also been a concern, with reported negative operating margins lagging behind those of competitors.
3. Technological and Cybersecurity Risks: Marcus & Millichap's reliance on technology for its operations, including proprietary systems, exposes the company to cybersecurity risks, potential data breaches, and technology failures. Such incidents could lead to business interruptions and significantly impact the firm's reputation and client trust.

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Increasing disintermediation by digital transaction platforms and enhanced data transparency. Companies like CoStar Group, through its Ten-X platform, and other emerging PropTech firms are expanding online marketplaces that streamline commercial real estate transactions. These platforms offer greater transparency in property information, valuation tools, and direct transaction capabilities, which can reduce the reliance on traditional human brokers for certain stages of the transaction or for specific types of properties. This trend puts downward pressure on traditional brokerage commissions and has the potential to divert transaction volume away from full-service brokerage firms like MMI, particularly as these platforms continuously enhance their capabilities and market reach.

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Marcus & Millichap (MMI) primarily offers commercial real estate brokerage, property financing, research services, and advisory services. The company's operations are concentrated in the U.S. and Canada.

The addressable market for their main services, specifically commercial real estate brokerage and management, is substantial on a global scale. The global commercial real estate brokerage and management market was valued at USD 264.74 billion in 2023. This market is projected to grow to USD 494.96 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.2% over the forecast period of 2024-2032. North America is identified as the most significant revenue contributor to this global market and is expected to grow at a CAGR of 6.6% during the same forecast period.

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Marcus & Millichap (MMI) anticipates several key drivers for future revenue growth over the next two to three years, stemming from a combination of market improvements and strategic corporate initiatives:

1. Commercial Real Estate Market Recovery and Improved Lending Conditions: The company is optimistic about a market improvement, expecting a healthier transaction pipeline and a new sales and financing cycle. This outlook is supported by anticipated Federal Reserve interest rate reductions and compelling adjustments in asset prices, which are expected to stimulate commercial real estate activity.
2. Continued Growth in Financing Services: Marcus & Millichap has demonstrated strong growth in its financing revenue, with significant year-over-year increases in recent quarters. This growth is driven by improved lending conditions, the effective leveraging of its lender network, and the ongoing integration of its sales and financing teams.
3. Expansion in Private Client Brokerage and Mid-Market Segments: The firm continues to prioritize and achieve success in its private client brokerage segment, which has shown consistent increases in both revenue and transaction volume. The strategy includes strengthening private client relationships and expanding market share in both the private client and mid-market segments.
4. Strategic Investments in Technology and AI: Marcus & Millichap is making deliberate investments in technology and digital platforms, such as MyMMI, to enhance operational efficiency, improve client engagement, and accelerate transaction velocity. These technological advancements are expected to be key drivers for future performance and market positioning.
5. Talent Acquisition and Brokerage Network Expansion: The company is focused on strategically expanding its brokerage network through talent acquisition and retention efforts, including the addition of new investment brokers and senior executives to its institutional client teams. This expansion of its human capital is designed to increase transaction capacity and market reach.

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Share Repurchases

• Marcus & Millichap initiated a stock repurchase program in mid-2022.
• As of November 4, 2025, the company had repurchased approximately $77.1 million worth of common stock (2,405,976 shares) at an average price of $32.03 per share since August 2022.
• As of November 4, 2025, approximately $59.0 million remained authorized for future share repurchases, with no specified time limit for completion.

Share Issuance

• The number of issued and outstanding shares increased from 38,856,790 at December 31, 2024, to 39,061,075 at September 30, 2025.
• Additional paid-in capital increased by approximately $8.284 million from December 31, 2024, to June 30, 2025, indicating proceeds from share issuances.

Outbound Investments

• In December 2023, Marcus & Millichap made an equity investment in EquityMultiple, a real estate financing and investment technology platform, to expand capital sources and solutions.
• Strategic acquisitions are a key capital allocation strategy for the company, alongside investments in technology.

Capital Expenditures

• The company strategically invests in technology, talent, and branding to enhance efficiency, increase sales force productivity, and strengthen its financing business.
• Infrastructure investments are highlighted as a benefit supporting the company's long-term growth.