Companies · MMI
Marcus & Millichap
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Nov 6, 2026
MMI posts 7.5% revenue growth in Q3 2026 as middle market and larger deals accelerate despite rate-driven bid-ask pressure on Private Client segment
Marcus & Millichap delivered $208 million in Q3 2026 revenue, with middle market and larger transaction segments growing 17% and 20% respectively, offsetting a softer Private Client result directly attributable to an 80 basis point rise in the 10-year treasury yield during the quarter. Adjusted EBITDA reached $8.2 million for the quarter and $23.3 million year-to-date versus a $400,000 loss in the same prior-year period, marking a material profitability inflection. Management's forward thesis is built on $1.2 trillion in loan maturities expected in 2027-2028 and a documented shift in lender posture from extend-and-pretend to active disposition dialogue, positioning MMI's dominant Private Client and IPA platforms to capture a supply-driven transaction surge.
Tone: cautiousRevenue
$755.2M
MMI 10-K · FY 2025
Employees
854
Revenue FY2024
$696.1M
Founded
1971
Profile
MMI 10-K Item 1 · Feb 26, 2026Marcus & Millichap is a leading national commercial real estate services firm focused on investment sales brokerage and financing. The company is the dominant broker in the $1 million to $10 million private client market, which represents more than 80% of total U.S. commercial property transactions above $1 million. It operates through a network of over 1,800 commission-based independent contractor professionals across more than 80 offices in the United States and Canada.
Read filing description ↓ Collapse description ↑
Marcus & Millichap, Inc. is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. We are the leading national investment brokerage company in the $1 million to $10 million private client market. This is the largest and most active market and consistently comprises more than 80% of total U.S. commercial property transactions greater than $1 million in the marketplace. As of December 31, 2025, we had 1,808 investment sales and financing professionals who are primarily commission-based independent contractors who provide real estate investment brokerage and financing services to sellers and buyers of commercial real estate in over 80 offices in the United States and Canada. In 2025, we closed 8,818 sales, financing, and other transactions with total sales volume of approximately $50.8 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 providing 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. In 2025, approximately 84% of our revenues were generated from real estate brokerage commissions, 14% from financing fees, and 2% from other revenue, including consulting and advisory services. Marcus & Millichap, Inc was formed in June 2013 in preparation for the spin-off of Marcus & Millichap Real Estate Investment Services, Inc., which was founded in 1971.
Primary products
- Real estate brokerage commissions
- Financing fees
- Equity advisory services
- Loan sales
- Loan guarantees
- Consulting and advisory services
End markets
Geographies
Named customers
“We believe we are uniquely positioned in the commercial marketplace with more than 50 years of experience representing clients in need of commercial real estate services across multiple property types, investor types, and geographic regions, with the ability to grow with our clients and an independent management team that provides training and mentoring opportunities to our sales team.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $696.1 million in 2024 to $755.2 million in 2025, driven by growth in both real estate brokerage commissions and financing fees, though the company continued to report an operating loss.
The rest of MMI is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.