MMI

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Marcus & Millichap (MMI) drew fresh attention on August 6, 2026, after reporting second quarter results that shifted from a prior loss to a profit, alongside revenue growth and ongoing diversification efforts. See our latest analysis for Marcus & Millichap. The latest second quarter profit and ongoing share buybacks appear to be contributing to steadier momentum for Marcus & Millichap, with a 90 day share price return of 12.18% and a year to date share price return of 17.01%. However, the 5 year total shareholder return of 11.16% reflects a weaker longer term picture. If strong execution in one stock has your attention, this can be a useful moment to broaden your search and check out 21 top founder-led companies Given Marcus & Millichap’s recent swing back to profit, active buybacks and double digit short term returns, the key issue now is whether most of the rerating is already in the price or whether valuation still leaves meaningful room ahead. With Marcus & Millichap closing at $31.58 versus a narrative fair value of $28.00, the current share price sits ahead of that framework, which is built on detailed forecasts for revenue, margins and future earnings. Read the complete narrative. Investors may want to understand what kind of revenue curve and margin shift are embedded in that view. The narrative relies on larger transactions, higher fee lines and a very specific earnings profile. Result: Fair Value of $28 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, investors in Marcus & Millichap still face key risks, including heavy reliance on transaction-driven commissions and fee pressure from larger deals at lower commission rates. Find out about the key risks to this Marcus & Millichap narrative. With mixed sentiment around Marcus & Millichap, this is a good time to inspect the underlying data yourself and move quickly to form an independent view. To see how the balance of both concerns and potential upsides stacks up in one place, review the 2 key rewards and 1 important warning sign Do not stop with Marcus & Millichap. Fresh ideas can sharpen your portfolio and highlight opportunities you might miss if you only watch a single stock. Target resilience by scanning companies with stronger balance sheets and fundamentals using the solid balance sheet and fundamentals stocks screener (50 results). Hunt for potential bargains by reviewing the 52 high quality undervalued stocks that match your quality and valuation standards. Spot potential future standouts early by checking the screener containing 19 high quality undiscovered gems before the wider market pays attention. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MMI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Marcus & Millichap’s second quarter showcased a broad-based improvement in both brokerage and financing, as the company’s revenue and non-GAAP profitability exceeded Wall Street expectations. CEO Hessam Nadji highlighted that all business segments registered growth, with private client and larger transactions experiencing notable momentum as market values adjusted and more lenders re-engaged. Management attributed the quarter’s performance to persistent client outreach, improved trading volumes in core multifamily and retail segments, and progress in the financing business, which benefited from expanded agency relationships and technology investments. Nadji emphasized, “This is driven by our team’s persistent client outreach finally resulting in more transactions as values adjust and healthier lender balance sheets foster more financing options.” Is now the time to buy MMI? Find out in our full research report (it’s free). Revenue: $202.9 million vs analyst estimates of $194.3 million (17.8% year-on-year growth, 4.4% beat) Adjusted EPS: $0.10 vs analyst estimates of $0.03 (significant beat) Adjusted EBITDA: $12.12 million vs analyst estimates of $3.5 million (6% margin, significant beat) Operating Margin: 1.1%, up from -5.3% in the same quarter last year Market Capitalization: $1.18 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Mitch Germain (Citizens Bank) asked about competitive pressures in private client brokerage. CEO Hessam Nadji replied that competition remains typical, but Marcus & Millichap’s training and support systems are attracting more semi-experienced brokers from smaller firms. Mitch Germain (Citizens Bank) inquired about the composition of new hires. Nadji explained that about 25% are experienced professionals, with the rest coming through enhanced internship and fellowship programs, leading to higher productivity and retention. Blaine Heck (Wells Fargo) questioned the company’s appetite for expanding into leasing, property management, and other business lines. Nadji said diversification is a priority, especially in leasing and appraisal, and the company is actively evaluating acquisition opportunities. Blaine Heck (Wells Fargo) asked about expected margin improvement and cost control. CFO Steve DeGennaro emphasized that revenue growth and technology-driven efficiencies are key to margin expansion, while cost discipline is maintained through ongoing review and reallocation of resources. Blaine Heck (Wells Fargo) sought clarity on whether previous peak profitability levels are achievable. Nadji stated confidence in returning to higher margins as the market recovers, emphasizing the importance of ROI per expense category and service diversification. In the coming quarters, the StockStory team will monitor (1) trends in transaction volumes and lender activity as interest rate volatility persists, (2) the pace and impact of expansion into new service lines such as leasing and appraisal, and (3) continued progress in talent productivity and retention through enhanced training and recruitment strategies. Execution in these areas will shape Marcus & Millichap’s ability to sustain margin recovery and capitalize on market opportunities. Marcus & Millichap currently trades at $31.14, in line with $31.24 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 10:30 a.m. ET President and Chief Executive Officer - Hessam Nadji Chief Financial Officer - Steve DeGennaro Operator: Greetings, and welcome to the Marcus & Millichap's Second Quarter 2026 Earnings Conference Call. As a reminder, this call is being recorded. I would now like to turn the conference over to your host, Jacques Cornet. Thank you. You may begin. Jacques Cornet: Thank you, operator. Good morning, and welcome to Marcus & Millichap's Second Quarter 2026 Earnings Conference Call. With us today are President and Chief Executive Officer, Hessam Nadji; and Chief Financial Officer, Steve DeGennaro. Before I turn the call over to management, please remember that our prepared remarks and the responses to questions may contain forward-looking statements. Words such as may, will, expect, believe, estimate, anticipate, goal and variations of these words and similar expressions are intended to identify forward-looking statements. Actual results can differ materially from those implied by such forward-looking statements due to a variety of factors, including, but not limited to, general economic conditions and commercial real estate market conditions, the company's ability to retain and attract transactional professionals, the company's ability to retain its business philosophy and partnership culture amid competitive pressures, the company's ability to integrate new agents and sustain its growth and other factors discussed in the company's public filings, including its annual report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2026. Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can make no assurance that its expectations will be attained. The company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition, certain financial information presented on this call represents non-GAAP financial measures. The company's earnings release, which was issued this morning and is available on the company's website, includes a reconciliation to the appropriate GAAP measures and explains why the company believes such non-GAAP measures are useful to investors. This conference call is being webcast. The webcast link is available on the Investor Relations section of the company's website at www.marcusmillichap.com, along with the slide presentation you may reference during the prepared remarks. With that, it's my pleasure to turn the call over to CEO, Hessam Nadji. Hessam Nadji: Thank you, Jacques. On behalf of the entire Marcus & Millichap team, good morning, and welcome to our second quarter 2026 earnings call. I'm pleased to report that MMI had a strong second quarter, continuing the momentum from the first quarter and delivering the company's best first half since 2022. Total revenue increased 18% in the second quarter with all business segments registering growth. Brokerage revenue for the quarter grew 18% year-over-year, and our financing business was up 15% as the company's recovery broadened. Private client and middle market brokerage segments posted more than 13% revenue growth, while larger transaction revenue jumped 43%. Over the last 2 years, private client and larger transactions moved at different trajectories due to a variety of factors. In the first half of 2026, however, the company achieved solid growth across the board for the first time since the market disruption began. This is driven by our team's persistent client outreach finally resulting in more transactions as values adjust and healthier lender balance sheets foster more financing options across the full price spectrum. I'm also pleased to report significant progress in MMI's profitability in the quarter. During the market disruption, we remained committed to strengthening the company's leading brand, attracting and retaining top talent and enhancing the infrastructure that supports growth. This strategy pressured our near-term earnings largely due to the expensing of these investments, but it allowed us to keep strategic initiatives on track and maintain a high level of producer support when it matters the most. Maximizing revenue growth per producer, positioning the company for market share gains and gaining operating leverage in the recovery continue to guide our strategy. With this backdrop, net income for the quarter came in at $4 million, while adjusted EBITDA improved to $12 million. Steve will elaborate on more details. We view this as a critical stepping stone toward more ambitious margin improvements as a better functioning market environment enables revenue growth. Looking at various revenue drivers, the largest contribution to the top line results came from our private client brokerage business. Microcap multifamily and single-tenant retail deals continue to show improvement in trading volumes as significant price adjustments recalibrate to higher interest rates and as more banks and credit unions reengage in the marketplace. In the last 12 months, revenue from private client multifamily and single-tenant retail grew 19% and 16%, respectively. On the larger deal segment, major investors and institutions became highly selective last year after the initial wave of institutional capital returned to the market in 2024. Institutional investors are opting to pay a premium for top-tier assets in top-tier markets, widening the gap with older and lower quality assets. Further price adjustments and the rising tide of loan maturities have driven increased activity in larger asset sales this year. Operating challenges in many markets and among many property types have also been the catalyst for inventory coming to market at more realistic prices. Our financing business delivered another strong quarter with revenue up 15% on top of the 43.5% growth registered in the second quarter of 2025. Our expansion strategy into IPA Capital Markets, progress on expanding agency financing, investments in technology and lender relationships continue to drive growth. MMI has become Freddie Mac and Fannie Mae's largest nondirect multifamily debt originator through our partnership with M&T Bank. We expect further expansion in our financing business as we emphasize collaboration between our sales and financing teams, evaluate strategic acquisitions and add to the roster of experienced originators. IPA Capital Markets, in particular, continues its expansion with highly experienced originators added this year. Refinancings picked up meaningfully during the quarter, accounting for 47% of revenue compared to 39% a year ago as more owners were able to secure new loans in an improving environment. Lastly, on our financing, the team closed with 207 separate lenders during the quarter and 304 lenders for the first half of the year, illustrating our market-leading reach into a vast network of capital sources for MMI's clients as a key strategic advantage. Turning to our sales force. We ended the quarter with 1,575 investment sales professionals, up modestly on a year-over-year basis. As we've discussed previously, the first quarter is typically our highest attrition period. In addition, quarter-to-quarter variability is primarily due to our tightened performance standards, leading to faster separation from underperforming agents and trainees. Our head count composition and quarterly numbers also reflect an intentional shift toward heavier reliance on our expanded internship and fellowship programs as primary sources of the company's organic growth strategy. These channels are a slower path to nominal head count growth. However, recent enhancements are starting to show higher productivity and higher retention rates among this cadre. At the same time, our focus on recruiting experienced professionals and teams remains on track with meaningful gains so far this year. Looking ahead at the broader market, we continue to see a balancing act between lingering uncertainty and higher interest rates on one hand and more motivation among sellers to move forward with transactions on the other. We entered 2026 expecting rate reductions by the Fed, but the debate has since shifted to the degree and timing of potential rate hikes due to the Middle East war, its impact on energy prices and resurging inflation. The 10-year treasury yield is 50 basis points higher than the start of the year and 70 basis points higher than the low point prior to the start of the military conflict in February. As I've shared on previous calls, interest rate volatility challenges deal underwriting, marketing, making it more difficult to keep buyers, sellers and lenders aligned and getting deals across the finish line. As a result, we continue to experience extended transaction time lines. Our team is leveraging ample liquidity in the market with investors eager to act on realistically priced assets, particularly when there is a discount to replacement cost for buyers. Many transactions that could not be brought together previously are now starting to work as bid-ask spreads narrow and net proceeds for borrowers improve, thanks to more accommodating lenders. We believe this dynamic, combined with improving property fundamentals across most property types, supports the market's positive long-term trajectory even as the recovery in the transaction cycle remains somewhat choppy. We're encouraged by early-stage dialogue with some acquisition targets, particularly on the financing side, which have emerged as the market improves. MMI is ideally positioned to sustain our strong balance sheet as well as our strategy to return capital to shareholders while maintaining a high level of liquidity for strategic acquisitions. With that, I will turn the call over to Steve for more details on our financial results. Steve? Steve Degennaro: Thank you, Hessam. Total revenue for the second quarter was $203 million, an increase of 18% compared to $172 million in the second quarter of last year. For the 6-month period, total revenue was $374 million, also an increase of 18% compared to $317 million a year ago. Breaking down revenue by segment, real estate brokerage commissions were $167 million for the quarter, an increase of 18% year-over-year and accounted for 82% of total revenue. We completed 1,530 brokerage transactions for total volume of $10 billion, representing increases of 11% and 18%, respectively, compared to the second quarter of 2025. For the 6-month period, brokerage commissions were $305 million, an increase of 15% compared to the prior year. Within brokerage, our core private client market business grew 14% year-over-year to $106 million. Our middle market business grew 13% to $22 million and our larger transaction segment covering deals above $20 million grew 43% to $33 million. This is the strongest growth we've seen in this segment since the fourth quarter of 2024 following an extended period of institutional softness. Revenue from our financing business was $30 million in the second quarter, an increase of 15% compared to $26 million in the prior year quarter, driven by a 17% increase in transaction count to 480 loans and a 5% increase in dollar volume to $4 billion. For the 6-month period, financing revenue was $57 million, an increase of 29% compared to the prior year. Other revenue was $6 million in the quarter compared to $5 million in the second quarter of last year. For the 6-month period, other revenue totaled $12 million compared to $8 million a year ago. Turning to expenses. Total operating expense for the quarter was $201 million compared to $181 million a year ago. Cost of services was $127 million or 62.4% of revenue, an increase of 50 basis points compared to the same period last year, primarily reflecting higher commissions earned by our more senior investment sales and financing professionals. For the 6-month period, cost of services was 61.5% of revenue, up 10 basis points year-over-year. Selling, general and administrative expense was $72 million for the quarter, virtually flat on a dollar basis with the second quarter of 2025. As a percentage of revenue, SG&A for the quarter was 35% compared to 42% in the prior year, reflecting positive operating leverage. For the 6-month period, SG&A totaled $143 million, slightly below the prior year. Net income for the quarter was $4 million or $0.10 per share compared to a net loss of $11 million or $0.28 per share in the prior year. Adjusted EBITDA was $12 million compared to $1.5 million a year ago. For the 6-month period, earnings were $0.02 per share compared to a net loss of $0.40 per share in the prior year, and adjusted EBITDA was $15 million year-to-date compared to a loss of $7 million in the same period last year. Together, these results reflect a notable improvement in the business year-over-year. Our effective tax rate for the quarter was approximately 38% compared to negative 195% in the second quarter of last year. As a reminder, our tax rate may fluctuate from quarter-to-quarter as we continue our recovery towards higher profitability. Moving to the balance sheet. We ended the quarter with $345 million in cash, cash equivalents and marketable securities, up from $335 million at the end of Q1 and up from $333 million at the end of Q2 last year. The increase reflects continued operating cash generation and is inclusive of the semiannual dividend paid in April as well as share repurchases. As part of our ongoing efforts to create value and return capital to shareholders, in the quarter, we repurchased approximately 913,000 shares of common stock for a total of $24 million at an average price of $26.22 per share. Since the program's inception in 2022, we have repurchased approximately 4 million shares for a total of $120 million. During the quarter, our Board of Directors approved an additional share repurchase authorization, bringing our remaining program authorization to approximately $90 million. Last week, the Board also declared a semiannual dividend of $0.25 per share payable on October 6, 2026, to shareholders of record as of September 15, 2026. Between dividends and share repurchases over the last 4 years, we have returned more than $251 million of capital to shareholders. Looking ahead, we entered the third quarter with modest year-over-year growth in our pipeline due to the latest period of interest rate volatility. That said, we are encouraged by increased motivation to sell, improved liquidity in the market and more realistic price expectations. Cost of services as a percentage of revenue in the third quarter is expected to follow the usual pattern as revenue builds through the year and be sequentially higher than the second quarter. On a dollar basis, SG&A is expected to increase modestly over the second quarter. Income tax expense should be in the range of $1.5 million to $2 million. In summary, the second quarter reflected broad-based improvement across our platform, balanced growth between brokerage and financing, a return to growth in our larger transaction business and continued discipline on cost. We remain confident in the long-term recovery of the commercial real estate transaction market and our ability to capture a growing share of that opportunity. With that, operator, we can now open the call for Q&A. Operator: [Operator Instructions] Our first question is from Mitch Germain with Citizens Bank. Mitch Germain: Hessam, your secret sauce has been the ability to tap into that private client network, sourcing deals out of state and using your [ best ] platform to be able to connect your clients to deals. Are you seeing any competition or competitive pressures when it comes to your ability to tap into those customers? Hessam Nadji: Mitch, great to connect with you. Nothing unusual. We have the usual competitive forces, predominantly local small firms and maybe some regional boutiques. Some of our larger competitors do a modest amount of private client transactions, predominantly in the industrial sector. And we're not seeing anything unusual. The retention and recruiting competitiveness has always been there and it remains. What's interesting is that we are able to attract more semi-experienced professionals from a lot of the boutiques and regional firms in the past several quarters because they're starting to see the benefits of being with a larger platform as the market improves. And we've had some successes there. Therefore, there's a little bit more focus on that between our recruiting department and our local market leaders. And one of the interesting trends that I can share is that even semi-experienced brokers that come into the Marcus & Millichap network really give us the feedback that going through our training program and being put through what our inexperienced hires go through really makes a visible difference in their performance and the way that they go about the business. So the training systems and support systems that we've had for years, and we continue to refine every single day, seem to be getting recognized as one of the key advantages even from semi-experienced brokers from these local firms and boutiques. Mitch Germain: That's super helpful. It seems like number of professionals, I think it's about a 50-person increase year-over-year, I'm curious, Hessam, what is the breakdown? You talked about the semi-professionals that have some kind of seasoning already. But if I think about that increase in the number of professionals from kind of year-over-year, kind of how much of that is new and how much of that are individuals coming in with some knowledge and capabilities? Hessam Nadji: Generally, Mitch, somewhere around 25% of our hires are coming in with some experience. That number is increasing because of the fact that we're actually slowing down our top-of-the-funnel traditional and experienced individual recruiting. As I mentioned in my comments, we're shifting a lot more aggressively toward our internship program, which we've expanded over the last couple of years and have also added some new-generation candidate testing and screening systems that are slowing down the nominal number of people coming in through the top of the funnel, but improving the quality. We're also relying more heavily on our fellowship program. Both the fellowship program and the internship program that have been enhanced over the last, let's say, 3 years are starting to show meaningful advantages as they graduate individuals and those individuals come back and join us as it is reflected in their productivity and their speed to becoming productive agents. So we're really encouraged by all that. And again, this arena of being able to attract semi-experienced brokers is also gaining traction. I wouldn't put too much on the percent of the net increase being experienced or not only because there's going to be some noise in our net hiring, sort of, reported data because of all these changes that we're implementing to improve our organic growth part of the strategy. Let me also reiterate, Mitch, that the efforts to bring in very experienced individuals and teams has not slowed down at all. That's sort of a third parallel track of our recruiting strategy, which has worked incredibly well over the last 5 years, especially when it comes to our finance division. We started on the IPA Capital Markets pretty much from scratch about 5 years ago. And that has become one of the largest contributors to our financing business growth, and highly successful. In that arena, those experienced loan originators that are coming into the system, whether they have their own boutique firms, in a couple of instances that we acquired, or were at other brands or independent originators are really finding the ability to collaborate with our sales force and kind of be a member of the broader Marcus & Millichap network and the benefits of getting referrals and leads and being able to do joint pitches has also been identified as a major advantage. Steve Degennaro: Mitch, to add to that, directionally, you'll start seeing the benefits of these various programs in our number of transactions per agent, which during -- at least year-to-date, we're up 9%, 10% on that metric. So we'll start slowly seeing an increase as a result of these 3 tracks. Mitch Germain: Great. Last one, Steve, while I have you, just a clarification. It's 913,000 shares acquired or bought back year-to-date, not in the quarter, correct? Steve Degennaro: That is correct. That is correct. Operator: Our next question is from Blaine Heck with Wells Fargo. Blaine Heck: Can you guys talk a little bit about any other potential business lines that you might be interested in exploring at this point, whether that be maybe on the leasing side or property management or anything else that might have given some of your peers a bit more of diversification or stabilization of revenue during times of volatility in the transaction market? Is that something you guys are looking into at all? Hessam Nadji: The answer is yes. And also, let me elaborate that the diversification and having more stable revenue streams, of course, is very important but we view the synergies of various other businesses with our core business as importantly and, to some extent, maybe more importantly in that we believe, for example, the expansion of our current leasing capabilities and footprint can be one of the most effective and largest needle-moving ways that the company can leverage its existing brand infrastructure and it's essentially boots on the ground to ramp up additional revenue from a new business line in markets where we don't have leasing, but as importantly, for whatever additional leasing professionals we would bring in to collaborate with our investment sales brokers and essentially deliver a more well-rounded overall service to the same client. And we've identified that as one of the most exciting expansion opportunities, particularly for multi-tenant retail and industrial, where we have great market share, especially on the retail side. We're a leading brokerage firm by a number of deals and by volume, but there is so much more potential growth within multi-tenant retail and within industrial, where we have a much smaller presence currently. So those are -- have really been a priority in terms of ways that we can enhance the current value proposition, build up the current market share gains in our private client business in our investment brokerage core business, but at the same time, add a very logical additional revenue contributor and being able to leverage expenses of having the footprint and management capacity, offices and so on and so forth. The other really important arena for us is to keep expanding our finance division. And if you look at our success with M&T Bank and the way that we've been able to achieve much more stable financing in the institutional arena, especially in our IPA multifamily division, having built up the finance and debt placement capacity in that niche has really felt -- served the company well, particularly in the capture rate of being able to finance our own brokerage transactions. That's probably the most important bright spot. Therefore, we now have even more confidence and conviction that scaling that capability can be a significant contributor to revenue and profits, but also, to your point, diversification. Other business lines we've been interested in for quite a while are appraisal and consultation. That industry is going through lots of change, of course, with AI and technology. Nonetheless, we really believe that the core need for an AI-endorsed appraisal, both for internal purposes and as related to transaction-related appraisals, is here to stay. The process of getting to those appraisals is dramatically changing. So we have an eye out for tech-enabled appraisal and consultation groups that we might be able to acquire and then scale around. We've had a few conversations around that particular space in an M&A realm. And investment management has been another arena where we believe there are significant synergies within our existing brokerage and financing business. And all of this, by the way, wrapped around the private client market and especially the middle quasi-institutional market where a lot of our larger competitors are, for the most part, predominantly focused on uber institutional and very large transactions where IPA competes very effectively. But essentially 1 or 2 levels below that by price point is a greatly underserved and very fragmented market. And that comment relates to leasing, it relates to appraisals, it relates to investment management. And because of that, we believe we've got a lot of runway for creating external growth revenue and profit contribution channels if you kind of look at all of those things that I just summarized. Blaine Heck: Great. That's really great to hear, and I look forward to updates on those initiatives. I guess just a follow-up, what percentage of NOI or revenue do you think those business lines, leasing and financing in particular, but appraisal, investment management as well, what percentage do you think those could potentially end up contributing to overall operations? Hessam Nadji: I'm not really trying to back into a predetermined percent of revenue in the way that we're exploring and actively talking to folks about bringing them on board or initiating an entry or expansion into some of these concepts. But it's fair to say that, over the next 5 to 7 years, a significant amount of our nominal growth and, of course, a degree of diversification is going to come from these channels that I just summarized. But that also, Blaine, gives me an opportunity to reiterate that Marcus & Millichap is essentially committed to being the premier brokerage and finance intermediary for the commercial real estate industry. Many of our competitors have stated that they view the transaction market because of its volatility, and understandably so, as an arena where they don't want to invest. And therefore, they're really focusing on other activities and other businesses, and we wish them well and hope that works for them. We are not abandoning the core reason the company exists, which is to create value for buyers and sellers and to have long-term relationships with, hopefully someday, 100% of every owner of commercial assets in the United States and Canada. However, we see lots of opportunities to do a better job in our core business and gain more share while adding these synergistic services. It's not a one-or-the-other kind of a choice; it is an integrated choice, reinforcing who we know we are, and we want to be even bigger at it. Blaine Heck: Great. That's really helpful. Maybe switching over to the cost side. You guys have talked about a focus on increasing profitability through cost controls, and you've discussed the investments that you made in technology and recruiting over the past few years. I guess, is that the main area of savings you see as you look forward? When should we expect to see that incremental margin improvement fully online? Just any guidelines for trends in margins you guys can provide, especially related to the cost side would be really helpful. Steve Degennaro: Yes, Blaine, this is Steve. Our -- all themes getting to increased profitability, and that comes from 2 aspects. One, the certain level of investment that we're making in infrastructure and cost of running the business. And as we look at last year's revenue, $755 million got us to essentially breakeven, so revenue growth above that level creates -- certainly creates operating leverage. We're seeing that here as we -- particularly here in Q2. So you've got top line growth, obviously, that will create efficiency and leverage. And then on the cost side, investments in our infrastructure that increase and improve workflows, processes, create efficiency, whether that's with AI or just additional applications and tools. But we're doing a lot more in the area of data capture to improve productivity, whether it's in underwriting, whether it's in how we -- down to how we close the books, how proposals get done, how BORs get done as well. So there's 2 aspects. There's the cost containment, making smart investments, but then there's the leverage generated by improved revenue at these levels and above. Hessam Nadji: Blaine, the only thing I'll add is that one of our focuses is to redeploy current costs to new areas where as we evaluate the firm all the time, but formally twice a year at midpoint, midyear and year-end, for our budgeting purposes and really have a 0 base budgeting process and reexamine everything every year, we're looking at ways to take the current cost structure and focus more of the capital on client-facing, lead-generating and innovations around marketing that enables the individual producer to do what they do quicker and better and for the company to contribute more attribution to their revenue growth. And that's another important aspect of our cost-related strategy. And as we've looked at the company every time, there's always room for tightening. There's always room for making sure there's no waste or duplication of effort. But in general, we have been pretty disciplined in making sure costs don't basically get a life of their own or become runaway on a year-over-year basis because it's easy to react to a recovering market as transaction velocity is picking up and the average agent feels like they need another analyst and office feels like they need 1 or 2 more graphic production folks. It's very important to use this period of a market recovery to also be rethinking about the model in which we provide the support at a lower cost at the same time so you're not just essentially throwing more bodies and dollars at a recovering market. Blaine Heck: Okay. Great. That's all really helpful. Maybe just putting it all together, and I'm sure this is an impossible question to answer, but you guys have shown solid improvement in revenue, NOI and EBITDA this year, but EBITDA levels are still materially off the peak levels of $150 million to $200 million we saw in '21 and '22. Understanding that those were uniquely positive environments, do you feel like those levels are even achievable or repeatable or stabilized or kind of optimal EBITDA somewhere lower than that? And do you have any sense of kind of how long it might take to get back to whatever that stabilized level is, excluding any major kind of needle-moving transactions? Hessam Nadji: We absolutely have conviction that we will return to very exciting profitability levels and much better operating margins. The composition of how we get there from an expense allocation perspective is changing rapidly. If you look at the industry, Blaine, and look at Marcus & Millichap's cost structure, a very large portion of our expenses that show up on EPS every quarter are noncash expenses related to the expensing of investments we've made predominantly on talent acquisition and retention. That is by far the largest cost increase if you look at MMI in 2025 versus, say, 2018 or 2019 pre-pandemic. That's a reflection of how the industry has become much more competitive. And we've been right there to compete. The timing of that investment, of course, coincided with an incredibly high level of volatility in the market from the pandemic on in that the last 3 years, the talent retained and acquired has not been in a normal operating environment where they can essentially produce what they're capable of producing 100% based on a mechanical market breakdown because of the interest rate shock and everything else that we've talked about. Therefore, as the market improves and becomes more functional, the leveraging of expenses on the revenue growth side of it will really start to make a material difference, as Steve just mentioned. So it's really important for us to take a look at where the expense increases are occurring and is there an ROI for every line item that increases the company's cost structure. So that's one element that will be different because the composition of our P&L has changed in the last 5 to 7 years. Therefore, the focus on revenue per agent, the focus on ROI per expense category becomes really important on how fast we can get to that $150 million pretax level that you're recalling, and whether it takes the same amount of revenue to generate that pretax income or we have to think about different ways to get to that profitability by adding other revenue streams because it's costing more to be competitive in the investment brokerage arena, which is absolutely the case, as you well know. Operator: There are no further questions at this time. I would like to hand the floor back over to Hessam Nadji for any closing remarks. Hessam Nadji: Thank you, operator, and thank you for joining our second quarter earnings call. We look forward to seeing a lot of you on the road and to have you back on our next call. The session is adjourned. Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation. Before you buy stock in Marcus & Millichap, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Marcus & Millichap wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Marcus & Millichap (MMI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Marcus & Millichap, Inc.? Here are five stocks we like better. Strong Q2 recovery: Revenue rose 18% to $203 million, while net income improved to $4 million from an $11 million loss a year earlier. Adjusted EBITDA increased to $12 million from $1.5 million. Broad-based transaction growth: Brokerage revenue climbed 18% to $167 million, supported by higher private-client, middle-market and large-deal activity. Financing revenue increased 15% as loan transactions rose 17%, with refinancings making up 47% of quarterly financing revenue. Cautious but active outlook: Management cited interest-rate volatility and geopolitical and inflation risks as factors extending deal timelines, but said improved liquidity and more realistic pricing are narrowing bid-ask spreads. The company also authorized additional share repurchases, leaving approximately $90 million available, and declared a $0.25 semiannual dividend. Marcus & Millichap (NYSE:MMI) reported second-quarter 2026 revenue growth of 18%, supported by gains across its brokerage and financing operations, as commercial real estate transaction activity improved from prior-year levels. Total revenue rose to $203 million from $172 million in the second quarter of 2025. Net income was $4 million, or $0.10 per share, compared with a net loss of $11 million, or $0.28 per share, a year earlier. Adjusted EBITDA increased to $12 million from $1.5 million. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling For the first half, revenue increased 18% to $374 million. Year-to-date adjusted EBITDA was $15 million, compared with a $7 million loss in the prior-year period, while earnings were $0.02 per share versus a loss of $0.40 per share. President and Chief Executive Officer Hessam Nadji said the company delivered its best first half since 2022, with growth across private-client, middle-market and larger transactions. Brokerage revenue increased 18% year over year to $167 million and represented 82% of total quarterly revenue. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Marcus & Millichap completed 1,530 brokerage transactions totaling $10 billion in volume during the quarter, representing increases of 11% in transaction count and 18% in volume from the year-earlier period. Private-client brokerage revenue rose 14% to $106 million. Middle-market revenue increased 13% to $22 million. Revenue from transactions above $20 million climbed 43% to $33 million. Nadji said private-client multifamily and single-tenant retail activity continued to improve as pricing adjusted to higher interest rates and banks and credit unions became more active in lending. Over the past 12 months, private-client multifamily revenue grew 19%, while single-tenant retail revenue rose 16%. → No Hangover: Revisiting Microsoft One Week After Earnings In the larger-deal market, Nadji said investors have become increasingly selective, favoring top-tier assets in top-tier markets. He said further price adjustments, maturing loans and operating challenges across certain markets and property types have brought more inventory to market at what he described as more realistic prices. Financing revenue increased 15% to $30 million, driven by a 17% increase in transaction count to 480 loans. Financing dollar volume rose 5% to $4 billion. For the first half, financing revenue rose 29% to $57 million. Nadji said the company’s expansion of IPA Capital Markets, agency-financing capabilities, technology investments and lender relationships contributed to growth. He said Marcus & Millichap has become Freddie Mac and Fannie Mae’s largest non-direct multifamily debt originator through its partnership with M&T Bank. Refinancings accounted for 47% of financing revenue in the quarter, up from 39% a year earlier, as more owners secured new loans. The financing team closed with 207 separate lenders during the quarter and 304 lenders in the first half, according to Nadji. Total operating expenses were $201 million, compared with $181 million a year earlier. Cost of services rose to $127 million, or 62.4% of revenue, reflecting higher commissions paid to more senior investment sales and financing professionals. Selling, general and administrative expenses were essentially flat year over year at $72 million. As a percentage of revenue, SG&A declined to 35% from 42%, which Chief Financial Officer Steve DeGennaro attributed to operating leverage from revenue growth. The company ended the quarter with 1,575 investment sales professionals, modestly higher than a year earlier. Nadji said the company has increased its reliance on internship and fellowship programs for organic recruiting while continuing to recruit experienced professionals and teams. He said about 25% of hires generally enter with some prior experience. During the question-and-answer session, DeGennaro said transactions per agent were up approximately 9% to 10% year to date. Nadji said Marcus & Millichap has also been attracting semi-experienced professionals from boutique and regional firms that see advantages in its training and support systems. The company ended the quarter with $345 million in cash equivalents and marketable securities, up from $335 million at the end of the first quarter. It repurchased approximately 913,000 shares year to date for $24 million at an average price of $26.22 per share, DeGennaro clarified during the call. The board approved additional repurchase authorization, bringing the remaining authorization to about $90 million. The board also declared a semiannual dividend of $0.25 per share, payable Oct. 6 to shareholders of record on Sept. 15. The company said it has returned more than $251 million to shareholders through dividends and repurchases during the past four years. Management said it entered the third quarter with modest year-over-year pipeline growth, citing recent interest-rate volatility. Nadji said higher Treasury yields and uncertainty related to the Middle East war, energy prices and inflation have extended transaction timelines by making underwriting and deal execution more difficult. Still, he said seller motivation, improved liquidity and more realistic pricing expectations are helping narrow bid-ask spreads. DeGennaro said third-quarter cost of services as a percentage of revenue is expected to increase sequentially under the company’s usual seasonal pattern, while SG&A is expected to rise modestly in dollar terms. Third-quarter income tax expense is expected to range from $1.5 million to $2 million. Nadji also outlined potential expansion opportunities in leasing, financing, appraisal and consulting, and investment management. He said leasing in multi-tenant retail and industrial could leverage the company’s existing brokerage platform, while financing remains a major area for continued expansion. The company is also evaluating strategic acquisitions, particularly in financing-related businesses. Marcus & Millichap (NYSE: MMI) is a leading commercial real estate brokerage firm focused on investment sales, financing, research and advisory services. Founded in 1971 by George M. Marcus and William A. Millichap, the company has grown to specialize in the marketing of multifamily, retail, office, industrial, hospitality and other commercial property types. Through an extensive network of investment specialists, Marcus & Millichap connects property owners and investors with tailored transactions across a range of asset classes. The firm offers comprehensive capital markets solutions, including debt and equity placement, structured finance, and customized financing programs. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Marcus & Millichap Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved 18% total revenue growth with all business segments contributing to the increase, including a 43% jump in larger transaction revenue and 15% growth in financing revenue., marking the first period of synchronized growth in private client, middle market, and large transaction sectors since the market disruption began. Performance in the larger transaction segment jumped 43%, driven by institutional investors paying premiums for top-tier assets and a rising tide of loan maturities forcing realistic pricing. Management attributes the recovery to persistent client outreach and healthier lender balance sheets, which have fostered more financing options across the full price spectrum. The financing business grew 15%, supported by the company's position as the largest non-direct multifamily debt originator for Freddie Mac and Fannie Mae through the M&T Bank partnership. Strategic investments in talent and infrastructure during the market downturn pressured near-term earnings but positioned the firm to capture market share and operating leverage during the current recovery. The private client segment remains the primary top-line contributor, benefiting from price recalibrations to higher interest rates and re-engagement from banks and credit unions. Operational challenges and property fundamental shifts are acting as catalysts for bringing inventory to market at more realistic prices, narrowing the bid-ask spread. Guidance assumes a balancing act between lingering interest rate uncertainty and increased seller motivation, with rate volatility continuing to extend transaction timelines. Management is shifting toward an organic growth strategy centered on expanded internship and fellowship programs, which prioritize higher long-term productivity and retention over immediate headcount growth. Future growth is expected to be driven by scaling IPA Capital Markets and expanding agency financing through deeper collaboration between sales and financing teams. The company is actively evaluating strategic acquisitions, particularly in the financing sector, to leverage its strong balance sheet and high liquidity. Third-quarter expectations include modest year-over-year pipeline growth, though management notes that interest rate volatility remains a primary headwind for deal underwriting. The 10-year treasury yield is 50 basis points higher than at the start of the year, creating a challenging environment for aligning buyers, sellers, and lenders. Profitability metrics reflect significant non-cash expenses related to the long-term expensing of talent acquisition and retention investments made during the pandemic. Refinancings increased to 47% of financing revenue, up from 39% a year ago, indicating a shift in owner behavior as they secure new loans in an improving environment. Tightened performance standards have led to faster separation from underperforming agents, causing some quarter-to-quarter variability in total professional headcount. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management reported no unusual competitive shifts, noting that larger competitors remain focused on industrial sectors while MMI maintains its lead in retail and multifamily. The firm is successfully attracting semi-experienced professionals from regional boutiques who are seeking the support of a larger platform as market conditions improve. Management confirmed active interest in expanding leasing capabilities, particularly for multi-tenant retail and industrial properties, to leverage existing infrastructure. The firm is exploring tech-enabled appraisal and investment management as synergistic additions to the core brokerage and financing business. The goal is to provide a well-rounded service to the same client base rather than abandoning the core transaction-focused model. Management expressed conviction in returning to high profitability, noting that current margins are suppressed by the high cost of talent competition in the industry. Operating leverage is expected to improve as revenue grows above the roughly $755 million breakeven threshold established in the previous year. The firm is implementing a zero-base budgeting process to redeploy costs toward client-facing and lead-generating innovations, including AI-driven workflows.

Revenue Grew 17.8% Compared to Second Quarter 2025 Net Income of $0.10 Per Diluted Share for Second Quarter 2026 CALABASAS, Calif., August 06, 2026--(BUSINESS WIRE)--Marcus & Millichap, Inc. (the "Company", "Marcus & Millichap", or "MMI") (NYSE: MMI), a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services, reported its second quarter financial results today. Second Quarter 2026 Highlights Compared to Second Quarter 2025 Total revenue increased by 17.8% to $202.9 million, compared to $172.3 million Pre-tax income increased by $10.0 million to $6.3 million compared to pre-tax loss of $3.7 million Net income of $3.9 million, or $0.10 per common share, diluted, compared to a net loss of $11.0 million, or $0.28 per common share, diluted Adjusted EBITDA1 increased by $10.6 million to $12.1 million compared to $1.5 million Six Months 2026 Highlights Compared to Six Months 2025 Total revenue increased by 18.0% to $374.4 million, compared to $317.3 million Pre-tax income increased by $21.8 million to $4.1 million compared to pre-tax loss of $17.7 million Net income of $0.8 million, or $0.02 per common share, diluted, compared to a net loss of $15.5 million, or $0.40 per common share, diluted Adjusted EBITDA1 increased by $22.4 million to $15.1 million compared to $(7.3) million "Our strong second quarter is the culmination of numerous internal initiatives to expand our client outreach and more favorable catalysts for CRE sales and financing," said Hessam Nadji, President and Chief Executive Officer of Marcus & Millichap. "Our private client recovery gained momentum as banks and credit unions have become more active, while our larger, institutional sales and financing volumes also showed significant progress." Mr. Nadji continued, "The passage of time since the market bottom, coupled with the repricing of CRE assets in response to higher interest rates, is driving increased transaction activity. The recent resurgence of the Middle East conflict and inflation pressures continue to challenge bid/ask spreads tied to the rise in rates over the last few months. However, we are leveraging MMI’s size, scale and unwavering focus on client connectivity to continue revenue growth and service expansion strategies. Our fortress balance sheet is enabling us to continue investing in our platform and talent while returning capital to shareholders as part of our ongoing efforts to create long-term value." Second Quarter 2026 Results Compared to Second Quarter 2025 Total revenue for the second quarter 2026 was $202.9 million, an increase of 17.8% compared to $172.3 million for the second quarter 2025. For real estate brokerage commissions, revenue was $167.0 million, an increase of 18.1% compared to the same period in the prior year. The increase was primarily attributed to an 18.4% increase in total sales volume compared to the second quarter 2025. The Larger Transaction Market revenue increased by 43.2% and the Private Client Market revenue increased by 13.6%. For financing fees, revenue was $30.3 million, an increase of 15.3% compared to the same period in the prior year. The increase was primarily attributed to a 5.4% increase in total financing volume and a 10 basis point increase in the average fee rate earned, compared to the second quarter 2025. Total operating expenses for the second quarter 2026 were $200.7 million compared to $181.3 million for the same period in the prior year. The change was primarily due to an increase of $20.0 million in cost of services. Cost of services as a percentage of total revenue increased by 50 basis points to 62.4% compared to the same period during the prior year, primarily due to our senior investment sales and financing professionals earning higher commissions in 2026. Selling, general and administrative expenses remained relatively consistent at $71.7 million for the second quarter 2026 compared to $71.6 million for the same period in 2025. Net income for the second quarter 2026 was $3.9 million, or $0.10 per common share, diluted, compared to a net loss of $11.0 million, or $0.28 per common share, diluted, for the same period in 2025. Adjusted EBITDA for the second quarter 2026 was $12.1 million, compared to $1.5 million for the same period in the prior year, primarily as a result of the increase in operating income. Six Months 2026 Results Compared to Six Months 2025 Total revenue for the six months ended June 30, 2026 was $374.4 million, compared to $317.3 million for the same period in the prior year, an increase of $57.1 million, or 18.0%. Total operating expenses for the six months ended June 30, 2026 increased by 9.8% to $377.9 million compared to $344.1 million for the same period in the prior year. Cost of services as a percentage of total revenue increased to 61.5%, an increase of 10 basis points compared to the first six months of 2025. The Company’s net income for the six months ended June 30, 2026 was $0.8 million, or $0.02 per common share, diluted, compared to a net loss of $15.5 million, or $0.40 per common share, diluted for the same period in the prior year. Adjusted EBITDA for the six months ended June 30, 2026 was $15.1 million compared to $(7.3) million for the same period in the prior year. As of June 30, 2026, the Company had 1,677 investment sales and financing professionals, compared to 1,640 at the end of the same period last year. Capital Allocation On July 31, 2026, the Board of Directors declared a semi-annual regular dividend of $0.25 per share, payable on October 6, 2026, to stockholders of record at the close of business on September 15, 2026. During the six months ended June 30, 2026, the Company repurchased 912,957 shares of common stock at an average price of $26.22 for a total purchase price of $23.9 million. Since August 2022, the Company has repurchased and retired 3,987,494 shares of common stock at an average price of $30.06 per share for a total price of $119.9 million. On April 30, 2026, the Company's Board of Directors approved an additional $70 million to repurchase common stock under its stock repurchase program. After accounting for shares repurchased through August 3, 2026, the Company has approximately $90.1 million available to repurchase shares under its program. No time limit has been established for the completion of the program, and the repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. Business Outlook Despite ongoing price discovery and wider than normal bid/ask spreads, the Company believes the commercial real estate transaction market is poised to overcome the near-term challenges which are currently expected to extend through 2026. Accordingly, the Company believes it remains well-positioned to return to long-term growth. The Company benefits from its experienced management team, infrastructure investments, industry-leading market research and proprietary technology. We believe the size and fragmentation of the Private Client Market continue to offer long-term growth opportunities through consolidation. This highly fragmented market segment consistently accounts for over 80% of all U.S. commercial property transactions and over 60% of the commission pool. The top 10 brokerage firms led by MMI had an estimated 18% share of this segment by transaction count in 2025. Key factors that may influence the Company’s business during the remainder of 2026 include: Volatility in transactional activity and investor sentiment driven by: The implementation of new tax laws, many of which are beneficial to commercial real estate investors; Volatility in the markets in which the Company operates; Increases in costs related to in-person events, client meetings, and conferences; Global geopolitical uncertainty, which may cause investors to refrain from transacting; and The potential for acquisition activity and subsequent integration. Webcast and Call Information Marcus & Millichap will host a live webcast today to discuss the financial results at 7:30 a.m. Pacific Time/10:30 a.m. Eastern Time. The webcast will be accessible through the Investor Relations section of Marcus & Millichap's website at ir.marcusmillichap.com and will be archived upon completion of the call. The Company encourages the use of the webcast due to potential extended wait times to access the conference call via dial-in. For those unable to access the webcast, callers from the United States and Canada should dial 1-877-407-9208 ten minutes prior to the scheduled call time. International callers should dial 1-201-493-6784. Replay Information For those unable to participate during the live broadcast, a telephonic replay of the call will also be available from 1:30 p.m. Eastern Time on Thursday, August 6, 2026 through 11:59 p.m. Eastern Time on Thursday, August 20, 2026 by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally and entering passcode 13759355. About Marcus & Millichap, Inc. Marcus & Millichap, Inc. is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. As of December 31, 2025, the Company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory, and leasing services to its clients. Marcus & Millichap, Inc. closed 8,818 transactions in 2025, with a sales volume of $50.8 billion. For additional information, please visit www.MarcusMillichap.com. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This release includes forward-looking statements, including our expectations regarding the long-term outlook of the commercial real estate transaction market, and our positioning within it, our belief relating to the Company’s long-term growth, our assessment of the key factors influencing the Company’s business outlook, including the expectation for future interest rate cuts or rising inflation and likely impact of such cuts or inflation on commercial real estate demand, and the execution of our capital return program, including a semi-annual dividend and stock repurchase program. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: general uncertainty in the capital markets, a worsening of economic conditions, and the rate and pace of economic recovery following an economic downturn; changes in our business operations; market trends in the commercial real estate market or the general economy, including the impact of inflation and changes to interest rates; our ability to attract and retain qualified senior executives, managers, and investment sales and financing professionals; the impact of forgivable loans and related expense resulting from the recruitment and retention of agents; the impact of litigation and our success in appealing any judgments entered against us; the effects of increased competition on our business; our ability to successfully enter new markets or increase our market share; our ability to successfully expand our services and businesses and to manage any such expansions; our ability to retain existing clients and develop new clients; our ability to keep pace with changes in technology; any business interruption or technology failure, including cybersecurity risks and ransomware attacks, and any related impact on our brand reputation or clients; the failure to maintain the security of our information and technology networks, including personally identifiable and client information; changes in interest rates, availability of capital, tax laws, tariffs and trade regulations, executive orders, employment laws, or other government regulation affecting our business; our ability to successfully identify, negotiate, execute, and integrate accretive acquisitions; and other risk factors included under "Risk Factors" in our most recent Annual Report on Form 10-K or in any subsequent SEC report. In addition, in this release, words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "goal," "expect," "predict," "potential," "should," and similar expressions, as they relate to our Company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. We have not filed our Quarterly Report on Form 10-Q ("Form 10-Q") for the quarter ended June 30, 2026. As a result, all financial results described in this release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file our Form 10-Q. MARCUS & MILLICHAP, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)(Unaudited) MARCUS & MILLICHAP, INC.KEY OPERATING METRICS SUMMARY(Unaudited) Total sales volume was approximately $14.1 billion for the three months ended June 30, 2026, encompassing 2,306 transactions consisting of $9.5 billion for real estate brokerage (1,530 transactions), $3.6 billion for financing (480 transactions) and $1.0 billion in other transactions, including consulting and advisory services (296 transactions). Total sales volume was $26.2 billion for the six months ended June 30, 2026, encompassing 4,328 transactions consisting of $17.4 billion for real estate brokerage (2,878 transactions), $6.7 billion for financing (878 transactions) and $2.1 billion in other transactions, including consulting and advisory services (572 transactions). As of June 30, 2026, the Company had 1,575 investment sales professionals and 102 financing professionals. Key metrics for real estate brokerage and financing activities (excluding other transactions) are as follows: The following table sets forth the number of transactions, sales volume and revenue by commercial real estate market for real estate brokerage: MARCUS & MILLICHAP, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except for shares and par value) MARCUS & MILLICHAP, INC.OTHER INFORMATION(Unaudited) Adjusted EBITDA Reconciliation Adjusted EBITDA, which the Company defines as net income (loss) before (i) interest income and other, including interest on marketable debt securities, available-for-sale and cash, cash equivalents, and restricted cash, and net realized gains (losses) on marketable debt securities, available-for-sale, (ii) interest expense, (iii) provision (benefit) for income taxes, (iv) depreciation and amortization, and (v) stock-based compensation. The Company uses Adjusted EBITDA in its business operations to evaluate the performance of its business, develop budgets and measure its performance against those budgets, among other things. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate its overall operating performance. However, Adjusted EBITDA has material limitations as a supplemental metric and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under U.S. generally accepted accounting principles ("U.S. GAAP"). The Company finds Adjusted EBITDA to be a useful management metric to assist in evaluating performance, because Adjusted EBITDA eliminates items related to capital structure, taxes and non-cash items. Considering the foregoing limitations, the Company does not rely solely on Adjusted EBITDA as a performance measure and also considers its U.S. GAAP results. Adjusted EBITDA is not a measurement of the Company’s financial performance under U.S. GAAP and should not be considered as an alternative to net income (loss), operating income (loss) or any other measures calculated in accordance with U.S. GAAP. Because Adjusted EBITDA is not calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. A reconciliation of the most directly comparable U.S. GAAP financial measure, net income (loss), to Adjusted EBITDA is as follows (in thousands): Glossary of Terms Private Client Market: transactions with values from $1 million up to but less than $10 million Middle Market: transactions with values from $10 million up to but less than $20 million Larger Transaction Market: transactions with values of $20 million and above Acquisitions: acquisitions of businesses accounted for as a business combination in accordance with generally accepted accounting standards Certain Adjusted Metrics Real Estate Brokerage Following are actual and as adjusted metrics excluding any large transactions in our real estate brokerage business in excess of $300 million: View source version on businesswire.com: https://www.businesswire.com/news/home/20260806839418/en/ Contacts Investor Relations Contact: Investor [email protected]

This article first appeared on GuruFocus. Total Revenue: $203 million in Q2 2026, an increase of 18% year-over-year. Brokerage Revenue: $167 million for the quarter, up 18% year-over-year, representing 82% of total revenue. Financing Revenue: $30 million in Q2, an increase of 15% compared to the prior year quarter. Private Client Brokerage Revenue: Grew 14% year-over-year to $106 million. Middle Market Brokerage Revenue: Increased 13% to $22 million. Larger Transaction Revenue: Jumped 43% to $33 million for deals above $20 million. Net Income: $4 million, or $0.10 per share, compared to a net loss of $11 million ($0.28 per share) in the prior year. Adjusted EBITDA: Improved to $12 million, compared to $1.5 million a year ago. Cost of Services: $127 million, or 62.4% of revenue, an increase of 50 basis points year-over-year. SG&A Expense: $72 million for the quarter, virtually flat on a dollar basis year-over-year, and 35% of revenue compared to 42% in the prior year. Cash and Marketable Securities: $345 million at the end of Q2, up from $335 million at the end of Q1. Share Repurchases: Repurchased approximately 913,000 shares for $24 million at an average price of $26.22 per share. Dividend: Declared a semiannual dividend of $0.25 per share, payable on October 6, 2026. Investment Sales Professionals: Ended the quarter with 1,575 professionals, up modestly year-over-year. Warning! GuruFocus has detected 5 Warning Sign with MMI. Is MMI fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Total revenue increased 18% year-over-year in Q2 2026, with all business segments registering growth, marking the company's best first half since 2022. Brokerage revenue grew 18% and financing revenue rose 15%, with larger transaction revenue jumping 43%, indicating broad-based recovery across the platform. Adjusted EBITDA improved significantly to $12 million in Q2 2026, up from $1.5 million in the prior year, reflecting strong operating leverage and cost discipline. The financing business continues to expand, becoming Freddie Mac and Fannie Mae's largest non-direct multi-family debt originator through the M&T Bank partnership, with refinancing activity picking up meaningfully. The company maintains a strong balance sheet with $345 million in cash and marketable securities, returning $251 million to shareholders over the past four years through dividends and buybacks. Private client and middle market brokerage segments posted over 13% revenue growth, while larger transactions grew 43%, showing balanced growth across price points. The company is seeing improved market dynamics with more realistic seller pricing, increased lender engagement, and a narrowing bid-ask spread, supporting future transaction growth. Interest rate volatility, exacerbated by the Middle East war and rising inflation, has led to extended transaction timelines and a choppy recovery in the transaction cycle. The 10-year Treasury yield is 50 basis points higher than at the start of 2026 and 70 basis points higher than pre-conflict lows, creating headwinds for deal underwriting and closing. Cost of services as a percentage of revenue increased 50 basis points year-over-year in Q2 2026, reflecting higher commissions paid to more senior professionals, which could pressure margins. Headcount remained flat year-over-year at 1,575 investment sales professionals, with intentional attrition of underperformers and a slower path to nominal growth through internship programs. The company faces ongoing competitive pressures in recruiting and retaining talent, with increased costs for talent acquisition and retention impacting near-term profitability. Net income of $4 million remains well below peak levels, and the effective tax rate is elevated at 38%, which could fluctuate and impact future earnings. The company enters Q3 2026 with only modest year-over-year growth in its pipeline due to recent interest rate volatility, indicating potential near-term revenue softness. Q: Can you discuss the competitive pressures in the private client network and your ability to tap into those customers? A: CEO Hessam Nadji stated that there is nothing unusual in the competitive landscape, with typical pressure coming from local small firms and regional boutiques. He highlighted that the company is successfully attracting more semi-experienced professionals due to the benefits of its larger platform, and that its training and support systems are recognized as a key competitive advantage, even by brokers from other firms. Q: What is the breakdown of new versus experienced professionals in the year-over-year increase in headcount? A: CEO Hessam Nadji explained that roughly 25% of hires come with some experience, a number that is increasing. The company is intentionally slowing down traditional inexperienced recruiting in favor of expanded internship and fellowship programs, which are showing higher productivity and retention. He noted that the efforts to recruit very experienced individuals and teams, particularly in the financing division, have not slowed and have been highly successful. Q: Are you exploring other business lines, such as leasing, property management, or other services, to diversify revenue and stabilize operations during transaction market volatility? A: CEO Hessam Nadji confirmed the company is actively exploring expansion opportunities. Key areas of focus include expanding leasing capabilities, particularly in multi-tenant retail and industrial, scaling the financing division, and exploring tech-enabled appraisal and consultation groups for potential acquisitions. He also mentioned investment management as an area with significant synergies, all aimed at leveraging the existing brand and infrastructure to add synergistic services without abandoning the core brokerage business. Q: What percentage of revenue could these new business lines (leasing, financing, appraisal, investment management) potentially contribute? A: CEO Hessam Nadji declined to provide a specific percentage target but stated that over the next 5 to 7 years, a significant amount of nominal growth and diversification will come from these channels. He reiterated the company's commitment to being the premier brokerage and finance intermediary, viewing these expansions as integrated choices that reinforce the core business rather than a shift away from it. Q: Can you provide guidance on cost controls and when we should expect to see incremental margin improvement fully online? A: CFO Steve DeGennaro explained that profitability improvement comes from two aspects: top-line growth creating operating leverage (as seen in Q2) and smart investments in infrastructure, AI, and data capture to improve workflow efficiency. CEO Hessam Nadji added that the company focuses on redeploying current costs to client-facing and lead-generating areas, emphasizing a zero-based budgeting approach to avoid runaway costs during the market recovery. Q: Are the peak profitability levels of $150 million to $200 million seen in 2021-2022 achievable or repeatable, and how long might it take to get back to a stabilized level? A: CEO Hessam Nadji expressed conviction that the company will return to exciting profitability levels and better operating margins. He noted that the composition of expenses has changed, with a large portion now being non-cash expenses related to talent acquisition and retention. He emphasized that as the market improves, the leverage of these expenses on revenue growth will make a material difference, and the focus on revenue per agent and ROI per expense category will be key to achieving those prior profitability levels. Q: Can you clarify the share repurchase figures for the quarter? A: CEO Hessam Nadji confirmed that the approximately 913,000 shares repurchased for $24 million were for the quarter, not year-to-date. Q: What is driving the growth in the larger transaction segment, and is this sustainable? A: CEO Hessam Nadji attributed the 43% growth in larger transactions to major investors becoming more active, driven by price adjustments, the rising tide of loan maturities, and operating challenges forcing inventory to market at more realistic prices. He noted this was the strongest growth in this segment since Q4 2024, following an extended period of institutional softness. Q: How is the financing business performing, and what is driving its growth? A: CFO Steve DeGennaro reported financing revenue of $30 million in Q2, up 15% year-over-year, driven by a 17% increase in transaction count to 480 loans. CEO Hessam Nadji highlighted the expansion strategy into IPA capital markets, progress on agency financing, and the partnership with M&T Bank, which has made MMI the largest non-direct multi-family debt originator for Freddie Mac and Fannie Mae. Refinancing accounted for 47% of revenue, up from 39% a year ago. Q: What is the outlook for the third quarter and the remainder of 2026? A: CFO Steve DeGennaro stated that the company entered Q3 with modest year-over-year growth in its pipeline due to recent interest rate volatility. He expects cost of services as a percentage of revenue to be sequentially higher than Q2, following the usual seasonal pattern, with SG&A expected to increase modestly on a dollar basis. Income tax expense is expected to be in the range of $1.5 million to $2 million. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

CALABASAS, Calif., July 23, 2026--(BUSINESS WIRE)--Marcus & Millichap, Inc. (NYSE: MMI), a leading national brokerage firm specializing in commercial real estate investment sales, financing and research and advisory services, announced today it will report its financial results for the second quarter ended June 30, 2026, on Thursday, August 6, 2026, before the market open. The Company will host a webcast and a conference call the same day to discuss the results at 10:30 a.m. Eastern Time. The call will be hosted by Hessam Nadji, President and Chief Executive Officer and Steve DeGennaro, Chief Financial Officer. WEBCAST INFORMATION A live webcast of the call will be accessible through the Investor Relations section of Marcus & Millichap's website at www.MarcusMillichap.com and will be archived upon completion of the call. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. For those unable to access the webcast, callers from the United States and Canada should dial 1-877-407-9208 ten minutes prior to the scheduled call time. International callers should dial 1-201-493-6784. REPLAY INFORMATION For those unable to participate during the live broadcast, a telephonic replay of the call will also be available from 2:30 p.m. Eastern Time on Thursday, August 6, 2026, through 11:59 p.m. Eastern Time on Thursday, August 20, 2026, by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally and entering passcode 13759355. About Marcus & Millichap, Inc. Marcus & Millichap, Inc. is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. As of December 31, 2025, the Company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory, and leasing services to its clients. Marcus & Millichap, Inc. closed 8,818 transactions in 2025, with a sales volume of $50.8 billion. For additional information, please visit www.MarcusMillichap.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260723605191/en/ Contacts Investor Relations Contact: Investor [email protected]

Marcus & Millichap’s first quarter results were shaped by a broad-based recovery in transaction activity and significant momentum in its financing platform. Management highlighted that improved market conditions, narrowing price expectations between buyers and sellers, and the return of more competitive lending options drove a notable increase in both brokerage and financing volumes. CEO Hessam Nadji emphasized, “Brokerage revenue grew nearly 12% year-over-year, while our financing business delivered a stellar 48% increase, demonstrating both the scaling of our capital markets platform and an improving lending environment.” Is now the time to buy MMI? Find out in our full research report (it’s free). Revenue: $171.5 million vs analyst estimates of $162.2 million (18.2% year-on-year growth, 5.7% beat) Adjusted EPS: -$0.08 vs analyst estimates of -$0.08 (in line) Adjusted EBITDA: $2.94 million (1.7% margin, 134% year-on-year growth) Operating Margin: -3.3%, up from -12.6% in the same quarter last year Market Capitalization: $1.11 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Mitch Germain (Citizens Bank) asked whether clients are now less sensitive to interest rate movements. CEO Hessam Nadji clarified that clients remain highly sensitive, but many have adjusted expectations and are motivated to transact despite volatility. Mitch Germain (Citizens Bank) inquired about the growth in the number of active lenders and how that environment has evolved. Nadji explained that the lender network had tightened during 2023-2024 but has since expanded, particularly with the return of banks and credit unions. Mitch Germain (Citizens Bank) questioned the drivers behind the rebound in large transaction activity—specifically whether it was due to hiring or more realistic seller expectations. Nadji responded that both factors contributed, but the main driver was sellers finally accepting realistic pricing after extended negotiations. In upcoming quarters, the StockStory team will monitor (1) whether transaction growth continues as sellers adjust to new price norms, (2) the pace of financing volume expansion as more lenders re-enter the market, and (3) tangible improvements in sales force productivity from AI-driven technology initiatives. Execution in these areas will be critical for Marcus & Millichap’s ability to capitalize on a recovering commercial real estate market. Marcus & Millichap currently trades at $29.46, up from $29.01 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meeting near-term momentum - both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks - FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.

Interested in Marcus & Millichap, Inc.? Here are five stocks we like better. Revenue and profitability improved sharply in Q1 2026, with Marcus & Millichap revenue up 18% year over year to $171.5 million and adjusted EBITDA turning positive at nearly $3 million from a loss a year ago. The company still posted a net loss, but it was smaller than last year’s. Brokerage activity and financing both accelerated as improving commercial real estate conditions drove more transactions. Brokerage commissions rose 12%, financing revenue jumped 48%, and management said recovery was strongest in private client, office, multifamily and single-tenant retail segments. Cost control and capital returns remained strong, with operating expenses rising slower than revenue and SG&A improving as a percentage of sales. The company ended the quarter with $335 million in cash, no debt, repurchased shares, and authorized an additional $70 million for buybacks. Marcus & Millichap (NYSE:MMI) reported an 18% year-over-year increase in first-quarter 2026 revenue, as management said improving commercial real estate transaction activity, a recovery in its private client business and growth in financing helped the company start the year with stronger momentum. President and Chief Executive Officer Hessam Nadji said the company’s results reflected “improving market conditions” and the effect of more than two years of client outreach, valuation updates and seller consultations that are now converting into transactions. Total revenue rose to $171.5 million from $145 million in the prior-year quarter, which Chief Financial Officer Steve DeGennaro described as the company’s strongest first-quarter revenue growth in four years. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum Adjusted EBITDA improved to nearly $3 million from a loss of nearly $9 million a year earlier. The company still posted a net loss of $3 million, or $0.08 per share, compared with a net loss of $4 million, or $0.11 per share, in the first quarter of 2025. Real estate brokerage commissions totaled $138 million in the quarter, up 12% year over year and representing 81% of total revenue. Marcus & Millichap completed 1,348 brokerage transactions with total volume of $7.9 billion, increases of 15% and 19%, respectively, compared with the prior-year quarter. The average transaction size rose 3% to $5.9 million. → MercadoLibre Boldly Invests in Growth: Discount Deepens Nadji said improvement was broad-based, with seven of the 11 property types the company services generating brokerage revenue growth. He said office transactions posted the largest gains in several years, supported by “significant price resets” and improving demand for space tied to return-to-office mandates. Multifamily, manufactured housing and single-tenant retail also showed strength, according to management. The company’s core private client market accounted for $88 million, or 64% of brokerage revenue, up 13% from a year earlier. DeGennaro said private client transaction count increased 19% and dollar volume rose 22%, reflecting “more realistic price expectations by sellers.” → 3 Ways to Target the Resources Powering AI and Data Centers Nadji said the private client recovery is being helped by a narrowing bid-ask spread, with more sellers accepting current interest rates as “the new normal.” He added that small and midcap multifamily and single-tenant properties, which had been heavily affected by higher rates and lender constraints, are beginning to see more transactions after a prolonged correction since 2023. Revenue from larger transactions above $20 million rose 25% to $25 million, accounting for 18% of brokerage revenue. DeGennaro said middle market transaction revenue declined 6% to $20 million. Marcus & Millichap’s financing business generated $27 million in revenue, up 48% from $18 million in the prior-year quarter. Financing volume rose 60% to $3.1 billion across 398 transactions, while the transaction count increased 18%. The average financing transaction size grew 36% to $7.8 million. Nadji attributed the growth to recruiting and acquisition efforts that brought experienced originators and finance boutique firms into the platform. He said the company continues to focus on adding origination teams in key regions while also benefiting from veteran originators already with the firm. Acquisition financing accounted for 61% of originations, up from 50% a year earlier. Nadji said the shift is consistent with a rising transaction market, where more activity is tied to acquisitions rather than refinancings and recapitalizations. He also said lenders are becoming more competitive, including through higher loan-to-value ratios, though underwriting and sponsor qualifications remain tight. The company used 188 unique lenders during the quarter. In response to a question from Citizens Bank analyst Mitch Germain, Nadji said that number had been “measurably less” in 2023 and 2024, particularly after regional banks pulled back. He said banks and credit unions began returning more actively to the lending network in recent quarters. Other revenue, including leasing, consulting, advisory and ancillary fees, increased 98% to $6.5 million from $3.3 million a year earlier. DeGennaro said the increase primarily reflected growth in loan sales and advisory services, consistent with rising distressed and transitional loan sales. Nadji said auction revenue nearly doubled year over year, while revenue from loan sales and IPA Capital Markets increased 39%. He described those businesses as alternative marketing and sales channels for investors and lenders, with additional growth opportunity. Total operating expenses rose 9% to approximately $177 million, compared with the company’s 18% revenue growth. Cost of services was $104 million, or 60.4% of revenue, improving by 50 basis points year over year. Selling, general and administrative expense was $71 million, essentially flat with the prior-year period. DeGennaro said SG&A benefited from cost containment and somewhat lower typical first-quarter expenses due to the last-minute cancellation of the company’s annual sales award trip because of security concerns. SG&A as a percentage of revenue improved to 42% from 49% a year earlier. Marcus & Millichap ended the quarter with $335 million in cash, cash equivalents and marketable securities and no debt. The company repurchased approximately $23 million of common stock during the quarter at a weighted average price of $26.22 per share. Its board also approved an additional $70 million share repurchase authorization, bringing total available authorization to $90 million. The company declared a semiannual dividend of $0.25 per share, or about $10 million, paid in early April. Nadji said commercial real estate fundamentals remain healthy and that more catalysts are emerging to support transaction growth. He said pricing has generally adjusted and continues to recalibrate by asset quality, while new construction is slowing sharply, particularly in industrial and multifamily. On headcount, Marcus & Millichap ended the quarter with 1,621 investment brokers, up 87 from the first quarter of 2025. Nadji said the company had a larger-than-usual seasonal reduction in the sales force due to proactive terminations of agents in development who were not meeting key metrics. He said the company is becoming more selective in recruiting and is placing greater emphasis on internships and fellowship programs that are producing higher-performing agents. In the question-and-answer session, Germain asked whether customers had become more immune to rate movements. Nadji said they were not immune and remain sensitive to rates, but he said pent-up demand from delayed transactions is currently outweighing rate volatility for many clients. He said some sellers no longer expect a large decline in rates to restore peak valuations, while maturing loans and refinancing challenges are also contributing to transaction demand. Looking ahead, DeGennaro said second-quarter revenue is expected to show continued year-over-year improvement, with normal seasonality supporting a sequential increase from the first quarter. He said April results were encouraging, but management remains mindful of geopolitical and macroeconomic variables that could moderate activity. Marcus & Millichap (NYSE: MMI) is a leading commercial real estate brokerage firm focused on investment sales, financing, research and advisory services. Founded in 1971 by George M. Marcus and William A. Millichap, the company has grown to specialize in the marketing of multifamily, retail, office, industrial, hospitality and other commercial property types. Through an extensive network of investment specialists, Marcus & Millichap connects property owners and investors with tailored transactions across a range of asset classes. The firm offers comprehensive capital markets solutions, including debt and equity placement, structured finance, and customized financing programs. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Marcus & Millichap Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.