Marcus & Millichap (MMI) Investor presentation summary

Investment highlights and market leadership

• Holds the top position in U.S. commercial real estate investment sales and financing, with a strong focus on the private client market and expanding into middle and larger market segments.

• Demonstrates a long-term record of growth and profitability, supported by a scalable, talent-driven platform and a tenured management team.

• Maintains a strong balance sheet, enabling simultaneous investments in growth and capital returns.

Business performance and financial strength

• Achieved $755M in revenue and $51B in total transaction volume in 2025, with 8,818 transactions and 1,808 professionals.

• Brokerage business generated $633M in revenue and $34.8B in sales volume, closing 6,038 transactions.

• Financing business originated $11.9B in loans, closing 1,659 transactions and earning $104M in fee revenue.

• Ended 2025 with $398M in cash and marketable securities, no debt, and $24.6M in adjusted EBITDA.

• Returned $47M to shareholders in 2025 and $217M since program inception through dividends and share repurchases.

Market segmentation and growth strategy

• Private client market ($1M–$10M transactions) accounts for over 80% of U.S. CRE transactions and features the highest commission rates.

• Focuses on expanding market share in dominant segments (apartment, retail) and specialty segments (hotel, seniors housing, self-storage).

• Grows presence in larger transactions via Institutional Property Advisors and expands sales channels, including auctions.

• Enhances technology-enabled platform to drive salesforce productivity and optimize buyer-seller matching.