☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents For the transition period from___________to___________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number 001-36155 __________________________ Washington, D.C. 20549 __________________________ FORM 10-K __________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR MARCUS ...

LOS ANGELES--(BUSINESS WIRE)---- $mmi #apartmentfinancing--Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company's institutional clients, announced today the sale and financing of Luxe Villas, a 60-unit multifamily asset in the Brentwood neighborhood of Los Angeles, California. The property sold for $49,494,000, or $824,900 per unit. "Luxe Villas is one of the premier multifamily assets in Brentwood,†said Kevin Green, IPA executive managing direc ...

SANTA MARIA, Calif.--(BUSINESS WIRE)---- $mmi #alignfinancingpartners--Institutional Property Advisors Brokers $75M Central Coast California Multifamily Asset Sale. ...

Core Viewpoint - The focus is on producing objective, data-driven research primarily about small- to mid-cap companies, which are often overlooked by many investors, while also occasionally analyzing large-cap companies to provide a broader perspective on equity markets [1] Group 1 - The research emphasizes the importance of small- to mid-cap companies in investment analysis due to their potential for growth and the lack of attention they receive from larger investors [1]

Core Viewpoint - The focus is on producing objective, data-driven research primarily about small- to mid-cap companies, which are often overlooked by many investors, while also occasionally analyzing large-cap companies to provide a broader market perspective [1] Group 1 - The research emphasizes the importance of small- to mid-cap companies in investment analysis due to their potential for growth and the lack of attention they receive from larger investors [1] - Large-cap companies are analyzed occasionally to give a comprehensive view of the equity markets, indicating a balanced approach to research [1]

Core Insights - Marcus & Millichap, Inc. (MMI) reported an earnings per share (EPS) of $0.34, significantly exceeding the estimated EPS of -$0.07, indicating effective operational management in challenging market conditions [2][6] - The company's total revenue for Q4 2025 reached $244 million, surpassing the estimated $166 million and marking a 1.6% increase from $240.1 million in Q4 2024, showcasing its strong market position [3][6] - MMI's price-to-sales ratio of 1.33 and a low debt-to-equity ratio of 0.13 highlight its market valuation and financial stability, reflecting investor sentiment towards the company [4][5][6] Financial Metrics - MMI's enterprise value to sales ratio stands at 1.22, indicating the company's valuation including debt and excluding cash [4] - The company's debt-to-equity ratio of 0.13 demonstrates a conservative approach to leveraging, while a current ratio of 2.55 indicates strong short-term liquidity [5]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Performance - Fourth-quarter net income was $13 million, or $0.34 per share, compared to $8.5 million, or $0.22 per share, in the prior-year period. For the full year, the company reported a net loss of $1.9 million, or $0.05 per share, which included an $0.08 per share charge related to a legal reserve [1][7] - Total revenue for the full year increased to $755 million from $696 million in 2024, with fourth-quarter revenue of $244 million, up 2% year over year [2][3][4] - Adjusted EBITDA improved to $25 million in 2025, compared to $9 million in 2024, reflecting a 39% increase from the same period last year [2][3][4] Brokerage Activity - The company experienced a shift towards smaller, private client deals, with private client activity accounting for 65% of fourth-quarter brokerage revenue, totaling $133 million, up from 59% and $120 million a year earlier [6][10] - The brokerage deal count increased to 1,902 in Q4 and 6,038 for the year, while total volume for the year was $35 billion, up 3.5% [9][10] - Average transaction size decreased to $5.8 million from $6.2 million a year earlier, reflecting the increase in private client activity [9] Financing Growth - Financing revenue rose to $104 million for the full year, a 23% increase, driven by a 33% rise in transaction count and a 31% increase in volume to $11.9 billion [5][12] - In Q4, financing revenue was $33 million, up 6% from $31 million, with an 8% increase in transaction volume to $3.7 billion across 507 transactions [12][13] - The company accessed over 420 lenders in 2025, enhancing its financing capabilities [13] Cost Management - Total operating expenses in Q4 were $229 million, down 2% year over year, while full-year operating expenses increased 5.5% to $769 million, below the 8.5% revenue growth rate [7] - Fourth-quarter SG&A expenses were $71 million, down 7% year over year, and full-year SG&A improved to 38% of revenue from 40% the prior year [7] Shareholder Returns - The company ended the quarter with no debt and $398 million in cash and marketable securities, returning $29 million to shareholders through dividends and share repurchases [20][21] - For 2025, the company repurchased $27 million of shares and provided $47 million through dividends and repurchases during the year [21] Future Outlook - The company is optimistic about 2026 due to stabilized interest rates and ongoing price adjustments, with cap rates up 85–110 basis points since 2022 and prices down approximately 20% [17] - The company expects first-quarter revenue to follow normal seasonality and be sequentially lower than Q4, while also noting macroeconomic and geopolitical uncertainties [18]

Core Insights - The company reported a revenue growth of 8.5% for 2025, with adjusted EBITDA improving to $25 million compared to $9 million in 2024, indicating a strong recovery from market disruptions [5][31] - The fourth quarter of 2025 showed a revenue of $244 million, a 2% increase from $240 million in the same period last year, despite tough comparisons [22] - The company completed nearly 9,000 transactions totaling over $50 billion in volume, maintaining its market leadership position by transaction count [7][8] Financial Performance - Total revenue for the full year was $755 million, up from $696 million in 2024, with real estate brokerage commissions accounting for 84% of quarterly revenue [22][23] - The average transaction size decreased to $5.8 million from $6.2 million, reflecting a higher mix of private client activity [23] - Net income for the fourth quarter was $13 million, or $0.34 per share, a significant improvement from $8.5 million, or $0.22 per share, in the prior year [29] Market Dynamics - The company experienced a resurgence in deal closings, driven by increased urgency among private clients to take advantage of bonus depreciation by year-end [6] - Capital markets and investor sentiment improved, particularly in the second half of the year, despite a cautious Federal Reserve [8][9] - The financing business saw a revenue increase of 23% in 2025, supported by a larger team of experienced financing professionals [10][27] Strategic Initiatives - The company added nearly 100 net brokerage and financing professionals in 2025, marking the strongest growth in its salesforce in seven years [7] - Investments in technology and talent retention are beginning to show leverage as revenue improves, with a focus on AI to enhance efficiency [14][15] - The company maintains a strong balance sheet with nearly $400 million in cash, allowing for strategic acquisitions and capital returns to shareholders [21][31] Future Outlook - The company enters 2026 with optimism, driven by stabilized interest rates and improved market conditions, although macroeconomic uncertainties remain [17][18] - The anticipated price corrections and reduced construction activity are expected to create compelling investment opportunities [17] - The company plans to continue expanding its leadership in the private client market and further penetrate the institutional segment [20]

Financial Data and Key Metrics Changes - In 2025, the company reported revenue growth of 8.5%, reaching $755 million compared to $696 million in 2024 [5][21] - Adjusted EBITDA improved significantly to $25 million in 2025, up from $9 million in the previous year [5][29] - For Q4 2025, total revenue was $244 million, a 2% increase from $240 million in Q4 2024 [21] Business Line Data and Key Metrics Changes - Real estate brokerage commissions for Q4 were $205 million, accounting for 84% of quarterly revenue, with 1,902 transactions totaling $11.8 billion [21][22] - Private Client transactions grew 13% in volume and 10% in transaction count, contributing 64% of brokerage revenue for the full year [23] - Financing revenue increased by 23% in 2025, totaling $104 million, driven by a 33% rise in transaction count [25] Market Data and Key Metrics Changes - The company completed nearly 9,000 transactions totaling over $50 billion in volume throughout 2025 [8] - The Private Client and Middle Market segments saw a 12% growth in transaction count and revenue [9] - The financing business continued its strong trajectory, with revenue up 23% in 2025 [10] Company Strategy and Development Direction - The company aims to expand its leadership in the private client market and penetrate the institutional segment further [18] - Investments in technology, talent retention, and acquisitions are prioritized to enhance service offerings [19] - The company is focused on leveraging AI to improve efficiency and reduce costs while maintaining the value-added role of brokers [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing improved market conditions and a more predictable valuation benchmark [16][70] - The company anticipates continued momentum in transaction activity as the market recalibrates [17][70] - Management acknowledged ongoing macroeconomic uncertainties but remains committed to a balanced capital allocation strategy [33] Other Important Information - The company maintained a strong balance sheet with nearly $400 million in cash and no debt [30] - A semiannual dividend of $0.25 per share was declared, reinforcing the company's commitment to returning capital to shareholders [31] Q&A Session Summary Question: Concerns about AI displacement in the CRE sector - Management acknowledged AI's potential to improve efficiency in manual processes but emphasized the enduring need for brokers' expertise in complex transactions [35][36][38] Question: Growth in broker count and recruitment efforts - Management confirmed that the growth in broker count was anticipated due to enhanced recruitment strategies and a focus on experienced professionals [43][46] Question: Strategic acquisitions and market uncertainty - Management indicated that market uncertainty has not deterred their acquisition strategy, and they remain optimistic about future opportunities as market conditions stabilize [49][51]