CALABASAS, Calif.--(BUSINESS WIRE)-- Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced a strategic partnership with Brown & Brown, Inc. (NYSE: BRO), one of the world’s largest insurance brokerage firms. This addition is part of Marcus & Millichap’s recently launched Preferred Partner Program.

Insurance costs have become an increasingly important factor in commercial real estate underwriting. Marcus & Millichap clients will gain access to data-driven insurance indications, portfolio analysis and risk management resources designed to help investors better evaluate acquisition opportunities and operating risks. Brown & Brown’s National Real Estate Practice also provides access to major insurance carriers and specialty markets serving commercial real estate investors.

“Insurance has become a critical component of investment analysis and transaction execution,” said Richard Matricaria, chief growth officer of Marcus & Millichap. “Brown & Brown provides our clients with valuable insurance and risk insights earlier in the investment process, helping them evaluate opportunities and execute transactions with greater confidence.”

In addition to acquisition-focused insurance indications, Brown & Brown provides consultative services including portfolio reviews, catastrophe modeling, due diligence support and broader risk management solutions. Through the relationship, Marcus & Millichap clients and investment professionals will gain streamlined access to risk, underwriting and portfolio insights that support acquisition, underwriting and asset management decisions, along with educational content, webinars and resources focused on insurance trends and portfolio risk management.

“As insurance costs continue to play a larger role in valuation and execution, commercial real estate investors are seeking greater clarity early in the transaction process,” said Dan Cioci, executive vice president and director of Brown & Brown’s National Real Estate Practice. “Marcus & Millichap’s scale, long-standing investor relationships and national platform make them an ideal partner for Brown & Brown. Together, we are helping investors refine acquisition pricing assumptions, better evaluate risk and move through deals with greater confidence.”

For more information, visit Brown & Brown and the Marcus & Millichap Preferred Partner Program.

About Marcus & Millichap

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices at year end.

About Brown & Brown

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions since 1939. With a global presence spanning more than 700 locations and approximately 23,000 professionals, Brown & Brown provides risk management strategies for businesses and individuals worldwide. Learn more at BBrown.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.

Sharone Sabar, executive managing director in MMCC’s Encino office, secured the financing on behalf of a private investor through a national banking institution. The four-year construction loan was structured at 65% loan-to-cost.

“Securing financing for a project of this scale and complexity in Beverly Hills reflects not only the strength and vision of the sponsorship team, but also lender confidence in the long-term fundamentals of the market,” said Sabar. “This development has been years in the making and will deliver much-needed housing, vibrant retail offerings, and an exceptional living experience in one of the most prestigious residential markets in the country. Upon completion, it is expected to be the largest residential complex in Beverly Hills’ history, creating a transformative addition to the city’s landscape.”

Sabar added: “The project will transform a long-held commercial site into 140 luxury multifamily residences and 13,303 square feet of ground-floor retail in one of Southern California’s most sought-after and supply-constrained markets. The sponsor acquired the property in October 2014 and spent more than a decade navigating the entitlement and planning process to bring the project to fruition.”

Situated along the La Cienega corridor, the six-story mixed-use development benefits from exceptional connectivity and visibility, with proximity to The Grove, Beverly Hills’ Golden Triangle, Santa Monica Boulevard, and major transportation routes throughout Los Angeles.

The project includes a three-level subterranean parking structure with 177 spaces, extensive community gathering areas, and a comprehensive amenity package. Residents will have access to a rooftop deck featuring a resort-style pool, restaurant and bar, coffee shop, recreation lounge, theater, wet and dry saunas, conference facilities, private workspaces, and a communal kitchen. Eleven units will be designated for low-income households and an additional 11 units for moderate-income households.

“As capital markets continue to favor clarity of execution and long-term value, transactions like this underscore the importance of patience, sponsorship quality, and strong lender alignment in advancing complex developments in competitive markets,” concluded Sabar.

About Marcus & Millichap Capital Corporation

Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2025, MMCC closed 1,659 transactions totaling $11.9 billion. To learn more, please visit: marcusmillichap.com/financing.

About Marcus & Millichap

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices at year end.

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Gina Relva
VP of Public Relations
gina.relva@marcusmillichap.com

Source: Marcus & Millichap, Inc.

Brian Eisendrath, Cameron Chalfant, Anita Paryani-Rice, and Jesse Zarouk of IPA Capital Markets in Los Angeles secured a five-year loan on behalf of a national multifamily owner, operator and investment firm. The loan featured an interest rate of 5.09%, a DSCR of 1.10x, and interest-only payments for the term. The financing structure also included $26 million in preferred equity from Tokyu Land US Corporation.

“Our IPA Capital Markets team was pleased to provide a cash-neutral refinance that met the refinancing goals of a long-term client," said Paryani-Rice. “We evaluated options across debt funds, banks, and a range of other balance sheet lenders. Ultimately, the most cost-effective structure paired a life company execution with an attractively priced preferred equity piece carrying a low current pay.”

Located less than four miles from San Francisco International Airport, the property features a mix of one- to three-bedroom apartment homes with in-unit laundry, stainless steel appliances, and private patios or balconies. Community amenities include two courtyards with barbecue grills and hammocks, a fitness center, clubhouse, resort-style swimming pool, pet spa, and a coworking lounge.

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets

About Marcus & Millichap

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices at year end.

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Media Contact:
Gina Relva, VP of Public Relations
gina.relva@marcusmillichap.com

Source: Marcus & Millichap, Inc.

“This diverse portfolio of student housing assets is positioned to provide an attractive return profile for the buyers, Scion and Ares,” said Katz. “We value our longstanding relationships and greatly appreciate the opportunity to have advised our client, Harrison Street, on this sale.”

Five HSAM investment vehicles assembled the 12-property portfolio over the last 10 years. The properties were constructed between 2008 and 2024 in 10 states close to 12 universities. The Ohio State University, Auburn University, the University of Notre Dame, James Madison University, and the University of Florida are among the universities served.

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

About Harrison Street Asset Management (HSAM)

Harrison Street Asset Management is a leading global alternative investment management firm with $109 billion in assets under management across real estate, infrastructure, and credit strategies. Headquartered in Chicago, Toronto, and London with over 600 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of over 1,200 institutional investors and over 300 Registered Investment Advisors.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 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 at year end. For additional information, please visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.

Located within Northern Virginia’s data center corridor, the properties comprise approximately 14 acres of industrial-zoned land with long-term data center redevelopment potential. The transaction included the sale of Goode Business Center, a two-building, roughly 135,000-square-foot industrial storage and manufacturing complex located on 10 acres at 12269 Livingston Road, and Atlantic Building Supply, an approximately 18,000-square-foot industrial warehouse facility located on nearly four acres at 12249 Livingston Road.

“Northern Virginia remains the largest and most active data center market in the world, and infrastructure-sensitive industrial land in this corridor continues to attract significant interest,” said Robert Filley, senior managing director investments with Marcus & Millichap. “This transaction reflects the continued convergence of industrial real estate, power availability, land scarcity, and long-term data center demand.” Robert Filley, Haris Hanifi, and Adrian Mendoza of Marcus & Millichap, in association with Brian Hosey, the firm’s broker of record in Virginia, represented the seller and procured the buyer.

“What made this transaction unique was the strategic assemblage of the two adjacent parcels,” said Hanifi, associate director investments with Marcus & Millichap. “The original 10-acre site alone had limitations, but by incorporating the neighboring four-acre parcel, the combined 14-acre site created a stronger long-term redevelopment opportunity in one of the country’s most competitive data center markets.”

The properties are located near the Route 29/Interstate 66 corridor, Interstate 81, and State Route 294/Prince William Parkway, providing access to major regional transportation routes within Northern Virginia’s industrial and data center ecosystem.

“Manassas has an inventory of approximately 10 million square feet of industrial properties and a current vacancy of approximately 2%,” added Filley. “Rents have been rising, and with data center competition, industrial-zoned land is increasingly scarce.”

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 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 at year end. For additional information, please visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.

The reports, Single-Tenant Net Lease Retail 1H/26 National Report and the May 2026 U.S. Single-Tenant Net-Lease Retail Investment Report, found that STNL retail transaction activity rose sharply in 2025, with transaction count up 23% year over year and dollar volume increasing 20%. The reports also note that vacancies remain below long-term averages while construction activity is near historic lows.

“Despite ongoing economic uncertainty, investor demand for high-quality net-lease retail assets remains exceptionally strong,” said Gregory A. LaBerge, chief client officer, Marcus & Millichap. “Retailers focused on necessity, convenience and value continue to expand, supporting long-term fundamentals across the sector.”

According to the reports, private investors accounted for approximately 75% of buyer dollar volume in STNL retail transactions, while investors continue to favor assets with strong tenant credit and long-term lease structures.

“The reset and recovery in the single-tenant market continues despite macroeconomic headwinds and higher-than-expected interest rates,” said Hessam Nadji, president and chief executive officer, Marcus & Millichap. “Prices have recalibrated while financing conditions have improved, fueling more activity. More buyers see a compelling acquisition window, driven by a meaningful gap to replacement cost and limited new development. As a result, realistically priced assets attract multiple offers.”

Marcus & Millichap professionals are attending ICSC Las Vegas and are available at Booth #4307Q, Las Vegas Convention Center, to discuss current retail investment trends and opportunities. The full STNL research reports are available here: Single-Tenant Net Lease Retail 1H/26 National Report and May 2026 U.S. Single-Tenant Net-Lease Retail Investment Report.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 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 at year end. For additional information, please visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260514021866/en/

Michael Puline Marcus & Millichap

“Michael is a strategic thinker and dynamic leader whose expertise in navigating complex private equity and institutional investment environments, operational leadership, and relationships with premier national retailers make him exceptionally well suited to lead the strategic growth of our retail divisions,” said Gregory A. LaBerge, Marcus & Millichap’s chief client officer. “His experience and relationships will be instrumental in helping our teams expand their business, deepen industry connections, and enhance the value we deliver across the platform.”

Over the course of his 25-plus-year career, Puline has executed more than 2,500 leasing and sale transactions totaling $8.5 billion and developed deep relationships with institutional investors, REIT executives, and major retailers. Prior to joining Marcus & Millichap, he held a senior leadership role with a Blackstone portfolio company, where he led national retailer strategy and research for a $9 billion, 19-million-square-foot retail portfolio.

“Expanding the Marcus & Millichap and IPA retail platform and working closely with the firm’s advisors across North America is a tremendous opportunity,” said Puline. “The strength of the company’s platform, market intelligence, and advisor network creates a powerful foundation for continued growth and client success in the retail sector.”

Marcus & Millichap’s retail division provides investment sales, advisory, and transaction services for all types of retail real estate, including net lease properties, ground-leased assets, sale-leaseback financing, and open-air shopping centers of all sizes. In 2025, the firm closed more than 3,400 retail transactions, approximately as many retail transactions as its next three closest competitors combined.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 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 at year end. For additional information, please visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.

“This transaction involved refinancing a floating rate bridge loan into HUD financing for a property structured with a local Housing Finance Corporation (HFC),” said Brown. “Navigating HFC deals is never simple and the implementation of Texas HB21 added another layer of complexity that made this process especially tedious. Despite the challenges, our team stayed the course working through evolving requirements to deliver a successful outcome.”

Built in 2021 and acquired by Rockstar Capital in 2022, the apartment community is in the fast-growing Richmond/Katy corridor. The firm currently owns and manages 23 multifamily properties totaling 4,567 units throughout Texas.

“Under Rockstar Capital’s ownership and hands-on management, the property will continue to benefit from the company’s focus on operational excellence, resident experience, and ongoing property improvements,” said Robert Martinez, CEO at Rockstar Capital. “This refinance demonstrates strong lender confidence in high-growth Texas submarkets and provides capital to support long-term value creation.”

About Marcus & Millichap Capital Corporation

Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2025, MMCC closed 1,659 transactions totaling $11.9 billion. To learn more, please visit: marcusmillichap.com/financing.

About Rockstar Capital

Rockstar Capital is a privately owned multifamily real estate investment and property management company headquartered in Houston, Texas. Founded in 2011 by Robert Martinez, the firm specializes in acquiring, rehabilitating, and managing value-add apartment communities. Rockstar Capital owns and manages approximately 4,567 units across 23 apartment communities primarily in the Houston metro area and surrounding Texas markets. For more information, please visit www.rockstar-capital.com

About Marcus & Millichap, Inc. (NYSE:MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 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 at year end. For additional information, please visit www.MarcusMillichap.com.

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Gina Relva, VP Public Relations
Marcus & Millichap
gina.relva@marcusmillichap.com

Source: Marcus & Millichap, Inc.

CALABASAS, Calif.--(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 first quarter financial results today.

First Quarter 2026 Highlights Compared to First Quarter 2025

• Total revenue of $171.5 million, an increase of 18.2% compared to $145.0 million
  • Brokerage commissions of $138.1 million, an increase of 11.7% compared to $123.6 million
  • Private Client Market brokerage revenue of $88.1 million, an increase of 13.4% compared to $77.7 million
  • Middle Market and Larger Transaction Market brokerage revenue of $44.6 million, an increase of 9.2% compared to $40.9 million
  • Financing fees of $26.8 million, an increase of 48.1% compared to $18.1 million
• Pre-tax loss of $2.2 million compared to $13.9 million, an improvement of 84.4%
• Net loss of $3.1 million, or $0.08 per common share, diluted, compared to a net loss of $4.4 million, or $0.11 per common share, diluted
• Adjusted EBITDA¹ of $2.9 million compared to $(8.7) million, an improvement of 133.7%.

“We delivered a strong first quarter, with broad-based growth across the business, reflecting investments in talent, business development and platform expansion as well as improving market conditions,” said Hessam Nadji, President and Chief Executive Officer of Marcus & Millichap. “Our Private Client business continued to build momentum while our institutional segment also posted gains as bid/ask spreads narrowed due to gradual price adjustments and improvements in the lending environment. Our financing business had an exceptional quarter as capital availability grew and we leveraged our market leading lender network to achieve revenue growth of 48%.”

Mr. Nadji continued, "We are encouraged by the improvement we are seeing and the fundamentals supporting continued recovery - driven by more realistic pricing and an increasingly liquid credit environment. Geopolitical developments and energy price volatility have introduced near-term uncertainty, which we are navigating with the same discipline that has served us well through the extended market disruption. Our strong balance sheet and broad capital deployment plan enabled us to accelerate share buybacks while continuing our dividend policy and having ample capital for strategic acquisitions and platform investments.”

First Quarter 2026 Results Compared to First Quarter 2025

Total revenue for the first quarter 2026 was $171.5 million, an increase of 18.2% compared to $145.0 million for the first quarter 2025.

For real estate brokerage commissions, revenue was $138.1 million, an increase of 11.7% compared to the same period in the prior year. The increase was primarily attributed to an 18.5% increase in total sales volume, partially offset by an 11 basis point decrease in the average commission rate earned compared to the first quarter 2025. The decrease in the average commission rate was due to revenue shifting from the Private Client Market to the Larger Transaction Market, which generally earns lower commission rates. The Larger Transaction Market revenue increased by 24.9%, while the Private Client Market revenue increased by 13.4%.

For financing fees, revenue was $26.8 million, an increase of 48.1% compared to the same period in the prior year. The increase was primarily attributed to a 60.1% increase in total financing volume, partially offset by a four basis point decrease in the average fee rate earned, compared to the first quarter 2025.

Total operating expenses for the first quarter 2026 were $177.2 million compared to $162.7 million for the same period in the prior year. The change was primarily due to an increase of $15.3 million in cost of services. Cost of services as a percentage of total revenue decreased by 40 basis points to 60.5% compared to the same period during the prior year, primarily due to our senior investment sales and financing professionals earning higher commissions in 2025.

Selling, general and administrative expenses remained relatively consistent at $71.2 million for the first quarter 2026 compared to $71.6 million for the same period in 2025.

Net loss for the first quarter 2026 was $3.1 million, or $0.08 per common share, diluted, compared to a net loss of $4.4 million, or $0.11 per common share, diluted, for the same period in 2025. Adjusted EBITDA for the first quarter 2026 was $2.9 million, compared to $(8.7) million for the same period in the prior year, primarily as a result of the decrease in operating losses.

Capital Allocation

On February 10, 2026, the Board of Directors declared a semi-annual regular dividend of $0.25 per share, which was paid on April 3, 2026, to stockholders of record at the close of business on March 13, 2026.

During the three months ended March 31, 2026, the Company repurchased 895,532 shares of common stock at an average price of $26.22 for a total purchase price of $23.5 million. Since August 2022, the Company has repurchased and retired 3,970,069 shares of common stock at an average price of $30.08 per share for a total price of $119.4 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 May 4, 2026 and the increased authorization, the Company has approximately $90 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. 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:
  • potentially volatile cost of debt capital;
  • interest rate uncertainty, the potential for rising inflation and the heightened bid-ask spread between buyers and sellers;
  • risks of a potential recession and its unfavorable impact on commercial real estate space demand;
  • possible impact of the U.S. administration’s tariff, immigration, geopolitics and other policy changes on market sentiment, which may influence transaction velocity and/or future fluctuations in interest rates, sales and financing activity; and
  • increases in operating expenses driven by labor costs, insurance, taxes and cost of construction materials.
• 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, May 7, 2026 through 11:59 p.m. Eastern Time on Thursday, May 21, 2026 by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally and entering passcode 13759354.

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;
• 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 March 31, 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.
KEY OPERATING METRICS SUMMARY
(Unaudited)

Total sales volume was approximately $12.1 billion for the three months ended March 31, 2026, encompassing 2,022 transactions consisting of $7.9 billion for real estate brokerage (1,348 transactions), $3.1 billion for financing (398 transactions) and $1.1 billion in other transactions, including consulting and advisory services (276 transactions). As of March 31, 2026, the Company had 1,621 investment sales professionals and 103 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.
OTHER INFORMATION
(Unaudited)

Adjusted EBITDA Reconciliation

Adjusted EBITDA, which the Company defines as net 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 loss, operating 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 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: acquisition of businesses accounted for as a business combination in accordance with generally accepted accounting standards

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507122373/en/

Investor Relations Contact:
Investor Relations
InvestorRelations@marcusmillichap.com

Source: Marcus & Millichap, Inc.

IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI) specializing in capital markets services for major private and institutional clients, has arranged $116,525,065 in financing for the development of a 1.4 million-square-foot industrial property in the Pacific Northwest.

Gary Mozer, IPA Capital Markets executive managing director, and Lee Norman, senior managing director, both in the firm’s Los Angeles office, secured the financing on behalf of a national real estate development and investment firm specializing in the acquisition, development and management of commercial real estate.

“The credit nature of the tenant allowed us to secure 95% loan-to-cost financing at a five-year fixed rate of 5.28%,” said Mozer. “The loan includes yield maintenance prepayment terms, with the final six months open with no prepayment penalty.”

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 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 at year end. For additional information, please visit www.MarcusMillichap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260504820358/en/

Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.