“The two sales are among just five multifamily transactions completed in Brentwood in 2026, establishing a new benchmark for price per unit while delivering an exceptional net outcome through favorable deal structure,” said Rabbie Banafsheha of the Azzi Group of Marcus & Millichap. “These are truly generational assets that come to market only once in a lifetime.” Banafsheha and Tony Azzi of the Azzi Group of Marcus & Millichap exclusively represented the seller.

The properties are 11911 Mayfield Ave., which has 31 units and a nonconforming studio, and 29-unit 11860 Kiowa Ave. Brentwood Village, Montana Avenue, and San Vicente Boulevard are within walking distance and the Brentwood Country Club, The Getty Center, and Brentwood Country Mart are nearby.

“Brentwood remains one of the most sought-after, and supply-constrained multifamily markets in Los Angeles,” said Azzi. “Through targeted execution, we generated meaningful competitive tension and delivered a result that exceeded our client’s expectations on both value and terms.”

“The Los Angeles multifamily market in 2026 remains highly selective, with elevated financing costs and disciplined underwriting shaping transaction activity,” said Tony Solomon, senior managing director in Marcus & Millichap’s Los Angeles office. “While overall volume has recovered, most trades have been concentrated in higher-supply submarkets where pricing remains under pressure. Brentwood stands apart as a high-barrier, supply-constrained market with limited new development, low vacancy, and strong long-term rental demand.”

To complete these transactions, the Azzi Group of Marcus & Millichap generated more than 10 offers, secured contracts in under 20 days and closed in less than 60 days.

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/20260417353855/en/

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

Source: Marcus & Millichap, Inc.

“Built between 1962 and 1967, the previous ownership invested significant capital from 2015 onward to transform Axiom Westwood into a turnkey asset,” said Kevin Green, IPA executive managing director investments. “The buyer has the opportunity to focus on high return-on-investment strategic enhancements and operational improvements that can capture unrealized income.”

Green, Joseph Grabiec, and Gregory Harris of IPA represented the seller, Raintree Partners, and procured the buyer, a private multifamily investor. “Westwood continues to be one of the most supply-constrained markets in Los Angeles,” said Grabiec. “Despite UCLA’s plans to increase overall enrollment over 6% by 2030, there are only 545 new beds scheduled to be delivered in the next three years.”

Located at 415 Gayley Ave., 411 Kelton Ave., 555 Kelton Ave., and 555 Levering Ave., the buildings are within walking distance of popular Westwood Village destinations such as Target, Whole Foods, and In-N-Out. The 415 Gayley and 411 Kelton buildings are adjacent to the UCLA campus, and 555 Levering, and 555 Kelton are two blocks away. The Southern Regional Library, Pauley Pavilion, and Marshall Field are within a short walk. There are 20,000 jobs within a one-mile radius and access to Interstate 405, Interstate 10, and U.S. Highway 101 puts 3.4 million jobs within a 30-minute drive.

Axiom Westwood has controlled access, laundry facilities, and elevators. There are two swimming pools, three gas barbecue grills, and gated and covered parking. Interiors have dual-pane windows, full-size kitchens, and air conditioning. Select units have vaulted ceilings, fireplaces, and patios or balconies.

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 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/20260415925249/en/

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

Source: Marcus & Millichap, Inc.

IPA’s Capital Markets team was led by Adam Mengacci, senior managing director, in the firm’s Dallas office. Mengacci represented Younger Partners Investments (YPI) to secure and structure the capital stack.

“This transaction is a significant addition to the YPI portfolio and a testament to institutional capital’s demand for core retail,” said Mengacci.

Based in Dallas, YPI was formed in 2020 to acquire retail investment properties across Texas, with a focus on neighborhood grocery-anchored centers and lifestyle shopping centers. This portfolio includes Presidio Towne Crossing, Tehama Towne Crossing, and Vista Ridge. Now collectively known as Presidio Junction, the centers are 100% leased and include tenants such as TJ Maxx, HomeGoods, Aldi, Petco, Old Navy, Sephora, and Five Below. YPI plans to implement capital improvements at Presidio Junction this year, including wayfinding and signage enhancements.

“This is a tremendous addition to our Texas portfolio, which has grown to nearly 1.4 million square feet of retail,” said Micah Ashford, managing director at YPI. “This acquisition strengthens our presence in Tarrant County and marks our continued expansion into Fort Worth, where we also own Artisan Circle in the Cultural District. We plan to continue expanding our retail portfolio with similar acquisitions as investor demand for assets such as Presidio Junction remains strong.”

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/20260325432670/en/

Great Ink: 212-741-2977
capitalmarkets@greatink.com

Source: Marcus & Millichap

Anita Paryani-Rice, senior managing director in the firm’s Los Angeles office, secured the financing with a national bank on behalf of a private client. The five-year fixed rate, non-recourse loans were structured with full-term interest only, step down prepay and no lender origination fees. Interest rates were locked at 5.40% and 5.60%.

“This financing reflects the strong demand we continue to see for high‑quality multifamily assets in Los Angeles,” said Paryani‑Rice. “The lender recognized both properties’ strong performance, premier amenities, and exceptional locations, enabling us to secure highly competitive terms and structure a solution aligned with our client’s long‑term strategy.”

Moderno Axis is located next to the Van Nuys MetroLink and Amtrak Station and offers a mix of studios, one- and two-bedroom units. It also offers a full amenity package including in-unit laundry, a fitness center, a swimming pool, a jacuzzi spa, bike storage, fire pits, a barbeque area, a dog park, and an on-site pet grooming spa.

Moderno La Granada Hills is a newly built Spanish-style community located near California State University Northridge. Units are pet friendly and range from studios to two-bedroom apartments, offering amenities including in-unit laundry and central air and heating. Community amenities include a fitness center, pool with a jacuzzi spa and sundeck, dog park and on-site pet grooming, recreation room with media and gaming, media theater, firepit and barbeque area, private parking, and bike storage. The ground level features a mix of neighborhood-serving retail.

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/20260311878648/en/

Gina Relva, VP of Public Relations
Marcus & Millichap
Gina.relva@gmail.com

Source: Marcus & Millichap, Inc.

“Luxe Villas is one of the premier multifamily assets in Brentwood,” said Kevin Green, IPA executive managing director. “This transaction represents one of only three post-2000 built assets of 50-plus units to trade in Brentwood in the last 25 years.” Green, Joseph Grabiec, and Gregory Harris of IPA represented the seller, and procured the buyer, TruAmerica Multifamily. “Brentwood, with average annual household incomes over $213,000, is one of the most affluent multifamily submarkets in California,” said Grabiec. The acquisition financing was arranged by Brian Eisendrath, Cameron Chalfant, and Jake Vitta of IPA Capital Markets. “The current lender environment is supported by a deep pool of capital, and the agencies remain highly competitive, continuing to offer aggressive credit terms and attractive spreads for quality assets,” said Vitta.

Residents of Luxe Villas are within walking distance of Brentwood Village and more than 2 million square feet of office space along Wilshire and San Vicente boulevards. Interstates 405 and 10 provide access to Silicon Beach employment centers in Santa Monica, Playa Vista, Venice, Marina del Rey, Culver City, and Century City. The property is also proximate to nearly 8 million square feet of Westside office and creative space occupied by technology, media, and entertainment companies including HBO, Lionsgate, Red Bull, Hulu, Riot Games, and Activision.

Luxe Villas features a central courtyard, rooftop lounge, electric vehicle charging stations, and a two-level gated parking garage. The unit mix includes one one-bedroom unit, 53 two-bedroom units, and six three-bedroom units, with all but one renovated. Upgraded units feature in-unit washers and dryers, double-pane windows, and modernized plumbing and electrical systems. The three-bedroom layouts were reconfigured to create 18 co-living suites with private-entry smart lock systems and en-suite configurations.

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 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 1808 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/20260220076259/en/

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

Source: Marcus & Millichap

“Built in 2016 and placed on the market by the original developer, Hancock Terrace is among the largest suburban core assets to sell in Santa Barbara County in the last 25 years,” said Kevin Green, IPA executive managing director.

Green, Joseph Grabiec, and Gregory Harris of IPA represented the seller, HT Partners, L.P. and procured the buyer, Step Up Housing in partnership with Sack Capital Partners and Align Financing Partners.

“We continue to market multifamily assets to the broadest buyer pool, generate offers from a wide range of investors, and accommodate every investment objective, including converting properties to affordable housing, which is the strategic plan for this asset,” said Grabiec. “We differentiate ourselves through an in-depth vetting process that weighs all the variables and consistently delivers the strongest offer with the highest level of certainty.”

The property is within walking distance of Santa Maria Town Center, the Pacific Conservatory Theatre, John Osborne Field, and Allan Hancock College. U.S. Highway 101 and State Route 135 are nearby, and Vandenberg Space Force Base is within a short commute. Major employers in Santa Maria include Bonipak Produce, California Giant Berry Farms, Community Health Centers of the Central Coast, and Hardy Diagnostics.

Hancock Terrace has a mix of studios and one-, two- and three-bedroom floor plans. Apartments have nine-foot ceilings, stainless-steel appliances and a private patio or balcony with a storage closet. The amenity set includes a swimming pool, 24-hour fitness center, two spas, a yoga studio, a clubhouse, on-site parking, and elevators.

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 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 1808 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/20260219551819/en/

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

Source: Marcus & Millichap, Inc.

Revenue growth of 8.5% Year Over Year

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, research and advisory services, reported its fourth quarter and full year 2025 preliminary financial results today.

Fourth Quarter 2025 Highlights Compared to Fourth Quarter 2024

• Total revenue of $244.0 million, an increase of 1.6% compared to $240.1 million
  • Brokerage commissions of $205.3 million, an increase of 1.2% compared to $202.8 million
  • Private Client Market brokerage revenue of $132.8 million, an increase of 10.3% compared to $120.4 million
  • Middle Market and Larger Transaction Market brokerage revenue of $64.6 million, a decrease of 15.8% compared to $76.7 million
  • Financing fees of $33.2 million, an increase of 6.5% compared to $31.2 million
• Net income of $13.3 million, or $0.34 per common share, diluted, compared to $8.5 million, or $0.22 per common share, diluted
• Adjusted EBITDA¹ of $25.0 million, an increase of 38.7% compared to $18.0 million

Full Year 2025 Highlights Compared to Full Year 2024

• Total revenue of $755.2 million, an increase of 8.5% compared to $696.1 million
  • Brokerage commissions of $632.5 million, an increase of 7.3% compared to $589.7 million
  • Private Client Market brokerage revenue of $406.3 million, an increase of 11.1% compared to $365.8 million
  • Middle Market and Larger Transaction Market brokerage revenue of $200.3 million, a decrease of 1.3% compared to $202.8 million
  • Financing fees of $103.9 million, an increase of 23.0% compared to $84.5 million
• Net loss of $1.9 million, or $0.05 loss per common share, diluted, compared to $12.4 million, or $0.32 loss per common share, diluted
• Adjusted EBITDA¹ of $24.6 million, an increase of 162.6% compared to $9.4 million

“We delivered solid fourth quarter results against a tough comparison thanks to a late-stage acceleration of transaction closings and concluded 2025 as the second consecutive year of revenue recovery amid the severe market disruption. Our ongoing cost controls and focus on efficiency resulted in a meaningful improvement in profitability,” said Hessam Nadji, President and Chief Executive Officer of Marcus & Millichap. “Our performance was driven by a series of initiatives throughout the year to grow exclusive inventory, increase client outreach, expand financing availability and leverage the market improvement. Our Private Client business in particular – the cornerstone of our business – is showing positive momentum thanks to price adjustments and many lenders becoming active again.”

Mr. Nadji continued, “We enter 2026 with solid momentum. Market fundamentals continue to strengthen as lowered prices become more compelling, especially compared to replacement cost. While we remain mindful of lingering economic uncertainty and elevated geopolitical factors, the improving investor sentiment and trading environment we are seeing is encouraging. Our strong balance sheet provides the flexibility to invest in our growth while maintaining our disciplined approach to returning capital to shareholders and continue exploring strategic growth opportunities.”

Fourth Quarter 2025 Results Compared to Fourth Quarter 2024

Total revenue for the fourth quarter 2025 was $244.0 million, an increase of 1.6% compared to $240.1 million for the fourth quarter 2024.

For real estate brokerage commissions, revenue was $205.3 million, an increase of 1.2% compared to the same period in the prior year. The increase was primarily attributed to a 9.2% increase in the total number of transactions and a nine basis point increase in the average commission rate earned, partially offset by a 4.0% decrease in total sales volume compared to the fourth quarter 2024. The increase in the average commission rate was due to the revenue shift from the Middle Market and Larger Transaction Market to the Private Client Market, which generally earns higher commission rates. The Private Client Market revenue increased by 10.3% while the combined Middle Market and Larger Transaction Market revenue decreased by 15.8%.

For financing fees, revenue was $33.2 million, an increase of 6.5% compared to the same period in the prior year. The increase was primarily attributed to a 7.7% increase in total financing volume, partially offset by a five basis point decrease in the average fee rate earned, compared to the fourth quarter 2024.

Total operating expenses for the fourth quarter 2025 were $228.5 million compared to $233.4 million for the same period in the prior year. The change was primarily due to a decrease of $5.7 million in selling, general and administrative expense and a decrease of $1.9 million in depreciation and amortization expense, partially offset by an increase of $2.8 million in cost of services. Cost of services as a percentage of total revenue increased by 10 basis points to 63.3% compared to the same period during the prior year, primarily due to our senior investment sales and financing professionals earning a higher amount of additional commissions.

Selling, general and administrative expenses for the fourth quarter 2025 were $70.7 million compared to $76.3 million for the same period in 2024. The decrease was primarily due to a reduction in marketing support expenditures provided to our investment sales and financing professionals and a decrease in compensation-related costs, specifically performance-based bonuses. The decrease was also due to non-recurring charges recorded in the fourth quarter 2024 related to consolidation of office space and accelerated amortization and impairment of certain intangible assets.

Net income for the fourth quarter 2025 was $13.3 million, or $0.34 per common share, diluted, compared to a net income of $8.5 million, or $0.22 per common share, diluted, for the same period in 2024. Adjusted EBITDA for the fourth quarter 2025 was $25.0 million, compared to $18.0 million for the same period in the prior year, primarily as a result of the increase in operating income.

Full Year 2025 Results Compared to Full Year 2024

Total revenue for 2025 was $755.2 million compared to $696.1 million for 2024, an increase of $59.1 million, or 8.5%. Total operating expenses for 2025 increased by 5.5% to $768.9 million compared to $729.0 million for 2024. Cost of services as a percent of total revenues increased to 62.3%, an increase of 30 basis points compared to 2024. The Company’s net loss for 2025 was $1.9 million, or $0.05 loss per common share, diluted, compared to a net loss of $12.4 million, or $0.32 loss per common share, diluted, for 2024. Adjusted EBITDA for 2025 increased to $24.6 million from $9.4 million for 2024. As of December 31, 2025, the Company had 1,808 investment sales and financing professionals, compared to 1,712 at the end of 2024.

Capital Allocation

During the twelve months ended December 31, 2025, the Company declared two semi-annual regular dividends aggregating $20.4 million and repurchased 933,115 shares of common stock for an aggregate purchase price of $26.9 million.

After accounting for shares repurchased through February 10, 2026, Marcus & Millichap has approximately $42.0 million available to repurchase shares under its share repurchase program. No time limit has been established for the completion of the share repurchase program, and the repurchases are expected to be executed from time-to-time, through open market purchases or privately negotiated transactions, including through rule 10b5-1 plans, subject to general business and market conditions and other investment opportunities.

Business Outlook

Notwithstanding the 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 continues 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 2026 include:

• Volatility in transactional activity and investor sentiment driven by:
  • The still 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 to commercial real estate space demand
  • Possible impact to market sentiment related to the U.S. administration’s tariff, immigration, geopolitics and other policy changes which may influence transaction velocity and/or future fluctuations in interest rates, sales and financing activity
  • 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
• 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 Friday, February 13, 2026 through 11:59 p.m. Eastern Time on Friday, February 27, 2026 by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally and entering passcode 13757357.

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 reputation;
• 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.

In addition, in this release, the words “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 Form 10-K for the year ended December 31, 2025. The Company’s closing procedures and the audit of the Company’s consolidated financial statements for the year ended December 31, 2025 are ongoing, and certain procedures remain in progress, including work related to the Company’s evaluation of a valuation allowance on its deferred tax assets. As a result, the provision (benefit) for income taxes, effective tax rate, and net income (loss) metrics presented herein are preliminary and may be subject to adjustment. Final results will be reported in the Company’s Form 10-K upon completion of the audit.

MARCUS & MILLICHAP, INC.
KEY OPERATING METRICS SUMMARY
(Unaudited)

Total sales volume was approximately $16.9 billion for the three months ended December 31, 2025, encompassing 2,753 transactions consisting of $11.8 billion for real estate brokerage (1,902 transactions), $3.7 billion for financing (507 transactions) and $1.4 billion in other transactions, including consulting and advisory services (344 transactions). Total sales volume was $50.8 billion for the year ended December 31, 2025, encompassing 8,818 transactions consisting of $34.8 billion for real estate brokerage (6,038 transactions), $11.9 billion for financing (1,659 transactions) and $4.1 billion in other transactions, including consulting and advisory services (1,121 transactions). As of December 31, 2025, the Company had 1,708 investment sales professionals and 100 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 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 to up to but less than $10 million
• Middle Market: transactions with values from $10 million to 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

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:

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Investor Relations Contact:
Investor Relations
InvestorRelations@marcusmillichap.com

Source: Marcus & Millichap, Inc.

“This was a complex, year-long transaction involving multiple stakeholders and a nationally recognized riverfront asset,” said Chase Dewese, senior director of investments with Marcus & Millichap. “The hotel is one of downtown Baton Rouge’s most prominent hospitality properties, and the new ownership is well positioned to advance a targeted repositioning and operations strategy in a Louisiana State University-anchored market.”

Dewese, along with Jack Davis and Joce Messinger of Marcus & Millichap, in association with Steve Greer, Marcus & Millichap’s broker of record in Louisiana, exclusively represented the buyer, Northshore Development, based in Orlando, Florida. “The Hilton Baton Rouge Capitol Center is a wonderful, historic property, and we are excited to bring the best service and experiences to our guests,” said Franz Hanning, Northshore Development CEO.

The hotel overlooks the Mississippi River from the City Center in Downtown Baton Rouge. Louisiana’s Old State Capitol is two blocks away and The Louisiana Art and Science Museum, Shaw Center, Raising Cane’s River Center, and The Central Green are nearby.

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 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 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/20260212632113/en/

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

Source: Marcus & Millichap, Inc.

About Marcus & Millichap, Inc.

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. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 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 services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260211295528/en/

Investor Relations Contact:
InvestorRelations@marcusmillichap.com

Source: Marcus & Millichap, Inc.

Stefen Chraghchian, IPA Capital Markets senior director, stated: “Arista is a best‑in‑class community located in the heart of Downtown Glendale. This refinance provides our client with a flexible structure that supports both the property’s performance and their business needs.”

Chraghchian, located in the firm’s Encino office, secured the financing with Dwight Capital. The loan is non-recourse and features a five-year, interest-only term at 67.5% loan-to-value.

The property features a mix of two- and three-bedroom units with a full amenity package including in-unit laundry, a 24/7 fitness center, resort-style swimming pool with a spa and private cabanas, a lounge, outdoor firepit, barbecue area, billiards gaming area, and parking.

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 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 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 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 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/20260203786857/en/

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

Source: Marcus & Millichap, Inc.