Marcus & Millichap Q2 Earnings Call Highlights

Marcus & Millichap NYSE: MMI reported second-quarter 2026 revenue growth of 18%, supported by gains across its brokerage and financing operations, as commercial real estate transaction activity improved from prior-year levels. Total revenue rose to $203 million from $172 million in the second quarter of 2025. Net income was $4 million, or $0.10 per share, compared with a net loss of $11 million, or $0.28 per share, a year earlier. Adjusted EBITDA increased to $12 million from $1.5 million. For the first half, revenue increased 18% to $374 million. Year-to-date adjusted EBITDA was $15 million, compared with a $7 million loss in the prior-year period, while earnings were $0.02 per share versus a loss of $0.40 per share. Broad-Based Brokerage Growth President and Chief Executive Officer Hessam Nadji said the company delivered its best first half since 2022, with growth across private-client, middle-market and larger transactions. Brokerage revenue increased 18% year over year to $167 million and represented 82% of total quarterly revenue. Marcus & Millichap completed 1,530 brokerage transactions totaling $10 billion in volume during the quarter, representing increases of 11% in transaction count and 18% in volume from the year-earlier period. Private-client brokerage revenue rose 14% to $106 million. Middle-market revenue increased 13% to $22 million. Revenue from transactions above $20 million climbed 43% to $33 million. Nadji said private-client multifamily and single-tenant retail activity continued to improve as pricing adjusted to higher interest rates and banks and credit unions became more active in lending. Over the past 12 months, private-client multifamily revenue grew 19%, while single-tenant retail revenue rose 16%. In the larger-deal market, Nadji said investors have become increasingly selective, favoring top-tier assets in top-tier markets. He said further price adjustments, maturing loans and operating challenges across certain markets and property types have brought more inventory to market at what he described as more realistic prices. Financing Business Expands Financing revenue increased 15% to $30 million, driven by a 17% increase in transaction count to 480 loans. Financing dollar volume rose 5% to $4 billion. For the first half, financing revenue rose 29% to $57 million. Nadji said the company’s expansion of IPA Capital Markets, agency-financing capabilities, technology investments and lender relationships contributed to growth. He said Marcus & Millichap has become Freddie Mac and Fannie Mae’s largest non-direct multifamily debt originator through its partnership with M&T Bank. Refinancings accounted for 47% of financing revenue in the quarter, up from 39% a year earlier, as more owners secured new loans. The financing team closed with 207 separate lenders during the q.