Marcus & Millichap reported FY 2025 total revenue of USD 755.2 million, up 8.5%, including real estate brokerage commissions of USD 632.5 million (+7.3%), financing fees of USD 103.9 million (+23%), and other revenue of USD 18.7 million (-14.3%). The company posted an FY 2025 operating loss of USD 13.7 million and an FY 2025 net loss of USD 1.9 million, while Adjusted EBITDA was USD 24.6 million (up 162.6%). Operationally, Marcus & Millichap closed 8,818 investment sales, financing and other transactions in FY 2025 with total sales volume of about USD 50.8 billion; revenue mix was 84% from brokerage commissions, 14% from financing fees and 2% from other revenue. Real estate brokerage metrics for FY 2025 included 6,038 transactions and USD 34.8 billion of brokerage sales volume, with an average commission rate of 1.82%; financing metrics included 1,659 transactions and USD 11.9 billion of financing sales volume, with an average fee rate of 0.69%. On capital and liquidity, cash, cash equivalents and restricted cash ended FY 2025 at USD 161.9 million, net cash provided by operating activities was USD 66.7 million, and the company had no amounts outstanding under its USD 10 million revolving credit facility maturing June 1, 2026. Marcus & Millichap also disclosed off-balance-sheet loan guarantee exposure tied to its M&T Realty Capital strategic alliance, with a maximum aggregate guarantee obligation of USD 444.9 million and an allowance for losses of USD 292,000 as of Dec. 31, 2025.
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