Marcus & Millichap Inc. reported total revenue of $193.9 million for the third quarter of 2025, up 15.1% from $168.5 million in the same period of 2024. Net loss for the quarter was $15.2 million, or $0.39 per diluted common share, compared to a net loss of $20.9 million, or $0.54 per diluted common share, in the third quarter of 2024. Adjusted EBITDA was negative $0.4 million, compared to negative $8.7 million a year earlier. For the first nine months of 2025, total revenue reached $511.2 million, an increase of 12.1% over the same period in 2024. Brokerage commissions were $427.2 million, up 10.4%. Private Client Market brokerage revenue increased 11.4% to $273.5 million, while Middle Market and Larger Transaction Market brokerage revenue rose 7.6% to $135.6 million. Financing fees grew 32.6% to $70.7 million. The company noted increased costs for in-person events, client meetings, and conferences, as well as continued global geopolitical uncertainty and the potential for acquisition activity.