Marcus & Millichap, Inc. Reports Results for Third Quarter 2021

Rhea-AI Summary

Marcus & Millichap, a leading brokerage firm, reported record financial results for Q3 and nine months ending September 30, 2021. Total revenues surged 109.6% to $332.4 million, with net income rising to $33.9 million, or $0.84 per share, compared to $6.0 million last year. Adjusted EBITDA increased to $51.0 million. For the nine months, revenues grew 71.7% to $801.3 million, and net income was $80.5 million. The company cites strong growth across all sectors and strategic acquisitions as key drivers, while acknowledging potential challenges from economic volatility and investor sentiment.

Positive

• Total revenues up 109.6% to $332.4 million in Q3 2021.
• Net income increased to $33.9 million, or $0.84 per share, reflecting significant year-over-year growth.
• Adjusted EBITDA soared to $51.0 million compared to $12.2 million in Q3 2020.
• Brokerage commissions doubled to $299.8 million, highlighting strong sales volume.
• Nine-month revenues rose 71.7% to $801.3 million, with net income of $80.5 million.

Negative

• Total operating expenses increased 88.6% to $286.7 million in Q3 2021.
• Cost of services as a percentage of total revenues rose by 300 basis points to 65.9%.
• Potential volatility in sales and investor sentiment due to economic factors and interest rate fluctuations.

ALL-TIME RECORD QUARTERLY REVENUES, NET INCOME AND EARNINGS PER SHARE

CALABASAS, Calif.--(BUSINESS WIRE)-- Marcus & Millichap, Inc. (the “Company”, “Marcus & Millichap”, “MMI”) (NYSE: MMI), a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, today reported record financial results for the third quarter and nine months ended September 30, 2021.

Third Quarter 2021 Highlights Compared to Third Quarter 2020

• Total revenues increased by 109.6% to $332.4 million
• Net income increased to $33.9 million, or $0.84 per common share, diluted, compared to $6.0 million, or $0.15 per common share, diluted
• Adjusted EBITDA increased more than fourfold to $51.0 million compared to $12.2 million
• Brokerage commissions more than doubled to $299.8 million
  • Private Client brokerage revenue grew 87.0% to $183.0 million
  • Middle Market and Larger Transaction brokerage revenue increased nearly threefold to $109.3 million
• Financing fees nearly doubled to $29.4 million

Nine Months 2021 Highlights Compared to Nine Months 2020

• Total revenues increased by 71.7% to $801.3 million
• Net income increased to $80.5 million, or $2.00 per common share, diluted, compared to $19.2 million, or $0.48 per common share, diluted
• Adjusted EBITDA increased more than threefold to $124.8 million compared to $38.8 million
• Brokerage commissions increased by 72.0% to $715.5 million
  • Private Client brokerage revenue increased by 57.8% to $446.6 million
  • Middle Market and Larger Transaction brokerage revenue more than doubled to $247.7 million
• Financing fees increased by 72.8% to $75.4 million

“This was our second consecutive milestone quarter by almost every measure. Our business is performing exceptionally well with all product lines registering solid growth throughout the year. As expected, our results are substantially higher than last year’s disrupted market. Even more relevant, compared to the same period in 2019, our year-to-date revenues and Adjusted EBITDA were up 40.9% and 50.3%, respectively. This is a direct reflection of our sales force’s ability to shift from helping clients solve problems and navigate the uncertainty of last year to maximizing opportunities amid this year’s market recovery. Our expanded client outreach, steady stream of technology enhancements and recent acquisitions all contributed to a record quarter,” commented Hessam Nadji, Marcus & Millichap’s President and CEO.

Mr. Nadji continued, “The operating environment remains compelling with still low interest rates, ample liquidity and increasing confidence in the recovery. We are further building on our recent strategic acquisitions and ongoing investments in the Company’s brokerage systems, training and development, all of which are supported by our strong balance sheet and leading market position. For example, our recent strategic alliance with M&T Realty Capital Corporation positions us to expand agency financing for our multi-family clients while improving tools and resources for our originators. We believe this will allow us to grow our Fannie Mae and Freddie Mac market share in the coming years. We continue to work every day to enhance our client services and create shareholder value by building upon a solid foundation to achieve growth and durability.”

Third Quarter 2021 Results Compared to Third Quarter 2020

Total revenues for the third quarter of 2021 reached $332.4 million, compared to $158.6 million for the same period during the prior year, increasing by 109.6%. The outperformance in total revenues was driven by increases in real estate brokerage commissions, financing fees and other revenues. Real estate brokerage commissions more than doubled to $299.8 million from the same period in the prior year primarily due to an increase in overall sales volume generated by the increase in the number of investment sales transactions. The increase was partially offset by a reduction in average commission rates due to a larger proportion of closed transactions from the Larger Transaction Market segment. Financing fees nearly doubled to $29.4 million.

Total operating expenses for the third quarter of 2021 increased 88.6% to $286.7 million, compared to $152.0 million for the same period in the prior year. The change was primarily driven by a 119.8% increase in cost of services and a 30.1% increase in selling, general and administrative expense. Cost of services as a percent of total revenues increased by 300 basis points to 65.9% compared to the same period during the prior year, primarily due to our senior investment sales and financing professionals earning additional commissions by meeting certain annual financial thresholds and reaching their thresholds earlier than prior years.

Selling, general and administrative expense for the third quarter of 2021 increased by $15.0 million to $64.7 million, compared to the same period in the prior year. The change was primarily due to increases in (i) compensation related costs, primarily driven by increases in management performance compensation due to a significant year-over-year growth in operating results; (ii) business development, marketing and other support related to the long-term retention of our sales and financing professionals; (iii) facilities expenses; and (iv) legal costs.

Net income for the third quarter of 2021 was $33.9 million, or $0.84 per common share, diluted, compared to $6.0 million, or $0.15 per common share, diluted, for the same period in the prior year. Adjusted EBITDA for the third quarter of 2021 was $51.0 million, compared to $12.2 million for the same period in the prior year.

Nine Months 2021 Results Compared to Nine Months 2020

Total revenues for the nine months ended September 30, 2021, were $801.3 million, compared to $466.7 million for the same period in the prior year, an increase of $334.6 million, or 71.7%. Total operating expenses for the nine months ended September 30, 2021 increased by 56.6% to $693.8 million compared to $443.1 million for the same period in the prior year. Cost of services as a percent of total revenues increased to 63.3%, up 180 basis points compared to the first nine months of 2020. The Company reported net income for the nine months ended September 30, 2021 of $80.5 million, or $2.00 per common share, diluted, compared with net income of $19.2 million, or $0.48 per common share, diluted, for the same period in the prior year. Adjusted EBITDA for the nine months ended September 30, 2021 increased more than threefold to $124.8 million, from $38.8 million for the same period in the prior year. As of September 30, 2021, the Company had 1,982 investment sales and financing professionals, a net loss of 17 over the prior year.

Business Outlook

Notwithstanding the potential continuing impact of the COVID-19 pandemic on the current macroeconomic environment, the Company believes it is well positioned to achieve 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 segment continues to offer long-term growth opportunities through consolidation. This highly fragmented market segment consistently accounts for over 80% of all commercial property sales transactions and over 60% of the commission pool. The top 10 brokerage firms led by MMI have an estimated 23% share of this segment by transaction count.

Key factors that may influence the Company’s business during the remainder of 2021 include:

• Volatility in market sales and investor sentiment driven by:
  • Slowdown in market sales of asset types impacted by COVID-19, interest rate fluctuations, increasing bid-ask spread between buyers and sellers and economic trends
  • Changes to investor sentiment and sales activity based on favorable interest rates and economic initiatives which may increase real estate investor demand, for the remainder of 2021
  • Possible impact to investor sentiment related to potential tax law changes which maybe contribute to transaction acceleration and/or future fluctuations in sales and financing activity
• Potential higher cost of services resulting from more experienced investment sales and financing professionals closing a larger share of revenue and surpassing revenue thresholds earlier in the year
• Volatility in each of the Company’s market segments
• Global geopolitical uncertainty, which may cause investors to refrain from transacting
• The potential for accretive acquisition activity and subsequent integration

Webcast Information

Marcus & Millichap will host a live webcast today to discuss the 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 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, November 5, 2021 through 11:59 p.m. Eastern Time on Friday, November 19, 2021 by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally and entering passcode 13724201.

About Marcus & Millichap, Inc.

Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of September 30, 2021, the Company had 1,982 investment sales and financing professionals in 82 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 our clients. Marcus & Millichap closed 8,942 transactions during the nine months ended September 30, 2021, with a sales volume of approximately $50.2 billion. For additional information, please visit www.MarcusMillichap.com.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements, including the Company’s business outlook for 2021, the potential continuing impact of the COVID-19 pandemic, and expectations for changes (or fluctuations) in market share growth. 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:

• uncertainties relating to the continuing impact of the COVID-19 pandemic, including the potential impact of new variants and vaccination rates, the impact of the federal government’s stimulus response package, and the pace of recovery following such pandemic;
• general uncertainty in the capital markets and 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;
• our ability to attract and retain qualified senior executives, managers and investment sales and financing professionals;
• 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 and any related impact on our reputation;
• changes in interest rates, tax laws, including potential increases in corporate taxes by the Biden Administration, 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,” “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.

MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2021			2020			2021				2020
Revenues:
Real estate brokerage commissions	$	299,759		$	140,844		$	715,458		$		416,044
Financing fees		29,391			15,620			75,448				43,674
Other revenues		3,233			2,111			10,400				6,974
Total revenues		332,383			158,575			801,306				466,692
Operating expenses:
Cost of services		219,194			99,707			506,882				287,207
Selling, general and administrative		64,673			49,722			178,147				148,101
Depreciation and amortization		2,850			2,606			8,806				7,822
Total operating expenses		286,717			152,035			693,835				443,130
Operating income		45,666			6,540			107,471				23,562
Other income (expense), net		323			1,615			2,737				4,224
Interest expense		(144)			(199)			(436)				(695)
Income before provision for income taxes		45,845			7,956			109,772				27,091
Provision for income taxes		11,921			1,916			29,304				7,875
Net income		33,924			6,040			80,468				19,216
Other comprehensive (loss) income:
Marketable debt securities, available-for-sale:
Change in net unrealized gains		(240)			(30)			(715)				687
Less: reclassification adjustment for net losses included in other
income (expense), net		23			8			26				32
Net change, net of tax of $(75), $(7), $(239) and $246 for the three
and nine months ended September 30, 2021 and 2020,
respectively		(217)			(22)			(689)				719
Foreign currency translation gain (loss), net of tax of $0 for the three
and nine months ended September 30, 2021 and 2020,
respectively		192			(214)			(138)				254
Total other comprehensive (loss) income		(25)			(236)			(827)				973
Comprehensive income	$	33,899		$	5,804		$	79,641		$		20,189
Earnings per share:
Basic	$	0.85		$	0.15		$	2.02		$		0.49
Diluted	$	0.84		$	0.15		$	2.00		$		0.48
Weighted average common shares outstanding:
Basic		39,940			39,681			39,859				39,617
Diluted		40,241			39,727			40,148				39,676

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

Total sales volume was $20.8 billion for the three months ended September 30, 2021, encompassing 3,325 transactions consisting of $16.5 billion for real estate brokerage (2,456 transactions), $3.3 billion for financing (600 transactions) and $1.0 billion in other transactions, including consulting and advisory services (269 transactions). Total sales volume was $50.2 billion for the nine months ended September 30, 2021, encompassing 8,942 transactions consisting of $38.9 billion for real estate brokerage (6,374 transactions), $7.8 billion for financing (1,778 transactions) and $3.5 billion in other transactions, including consulting and advisory services (790 transactions). As of September 30, 2021, the Company had 1,897 investment sales professionals and 85 financing professionals. Key metrics for real estate brokerage and financing activities (excluding other transactions) are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
Real Estate Brokerage		2021			2020			2021			2020
Average Number of Investment Sales Professionals		1,909			1,917			1,934			1,911
Average Number of Transactions per Investment Sales Professional		1.29			0.80			3.30			2.21
Average Commission per Transaction	$	122,052		$	92,236		$	112,246		$	98,659
Average Commission Rate		1.82%			2.01%			1.84%			1.99%
Average Transaction Size (in thousands)	$	6,721		$	4,581		$	6,108		$	4,947
Total Number of Transactions		2,456			1,527			6,374			4,217
Total Sales Volume (in millions)	$	16,507		$	6,995		$	38,931		$	20,861
	Three Months Ended September 30,						Nine Months Ended September 30,
Financing (1)		2021			2020			2021			2020
Average Number of Financing Professionals		86			82			86			86
Average Number of Transactions per Financing Professional		6.98			5.39			20.67			15.13
Average Fee per Transaction	$	42,319		$	33,531		$	36,126		$	31,607
Average Fee Rate		0.77%			0.88%			0.82%			0.89%
Average Transaction Size (in thousands)	$	5,503		$	3,828		$	4,390		$	3,533
Total Number of Transactions		600			442			1,778			1,301
Total Financing Volume (in millions)	$	3,302		$	1,692		$	7,806		$	4,597

(1)

Operating metrics exclude certain financing fees not directly associated to transactions.

 

The following table sets forth the number of transactions, sales volume and revenues by commercial real estate market segment for real estate brokerage:

	Three Months Ended September 30,
	2021								2020								Change
Real Estate Brokerage	Number		Volume			Revenues			Number		Volume			Revenues			Number		Volume			Revenues
			(in millions)			(in thousands)					(in millions)			(in thousands)					(in millions)			(in thousands)
<$1 million	267		$	183		$	7,419		241		$	156		$	6,290		26		$	27		$		1,129
Private Client Market ($1 - <$10 million)	1,894			6,296			183,033		1,168			3,592			97,856		726			2,704				85,177
Middle Market ($10 - <$20 million)	136			1,940			35,353		70			945			17,643		66			995				17,710
Larger Transaction Market (≥$20 million)	159			8,088			73,954		48			2,302			19,055		111			5,786				54,899
	2,456		$	16,507		$	299,759		1,527		$	6,995		$	140,844		929		$	9,512		$		158,915
	Nine Months Ended September 30,
	2021								2020								Change
Real Estate Brokerage	Number		Volume			Revenues			Number		Volume			Revenues			Number		Volume			Revenues
			(in millions)			(in thousands)					(in millions)			(in thousands)					(in millions)			(in thousands)
<$1 million	791		$	532		$	21,175		649		$	410		$	16,550		142		$	122		$		4,625
Private Client Market ($1 - <$10 million)	4,861			15,639			446,592		3,203			10,207			282,937		1,658			5,432				163,655
Middle Market ($10 - <$20 million)	370			5,141			97,699		204			2,785			51,902		166			2,356				45,797
Larger Transaction Market (≥$20 million)	352			17,619			149,992		161			7,459			64,655		191			10,160				85,337
	6,374		$	38,931		$	715,458		4,217		$	20,861		$	416,044		2,157		$	18,070		$		299,414

MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for shares and par value)

	September 30, 2021 (Unaudited)			December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	281,007		$	243,152
Commissions receivable, net		15,377			10,391
Prepaid expenses		9,232			10,153
Marketable debt securities, available-for-sale (includes amortized cost of $116,852 and $158,148 at September
30, 2021 and December 31, 2020, respectively, and $0 allowance for credit losses)		116,902			158,258
Advances and loans, net		3,017			2,413
Other assets		4,436			4,711
Total current assets		429,971			429,078
Property and equipment, net		22,890			23,436
Operating lease right-of-use assets, net		85,250			84,024
Marketable debt securities, available-for-sale (includes amortized cost of $128,788 and $45,181 at September 30,
2021 and December 31, 2020, respectively, and $0 allowance for credit losses)		130,502			47,773
Assets held in rabbi trust		11,056			10,295
Deferred tax assets, net		24,410			21,374
Goodwill and other intangible assets, net		48,974			52,053
Advances and loans, net		108,709			106,913
Other assets		13,318			4,176
Total assets	$	875,080		$	779,122
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other liabilities	$	20,025		$	18,288
Deferred compensation and commissions		53,068			58,106
Income tax payable		5,658			3,726
Operating lease liabilities		19,745			19,190
Accrued bonuses and other employee related expenses		32,066			21,007
Total current liabilities		130,562			120,317
Deferred compensation and commissions		38,638			38,745
Operating lease liabilities		60,970			59,408
Other liabilities		12,641			13,816
Total liabilities		242,811			232,286
Commitments and contingencies		—			—
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares – 25,000,000; issued and outstanding shares – none at September 30, 2021 and
December 31, 2020, respectively		—			—
Common stock, $0.0001 par value:
Authorized shares – 150,000,000; issued and outstanding shares – 39,666,785 and 39,401,976 at
September 30, 2021 and December 31, 2020, respectively		4			4
Additional paid-in capital		118,974			113,182
Retained earnings		511,544			431,076
Accumulated other comprehensive income		1,747			2,574
Total stockholders’ equity		632,269			546,836
Total liabilities and stockholders’ equity	$	875,080		$	779,122

MARCUS & MILLICHAP, INC.
OTHER INFORMATION
(Unaudited)

Adjusted EBITDA Reconciliation

Adjusted EBITDA, which the Company defines as net income before (i) interest income and other, including net realized gains (losses) on marketable debt securities, available-for-sale and cash and cash equivalents, (ii) interest expense, (iii) provision for income taxes, (iv) depreciation and amortization, (v) stock-based compensation, and (vi) non-cash mortgage servicing rights (“MSRs”) activity. 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. In light of 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, operating income 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, to Adjusted EBITDA is as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
		2021			2020			2021			2020
Net income	$	33,924		$	6,040		$	80,468		$	19,216
Adjustments:
Interest income and other (1)		(503)			(889)			(1,470)			(4,090)
Interest expense		144			199			436			695
Provision for income taxes		11,921			1,916			29,304			7,875
Depreciation and amortization		2,850			2,606			8,806			7,822
Stock-based compensation		2,703			2,383			7,653			7,551
Non-cash MSR activity (2)		(54)			(26)			(407)			(312)
Adjusted EBITDA(3)	$	50,985		$	12,229		$	124,790		$	38,757

(1)		Other includes net realized gains (losses) on marketable debt securities available-for-sale.
(2)		Non-cash MSR activity includes the assumption of servicing obligations.
(3)		The increase in Adjusted EBITDA for the three and nine months ended September 30, 2021 compared to the same period in 2020 is primarily
		due to an increase in total revenues and a lower proportion of operating expenses compared to total revenues.

 

Glossary of Terms

• Private Client Market segment: transactions with values from $1 million to up to but less than $10 million
• Middle Market segment: transactions with values from $10 million to up to but less than $20 million
• Larger Transaction Market segment (previously Institutional Market segment): transactions with values of $20 million and above
• Acquisitions: acquisitions of teams and/or acquisitions as business combinations under accounting standards

Certain Adjusted Metrics

Real Estate Brokerage

During the nine months ended September 30, 2021, we closed a large portfolio of transactions in our real estate brokerage business in excess of $300 million. Following are actual and as adjusted metrics excluding this transaction:

	Nine Months Ended September 30, 2021
	(actual)	(as adjusted)
Total Sales Volume Increase	86.6%	83.6%
Average Commission Rate (Reduction) Growth	(7.9)%	(6.7)%
Average Transaction Size Increase	23.5%	21.6%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211105005310/en/

Investor Relations

InvestorRelations@marcusmillichap.com

Source: Marcus & Millichap, Inc.

FAQ

What were Marcus & Millichap's Q3 2021 financial results?

In Q3 2021, Marcus & Millichap reported total revenues of $332.4 million, a 109.6% increase year-over-year, with net income of $33.9 million, or $0.84 per share.

How did Marcus & Millichap perform in the nine months ending September 30, 2021?

For the nine months ending September 30, 2021, Marcus & Millichap's total revenues reached $801.3 million, a 71.7% increase, with net income of $80.5 million.

What factors contributed to Marcus & Millichap's record revenue growth?

Record revenue growth was driven by increased real estate brokerage commissions, financing fees, and strategic acquisitions, as well as a recovering market.

What challenges does Marcus & Millichap anticipate for the future?

Marcus & Millichap anticipates challenges such as economic volatility, changes in investor sentiment, and potential fluctuations in market sales due to external factors.

What are the adjusted EBITDA figures for Marcus & Millichap in Q3 2021?

In Q3 2021, Marcus & Millichap reported adjusted EBITDA of $51.0 million, a significant increase from $12.2 million in the same quarter last year.