Slides
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Fourth Quarter 2025 Earnings Conference Call February 13, 2026 2025
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This presentation 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 the stock repurchase program. Statements about our beliefs and expectations and statements containing the words “may,” “could,” “would,” “should,” “will,” “continue,” “predict,” “potential,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend,” “goal,” “well-positioned,” and similar expressions constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance expressed in or suggested by forward-looking statements in this presentation. Investors are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this presentation and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Important factors that could cause such differences include, but are not limited to: (1) general uncertainty in the capital markets, a worsening of economic conditions, and the rate and pace of economic recovery following an economic downturn; (2) changes in our business operations; (3) market trends in the commercial real estate market or the general economy, including the impact of inflation and changes to interest rates; (4) our ability to attract and retain qualified senior executives, managers and investment sales and financing professionals; (5) the impact of forgivable loans and related expense resulting from the recruitment and retention of agents; (6) the impact of litigation and our success in appealing any judgments entered against us; (7) the effects of increased competition on our business; (8) our ability to successfully enter new markets or increase our market share; (9) our ability to successfully expand our services and businesses and to manage any such expansions; (10) our ability to retain existing clients and develop new clients; (11) our ability to keep pace with changes in technology; (12) any business interruption or technology failure, including cybersecurity risks and ransomware attacks, and any related impact on our reputation; (13) changes in interest rates, availability of capital, tax laws, tariffs and trade regulations, executive orders, employment laws, or other government regulation affecting our business; (14) our ability to successfully identify, negotiate, execute and integrate accretive acquisitions; and (15) other risk factors included under “Risk Factors” in our most recent Annual Report on Form 10-K. FORWARD-LOOKING STATEMENTS 2
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CONFERENCE CALL PARTICIPANTS Hessam Nadji President, Chief Executive Officer and Director Steve DeGennaro Chief Financial Officer 3
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MMI Financial Highlights
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2025 FOURTH QUARTER HIGHLIGHTS Financial Highlights YoY Revenue 244.0 million 1.6 % Net Income $13.3 million 55.7 % Adjusted EBITDA $25.0 million 38.7 % Operational Highlights YoY Sales Volume 16.9 billion (8.0) % Transaction Closings 2,753 10.8 % Number of Investment Sales and Financing Professionals as of December 31, 2025 1,808 5.6 % 5
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FULL-YEAR 2025 HIGHLIGHTS Financial Highlights YoY Revenue 755.2 million 8.5 % Net Loss $(1.9) million 84.6 % Adjusted EBITDA $24.6 million 162.6 % Operational Highlights YoY Sales Volume 50.8 billion 2.5 % Transaction Closings 8,818 12.5 % Number of Investment Sales and Financing Professionals as of December 31, 2025 1,808 5.6 % 6
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2025 FOURTH QUARTER BROKERAGE HIGHLIGHTS YoY Sales Volume $11.8 billion (4.0)% Transaction Closings 1,902 9.2% Number of Investment Sales Professionals as of December 31, 2025 1,708 6.1% Real Estate Brokerage Commissions Revenue $205.3 million 1.2% Revenue by Transaction Size Transactions by Property Type Transactions by Region 7 <$1M, 4% $1-$10M, 65% $10- $20M, 15% $20M+, 16% Multifamily, 30% Retail, 42% Office, 6% Other, 22% Western, 38% Midwest / Mountain / South / Southwest, 34% Southeast, 19% Northeast / Mid-Atlantic, 9%
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FULL-YEAR 2025 BROKERAGE HIGHLIGHTS YoY Sales Volume $34.8 billion 3.5% Transaction Closings 6,038 10.9% Number of Investment Sales Professionals as of December 31, 2025 1,708 6.1% Real Estate Brokerage Commissions Revenue $632.5 million 7.3% Revenue by Transaction Size Transactions by Property Type Transactions by Region 8 <$1M, 4% $1-$10M, 64% $10- $20M, 15% $20M+, 17% Multifamily, 30% Retail, 40% Office, 7% Other, 23% Western, 35% Midwest / Mountain / South / Southwest, 35% Southeast, 20% Northeast / Mid-Atlantic, 10%
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2025 FOURTH QUARTER FINANCING HIGHLIGHTS Transactions by Property Type Transactions by Region YoY Sales Volume $3.7 billion 7.7% Transaction Closings 507 19.3% Number of Financing Professionals as of December 31, 2025 100 (2.0)% Financing Fees Revenue 33.2 million 6.5% 9 Multifamily, 49% Retail, 24% Office, 9% Other, 18% Western, 46% Midwest / Mountain / South / Southwest, 34% Southeast, 11% Northeast / Mid-Atlantic, 9%
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FULL-YEAR 2025 FINANCING HIGHLIGHTS Transactions by Property Type Transactions by Region YoY Sales Volume $11.9 billion 31.2% Transaction Closings 1,659 32.8% Number of Financing Professionals as of December 31, 2025 100 (2.0)% Financing Fees Revenue 103.9 million 23.0% 10 Multifamily, 49% Retail, 26% Office, 6% Other, 19% Western, 43% Midwest / Mountain / South / Southwest, 35% Southeast, 13% Northeast / Mid-Atlantic, 9%
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Market Highlights
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20102011201220132014201520162017201820192020202120222023202420252026* -10 -5 0 5 10 Employment Growth (Millions) * Forecast per Economy.com Source: BLS, Moody’s Analytics Annual Employment Growth Unemployment Rate JOB GAINS HAVE SLOWED; ARTIFICIAL INTELLIGENCE, TRADE AND IMMIGRATION POLICIES MAY WEIGH ON GROWTH 2021 2022 2023 2024 2025 3% 4% 5% 6% 7% Unemployment Rate 12 2023: 2.6M 2024: 2.0M 2025: 584K 2026*: 472K
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Rate Fed Holdings (Trillions November 2025 Dollars) 10-Year Treasury Fed Funds Rate 20162017201820192020202120222023202420252026* 0.0% 1.5% 3.0% 4.5% 6.0% Notes & Bonds MBS TIPS/TIPS Inflation Compensation/Agencies/Bills 200820092010201120122013201420152016201720182019202020212022202320242025 0.0 2.5 5.0 7.5 10.0 10-Year Treasury vs. Fed Funds Rate Inflation Adjusted Fed Balance Sheet * Through January 29, 2026 Adjusted for inflation using Core PCE Sources: Real Capital Analytics, Federal Reserve FED RATE POLICY UNCERTAIN AS NEW FED CHAIR NOMINEE ANNOUNCED; 10-YEAR TREASURY LIKELY RANGE-BOUND 13
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Rate * Through December 2025; Core PCE through November 2025 Sources: BLS, Federal Reserve, BEA HEADLINE INFLATION TRENDING MODESTLY HIGHER; TARIFFS STILL POSE ADDITIONAL INFLATION RISK, KEEPING FED CAUTIOUS 14 Inflation vs. 10-Year Treasury CPI Inflation 10-Year Treasury Core PCE 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* 0.0% 2.5% 5.0% 7.5% 10.0%
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Percent of Dollar Volume 41% 39% 46% 47% 45% 50% 51% 52% 58% 60% 56% 57% 10% 17% 14% 12% 18% 9% 10% 9% 8% 10% 8% 6% 27% 27% 27% 24% 26% 28% 24% 26% 25% 17% 21% 25% 17% 13% 9% 12% 7% 9% 10% 10% 7% 7% 9% 5% 5% 4% 4% 4% 4% 4% 5% 3% 3% 6% 7% 6% User/Other REIT/Listed Institutional Cross-Border Private 14 15 16 17 18 19 20 21 22 23 24 25 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Includes sales $2.5 million and greater for multifamily, retail, office, industrial, hotel, seniors housing, and land Source: Real Capital Analytics PRIVATE INVESTORS DOMINATE U.S. COMMERCIAL REAL ESTATE; INSTITUTIONAL INVESTORS MORE HESITANT IN CURRENT WINDOW PRIVATE INVESTORS DOMINATE U.S. COMMERCIAL REAL ESTATE; INSTITUTIONAL INVESTOR ACTIVITY HAS LAGGED DUE TO FLIGHT TO SAFETY 15
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• Wage gains and robust savings have sustained retail sales; despite expectations of a slowdown, consumer strength remains positive. • Uncertainty surrounding trade policy, inflation, interest rates, and economic slowing weighs on industrial and retail space demand but has not impacted other sectors. • Office leasing recovering more rapidly due to push for RTO. Wide market variation by property class and urban vs. suburban location. • Apartment rental demand positive but slowed in second half of 2025. Record new construction pulling back dramatically, renter demand sustained by affordability gap. • Retail absorption tapering as cautious retailers slow leasing pace, but vacancy remains near historical average. Industrial demand moderating, but positive. DRA Y-O-Y Percent Change Core Retail Sales Growth Trends Net Absorption (000s of Units.) Space Absorption Trends * Through November 2025 ** Preliminary estimate for 2025 Sources: U.S. Census Bureau, CoStar Group, Inc., RealPage, Inc. Multifamily -200 0 200 400 600 800 RETAIL SALES REMAIN HEALTHY; SPACE DEMAND POSITIVE FOR MOST PROPERTY TYPES 20 21 22 23 24 25** Retail Office Industrial -200 0 200 400 600 800 Net Absorption (Mi. of SqFt) 16 2023 2024 2025* 0.0% 2.5% 5.0% 7.5% 10.0%
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PROPERTY FUNDAMENTALS GENERALLY SOUND BY HISTORICAL STANDARDS; VARIATIONS WIDENING • Multifamily and industrial aggressively delivered record new completions over the past few years, but seeing significant pullback. Over-supply limited to select local markets with heavy construction. • Pullback in multifamily construction a positive force for 2026 and 2027, especially in growth markets such as Texas, Florida, and Georgia. Operations challenged by insurance and labor costs. • Companies boosted inventories ahead of tariffs, sustaining positive industrial space demand. Some overbuilding evident in select metros after construction surge post-pandemic. • Hospitality sector facing reduced demand as international tourism slows, outlook remains clouded by trade policy and weakening economic momentum. • Shopping centers remain a top choice due to limited new supply, years of recalibration; single-tenant values adjusting under pressure from high interest rates. • Office occupancy rising modestly; further push for plans to return to the office constructive, although tenants remain cautious due to slowing economy. • Retail and office new supply pipeline remain low by historical standards. Occupancy Trends Occupancy (%) Construction Trends Completions as % of Inventory * Preliminary estimate for 2025 Sources: CoStar Group, Inc., RealPage, Inc. 09-19 Avg.2020 2021 2022 2023 2024 2025* Multifamily Retail Office Industrial 80% 85% 90% 95% 100% 09-19 Avg.2020 2021 2022 2023 2024 2025* Multifamily Retail Office Industrial 0.0% 0.8% 1.6% 2.4% 3.2% 17
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• With the exception of office and self-self- storage properties, rent growth and appreciation has been healthy in most segments over the past 5-7 years. • These factors should mitigate systemic risk to banks and other lenders. • Office experiencing the greatest uncertainty as the segment still faces significant maturities this year, while rent growth lags. • While lenders have favored workouts and extensions of loans in good standing, many are becoming more assertive, supporting property sales and refinance activity. • Lending liquidity through traditional sources and debt funds remains healthy; banks becoming increasingly active lenders. • Lender spreads have narrowed as Fed rate cuts suggest lower interest rate climate. Lending rates on commercial real estate have reduced substantively. Dollar Volume (Billions) Commercial Real Estate Loan Maturities* Five-Year Rent Growth: 2020 to 2025** * For loans outstanding as of 2024 ** Trailing 12-month ADR for Hotel from December 2020 through December 2025 Sources: CoStar Group, Inc., RealPage, Inc., Yardi Matrix, Mortgage Bankers Association MATURING CRE LOAN VOLUMES UNLIKELY TO BE DISRUPTIVE; LENDERS BEGINNING TO REDUCE LENIENCY; RISKS VARY BY PROPERTY TYPE Other Healthcare Hotel Industrial Office Retail Multifamily 25 26 27 28 29 30 31 32 33 34 Later 0 250 500 750 1,000 55.4% 35.4% 30.7% 16.4% 2.3% (2.5)% Hotel IndustrialApartment Retail Office Self- Storage (10)% 0% 10% 20% 30% 40% 50% 60% Rent Growth 18
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• Transaction count in 2025 grew an estimated 17% year-over-year while dollar volume increased 25% year-over-year. • The Federal Reserve’s ‘higher for longer’ policy has finally brought down property values, with more realistic seller expectations emerging. • Financing options expanding as more lenders become active, but lenders remain cautious in underwriting and terms. • The Federal Reserve remains unclear about future rate cuts but will likely lower rates in 2026 due to slowing job growth and weakening economy. Market adjusting to fading expectation of a Fed miracle. • New tax law brings additional clarity to investors; bonus depreciation and permanence of new tax rules will help foster confidence and capital flows. CRE TRANSACTION FLOW GAINING MOMENTUM, BUT UNCERTAINTY STILL WEIGHING ON RECOVERY Quarterly U.S. Commercial Real Estate Sales and Interest Rates(1) Annual U.S. Commercial Real Estate Sales Trends(1) Total Transactions (000s)Total Transactions (000s) 10-Year Treasury Sources: Real Capital Analytics, Federal Reserve * Preliminary estimate for CRE market sales Excludes STORE Capital acquisition in 1Q 2023; Realty Income merger with Spirit Realty Capital in 1Q 2024 (1) Includes sales $2.5 million and greater for multifamily, retail, office, industrial, hotel, seniors housing, data centers, and land 2004200520062007200820092010201120122013201420152016201720182019202020212022202320242025* 0 15 30 45 60 Market Transactions10-Year Treasury 4Q 20194Q 20204Q 20214Q 20224Q 20234Q 20244Q 2025* 0 5 10 15 20 0.0% 1.5% 3.0% 4.5% 6.0% 19
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Capital Raised (Bil.) COMMERCIAL REAL ESTATE YIELD SPREADS BEGINNING TO EXPAND; PRICING STILL RECALIBRATING • Recent downturn of interest rates and modestly rising capital flows offering increased prospect of higher transaction flow. Caution, however, remains elevated. • Market calibrating to conflicting forces, but transaction activity gaining momentum. Current values compelling against replacement cost in most segments/markets. • Appropriately priced assets are seeing ample buyer demand, and offer activity, reflecting healthy capital availability. • Significant institutional capital yet to be placed; investors allocations to real estate beginning to rise. • Economic uncertainty and slowing job creation continue to fuel investor caution despite reduced interest rates and recalibration of market pricing. Cap rates for sales $1 million and greater; capital raised by U.S. funds targeting North American real estate Sources: CoStar Group, Inc., Real Capital Analytics, Federal Reserve, Preqin Commercial Real Estate Capital Raising Trending Up Cap Rate/10-Year Treasury Spreads Average Rate 20 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60 80 CRE Cap Rate 10-Year Treasury Rate 1990 1995 2000 2005 2010 2015 2020 2025 0% 2% 4% 6% 8% 10% 12%
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MMI Market Position
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87% 6%7% 88% 6%6% 64%14% 22% 69% 13% 18% MMI WELL-ALIGNED WITH THE CRE MARKET Private Client Segment Boasts Largest Transaction and Commission Pool Opportunity • Private client market typically consists of sales $1 million to <$10 million. • Largest and most active market, accounting for 80%+ of transactions. • Primarily driven by high-net worth individuals, partnerships and smaller private fund managers. • Influenced by personal drivers that result in buying/selling/ refinancing properties, as well as market conditions. Should be a major factor in increased sales activity once current market constraints begin to ease. • Market features the highest commission rates. Transactions by Investor Segment (1) Commercial Real Estate Market Marcus & Millichap Commission Pool by Investor Segment (1) (2) Commercial Real Estate Total Commission Pool Marcus & Millichap Revenue Sources: CoStar Group, Inc., Real Capital Analytics (1) Includes apartment, retail, office, and industrial sales $1 million and greater for 2025; 4Q 2025 preliminary estimate for market total. (2) Estimate based on industry averages: 2.7% commission rate for Private Client Market, 1.7% rate for Middle Market and 0.7% for Larger Transaction Market. Private Client Market ($1M - <$10M) Middle Market ($10M - <$20M) Larger Transaction Market (≥$20M) 22
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MMI Financial Details
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TOTAL REVENUE ($ IN MILLIONS) Q4’24 vs Q4’25 $240.1 $244.0 Q4'24 Q4'25 0 50 100 150 200 250 300 1.6 % Full-Year ‘24 vs ‘25 $696.1 $755.2 '24 '25 0 100 200 300 400 500 600 700 800 900 8.5% 24
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BROKERAGE OPERATING METRICS Q4 2024 vs Q4 2025 Total Sales Volume ($ in billions) Total Number of Transactions Average Number of Investment Sales Professionals Average Commission Per Transaction ($ in thousands) $12.3 $11.8 Q4'24 Q4'25 0 5 10 15 20 1,742 1,902 Q4'24 Q4'25 0 500 1,000 1,500 2,000 1,593 1,634 Q4'24 Q4'25 0 250 500 750 1,000 1,250 1,500 1,750 2,000 $116.4 $107.9 Q4'24 Q4'25 0 50 100 150 (4.0)% 9.2% 2.6 % (7.3)% 25
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$33.6 $34.8 '24 '25 0 10 20 30 40 50 BROKERAGE OPERATING METRICS FULL-YEAR 2024 vs 2025 Total Number of Transactions Average Number of Investment Sales Professionals 5,447 6,038 '24 '25 0 1,500 3,000 4,500 6,000 7,500 1,610 1,577 '24 '25 0 250 500 750 1,000 1,250 1,500 1,750 2,000 $108.3 $104.8 '24 '25 0 50 100 150 3.5% 10.9% (2.0) % (3.2)% Total Sales Volume ($ in billions) Average Commission Per Transaction ($ in thousands) 26
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$46,172 $34,377 Q4'24 Q4'25 0 10,000 20,000 30,000 40,000 50,000 $30,556 $30,247 Q4'24 Q4'25 0 10,000 20,000 30,000 40,000 $5,735 $7,913 Q4'24 Q4'25 0 1,500 3,000 4,500 6,000 7,500 9,000 BROKERAGE REVENUE BY MARKET SEGMENT Q4 2024 vs Q4 2025 Private Client Market ($1 - <$10 million) ($ in thousands) <$1 million ($ in thousands) Middle Market ($10 - <$20 million) ($ in thousands) Larger Transaction Market (≥ $20 million) ($ in thousands) $120,364 $132,774 Q4'24 Q4'25 0 25,000 50,000 75,000 100,000 125,000 150,000 38.0% 10.3% (1.0)% (25.5)% 27
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$118,638 $103,757 '24 '25 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 $84,186 $96,498 '24 '25 0 20,000 40,000 60,000 80,000 100,000 120,000 $21,034 $25,945 '24 '25 0 5,000 10,000 15,000 20,000 25,000 30,000 BROKERAGE REVENUE BY MARKET SEGMENT $365,837 $406,316 '24 '25 0 100,000 200,000 300,000 400,000 500,000 23.3% 11.1% 14.6% (12.5)% FULL-YEAR 2024 vs 2025 Private Client Market ($1 - <$10 million) ($ in thousands) <$1 million ($ in thousands) Middle Market ($10 - <$20 million) ($ in thousands) Larger Transaction Market (≥ $20 million) ($ in thousands) 28
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OPERATING EXPENSE ($ IN MILLIONS) Q4’24 vs Q4’25 $233.4 $228.5 $5.3 $3.4 $76.3 $70.6 $151.8 $154.5 Depreciation SG&A COS Q4'24 Q4'25 0 50 100 150 200 250 63.2% of Rev 31.8% of Rev 2.2% of Rev 63.3% of Rev 29.0% of Rev 1.4% of Rev FY ‘24 vs FY ‘25 $729.0 $768.9 $16.6 $12.1 $280.9 $286.3 $431.5 $470.5 Depreciation SG&A COS '24 '25 0 200 400 600 800 1,000 62.0% of Rev 40.3% of Rev 2.4% of Rev 62.3% of Rev 37.9% of Rev 1.6% of Rev 29
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$18.0 $25.0 Q4'24 Q4'25 $— $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $8.5 $13.3 Q4'24 Q4'25 $— $5.0 $10.0 $15.0 NET INCOME AND ADJUSTED EBITDA PERFORMANCE Q4 2024 vs Q4 2025 Adjusted EBITDA ($ in millions) Net Income ($ in millions) 55.7% 38.7% 30
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$9.4 $24.6 '24 '25 $— $10.0 $20.0 $30.0 $(12.4) $(1.9) '24 '25 $(15.0) $(10.0) $(5.0) $— $5.0 NET INCOME AND ADJUSTED EBITDA PERFORMANCE FULL-YEAR 2024 vs 2025 84.6% 162.6% Net Loss ($ in millions) Adjusted EBITDA ($ in millions) 31
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CASH FLOWS PROVIDED BY OPERATING ACTIVITIES (1) Cash flows provided by operating activities were $66.7 million in 2025 compared to $21.7 million in 2024. The $45.0 million increase in cash flows from operating activities in 2025 compared to 2024 was primarily due to a reduction in net losses and a reduction in advances and loans granted in 2025 compared to 2024. The cash flows from operating activities are also affected by timing of certain cash receipts and payments. Q4 Cash Flows Provided By Operating Activities ($ in millions) $56.7 $46.3 Q4'24 Q4'25 $— $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 (18.3)% Annual Cash Flows Provided By Operating Activities (1) ($ in millions) $21.7 $66.7 '24 '25 $— $20.0 $40.0 $60.0 $80.0 207.0% 32
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$394.2 $398.2 $153.4 $161.9 $240.8 $236.3 Cash and Cash EquivalentsMarketable Debt Securities, Available-For-Sale 12/31/2024 12/31/2025 0 100 200 300 400 500 Cash and Cash Equivalents and Marketable Debt Securities, Available-For-Sale ($ in millions) LIQUIDITY POSITION 1.0% (1) Including the payment of $20.6 million of dividends and $25.4 million in stock repurchases. Liquidity position as of December 31, 2025 was $398.2 million, which includes $11.3 million in restricted cash and after return of capital to shareholders of $46.0 million for the year (1). 33
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Appendix
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ADJUSTED EBITDA RECONCILIATION Adjusted EBITDA 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. We use Adjusted EBITDA in our business operations to evaluate the performance of our business, develop budgets and measure our performance against those budgets, among other things. We also believe that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate our 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 our results as reported under U.S. GAAP. We find 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, we do not rely solely on Adjusted EBITDA as a performance measure and also consider our U.S. GAAP results. Adjusted EBITDA is not a measurement of our 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. (1) Other includes net realized gains (losses) on marketable debt securities available-for-sale. Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income (loss) $13,308 $8,548 $(1,909) $(12,362) Adjustments: Interest income and other (1) (3,608) (4,987) (15,506) (18,793) Interest expense 189 201 773 812 Provision (benefit) for income taxes 5,908 2,947 4,929 (666) Depreciation and amortization 3,353 5,288 12,098 16,589 Stock-based compensation 5,858 6,037 24,226 23,792 Adjusted EBITDA $25,008 $18,034 $24,611 $9,372 35
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COMPANY OVERVIEW PLATFORM BUILT FOR MAXIMIZING INVESTOR VALUE • Marcus & Millichap Capital Corporation (“MMCC”), Research & Advisory support client dialogue, financing, strategy, and sales execution • Culture and policy of information sharing is key to maximizing investor value MANAGEMENT WITH SIGNIFICANT INVESTMENT BROKERAGE EXPERIENCE • Non-competitive management with extensive investment brokerage experience, committed to training, coaching, and supporting investment sales professionals • Culture creates a competitive advantage through agent retention and better client results WELL-POSITIONED TO EXECUTE ON STRATEGIC GROWTH PLAN • Positioned to increase Private Client Market segment share, expand presence in specialty niches/larger transaction business, and grow the MMCC division • Strong balance sheet with no debt provides financial flexibility to pursue strategic acquisitions MARKET LEADER IN THE PRIVATE CLIENT MARKET SEGMENT • Only national brokerage firm predominantly focused on servicing the Private Client Market segment which consistently accounts for 80%+ of CRE transactions in the U.S. • Private client business has been supplemented with penetration in larger transactions and institutional clients for over a decade NATIONAL PLATFORM FOCUSED ON REAL ESTATE INVESTMENT BROKERAGE • Over 50 years of experience dedicated to perfecting real estate investment brokerage • Designed to maximize real estate value, facilitate investment options by geography and property type, and create liquidity for investors 36
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ILLUSTRATIVE MMI EARNINGS MODEL Investment Sales Revenue EBITDA(2) Investment Sales Revenue Financing & Other Revenue Cost of Services SG&A(1) 1. Includes stock-based compensation 2. EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net income, operating income or any other measure derived in accordance with U.S. GAAP Agents Productivity Transaction Value Commission Rate 37
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Fourth Quarter 2025