All-time Record Quarterly and Annual
Revenues and Earnings Per Share Initiates Semi-Annual
Regular Dividend and Declares Special Dividend
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 fourth quarter and the year ended December 31,
2021.
Fourth Quarter 2021 Highlights Compared to Fourth Quarter
2020
- Total revenues increased by 97.9%
to $495.1 million
- Net income increased to $62.0
million, or $1.53 per common share, diluted, compared to $23.6
million, or $0.59 per common share, diluted
- Adjusted EBITDA more than doubled
to $88.2 million compared to $36.9 million
- Brokerage commissions more than
doubled to $455.5 million
- Private Client brokerage revenue
increased by 78.2% to $247.4 million
- Middle Market and Larger
Transaction brokerage revenue increased nearly threefold to $198.6
million
- Financing fees increased by 27.5%
to $34.2 million
Full Year 2021 Highlights
Compared to Full Year 2020
- Total revenues increased by 80.8%
to $1.3 billion
- Net income increased to $142.5
million, or $3.55 per common share, diluted, compared to $42.8
million, or $1.08 per common share, diluted
- Adjusted EBITDA increased nearly threefold to $213.0 million
compared to $75.7 million
- Brokerage commissions increased by
84.9% to $1.2 billion
- Private Client brokerage revenue
increased by 64.5% to $694.0 million
- Middle Market and Larger
Transaction brokerage revenue more than doubled to $446.3
million
- Financing fees increased by 55.5% to $109.7 million
Hessam Nadji, Marcus &
Millichap’s President and CEO commented, “Record fourth quarter and
full-year 2021 results were the culmination of key strategies
deployed over the past few years to expand and strengthen the MMI
platform, our team’s time-tested and unique ability to help
investors navigate and execute effectively amid shifting market
sentiment, as well as a strong market recovery. The company’s
significant investment in proprietary tools and technology,
elevated branding and client outreach campaigns, and key
acquisitions over the past several years were direct and meaningful
contributors to our results. We are pleased to have captured strong
growth in our core, private client business while diversifying into
larger, institutional transactions and growing our financing
business.”
Mr. Nadji continued, “We believe market conditions will remain
favorable for our business, notwithstanding the tide of rising
interest rates, slower economic growth, and heightened geopolitical
tensions. Our pipeline coming into 2022 reflects healthy growth
thanks to many of the same drivers that contributed to our results
in 2021 and is supported by strong capital demand for commercial
real estate. The asset class is seen as an inflation hedge with
compelling yields given the prospects for continued rent growth
across most sectors and still-low interest rates. Our focus on
supporting our sales forces’ productivity, business development,
and market share growth is unwavering while we continue to pursue
accretive acquisitions. MMI’s balance sheet which was further
bolstered by exceptional cash flow and earnings last year, leading
brand, and committed management team are key assets toward
maximizing shareholder value in the coming years.”
Dividends
On February 16, 2022, the Board of Directors declared an initial
semi-annual regular dividend of $0.25 per share, or approximately
$10.4 million, payable on April 4, 2022 to shareholders of record
as of the close of business on March 8, 2022.
In addition, the Board of Directors declared a special dividend
of $1.00 per share, or approximately $41.7 million, payable on
April 4, 2022, to shareholders of record at the close of business
on March 8, 2022. Any and all future dividends are subject to
review and approval by the Board of Directors.
Fourth Quarter 2021 Results Compared to Fourth Quarter
2020
Total revenues for the fourth quarter of 2021 reached $495.1
million, compared to $250.2 million for the same period during the
prior year, increasing by 97.9%. The outperformance in total
revenues was driven by increases in real estate brokerage
commissions and financing fees. Real estate brokerage commissions
more than doubled to $455.5 million from the same period in the
prior year primarily due to the growth in overall sales volume
generated by an increase in the number of investment sales
transactions. This growth 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 increased 27.5% to $34.2 million.
Total operating expenses for the fourth quarter of 2021 were
$413.2 million, an increase of 87.7% compared to $220.2 million for
the same period in the prior year. The change was primarily driven
by a 107.5% increase in cost of services and a 36.5% increase in
selling, general and administrative expense. Cost of services as a
percent of total revenues increased by 310 basis points to 67.3%
compared to the same period during the prior year, primarily due to
senior investment sales and financing professionals earning
additional commissions as certain annual revenue thresholds were
achieved earlier relative to prior years.
Selling, general and administrative expense for the fourth
quarter of 2021 increased by $20.6 million to $77.0 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) expenses related to our recent
acquisitions; (iv) facilities expenses; and (v) net other expense
categories, including events, travel and other related
expenses.
Net income for the fourth quarter of 2021 was $62.0 million, or
$1.53 per common share, diluted, compared to $23.6 million, or
$0.59 per common share, diluted, for the same period in the prior
year. Adjusted EBITDA for the fourth quarter of 2021 was $88.2
million, compared to $36.9 million for the same period in the prior
year.
Full Year 2021 Results Compared to Full Year 2020
Total revenues for 2021 reached $1.3 billion, compared to $716.9
million for the same period in the prior year, which represents an
increase of $579.5 million, or 80.8%. Total operating expenses for
2021 were $1.1 billion, compared to $663.3 million for the same
period in the prior year, which represents an increase of 66.9%.
Cost of services as a percent of total revenues increased to 64.8%,
up 230 basis points compared to the same period in the prior year.
Net income for 2021 was $142.5 million, or $3.55 per common share,
diluted, compared with net income of $42.8 million, or $1.08 per
common share, diluted, for the same period in the prior year.
Adjusted EBITDA for 2021 increased nearly threefold to $213.0
million, from $75.7 million for the same period in the prior year.
As of December 31, 2021, the Company had 1,994 investment sales and
financing professionals, a net reduction of 103 over the prior
year.
Business Outlook
Notwithstanding the potential continuing impact of the COVID-19
pandemic and anticipated interest rate increases 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
2022 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
interest rates and economic initiatives which may affect real
estate investor demand
- Possible impact to investor sentiment related to potential tax
law changes which may 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
- Increase in costs related to in-person events, client meetings,
and conferences as the economy opens further
- Global geopolitical uncertainty, which may cause investors to
refrain from transacting
- The potential for acquisition activity and subsequent
integration
Webcast and Call 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, February 18, 2022 through 11:59 p.m.
Eastern Time on Friday, March 4, 2022 by dialing 1-844-512-2921 in
the United States and Canada or 1-412-317-6671 internationally and
entering passcode 13726405.
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 December 31, 2021,
the Company had 1,994 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 13,255
transactions in 2021, with a sales volume of approximately $84.4
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 2022, the potential continuing
impact of the COVID-19 pandemic, the execution of our capital
return program, including the initial semi-annual dividend, and
expectations for 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 economic, operational and
financial impact of the ongoing COVID-19 pandemic, including
uncertainties regarding the potential impact of new variants,
vaccination rates and vaccine mandates on our workforce;
- 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, including the impact of inflation;
- 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, including
cyber and ransomware attacks, and any related impact on our
reputation;
- changes in interest rates, availability of capital, tax laws,
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 and Quarterly Report on Form
10-Q.
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. We have not filed our Form 10-K for the
year ended December 31, 2021. As a result, all financial results
described in this earnings release should be considered
preliminary, and are subject to change to reflect any necessary
adjustments or changes in accounting estimates, that are identified
prior to the time we file our Form 10-K.
MARCUS & MILLICHAP,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF NET AND COMPREHENSIVE INCOME
(in thousands, except per
share amounts)
(Unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2021
2020
2021
2020
Revenues:
Real estate brokerage
commissions
$
455,511
$
217,120
$
1,170,969
$
633,164
Financing fees
34,242
26,864
109,690
70,538
Other revenues
5,381
6,230
15,781
13,204
Total revenues
495,134
250,214
1,296,440
716,906
Operating expenses:
Cost of services
333,327
160,672
840,209
447,879
Selling, general and
administrative
77,007
56,413
255,154
204,514
Depreciation and amortization
2,915
3,077
11,721
10,899
Total operating expenses
413,249
220,162
1,107,084
663,292
Operating income
81,885
30,052
189,356
53,614
Other income (expense), net
1,790
2,426
4,527
6,650
Interest expense
(144
)
(205
)
(580
)
(900
)
Income before provision for income
taxes
83,531
32,273
193,303
59,364
Provision for income taxes
21,529
8,651
50,833
16,526
Net income
62,002
23,622
142,470
42,838
Other comprehensive (loss) income:
Marketable debt securities,
available-for-sale:
Change in net unrealized
gains/losses
(839
)
112
(1,554
)
799
Less: reclassification adjustment for net
losses included in other
income (expense), net
46
2
72
34
Net change, net of tax of $(266), $40,
$(505) and $286 for the three
months ended December 31, 2021
and 2020, and the years ended December 31, 2021 and 2020,
respectively
(793
)
114
(1,482
)
833
Foreign currency translation loss, net of
tax of $0 for the three
months ended December 31, 2021
and 2020 and the years ended December 31, 2021 and 2020,
respectively
(44
)
(491
)
(182
)
(237
)
Total other comprehensive (loss)
income
(837
)
(377
)
(1,664
)
596
Comprehensive income
$
61,165
$
23,245
$
140,806
$
43,434
Earnings per share:
Basic
$
1.55
$
0.59
$
3.57
$
1.08
Diluted
$
1.53
$
0.59
$
3.55
$
1.08
Weighted average common shares
outstanding:
Basic
39,977
39,715
39,888
39,642
Diluted
40,419
39,967
40,187
39,735
MARCUS & MILLICHAP,
INC.
KEY OPERATING METRICS
SUMMARY
(Unaudited)
Total sales volume was $34.2 billion for the three months ended
December 31, 2021, encompassing 4,313 transactions consisting of
$28.6 billion for real estate brokerage (3,278 transactions), $3.8
billion for financing (696 transactions) and $1.8 billion in other
transactions, including consulting and advisory services (339
transactions). Total sales volume was $84.4 billion for the year
ended December 31, 2021, encompassing 13,255 transactions
consisting of $67.5 billion for real estate brokerage (9,652
transactions), $11.6 billion for financing (2,474 transactions) and
$5.3 billion in other transactions, including consulting and
advisory services (1,129 transactions). As of December 31, 2021,
the Company had 1,914 investment sales professionals and 80
financing professionals. Key metrics for real estate brokerage and
financing activities (excluding other transactions) are as
follows:
Three Months Ended December
31,
Year Ended December 31,
Real Estate Brokerage
2021
2020
2021
2020
Average Number of Investment Sales
Professionals
1,899
1,948
1,925
1,920
Average Number of Transactions per
Investment Sales Professional
1.73
1.06
5.01
3.28
Average Commission per Transaction
$
138,960
$
104,838
$
121,319
$
100,694
Average Commission Rate
1.59
%
1.94
%
1.73
%
1.98
%
Average Transaction Size (in
thousands)
$
8,718
$
5,404
$
6,994
$
5,097
Total Number of Transactions
3,278
2,071
9,652
6,288
Total Sales Volume (in millions)
$
28,576
$
11,191
$
67,507
$
32,052
Three Months Ended December
31,
Year Ended December 31,
Financing (1)
2021
2020
2021
2020
Average Number of Financing
Professionals
83
87
85
86
Average Number of Transactions per
Financing Professional
8.39
7.38
29.11
22.59
Average Fee per Transaction
$
42,639
$
38,083
$
37,959
$
33,747
Average Fee Rate
0.78
%
0.80
%
0.81
%
0.85
%
Average Transaction Size (in
thousands)
$
5,458
$
4,789
$
4,691
$
3,948
Total Number of Transactions
696
642
2,474
1,943
Total Financing Volume (in millions)
$
3,799
$
3,075
$
11,605
$
7,672
(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 December
31,
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
296
$
200
$
9,506
295
$
190
$
7,906
1
$
10
$
1,600
Private Client Market ($1 - <$10
million)
2,439
8,700
247,404
1,570
4,908
138,830
869
3,792
108,574
Middle Market ($10 - <$20 million)
273
3,733
72,531
112
1,526
29,719
161
2,207
42,812
Larger Transaction Market (≥$20
million)
270
15,943
126,070
94
4,567
40,665
176
11,376
85,405
3,278
$
28,576
$
455,511
2,071
$
11,191
$
217,120
1,207
$
17,385
$
238,391
Year Ended December 31,
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
1,087
$
732
$
30,681
944
$
600
$
24,456
143
$
132
$
6,225
Private Client Market ($1 - <$10
million)
7,300
24,339
693,996
4,773
15,115
421,767
2,527
9,224
272,229
Middle Market ($10 - <$20 million)
643
8,874
170,230
316
4,311
81,621
327
4,563
88,609
Larger Transaction Market (≥$20
million)
622
33,562
276,062
255
12,026
105,320
367
21,536
170,742
9,652
$
67,507
$
1,170,969
6,288
$
32,052
$
633,164
3,364
$
35,455
$
537,805
MARCUS & MILLICHAP,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except for
shares and par value)
December 31, 2021
(Unaudited)
December 31, 2020
Assets
Current assets:
Cash and cash equivalents
$
382,140
$
243,152
Commissions receivable, net
17,230
10,391
Prepaid expenses
13,220
10,153
Marketable debt securities,
available-for-sale (includes amortized cost of $183,915 and
$158,148 at December
31, 2021 and 2020, respectively, and $0
allowance for credit losses)
183,868
158,258
Advances and loans, net
6,403
2,413
Other assets
5,270
4,711
Total current assets
608,131
429,078
Property and equipment, net
23,192
23,436
Operating lease right-of-use assets,
net
81,528
84,024
Marketable debt securities,
available-for-sale (includes amortized cost of $111,858 and $45,181
at December 31,
2021 and 2020, respectively, and $0
allowance for credit losses)
112,610
47,773
Assets held in rabbi trust
11,508
10,295
Deferred tax assets, net
33,736
21,374
Goodwill and other intangible assets,
net
48,105
52,053
Advances and loans, net
113,242
106,913
Other assets
13,146
4,176
Total assets
$
1,045,198
$
779,122
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other liabilities
$
24,271
$
18,288
Deferred compensation and commissions
114,685
58,106
Income tax payable
17,853
3,726
Operating lease liabilities
18,973
19,190
Accrued bonuses and other employee related
expenses
49,848
21,007
Total current liabilities
225,630
120,317
Deferred compensation and commissions
53,536
38,745
Operating lease liabilities
58,334
59,408
Other liabilities
11,394
13,816
Total liabilities
348,894
232,286
Commitments and contingencies
—
—
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares – 25,000,000;
issued and outstanding shares – none at December 31, 2021 and 2020,
respectively
—
—
Common stock, $0.0001 par value:
Authorized shares – 150,000,000; issued
and outstanding shares – 39,692,373 and 39,401,976 at
December 31, 2021 and 2020,
respectively
4
4
Additional paid-in capital
121,844
113,182
Retained earnings
573,546
431,076
Accumulated other comprehensive income
910
2,574
Total stockholders’ equity
696,304
546,836
Total liabilities and stockholders’
equity
$
1,045,198
$
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
December 31,
Year Ended
December 31,
2021
2020
2021
2020
Net income
$
62,002
$
23,622
$
142,470
$
42,838
Adjustments:
Interest income and other (1)
(1,026
)
(958
)
(2,496
)
(5,048
)
Interest expense
144
205
580
900
Provision for income taxes
21,529
8,651
50,833
16,526
Depreciation and amortization
2,915
3,077
11,721
10,899
Stock-based compensation
2,708
2,354
10,361
9,905
Non-cash MSR activity (2)
(60
)
(9
)
(467
)
(321
)
Adjusted EBITDA(3)
$
88,212
$
36,942
$
213,002
$
75,699
(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 months ended December
31, 2021 and the year ended December 31, 2021 compared to the same
periods 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 three months ended and the year ended December 31,
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 these transactions:
Three Months Ended
December 31, 2021
Year Ended
December 31, 2021
(actual)
(as adjusted)
(actual)
(as adjusted)
Total Sales Volume Increase
155.4%
135.8%
110.6%
101.8%
Average Commission Rate
Reduction
(17.8)%
(12.4)%
(12.6)%
(9.1)%
Average Transaction Size
Increase
61.3%
49.1%
37.2%
31.6%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220218005047/en/
Investor Relations Contact: Investor Relations
InvestorRelations@marcusmillichap.com
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