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Marcus & Millichap, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $168.5 million for the quarter, a 4% increase from $162.0 million in the same period of 2023. This increase was driven by a rise in real estate brokerage commissions, financing fees, and other revenue.
Real estate brokerage commissions were $142.0 million, up 1.5% from $139.8 million in the previous year, attributed to a 14.7% increase in total sales volume.
Financing fees increased by 19.3% to $20.6 million, with a 12% rise in total financing volume.
Operating expenses totaled $180.0 million, a 1.4% increase from $177.5 million in the prior year, primarily due to a rise in selling, general, and administrative expenses.
The company reported an operating loss of $11.5 million, an improvement from a $15.4 million loss in the previous year, due to increased revenue.
Other income, net, increased to $5.3 million from $4.4 million, primarily due to a higher carrying value of assets held in the rabbi trust.
The benefit for income taxes was $1.0 million, down from $2.0 million, with an effective tax rate of 15.2%, compared to 17.8% in the prior year.
Net loss for the quarter was $5.4 million, an improvement from a $9.2 million loss in the previous year.
The company had cash, cash equivalents, and restricted cash of $172.7 million as of September 30, 2024, with an increase of $1.9 million from the beginning of the year.
Marcus & Millichap continues to focus on its strategic initiatives and market positioning in the commercial real estate sector.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Marcus & Millichap Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.