Marcus & Millichap is a national commercial real estate brokerage and financing firm. Its core business is representing buyers and sellers in the sale of commercial properties, earning a commission on each closed transaction. The firm focuses primarily on the "private client" segment — properties priced between $1M and $10M — which it argues is the largest and most active segment of the U.S. CRE market. Marcus & Millichap also serves middle market clients ($10M–$20M) and institutional clients ($20M+) through its IPA division. The firm covers 10 property types including multifamily, retail, industrial, office, and net lease, operating through roughly 1,808 commission-based producers across 80+ offices in the U.S. and Canada. The financing arm, MMCC, places debt with a network of over 420 lenders and earns origination fees, contributing about 14% of revenue. Brokerage commissions make up roughly 84% of revenue. Because most producers are independent contractors paid from commissions, the cost structure is largely variable, though SG&A is more fixed. The business is highly seasonal, with revenue concentrated in Q4. Marcus & Millichap holds approximately $398M in cash and no debt, and pursues growth through producer recruitment, expansion of MMCC, and scaling its institutional platform.