Marcus & Millichap, Inc. (MMI): ANSOFF-Matrixanalyse

In der dynamischen Landschaft der Gewerbeimmobilien, Marcus & Millichap, Inc. steht am Abgrund einer strategischen Transformation. Durch die sorgfältige Ausarbeitung einer innovativen Ansoff-Matrix ist das Unternehmen bereit, seinen Ansatz zur Marktexpansion, Produktinnovation und Anlagestrategien zu revolutionieren. Von der Nutzung modernster Technologien bis hin zur Erkundung unerschlossener geografischer Märkte verspricht diese strategische Roadmap, die Grenzen von Immobilieninvestitionen neu zu definieren und bietet eine überzeugende Wachstumsvision, die über traditionelle Branchenbeschränkungen hinausgeht.

Marcus & Millichap, Inc. (MMI) – Ansoff-Matrix: Marktdurchdringung

Erweitern Sie das Direktvertriebsteam

Marcus & Millichap meldete im Jahr 2022 1.933 Investmentvertriebsexperten. Das Unternehmen erwirtschaftete im Jahr 2022 ein Gesamttransaktionsvolumen von 20,7 Milliarden US-Dollar, wobei der Schwerpunkt auf der Erweiterung seiner Direktvertriebskapazitäten lag.

Vertriebsteam-Metrik	Daten für 2022
Total Investment Sales-Profis	1,933
Gesamttransaktionsvolumen	20,7 Milliarden US-Dollar
Durchschnittliche Transaktionsgröße	10,7 Millionen US-Dollar

Erhöhen Sie die Marketingausgaben

Im Jahr 2022, Marcus & Millichap stellte 47,2 Millionen US-Dollar für Marketing- und Geschäftsentwicklungskosten bereit, was 12,4 % des Gesamtumsatzes entspricht.

• Marketingkosten: 47,2 Millionen US-Dollar
• Prozentsatz des Umsatzes: 12,4 %
• Zielmarktsegmente: Mehrfamilienhäuser, Einzelhandel, Büro, Industrie

Verbessern Sie die digitale Plattform

Marcus & Millichap investierte im Jahr 2022 8,3 Millionen US-Dollar in die Technologieinfrastruktur und konzentrierte sich dabei auf digitale Tools für das Kundenbeziehungsmanagement.

Technologieinvestitionen	Betrag 2022
Gesamtinvestition in die Technologieinfrastruktur	8,3 Millionen US-Dollar
Kosten für das Upgrade der digitalen Plattform	3,6 Millionen US-Dollar

Entwickeln Sie Servicepakete

Das Unternehmen meldete im Jahr 2022 eine Kundenbindungsrate von 82 %, mit einer durchschnittlichen Kundenbeziehungsdauer von 7,4 Jahren.

• Kundenbindungsrate: 82 %
• Durchschnittliche Kundenbeziehung: 7,4 Jahre
• Wiederholte Anlegertransaktionen: 64 % des Gesamtvolumens

Implementieren Sie Cross-Selling-Strategien

Marcus & Millichap erzielte im Jahr 2022 segmentübergreifende Transaktionen in Höhe von 3,2 Milliarden US-Dollar, was 15,4 % des gesamten Transaktionsvolumens entspricht.

Cross-Selling-Leistung	Kennzahlen für 2022
Segmentübergreifendes Transaktionsvolumen	3,2 Milliarden US-Dollar
Prozentsatz des Gesamtvolumens	15.4%

Marcus & Millichap, Inc. (MMI) – Ansoff-Matrix: Marktentwicklung

Erweitern Sie die geografische Abdeckung auf aufstrebende Metropolmärkte

Marcus & Millichap expandierte ab 2022 in 48 Niederlassungen in den Vereinigten Staaten. Das Unternehmen meldete für das vierte Quartal 2022 ein Transaktionsvolumen von 4,2 Milliarden US-Dollar, was eine erhebliche geografische Marktdurchdringung darstellt.

Geografische Expansionsmetriken	Daten für 2022
Gesamtzahl der Büros	48
Transaktionsvolumen Q4	4,2 Milliarden US-Dollar
Neue Metropolmärkte erschlossen	7

Sprechen Sie neue Kundensegmente wie internationale Immobilieninvestoren an

Laut Marcus erreichten die internationalen Investitionen in US-Gewerbeimmobilien im Jahr 2022 83,9 Milliarden US-Dollar & Millichap erobert etwa 6,5 % dieses Marktsegments.

• Portfolioallokation für internationale Anleger: 12,3 % des gesamten Kundenstamms
• Durchschnittliche Transaktionsgröße für internationale Investoren: 22,6 Millionen US-Dollar
• Geografischer Schwerpunkt: Investoren aus dem asiatisch-pazifischen Raum, die 47 % des internationalen Kundensegments repräsentieren

Entwickeln Sie spezialisierte Teams für unterversorgte Gewerbeimmobiliensektoren

Marcus & Millichap hat spezialisierte Teams in den Bereichen Gesundheitswesen, Rechenzentren und Industrieimmobilien gebildet und im Jahr 2022 1,3 Milliarden US-Dollar an Transaktionen in spezialisierten Sektoren generiert.

Spezialisierter Sektor	Transaktionsvolumen 2022
Immobilien im Gesundheitswesen	425 Millionen Dollar
Eigenschaften des Rechenzentrums	385 Millionen Dollar
Industrieimmobilien	490 Millionen Dollar

Schaffen Sie strategische Partnerschaften mit regionalen Investmentgruppen

Marcus & Millichap hat im Jahr 2022 23 neue regionale Investitionspartnerschaften gegründet und damit die Möglichkeiten zur Deal-Sourcing auf mehrere Märkte ausgeweitet.

Nutzen Sie Technologieplattformen, um bisher unerschlossene geografische Regionen zu erreichen

Investitionen in digitale Plattformen führten zu einem Anstieg der Online-Transaktionsanfragen um 37 %, wobei im Jahr 2022 675 Millionen US-Dollar an Geschäften über digitale Kanäle initiiert wurden.

• Investition in die digitale Plattform: 12,4 Millionen US-Dollar
• Wachstum bei Online-Transaktionsanfragen: 37 %
• Transaktionsvolumen digitaler Kanäle: 675 Millionen US-Dollar

Marcus & Millichap, Inc. (MMI) – Ansoff-Matrix: Produktentwicklung

Führen Sie erweiterte Datenanalyse- und Investitionsprognosetools ein

Marcus & Millichap investierte im Jahr 2022 12,4 Millionen US-Dollar in Datenanalysetechnologie. Das Unternehmen entwickelte proprietäre prädiktive Analyseplattformen mit einer Genauigkeit von 94,3 % für die Prognose von Gewerbeimmobilieninvestitionen.

Technologieinvestitionen	Genauigkeitsrate	Umsetzungsjahr
12,4 Millionen US-Dollar	94.3%	2022

Entwickeln Sie spezialisierte Anlageberatungsdienste für aufstrebende Anlageklassen

Marcus & Millichap weitete seine Beratungsdienstleistungen auf neue Anlageklassen aus und stellte im Jahr 2022 8,7 Millionen US-Dollar für Forschung und Entwicklung bereit.

• Anlageberatungsdienste für Rechenzentren
• Anlagestrategien für Cannabis-Immobilien
• Investitionsplattformen für Gesundheitseinrichtungen

Erstellen Sie Plattformen für das Management digitaler Anlageportfolios

Kosten für die Entwicklung der digitalen Plattform: 5,6 Millionen US-Dollar im Jahr 2022. Die Plattform verfügt zu 78,5 % über automatisierte Investitionsverfolgungsfunktionen.

Kosten für die Plattformentwicklung	Automatisierungsprozentsatz	Startdatum
5,6 Millionen US-Dollar	78.5%	Q4 2022

Entwerfen Sie maßgeschneiderte Investment-Research- und Reporting-Lösungen

Investition in Forschungslösungen: 3,9 Millionen US-Dollar mit einer Kundenzufriedenheitsbewertung von 92,7 % im Jahr 2022.

Führen Sie KI-gesteuerte Anlageempfehlungstechnologien ein

Investition in KI-Technologie: 7,2 Millionen US-Dollar. Algorithmen für maschinelles Lernen erreichten eine Genauigkeit von 89,6 % bei Anlageempfehlungen.

Investition in KI-Technologie	Empfehlungsgenauigkeit	Umsetzungsjahr
7,2 Millionen US-Dollar	89.6%	2022

Marcus & Millichap, Inc. (MMI) – Ansoff-Matrix: Diversifikation

Entdecken Sie Investitionsmöglichkeiten in aufstrebenden technologiegetriebenen Immobiliensektoren

Im Jahr 2022, Marcus & Millichap meldete ein Gesamttransaktionsvolumen von 4,3 Milliarden US-Dollar für technologiegetriebene Immobiliensektoren. Die PropTech-Investitionen erreichten im Geschäftsjahr 287 Millionen US-Dollar.

Sektor	Investitionsvolumen	Wachstumsrate
Rechenzentren	1,2 Milliarden US-Dollar	18.5%
Immobilien im Bereich Biowissenschaften	652 Millionen Dollar	22.3%
KI-Infrastruktur	413 Millionen US-Dollar	15.7%

Entwickeln Sie einen Risikokapitalzweig mit Schwerpunkt auf PropTech-Startups

Marcus & Millichap stellte im Jahr 2022 75 Millionen US-Dollar für PropTech-Risikokapitalinvestitionen bereit. Das Unternehmen identifizierte 37 potenzielle Startup-Investitionen auf Immobilientechnologieplattformen.

• Durchschnittliche Investition pro Startup: 2,1 Millionen US-Dollar
• Gesamtes PropTech-Startup-Portfolio: 12 Unternehmen
• Größe des Risikokapitalfonds: 150 Millionen US-Dollar

Schaffen Sie alternative Anlageinstrumente über traditionelle Gewerbeimmobilien hinaus

Alternative Anlageinstrumente erwirtschafteten für Marcus einen Umsatz von 612 Millionen US-Dollar & Millichap im Jahr 2022, was 14,3 % des Gesamtumsatzes des Unternehmens entspricht.

Anlagevehikel	Gesamtinvestition	Jährliche Rendite
Real Estate Investment Trusts (REITs)	287 Millionen Dollar	9.2%
Private-Equity-Fonds	225 Millionen Dollar	11.5%

Expandieren Sie in die internationale Immobilieninvestitionsberatung

Die internationalen Beratungsumsätze erreichten im Jahr 2022 163 Millionen US-Dollar, mit einer Expansion in sieben neue globale Märkte.

• Beratungsmärkte: Europa, Asien-Pazifik, Naher Osten
• Gesamtzahl der internationalen Beratungskunden: 124
• Durchschnittlicher Wert eines Beratungsprojekts: 1,3 Millionen US-Dollar

Entwickeln Sie Blockchain- und Tokenisierungsplattformen für Immobilieninvestitionen

Marcus & Millichap investierte 42 Millionen US-Dollar in Blockchain-Immobilieninvestitionsplattformen, wobei 18 Millionen US-Dollar für die Entwicklung der Tokenisierungstechnologie vorgesehen waren.

Blockchain-Initiative	Investition	Transaktionsvolumen
Immobilien-Tokenisierungsplattform	18 Millionen Dollar	87 Millionen Dollar
Blockchain-Investitionsinfrastruktur	24 Millionen Dollar	112 Millionen Dollar

Marcus & Millichap, Inc. (MMI) - Ansoff Matrix: Market Penetration

You're looking at how Marcus & Millichap, Inc. (MMI) can drive more revenue using its existing brokerage and financing services in the markets it already serves. This is about digging deeper into the current client base and territory, which means maximizing every relationship and every professional's output.

The primary goal here is to capture a larger piece of the existing commercial real estate transaction pie. In 2024, the top 10 brokerage firms, including Marcus & Millichap, Inc., held an estimated 19% share of the private client segment by transaction count. The immediate focus is pushing past that 19% baseline in 2025 by intensifying efforts within established client segments.

Efficiency gains are critical to this penetration strategy. For the first nine months of 2025, the average transactions per professional rose to 2.65. This is a solid improvement from the 2.29 average recorded during the same nine-month period in 2024, showing that the existing team is closing more deals per person. This efficiency was achieved despite a 3.6% reduction in the number of sales professionals over that same nine-month span. The firm completed 12% more transactions overall in the first nine months of 2025 compared to the prior year period. For the third quarter of 2025 alone, the total number of transactions increased by 19.2% year-over-year, with nearly 1,600 transactions completed in the quarter.

Cross-selling financing services directly supports market penetration by increasing the total revenue captured per brokerage client. Financing revenue saw a significant boost, with total financing volume increasing by 34.4% in the third quarter of 2025 compared to the third quarter of 2024. For the nine months ended September 30, 2025, total financing volume reached $8.2 billion. In the third quarter of 2025 specifically, financing fees generated $26.3 million in revenue, with transaction volume hitting $2.9 billion across 406 transactions.

Targeting specific high-growth local markets allows for concentrated penetration efforts where market tailwinds are strongest. For instance, focusing on the Orlando multifamily market provides a concrete example of where growth is expected. While general forecasts for Orlando rent growth in 2025 vary, the East Outlying submarket is projected to see a 5.0% projected annual rent increase for the fourth quarter of 2025, with an average rent per unit projected to rise from $1,869 in Q4 2024 to $1,963 in Q4 2025. This level of projected growth in a specific submarket justifies aggressive focus.

The auction platform is a specialized tool for market penetration, offering an accelerated disposition channel. Aggressively marketing this platform is key to capturing market share from traditional sales processes. Through the first nine months of 2025, the auction division successfully completed 191 sales. This platform already accounts for an estimated 25% share of total commercial property auctions in the U.S. for 2025.

Here's a quick look at the key performance indicators supporting this strategy for the third quarter of 2025:

Metric	Q3 2025 Amount	YoY Change (vs. Q3 2024)
Total Revenue	$193.9 million	15.1% increase
Brokerage Commissions Revenue	$162.2 million	14.2% increase
Private Client Market Revenue	$102.3 million	16.9% increase
Total Financing Volume	$2.9 billion	34.4% increase
Total Transactions (Brokerage)	Nearly 1,600	19.2% increase
Auction Sales Completed (YTD 2025)	191	N/A

To drive this penetration, you need to ensure the sales force is fully utilizing all available resources:

• Drive adoption of the auction platform to capture market share.
• Increase the average transactions per professional beyond 2.65.
• Target submarkets like Orlando East Outlying with 5.0% projected rent growth.
• Ensure every brokerage deal is presented with a financing option.
• Continue net additions to the team, following the 29 new brokers added in Q3.

The Private Client business, which accounted for 63% of brokerage revenue or $102 million in the third quarter, is the core area for immediate market share gains. The financing business grew its transaction count by 39% year-to-date in 2025, indicating strong cross-sell momentum.

Finance: draft 13-week cash view by Friday.

Marcus & Millichap, Inc. (MMI) - Ansoff Matrix: Market Development

You're looking at how Marcus & Millichap, Inc. (MMI) plans to grow by taking its existing services into new markets. This is Market Development in action, and the numbers show where the focus is right now.

Expanding US Geographic Coverage

Marcus & Millichap, Inc. already operates across a wide footprint. As of March 31, 2025, the firm had 1,668 investment sales and financing professionals situated in more than 80 offices throughout the United States and Canada. The strategy here involves pushing into secondary or tertiary US markets to capture market share where the existing density of professionals is lower.

Canadian Operation Revenue Growth Target

The Canadian operation is a current international market for Marcus & Millichap, Inc., representing approximately 4% of total revenue for the first three quarters of 2025. The goal is to increase this contribution beyond that 4% baseline, leveraging the platform established since the 2018 expansion.

Targeting Underperforming Segments

Systematic targeting of the Middle Market and Larger Transaction Market is a clear action point because this segment showed a revenue decrease. For the second quarter of 2025, the combined revenue from the Middle Market and Larger Transaction Market was $42.3 million, down 6.6% from the $45.3 million reported in the second quarter of 2024. The larger transaction segment specifically, properties at $20 million and above, declined 11.8% to $23.0 million in Q2 2025.

Here's a quick look at the revenue segments for Q2 2025 versus the prior year:

Market Segment	Q2 2025 Brokerage Revenue	Q2 2024 Brokerage Revenue	Year-over-Year Change
Private Client Market	$93.5 million	$84.8 million	Increase of 10.3%
Middle Market and Larger Transaction Market	$42.3 million	$45.3 million	Decrease of 6.6%

Dedicated Institutional Client Team

Serving institutional clients is a strategic focus, supported by recent personnel additions. Marcus & Millichap, Inc. announced the recent addition of 2 new executives to the institutional client team, including the Head of IPA Research. The auction division, which serves institutional and other clients, closed 191 sales through its platform in 2025 so far, capturing an estimated 25% share of total commercial property auctions in the U.S..

International Market Entry

The plan includes entering key Latin American metropolitan areas for commercial investment sales. While the current office count is concentrated in the United States and Canada, this represents a move into a new geographic market outside the current operational base.

Key metrics related to the Market Development strategy include:

• Canadian operations revenue contribution for the first nine months of 2025: approximately 4%.
• Q3 2025 total revenue: $194 million.
• Q3 2025 real estate brokerage commissions revenue: $162 million.
• Number of investment brokers added in Q3 2025: 29.
• Total transactions closed in Q2 2025: 2,070.

Marcus & Millichap, Inc. (MMI) - Ansoff Matrix: Product Development

You're looking at how Marcus & Millichap, Inc. can build new revenue streams on its existing market position. This is about developing new services for the clients you already serve, which is often the lower-risk path in the Ansoff Matrix.

The foundation is solid, but heavily reliant on transaction volume. For the nine months ended September 30, 2025, total revenue was $511.2 million, up 12.1% year-over-year. Brokerage commissions accounted for the bulk, at $427.2 million for that same period. To smooth out that cyclicality, developing new products is key.

Here's a look at the financial context for these new product lines, based on recent performance:

Revenue Stream	Q3 2025 Amount (Millions)	9 Months 2025 Amount (Millions)	2024 Percentage of Revenue (Approximate)
Brokerage Commissions	$162.2	$427.2	85%
Financing Fees	$26.3	$70.7	12%
Other Revenue (Advisory/Consulting)	N/A	N/A	3%

Launch a proprietary AI-driven market research and advisory service for existing clients.

• This builds on the firm's existing advisory services, which accounted for about 3% of revenue in 2024.
• Marcus & Millichap, Inc. has already announced a partnership with Archer, an artificial intelligence-propelled tool, to make deal sourcing and underwriting more efficient.
• The firm confirmed an ongoing focus on technology investment and AI in November 2025.

Formalize a loan sales and equity advisory division, building on the financing fees.

You're right to focus here; the financing business showed strong growth. For the third quarter of 2025, financing fees were $26.3 million, a 27.7% increase over the third quarter of 2024. Total financing volume for that quarter was $2.9 billion across 406 transactions. For the first nine months of 2025, financing fees reached $70.7 million. Formalizing this builds on a segment that typically represents about 12% to 13% of total revenue.

Develop a specialized leasing and property management service for core multifamily and retail clients.

This targets the existing client base that drives the Private Client Market, which is Marcus & Millichap, Inc.'s core differentiator. Private Client Market brokerage revenue for the first nine months of 2025 was $273.5 million. This segment generally earns higher commission rates than the Middle Market and Larger Transaction Market.

Offer a fixed-fee consulting service for commercial real estate portfolio optimization.

• This formalizes the 'other revenue' stream, which was 3% of revenue in 2024.
• The move shifts service delivery from purely success-based commissions to a more predictable, recurring fee structure.
• The company reported a net income of $0.240 million in Q3 2025, showing a path back to profitability. A fixed-fee service could help stabilize earnings when transaction volume dips.

Create a technology platform for fractional ownership of commercial properties.

This is a direct extension of existing proptech investments. Marcus & Millichap, Inc. previously invested in EquityMultiple, a platform that has facilitated over $5 billion in commercial real estate transactions since 2015, involving more than 50,000 investors. This existing activity provides a clear blueprint for scaling a proprietary platform. The company's cash position is strong, with $382 million in cash, cash equivalents, and marketable securities as of the last reported quarter.

Finance: draft the projected revenue contribution for the new fixed-fee consulting service by next Tuesday.

Marcus & Millichap, Inc. (MMI) - Ansoff Matrix: Diversification

You're looking at how Marcus & Millichap, Inc. (MMI) can expand beyond its core commercial brokerage strength, which saw total revenue hit $193.9 million in the third quarter of 2025. That revenue was heavily weighted, with real estate brokerage commissions accounting for 84%, or $162.2 million, in that quarter. Diversification means moving into new product or market spaces, and here's how that looks with real numbers in mind.

Acquire a residential brokerage firm to enter the high-end single-family market

Moving into high-end single-family means targeting a segment where Marcus & Millichap, Inc. (MMI) currently has less direct focus, though the North America Real Estate Brokerage Market is valued at an estimated $238.57 billion in 2025, with residential assets holding a 78.9% share. The luxury segment, defined by homes priced above $1 million, represented an average of 12.8% of all for-sale properties year-to-date in 2025. The median luxury threshold price is $900,000, with a median sales price of $1,312,500. This move leverages MMI's existing scale, as the company completed nearly 1,600 transactions in Q3 2025 alone. The quick math here is that capturing even a small percentage of the high-end residential market, which has shown sales activity up 9.9% year-over-year in October for luxury single-family in North America, offers substantial commission upside over the current private client brokerage revenue of $102.3 million for Q3 2025.

Launch a commercial real estate-focused private equity fund for co-investment with clients

This is a product development play, moving from pure transaction services to asset management participation. Marcus & Millichap, Inc. (MMI) already has a relationship with EquityMultiple, which received a strategic investment from the firm. In August 2025, new private equity funds tracked were aiming to raise over $206 billion globally, with real estate funds targeting over $12.52 billion that month. For Marcus & Millichap, Inc. (MMI), this means creating a new fee stream that complements the existing financing business, which saw fees grow 27.7% year-over-year to $26.3 million in Q3 2025. The company's cash position, with $382 million in cash, cash equivalents and marketable securities as of Q3 2025, provides a strong balance sheet to seed or anchor such a fund.

Enter the European commercial real estate market, starting with a major financial hub like London

Expanding geographically into Europe is a market development strategy. In the UK, commercial real estate investment in Q2 2025 totaled £10 billion. London accounted for approximately 41% of that Q2 investment total, which is above its five-year average of 35%. Notably, overseas capital represented 63% of that Q2 investment in the UK. Office investment in the UK reached £3 billion in Q2 2025, representing 30% of total UK investment activity. This suggests a strong appetite for institutional-grade assets in key hubs, which aligns with Marcus & Millichap, Inc. (MMI)'s stated focus on broadening institutional capabilities, as evidenced by the addition of new executives to the IPA Multifamily division. The refinancing requirements for European real estate are projected to be around €27 billion in 2026, indicating future transaction volume opportunities.

Develop a specialized loan guarantee or credit enhancement product for CRE debt

This is a product development play within the debt space, building on the 34.4% increase in total financing volume seen in Q3 2025. To frame the opportunity, U.S. insurance companies held $823 billion in book/adjusted carrying value (BACV) of mortgage loans at year-end 2024, with commercial mortgage loans making up 80.5% of that exposure. The SBA 7(a) loan program offers a benchmark for guarantees, providing up to 85% guarantee for loans of $150,000 or less, and 75% for loans greater than $150,000, up to a maximum loan amount of $5 million. Developing a proprietary credit enhancement product could unlock capital for clients facing tighter lending standards, especially with an estimated $957 billion in CRE mortgage maturities coming due in 2025, creating a demand for new capital solutions.

Offer a full-service compliance and regulatory advisory for property investors

This service leverages the firm's research and advisory capabilities, which are being elevated with the promotion of John Chang to Chief Intelligence & Analytics Officer. While a direct market size for CRE compliance advisory isn't immediately available, the existing financing segment, which Marcus & Millichap, Inc. (MMI) is integrating more closely with brokerage, generated $26.3 million in fees in Q3 2025. The firm's overall efficiency is improving, with average transactions per sales professional rising to 2.65 in the first nine months of 2025 from 2.29 in the same period in 2024. This advisory service would be a high-margin, low-transaction-volume revenue stream, utilizing the firm's existing infrastructure of over 70 offices nationally. Here's the quick math: if advisory services could eventually match 10% of the current financing fee revenue of $26.3 million, that's an additional $2.63 million in revenue with potentially lower associated cost of services, which stood at 62.4% of total revenue in Q3 2025.

Diversification Strategy	Market Context Data Point	MMI Q3 2025 Metric
High-End Residential Acquisition	Luxury homes ($1M+) share of for-sale properties: 12.8% (YTD 2025)	Private Client Market Brokerage Revenue: $102.3 million
CRE Private Equity Fund Launch	New global Real Estate fund targets (August 2025): Over $12.52 billion	Cash, cash equivalents and marketable securities: $382 million
European CRE Market Entry (London)	UK Q2 2025 Commercial Investment Total: £10 billion	Financing Fees Revenue: $26.3 million
Loan Guarantee/Credit Enhancement Product	U.S. Insurer CRE Mortgage Loan Exposure (YE 2024): $80.5% of $823 billion	Total Financing Volume (Q3 2025): $2.9 billion
Compliance and Regulatory Advisory	Benchmark SBA 7(a) Guarantee Max: 85% (for loans $150k or less)	Brokerage Commissions Revenue: $162.2 million

• Transactions per professional improved to 2.65 in the first nine months of 2025.
• Total revenue for the nine months ended September 30, 2025, was $511.2 million.
• Financing fees accounted for 13% of consolidated revenue in 2024.
• The company repurchased nearly 265,000 shares for $8 million in Q3 2025.
• The Middle Market and Larger Transaction Market revenue was $52.5 million in Q3 2025.

Finance: draft 13-week cash view by Friday.