# Marcus & Millichap posts strongest quarter in years

> Commercial real estate brokerage swings to profitability as institutional investors return to the market.
- Title: Marcus & Millichap posts strongest quarter in years | Shortify
- Summary: Commercial real estate brokerage swings to profitability as institutional investors return to the market. Marcus & Millichap has returned to profitability…
- Keywords: marcus & millichap, mmi, commercial real estate, multifamily, brokerage, earnings, q2 2026, institutional investors, operating margin, financing fees, Marcus, Millichap
- Source: Alphastreet - Earnings Decoded. Market Intelligence Delivered — https://news.alphastreet.com/what-lies-ahead-for-marcus-millichap-mmi-following-these-multifamily-asset-sales
- Author: Newsdesk
- Published: 2026-09-21T14:25:03+00:00
- Read time: 1 min
- Topics: marcus & millichap, mmi, commercial real estate, multifamily, brokerage, earnings, q2 2026, institutional investors, operating margin, financing fees
## All segments grow for first time
Marcus & Millichap reported Q2 2026 revenue of $202.9 million, up 17.8% year-over-year. All business segments registered growth simultaneously for the first time since recent market disruptions began.

> All business segments registered growth simultaneously for the first time since recent market disruptions began.
## Brokerage commissions surge 18%
Brokerage commissions, which make up 82% of revenue, jumped to $167.0 million from $141.4 million year-over-year. Larger institutional deals grew fastest at 29.4%, while private clients grew 13.6%.

> Middle Market and Larger Transaction Market brokerage revenue surged 29.4%
## Financing volume explodes 60%
Q1 2026 financing fees grew 48.1% year-over-year, with total financing volume jumping 60% across nearly 400 transactions. Average deal size increased 35%, showing bigger deals are closing.

> Financing volume growing 60% across nearly 400 transactions, and average deal size increasing 35%
## Multifamily becomes strategic focus
Recent transactions include a $90.5 million West Palm Beach sale, $51 million Los Angeles asset, $43 million Miami construction financing, and $53 million Northwest Arkansas refinance. All multifamily deals.
## Operating margin swings positive
Operating margin improved to 1.1% from negative 5.3% in Q2 2025. Adjusted EBITDA surged 732.6% to $12.1 million. Net income reached $3.9 million, or $0.10 per share, versus a $11.0 million loss in the prior year.

> Operating margin improved to 1.1% from negative 5.3% in Q2 2025
## Strong balance sheet, flat costs
Despite 18% revenue growth, SG&A expenses stayed flat year-over-year, proving the platform's scalability. The company holds $153.5 million in cash and declared a $0.25 semi-annual dividend.
## Key takeaway

Marcus & Millichap has returned to profitability with all business segments growing simultaneously for the first time in years, driven by surging institutional investor activity in commercial real estate.