Marcus & Millichap 1 FOURTH QUARTER 2020 EARNINGS CONFERENCE CALL FEBRUARY 18, 2021 FORWARD-LOOKING STATEMENTS Certain statements in this presentation are "forward-looking statements" within the meaning of the federal securities laws, including our business outlook for 2021 and beyond, the potential continuing impact of the COVID-19 pandemic, and expectations for changes (or fluctuations) in market share growth. Statements about our beliefs and expectations and statements containing the words "may," "could, ...

Financial Data and Key Metrics Changes - The company reported fourth-quarter revenue of $250 million, a 5% increase year-over-year and a 58% increase from the third quarter [8][35] - Total revenue for the full year was $717 million, down 11% from 2019, with adjusted EBITDA of $76 million, reflecting a 34.5% decline [16][36] - Adjusted EBITDA for the fourth quarter improved to $37 million, representing 14.8% of revenue, a 13.6% increase over the fourth quarter of 2019 [52] Business Line Data and Key Metrics Changes - Brokerage commissions for the fourth quarter accounted for approximately 87% of total revenues, increasing 54% sequentially to $217 million [37] - Private client business represented 64% of real estate brokerage revenue for the quarter, declining 2% year-over-year but increasing nearly 42% sequentially [38] - Financing fees rose 43% year-over-year in the fourth quarter and 72% sequentially, driven by increased transaction sizes and activity [40] Market Data and Key Metrics Changes - Total sales volume in the fourth quarter reached $15.6 billion, with 2,978 transactions, reflecting year-on-year growth of 5% [43] - The company managed to keep transaction volume decline for the year to 8%, outperforming the market, which saw an estimated 30% decline [23] Company Strategy and Development Direction - The company aims to build on last year's platform improvements and pursue long-term productivity gains, with a focus on technology upgrades and internal training [24] - Strategic acquisitions and attracting experienced talent remain a priority, with ongoing discussions for potential targets [54][66] - The company is positioned to facilitate solutions across various sectors, including suburban and secondary markets, as trends shift post-pandemic [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery, expecting a gradual improvement in the market, albeit with some choppiness in the first quarter [25][55] - The release of pent-up demand and significant liquidity in the market are anticipated to support recovery in the second half of the year [29] - Management emphasized the importance of maintaining a strong focus on both external growth through new talent and internal support for existing staff [81] Other Important Information - The company completed four acquisitions in 2020, bringing the total to nine since 2018, and successfully attracted experienced professionals [17] - The cash position at year-end was approximately $449 million, equating to $11.30 per diluted share, providing stability and flexibility for future investments [53] Q&A Session Summary Question: Significant increase in average deal size - Management noted that the increase reflects a catch-up from larger clients who returned more aggressively in the fourth quarter, alongside a gradual shift towards larger deals due to hiring experienced brokers [61][62] Question: Opportunities for acquisitions - Management confirmed ongoing efforts to pursue acquisitions of various sizes, emphasizing the importance of strategic fits rather than focusing solely on large or small firms [64][66] Question: Market share gains and internal initiatives - Management highlighted the diversification of the platform and successful recruitment of specialists as key factors driving market share gains [74][75] Question: Recruiting efforts in light of expected demand - Management reiterated a strong focus on attracting experienced agents and maintaining support for existing staff, with expectations for increased demand in the second half of the year [78][80]

Financial Performance - Q3 2020 - Revenue for Q3 2020 was $158.6 million, a decrease of 20.0% year-over-year but an increase of 35.1% sequentially from Q2 2020[8] - Net income for Q3 2020 was $6.0 million, a decrease of 68.7% year-over-year[8] - Adjusted EBITDA for Q3 2020 was $12.2 million, a decrease of 56.1% year-over-year but an increase of 194.7% sequentially from Q2 2020[8] Financial Performance - Year-to-Date 2020 - Revenue for year-to-date 2020 was $466.7 million, a decrease of 17.9% year-over-year[11] - Net income for year-to-date 2020 was $19.2 million, a decrease of 65.8% year-over-year[11] - Adjusted EBITDA for year-to-date 2020 was $38.8 million, a decrease of 53.3% year-over-year[11] Brokerage Performance - Q3 2020 - Sales volume for Q3 2020 was $7.0 billion, a decrease of 26.9% year-over-year[13] - Transaction closings for Q3 2020 were 1,527, a decrease of 12.9% year-over-year[13] - Real estate brokerage commissions revenue for Q3 2020 was $140.8 million, a decrease of 21.8% year-over-year[13] Brokerage Performance - Year-to-Date 2020 - Sales volume for year-to-date 2020 was $20.9 billion, a decrease of 19.5% year-over-year[16] - Transaction closings for year-to-date 2020 were 4,217, a decrease of 15.5% year-over-year[16] - Real estate brokerage commissions revenue for year-to-date 2020 was $416.0 million, a decrease of 19.0% year-over-year[16] Financing Performance - Q3 2020 - Sales volume for financing in Q3 2020 was $1.7 billion, a decrease of 0.4% year-over-year but an increase of 47.0% sequentially from Q2 2020[19] - Financing fees revenue for Q3 2020 was $15.6 million, a decrease of 2.5% year-over-year but an increase of 23.0% sequentially from Q2 2020[19] Financing Performance - Year-to-Date 2020 - Sales volume for financing year-to-date 2020 was $4.6 billion, a decrease of 8.5% year-over-year[21] - Financing fees revenue for year-to-date 2020 was $43.7 million, a decrease of 8.0% year-over-year[21]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36155 MARCUS & MILLICHAP, INC. (Exact name of registrant as specified in its Charter) (State or Other Juris ...

Marcus & Millichap, Inc. (NYSE:MMI) Q3 2020 Earnings Conference Call November 5, 2020 5:00 PM ET Company Participants Evelyn Infurna - Managing Director, ICR Hessam Nadji - President & Chief Executive Officer Steve Degennaro - Chief Financial Officer Conference Call Participants Blaine Heck - Wells Fargo Operator Thank you for standing by. This is the conference operator. Welcome to Marcus & Millichap's Third Quarter 2020 Earnings Conference Call. As a reminder all participants are in a listen mode and the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36155 MARCUS & MILLICHAP, INC. (Exact name of registrant as specified in its Charter) Delaware 35-2478370 (State ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2020 declined 44% year-over-year to $117 million, reflecting a broad-based decline across all business lines due to the health crisis [38][11] - Revenue from real estate brokerage commissions, which accounted for 88% of total revenue, fell 45% to $103 million, while financing fees decreased 28% to approximately $13 million [38][11] - Adjusted EBITDA decreased by 87% to $4.2 million, with an adjusted EBITDA margin of 3.5% [51][38] - The company finished the quarter with approximately $322 million in cash and cash equivalents, indicating strong liquidity levels [52] Business Line Data and Key Metrics Changes - Private client brokerage revenue declined 45% to approximately $71 million, with transactions falling by 43% [39] - Revenue from larger brokerage transactions contracted to $16.4 million, reflecting a smaller decrease of 37% [39] - Financing fees from private client and middle market segments reflected moderate declines of 2.6% and 6.5% respectively, while financing fees from larger transactions declined 50% [42][41] Market Data and Key Metrics Changes - Overall transaction volume in the marketplace dropped by 60% year-over-year, with total sales volume for the quarter at $6.9 billion, a 47% decline from last year [11][44] - Occupancy and rent collections were better than expected, particularly for apartments, industrial, and office properties [24] - The bid/ask spread has widened significantly across various property types, with single-tenant and necessity retail performing better than shopping centers and hotels [23] Company Strategy and Development Direction - The company is focused on preserving its strong balance sheet while pursuing strategic acquisitions and infrastructure investments [13][20] - Ongoing hiring through virtual means has added 83 professionals, a 4% increase in the sales force over the past year [19] - The company is actively pursuing strategic acquisitions with adjusted underwriting to accommodate current market conditions [20] Management's Comments on Operating Environment and Future Outlook - The health crisis has created significant uncertainty in the commercial real estate market, impacting asset valuations and transaction volumes [10] - Management believes that the eventual release of pent-up demand will lead to a robust recovery in real estate transactions [18] - The company anticipates that the cadence of transactions will be slightly lower in the third quarter due to ongoing market disruptions [55] Other Important Information - The company has launched a comprehensive internal training program to support brokers during the pandemic [15] - The CFO transition is set to occur with Steve Degennaro taking over effective August 17, bringing a technology-oriented skill set to the leadership team [35][36] Q&A Session Summary Question: Competition faced by agents in the current market - Management noted that competition is constant, but the company has maintained strong client relationships, allowing them to complete nearly 1,600 transactions in the quarter, indicating market share gains [61][62] Question: Opportunities for business acquisitions - Management indicated that many companies previously hesitant to engage are now reconsidering due to the company's leadership role and branding during the crisis [63][66] Question: Headcount retention and recruitment post-pandemic - Management acknowledged that while they are seeing better net headcount growth, the challenging environment may increase turnover rates among newer agents [78] Question: Client outreach and marketing efforts - Management reported that client engagement has been strong, with record attendance at webcasts, indicating a continued need for information and guidance [81][82] Question: Impact of 1031 exchanges on transactions - Management confirmed that 1031 exchanges remain an important part of their business, typically accounting for about 25% of transactions, and they are not overly concerned about potential changes to this tax benefit [84][86]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36155 MARCUS & MILLICHAP, INC. (Exact name of registrant as specified in its Charter) Delaware 35-2478370 (Stat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-36155 MARCUS & MILLICHAP, INC. (Exact name of registrant as specified in its charter) Delaware 35-2478370 (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36155 MARCUS & MILLICHAP, INC. (Exact name of registrant as specified in its Charter) Delaware 35-2478370 ( ...