Reinhart Partners Fully Exits Marcus & Millichap Stake
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
0mins
Should l Buy MMI?
Source: Fool
- Share Sale Overview: On February 10, 2026, Reinhart Partners, LLC disclosed in an SEC filing that it sold all 2,208,439 shares of Marcus & Millichap, with an estimated transaction value of approximately $64.82 million, indicating a complete exit from the company.
- Position Change Impact: This sale brought Reinhart's position in Marcus & Millichap to zero at quarter-end, reducing its reportable AUM by 1.94%, reflecting a pessimistic outlook on the company's future prospects.
- Stock Performance Issues: Marcus & Millichap's stock has declined by 26.4% over the past year and has dropped 28% since 2021, highlighting ongoing weakness in the commercial real estate market, particularly in a prolonged high-interest rate environment.
- Investor Recommendations: Given that Marcus & Millichap's stock is near a 52-week low, retail investors may need to consider alternative investment options, especially in light of the current downturn in the commercial real estate market, and seek out more promising real estate stocks.
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Analyst Views on MMI
Wall Street analysts forecast MMI stock price to rise
1 Analyst Rating
0 Buy
0 Hold
1 Sell
Moderate Sell
Current: 25.010
Low
29.00
Averages
29.00
High
29.00
Current: 25.010
Low
29.00
Averages
29.00
High
29.00
About MMI
Marcus & Millichap, Inc. is a real estate services company specializing in commercial real estate investment sales, financing services, research, and advisory services. It also offers market research, consulting and advisory, and leasing services to its clients. Through its Commercial Real Estate Services, it provides equity advisory services and loan sales, loan guarantees, consulting, and advisory services. It serves clients with one property, multiple properties, and large investment portfolios. Through its Real Estate Brokerage, it represents commercial property owners as their investment broker in the sale of their properties. Its auction services division offers an accelerated way to buy and sell commercial property. Its financing division provides other services, such as loan sales and due diligence, and receives recurring loan performance fees from certain lenders. It provides advisory and consulting services in forming investment strategy and making transaction decisions.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Marcus & Millichap Reports Q4 Profit Growth
- Profit Performance Improvement: Marcus & Millichap reported a fourth-quarter profit of $13.31 million, translating to earnings per share of $0.34, which marks a significant increase from last year's $8.55 million and $0.22 per share, reflecting the company's robust performance in the market.
- Revenue Growth: The company's revenue for the fourth quarter reached $243.95 million, up 1.6% from $240.08 million last year, indicating stable revenue generation amidst a competitive real estate market.
- Enhanced Profitability: The earnings per share increased by 54.5% compared to the previous year, which not only boosts investor confidence but also provides a stronger financial foundation for future capital operations.
- Optimistic Market Outlook: With the growth in profit and revenue, Marcus & Millichap solidifies its market position in the real estate sector, which is expected to attract more investor interest in its future growth potential.
See More
Marcus & Millichap Reports Strong Q4 2025 Earnings Growth
- Significant Revenue Growth: Marcus & Millichap reported total revenue of $244 million for Q4 2025, reflecting a 2% increase year-over-year, while adjusted EBITDA surged from $9 million in 2024 to $25 million, showcasing the company's resilience in a complex market environment.
- Record Transaction Volume: The firm completed nearly 9,000 transactions in Q4, totaling over $50 billion, with notable growth in private client and financing segments, as the private client business accounted for 65% of brokerage revenue at $133 million, indicating strong market demand.
- Accelerated Talent Expansion: The company achieved nearly 100 net additions to its sales force in 2025, marking the highest growth in seven years, which enhances its competitive position in the market and lays a solid foundation for future business growth.
- AI-Driven Efficiency Improvements: The firm is strategically advancing the application of AI technologies to enhance operational efficiency and reduce costs; although acquisition plans have not yet materialized, management remains optimistic about future market prospects, emphasizing a continued focus on client value propositions.
See More
Marcus & Millichap Q4 Earnings Beat Expectations
- Earnings Beat: Marcus & Millichap reported a Q4 GAAP EPS of $0.34, exceeding expectations by $0.13, which reflects improved profitability and boosts investor confidence.
- Revenue Growth: The company achieved Q4 revenue of $244 million, a 1.6% year-over-year increase, surpassing expectations by $14.55 million, indicating sustained competitiveness in the market.
- Commission Performance: Brokerage commissions totaled $205.3 million, up 1.2% year-over-year, with private client market commissions rising 10.3%, despite a 15.8% decline in middle market and larger transaction commissions, showcasing market segment vitality.
- Increased Financing Fees: Financing fees reached $33.2 million, a 6.5% increase, reflecting heightened demand for financing services, which further supports overall revenue growth.
See More
Marcus & Millichap Reports Strong Q4 2025 Earnings Growth
- Earnings Growth: In Q4 2025, earnings per share reached $0.34, a remarkable 57.0% increase year-over-year, indicating significant profitability improvements amidst market disruptions, thereby boosting investor confidence.
- Steady Revenue Growth: Total revenue for Q4 was $244 million, up 1.6% from the previous year, with brokerage commissions at $205.3 million, reflecting the company's ability to maintain stable revenue streams in a competitive environment.
- Strong Private Client Market Performance: Brokerage revenue from the Private Client Market hit $132.8 million, a 10.3% increase, showcasing the company's successful strategy in high-commission markets and further solidifying its market leadership.
- Significant EBITDA Improvement: Adjusted EBITDA for Q4 2025 was $25 million, a 38.7% increase, demonstrating ongoing enhancements in cost control and operational efficiency, laying a solid foundation for future growth.
See More
Marcus & Millichap Completes $40.5 Million Hotel Sale
- Transaction Overview: Marcus & Millichap successfully completed the $40.5 million sale of the Hilton Baton Rouge Capitol Center, a complex year-long transaction involving multiple stakeholders, highlighting the asset's significance in the market.
- Market Positioning: The new owner, Northshore Development, plans to implement a targeted repositioning and operations strategy in the Louisiana State University-anchored market, aiming to enhance the hotel's competitiveness and guest experience.
- Geographic Advantage: The hotel overlooks the Mississippi River in downtown Baton Rouge, with nearby attractions including the Old State Capitol and various cultural and entertainment venues, which enhances its appeal and potential customer base.
- Company Background: In 2024, Marcus & Millichap closed 7,836 transactions with a total sales volume of approximately $49.6 billion, demonstrating its strong presence and influence in the commercial real estate investment sales and financing sector.
See More
Marcus & Millichap Completes $40.5 Million Hotel Sale
- Transaction Scale: Marcus & Millichap successfully completed the $40.5 million sale of the Hilton Baton Rouge Capitol Center, a 291-room hotel, showcasing the firm's expertise in handling complex transactions.
- Market Positioning: The new owner, Northshore Development, plans to implement a targeted repositioning and operations strategy in the Louisiana State University-anchored market, aiming to enhance the hotel's competitiveness and guest experience.
- Historical Significance: The Hilton Baton Rouge Capitol Center, as one of the most prominent hotels in downtown, holds historical value and will provide enhanced services and experiences for guests, further solidifying its local standing.
- Company Background: In 2024, Marcus & Millichap closed 7,836 transactions with a total sales volume of approximately $49.6 billion, demonstrating its strong capabilities and market influence in commercial real estate investment sales and financing.
See More
Marcus & Millichap Reports Q4 Profit Growth
- Profit Performance Improvement: Marcus & Millichap reported a fourth-quarter profit of $13.31 million, translating to earnings per share of $0.34, which marks a significant increase from last year's $8.55 million and $0.22 per share, reflecting the company's robust performance in the market.
- Revenue Growth: The company's revenue for the fourth quarter reached $243.95 million, up 1.6% from $240.08 million last year, indicating stable revenue generation amidst a competitive real estate market.
- Enhanced Profitability: The earnings per share increased by 54.5% compared to the previous year, which not only boosts investor confidence but also provides a stronger financial foundation for future capital operations.
- Optimistic Market Outlook: With the growth in profit and revenue, Marcus & Millichap solidifies its market position in the real estate sector, which is expected to attract more investor interest in its future growth potential.
See More
Marcus & Millichap Reports Strong Q4 2025 Earnings Growth
- Significant Revenue Growth: Marcus & Millichap reported total revenue of $244 million for Q4 2025, reflecting a 2% increase year-over-year, while adjusted EBITDA surged from $9 million in 2024 to $25 million, showcasing the company's resilience in a complex market environment.
- Record Transaction Volume: The firm completed nearly 9,000 transactions in Q4, totaling over $50 billion, with notable growth in private client and financing segments, as the private client business accounted for 65% of brokerage revenue at $133 million, indicating strong market demand.
- Accelerated Talent Expansion: The company achieved nearly 100 net additions to its sales force in 2025, marking the highest growth in seven years, which enhances its competitive position in the market and lays a solid foundation for future business growth.
- AI-Driven Efficiency Improvements: The firm is strategically advancing the application of AI technologies to enhance operational efficiency and reduce costs; although acquisition plans have not yet materialized, management remains optimistic about future market prospects, emphasizing a continued focus on client value propositions.
See More
Marcus & Millichap Q4 Earnings Beat Expectations
- Earnings Beat: Marcus & Millichap reported a Q4 GAAP EPS of $0.34, exceeding expectations by $0.13, which reflects improved profitability and boosts investor confidence.
- Revenue Growth: The company achieved Q4 revenue of $244 million, a 1.6% year-over-year increase, surpassing expectations by $14.55 million, indicating sustained competitiveness in the market.
- Commission Performance: Brokerage commissions totaled $205.3 million, up 1.2% year-over-year, with private client market commissions rising 10.3%, despite a 15.8% decline in middle market and larger transaction commissions, showcasing market segment vitality.
- Increased Financing Fees: Financing fees reached $33.2 million, a 6.5% increase, reflecting heightened demand for financing services, which further supports overall revenue growth.
See More
Marcus & Millichap Reports Strong Q4 2025 Earnings Growth
- Earnings Growth: In Q4 2025, earnings per share reached $0.34, a remarkable 57.0% increase year-over-year, indicating significant profitability improvements amidst market disruptions, thereby boosting investor confidence.
- Steady Revenue Growth: Total revenue for Q4 was $244 million, up 1.6% from the previous year, with brokerage commissions at $205.3 million, reflecting the company's ability to maintain stable revenue streams in a competitive environment.
- Strong Private Client Market Performance: Brokerage revenue from the Private Client Market hit $132.8 million, a 10.3% increase, showcasing the company's successful strategy in high-commission markets and further solidifying its market leadership.
- Significant EBITDA Improvement: Adjusted EBITDA for Q4 2025 was $25 million, a 38.7% increase, demonstrating ongoing enhancements in cost control and operational efficiency, laying a solid foundation for future growth.
See More
Marcus & Millichap Completes $40.5 Million Hotel Sale
- Transaction Overview: Marcus & Millichap successfully completed the $40.5 million sale of the Hilton Baton Rouge Capitol Center, a complex year-long transaction involving multiple stakeholders, highlighting the asset's significance in the market.
- Market Positioning: The new owner, Northshore Development, plans to implement a targeted repositioning and operations strategy in the Louisiana State University-anchored market, aiming to enhance the hotel's competitiveness and guest experience.
- Geographic Advantage: The hotel overlooks the Mississippi River in downtown Baton Rouge, with nearby attractions including the Old State Capitol and various cultural and entertainment venues, which enhances its appeal and potential customer base.
- Company Background: In 2024, Marcus & Millichap closed 7,836 transactions with a total sales volume of approximately $49.6 billion, demonstrating its strong presence and influence in the commercial real estate investment sales and financing sector.
See More
Marcus & Millichap Completes $40.5 Million Hotel Sale
- Transaction Scale: Marcus & Millichap successfully completed the $40.5 million sale of the Hilton Baton Rouge Capitol Center, a 291-room hotel, showcasing the firm's expertise in handling complex transactions.
- Market Positioning: The new owner, Northshore Development, plans to implement a targeted repositioning and operations strategy in the Louisiana State University-anchored market, aiming to enhance the hotel's competitiveness and guest experience.
- Historical Significance: The Hilton Baton Rouge Capitol Center, as one of the most prominent hotels in downtown, holds historical value and will provide enhanced services and experiences for guests, further solidifying its local standing.
- Company Background: In 2024, Marcus & Millichap closed 7,836 transactions with a total sales volume of approximately $49.6 billion, demonstrating its strong capabilities and market influence in commercial real estate investment sales and financing.
See More
