Updated
The most significant concentration Marcus & Millichap discloses is MMCC acquisition-financing placements at 42%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Marcus & Millichap’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'During 2025, approximately 42% of MMCC’s revenue came from placing acquisition financing, 33% from refinancing activities, and 25% from other financing activities.'”
“10-K Item 1A: 'In 2025, we earned approximately 27% of our revenue from offices in California.'”
Marcus & Millichap discloses two distinct concentration points. Within its MMCC financing subsidiary, approximately 42% of revenue came from placing acquisition financing in 2025, versus 33% from refinancing activities and 25% from other financing activities — a structural mix that is tilted toward acquisition financing but still spread across three distinct activity types rather than dependent on just one. Separately, the company earned approximately 27% of its revenue from offices in California in 2025, a geographic concentration tied to that state's real estate market conditions, regulatory environment, and economic cycle. Both exposures are structural rather than dependency-type risks tied to a specific counterparty: the MMCC revenue mix reflects how that business line is organized across financing activity types, and the California concentration reflects the geographic footprint of the brokerage's office network. Because acquisition financing is the largest of the three MMCC activities but not an overwhelming majority, and California is a meaningful but not dominant share of overall revenue, neither exposure on its own appears likely to be a single deciding factor — though a downturn concentrated in California real estate, combined with a slowdown in acquisition-financing activity, would compound across both disclosed concentrations at once.
For the engine’s reasoning on MMI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| COMP | Compass, Inc. | 2 | 0 | 0 | 2 |
| CWK | Cushman & Wakefield Ltd. | 2 | 0 | 0 | 2 |
| CBRE | CBRE Group Inc | 0 | 2 | 0 | 2 |
| MMI● | Marcus & Millichap, Inc. | 0 | 2 | 0 | 2 |
| AGNT | AGNT, Inc. | 0 | 0 | 0 | 0 |
| CSGP | CoStar Group, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.