Marcus & Millichap, Inc. (MMI) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.219 Greetings and welcome to Marcus and Millichap's fourth quarter and year-end 2025 00:00:05.219 -- 00:00:10.467 earnings conference call. As a reminder, this call is being recorded. 00:00:10.467 -- 00:00:13.751 I will now turn the conference over to your host, Jacques Cornet. 00:00:13.751 -- 00:00:14.813 Thank you. You may begin. 00:00:14.813 -- 00:00:16.455 Thank 00:00:16.455 -- 00:00:21.623 you, operator. Good morning. Welcome to Marcus and Millichap's fourth quarter and year-end 00:00:21.623 -- 00:00:26.851 2025 earnings conference call. With us today are President 00:00:26.851 -- 00:00:32.939 and Chief Executive Officer Issam Nagy and Chief Financial Officer Steve DiGennaro. 00:00:32.939 -- 00:00:37.485 Before I turn the call over to management, please remember that our prepared remarks 00:00:37.485 -- 00:00:41.731 and the responses to questions may contain forward-looking statements. 00:00:41.731 -- 00:00:47.018 Words such as may, will, expect, believe, estimate, anticipate, 00:00:47.018 -- 00:00:51.604 goal, and variations of these words and similar expressions 00:00:51.604 -- 00:00:54.757 are intended to identify forward-looking statements. 00:00:54.757 -- 00:00:59.584 Actual results can differ materially from those implied by such forward-looking statements 00:00:59.584 -- 00:01:05.092 due to a variety of factors, including but not limited to general 00:01:05.092 -- 00:01:10.279 economic conditions and commercial real estate market conditions, the company's ability 00:01:10.279 -- 00:01:13.924 to retain and attract transactional professionals, 00:01:13.924 -- 00:01:19.492 company's ability to retain its business philosophy and partnership culture amid competitive 00:01:19.492 -- 00:01:20.934 pressures, 00:01:20.934 -- 00:01:2...