Marcus & Millichap Inc (MMI) 2025 Q3 法說會逐字稿

Greetings, and welcome to Marcus & Millichap's third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the conference over to your host, Jacques Cornet. Thank you. You may begin.

各位好，歡迎參加 Marcus & Millichap 2025 年第三季財報電話會議。（操作員說明）提醒您，本次通話正在錄音。現在我謹將會議交給主持人雅克·科爾內先生。謝謝。你可以開始了。

Thank you, operator.

謝謝接線生。

Good morning, and welcome to Marcus & Millichap's third quarter 2025 earnings conference call. With us today are President and Chief Executive Officer, Hessam Nadji; and Chief Financial Officer, Steven DeGennaro.

早上好，歡迎參加 Marcus & Millichap 2025 年第三季財報電話會議。今天與我們在一起的有總裁兼首席執行官赫薩姆·納吉；以及首席財務官史蒂文·德傑納羅。

Before I turn the call over to management, please remember that our prepared remarks and the responses to questions may contain forward-looking statements. Words such as may, will, expect, believe, estimate, anticipate, goal and variations of these words and similar expressions are intended to identify forward-looking statements.

在我將電話會議交給管理階層之前，請記住，我們準備好的發言稿和對問題的回答可能包含前瞻性陳述。諸如「可能」、「將」、「預期」、「相信」、「估計」、「預計」、「目標」等詞語及其變體和類似表達旨在識別前瞻性陳述。

Actual results can differ materially from those implied by such forward-looking statements due to a variety of factors, including, but not limited to, general economic conditions and commercial real estate market conditions, the company's ability to retain and attract transaction professionals; company's ability to retain its business philosophy and partnership culture amid competitive pressures, company's ability to integrate new agents and sustain its growth and other factors discussed in the company's public filings, including its annual report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2025.

由於各種因素，實際結果可能與此類前瞻性聲明所暗示的結果存在重大差異，這些因素包括但不限於：總體經濟狀況和商業房地產市場狀況；公司留住和吸引交易專業人員的能力；公司在競爭壓力下保持其商業理念和合夥文化的能力；公司整合新代理商並維持其增長的能力；以及公司公開文件中討論的其他因素，包括公司於 2025 年 2 月 2012 月 20201K 月 2025 年 2 月的年度證券交易委員會提交給美國證券交易委員會於 2025 年 2 月的年度 2025-K 月 2025 年 2 月 20201K 月 2025-K 月 20202 月 2025 月的年度證券交易委員會提交。

Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can make no assurance that its expectations will be attained.

儘管該公司認為此類前瞻性聲明中所反映的預期是基於合理的假設，但該公司無法保證其預期能夠實現。

The company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition, certain financial information presented on this call represents non-GAAP financial measures. The company's earnings release, which was issued this morning and is available on the company's website, represents a reconciliation to the appropriate GAAP measures and explains why the company believes such non-GAAP measures are useful to investors.

本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。此外，本次電話會議中提供的某些財務資訊屬於非公認會計準則財務指標。該公司今天早上發布的盈利報告可在公司網站上查閱，該報告對適當的 GAAP 指標進行了調整，並解釋了公司為什麼認為這些非 GAAP 指標對投資者有用。

The conference call is being webcast. The webcast link is available on the Investor Relations section of the company's website at www.marcusmillichap.com, along with the slide presentation you may reference during the prepared remarks.

本次電話會議正在進行網路直播。網路直播連結可在公司網站 www.marcusmillichap.com 的投資者關係部分找到，同時還可以找到您在準備發言期間可能參考的幻燈片簡報。

With that, it's my pleasure to turn the call over to CEO, Hessam Nadji.

接下來，我很高興將電話交給執行長赫薩姆·納吉先生。

Thank you, Jacques. Good morning, and welcome to our third quarter 2025 earnings call. I'm pleased to report that we delivered a strong quarter with total revenue increasing 15% over Q3 2024. This marks the fifth consecutive quarter of year-over-year revenue growth as we continue to navigate the severe and complex market disruption of the past three years.

謝謝你，雅克。早安，歡迎參加我們2025年第三季財報電話會議。我很高興地報告，我們本季業績強勁，總收入比 2024 年第三季成長了 15%。這標誌著我們連續第五個季度實現同比增長，我們繼續應對過去三年來嚴峻而複雜的市場動盪。

Adjusted EBITDA for the quarter was $7 million compared to approximately breakeven in the prior year period. This year's third quarter results included a $4 million legal reserve that Steve will address in his remarks.

本季調整後 EBITDA 為 700 萬美元，而去年同期基本達到損益平衡。今年第三季的業績報告中包含 400 萬美元的法律準備金，史蒂夫將在演講中對此進行說明。

Excluding this reserve, the company's SG&A was modestly lower than the prior year, reflecting our ongoing focus on cost management while still making strategic investments in technology, talent and branding. As noted on prior calls, the expensing of investments made over the past several years in talent retention and acquisition during a period of hampered revenue production has been a significant drag on our earnings.

除此儲備金外，公司銷售、一般及行政費用略低於上年，反映出我們持續專注於成本管理，同時仍在技術、人才和品牌方面進行策略性投資。正如先前電話會議中提到的，過去幾年在人才保留和獲取方面進行的投資，在收入增長受阻的時期，這些投資的費用化對我們的收益造成了很大的拖累。

We expect this dynamic to shift into operating leverage as the market improves. During the quarter, our results outpaced the market based on transaction growth of 25% for MMI versus an estimated market growth of 12% in transactions based on RCA data for sales of $2.5 million plus assets. This was driven by momentum in our private client brokerage business, which was up 17% in revenue and 22% in the number of transactions.

我們預期隨著市場好轉，這種動態將轉變為經營槓桿效應。本季度，我們的業績超過了市場平均水平，MMI 的交易增長率為 25%，而根據 RCA 數據，250 萬美元以上資產的銷售額對應的市場交易增長率估計為 12%。這主要得益於我們私人客戶經紀業務的強勁成長勢頭，該業務的收入增長了 17%，交易量增長了 22%。

This critical segment, defined as transactions in the $1 million to $10 million price range is improving, thanks to more banks and credit unions returning to the market, gradual price discovery and more investors finally coming off the sidelines.

由於更多銀行和信用社重返市場、價格逐步發現以及更多投資者最終走出觀望，這個關鍵細分市場（定義為交易金額在 100 萬美元至 1000 萬美元之間的市場）正在改善。

Private client apartments and single-tenant retail posted strong revenue gains of 35% and 16%, respectively. The company's mid-market segment also contributed to the quarter's results with a revenue increase of 35% from deals in the $10 million to $20 million price range, mostly dominated by larger private and quasi-institutional investors and developers.

私人客戶公寓和單一租戶零售業務的收入分別強勁增長了 35% 和 16%。該公司的中端市場業務也為本季業績做出了貢獻，交易額在 1000 萬美元至 2000 萬美元之間，收入增長了 35%，這些交易主要由大型私人和準機構投資者及開發商主導。

Our team's elevated client outreach campaigns and countless opinions of value that did not culminate in transactions over the past 2 years were instrumental in staying close to our clients during a time of uncertainty and providing guidance when they became ready to execute. This is the essence of Marcus & Millichap's client-centric and relationship-driven culture and business model that continue to differentiate us.

在過去的兩年裡，我們團隊開展了積極的客戶拓展活動，並提出了無數有價值的意見，儘管這些意見最終沒有促成交易，但在不確定的時期，這些意見對於與客戶保持密切聯繫以及在他們準備好執行時提供指導都起到了至關重要的作用。這就是 Marcus & Millichap 以客戶為中心、以關​​係為導向的企業文化和商業模式的精髓所在，也是我們不斷脫穎而出的關鍵。

Our larger deals valued at $20 million or more declined 12% in revenue and 13% in transaction count for the quarter, similar to what we have reported last quarter. Once again, this is a result of outsized growth in larger deals last year, which led the recovery from the 2023 market shock.

本季度，價值 2000 萬美元或以上的較大交易的收入下降了 12%，交易數量下降了 13%，與我們上個季度報告的情況類似。這再次得益於去年大額交易的超額成長，從而帶動了市場從 2023 年的市場衝擊中復甦。

Our $20 million and above transactions grew by 19% in calendar year 2024, 30% in the third quarter of 2024 and 59% in last year's final quarter. As a result, we faced a very difficult comparison this year. Given this dynamic, our overall brokerage volume in the third quarter posted a 2% gain compared to a 17% increase in market volume as reported by RCA, again for the $2.5 million plus asset sales.

2024 年日曆年，我們的 2,000 萬美元及以上的交易額成長了 19%，2024 年第三季成長了 30%，去年第四季成長了 59%。因此，我們今年面臨非常艱難的對比。鑑於這種動態，我們第三季的整體經紀業務量成長了 2%，而 RCA 報告的市場交易量成長了 17%，同樣是針對 250 萬美元以上的資產銷售而言。

Our IPA division continues to deepen its institutional client base, which we're taking to the next level by the recent addition of 2 new executives, Andrew Laehy, who heads our IPA Multifamily division; and Dags Chen, our new Head of IPA Research.

我們的IPA部門不斷深化其機構客戶基礎，最近新增兩位高階主管，分別是領導我們IPA多戶住宅部門的Andrew Laehy和我們新的IPA研究主管Dags Chen，我們將把這項基礎提升到一個新的水平。

Each of these is a seasoned institutional executive with more than 20 years of experience with some of the most renowned institutional investors in the industry. The added leadership, which we're very excited about, combined with our healthy pipeline and robust exclusive inventory position us well to continue the expansion of our institutional platform as a supplement to our private client market dominance.

他們每一位都是經驗豐富的機構主管，擁有超過 20 年的經驗，曾經服務於業內一些最知名的機構投資者。我們非常高興能有這樣一位新的領導層加入，再加上我們健康的業務儲備和強大的獨家庫存，這使我們能夠更好地繼續擴展我們的機構平台，作為對我們在私人客戶市場主導地位的補充。

Financing revenue once again exhibited strong growth, up 28%, reflecting improved lending conditions and our team's ability to leverage our extensive network of active lenders. So far this year, we've closed over 1,100 financing transactions with nearly 350 separate lenders, enabling our team to pivot when lenders move in and out of the market. Revenue growth has been widespread with contributions from our veteran originators, IPA Capital Markets as well as recent additions of experienced originators.

融資收入再次呈現強勁增長，增長了 28%，反映出貸款條件的改善以及我們團隊利用我們廣泛的活躍貸款機構網絡的能力。今年到目前為止，我們已經與近 350 家不同的貸款機構完成了 1100 多筆融資交易，這使得我們的團隊能夠在貸款機構進出市場時迅速調整策略。營收成長主要得益於我們資深發起人、IPA Capital Markets 以及近期加入的經驗豐富的發起人的貢獻。

We're also seeing steady progress in integrating our sales and financing teams, offering combined services to our private and institutional clients.

我們在整合銷售和融資團隊方面也取得了穩步進展，為我們的私人和機構客戶提供全面服務。

Our loan sales and advisory division, Mission Capital, is also seeing a significant uptick in activity and has posted solid revenue growth this year as more lenders are finally moving both performing and nonperforming loans to the marketplace.

我們的貸款銷售和諮詢部門 Mission Capital 的業務活動也顯著增加，今年的收入實現了穩健增長，因為越來越多的貸款機構最終將正常貸款和不良貸款都推向了市場。

Other developments of note include the net addition of 29 investment brokers in the quarter. As I've shared on previous calls, restoring and improving the company's organic talent development after a post-pandemic disruption has remained a priority, and our actions are starting to produce results, although the turnover rate of newer professionals is still elevated due to a difficult market environment.

其他值得注意的發展包括本季淨增 29 家投資經紀公司。正如我在先前的電話會議中分享的那樣，在疫情後的混亂局面之後，恢復和改善公司自身的人才培養仍然是我們的首要任務，我們的行動也開始產生效果，儘管由於市場環境艱難，新員工的離職率仍然很高。

The quarter's improvement is encouraging as is our continued success in attracting and integrating experienced professionals.

本季業績的改善令人鼓舞，我們在吸引和整合經驗豐富的專業人才方面取得的持續成功也令人欣慰。

Our team also made progress in expanding MMI's brokerage transaction services, which is designed as a centralized resource for analytics and production support to our sales force. We see this as an area that can directly benefit from AI, technology and bringing more efficiency and expanded output to our team and to our clients.

我們的團隊在擴展 MMI 的經紀交易服務方面也取得了進展，該服務旨在為我們的銷售團隊提供集中式的分析和生產支援資源。我們認為，人工智慧和技術能夠直接惠及這一領域，為我們的團隊和客戶帶來更高的效率和更大的產出。

Lastly, I'm pleased to report that our auction division, which started in 2022, continues to gain traction, particularly in its collaboration with our investment brokers who are bringing this added marketing channel to many of our clients. So far this year, we've closed 191 sales through our auction platform, accounting for an estimated 25% share of total commercial property auctions in the US.

最後，我很高興地報告，我們於 2022 年成立的拍賣部門繼續取得進展，尤其是在與我們的投資經紀人合作方面，他們為我們的眾多客戶帶來了這一額外的營銷管道。今年到目前為止，我們透過拍賣平台完成了 191 筆交易，約占美國商業房地產拍賣總量的 25%。

Looking forward, we're encouraged by the ongoing improvement in our key operating metrics, including shorter marketing timelines, fewer significant price reductions and near-record exclusive listing inventory.

展望未來，我們對關鍵營運指標的持續改善感到鼓舞，包括行銷時間縮短、大幅降價減少以及獨家房源庫存接近歷史最高水準。

Marketing and closing timelines still remain longer than usual and continue to weigh on productivity, largely due to persistently tight underwriting by lenders and a narrow margin of error on valuations among buyers and sellers.

行銷和交易完成的時間仍然比平時長，繼續對生產力造成影響，這主要是由於貸款機構持續嚴格的承銷政策以及買賣雙方估值誤差範圍較小所致。

However, the trend is improving, which allows us to allocate more bandwidth to new business development as the market regains alignment.

然而，這一趨勢正在改善，隨著市場逐漸恢復平衡，我們可以將更多精力投入新業務開發。

From a market perspective, this year's rate reduction failed to bring down long-term yields and did not spark a significant boost in the transaction pipeline as it did going into the fourth quarter of last year.

從市場角度來看，今年的降息未能降低長期殖利率，也沒有像去年第四季那樣大幅提振交易量。

Nonetheless, we remain cautiously optimistic about the start of a new sales and financing cycle as the market resets with measured improvement in the trading environment for 3 key reasons.

儘管如此，由於市場環境因以下三個主要原因而逐步改善，我們對新的銷售和融資週期的開始仍持謹慎樂觀態度。

First, we believe the Fed will continue to reduce interest rates over the next year, notwithstanding what may or may not happen in December to shore up the labor market. Although long-term rates are likely range bound, the more accommodative Fed and the end of quantitative tightening will be constructive for real estate transactions.

首先，我們認為，無論12月可能出現什麼情況來提振勞動市場，聯準會都將在未來一年繼續降低利率。儘管長期利率可能在一定範圍內波動，但聯準會更加寬鬆的貨幣政策和量化緊縮政策的結束將對房地產交易產生積極影響。

Second, the price adjustments that have occurred over the last two years are making many assets compelling on a replacement cost basis. Although there is clearly a flight to safety with capital preferring high-quality assets in strong locations, investor confidence and fear of missing out are becoming more evident in the marketplace.

其次，過去兩年來的價格調整使得許多資產以重置成本計算具有吸引力。儘管資金明顯傾向於避險，並青睞位於黃金地段的高品質資產，但投資者信心和害怕錯失良機的心理在市場上變得越來越明顯。

This is most pronounced in apartments, industrial and retail in the majority of the metros we serve. The recovery in the office sector is clearly broadening with the growing return to office mandates and average daily attendance at 80% of pre-pandemic levels. This measure was at 50% just two years ago and 57% just last year.

在我們服務的多數大都市地區，這種現像在公寓、工業和零售場所最為明顯。隨著越來越多的人恢復辦公，辦公產業的復甦正在大幅擴大，平均每日出勤率已恢復到疫情前水準的 80%。兩年前這一比例為 50%，去年為 57%。

Last but not least, the pullback in new construction driven by limited risk appetite by equity capital and high construction costs will set the stage for stronger occupancies and rent growth across most property types in 2026 and 2027. Again, this is most pronounced for apartments and industrial, which were the most active in new deliveries over the past five years.

最後但同樣重要的是，由於股權資本風險偏好有限和建築成本高昂，新建築的減少將為 2026 年和 2027 年大多數類型物業的入住率和租金增長奠定基礎。同樣，這種現像在公寓和工業地產領域最為明顯，這兩個領域在過去五年中新房交付量最為活躍。

Self-storage was also affected by this, and we'll see improvements in the coming years.

自助倉儲也受到了影響，我們將在未來幾年看到改善。

For MMI, our vision of expanding market coverage through improved organic hiring and scaling our experienced professional recruiting as well as synergistic acquisitions remains our primary growth path. These are the parallel paths we have set to expand our private client market share and continue building on IPS success.

對於 MMI 而言，我們透過改進自然招聘和擴大經驗豐富的專業招聘規模以及協同收購來擴大市場覆蓋範圍的願景仍然是我們的主要成長途徑。我們已製定了以下並行路徑，以擴大我們的私人客戶市場份額，並繼續鞏固IPS的成功。

Going into 2026, we're expanding our growth strategy in retail and industrial in particular, both of which offer significant growth or opportunity in the majority of the markets we serve. We also believe that further scaling of our financing capabilities has much room to run as we're proving through the success of many senior level originators who have joined MMI in the last several years.

展望 2026 年，我們將擴大在零售和工業領域的成長策略，這兩個領域在我們所服務的大多數市場中都蘊藏著巨大的成長或機會。我們也相信，我們的融資能力還有很大的提升空間，過去幾年加入 MMI 的許多高級發起人的成功證明了這一點。

On the acquisition front, we continue to see a wide bid-ask spread and misaligned expectations on the guaranteed portion of valuations and therefore, capitalizing on more accretive opportunities to recruit experienced individuals and teams.

在收購方面，我們繼續看到買賣報價差距較大，且對估值中保證部分的預期存在偏差，因此，我們需要抓住更多增值機會來招募經驗豐富的個人和團隊。

Given the fragmented nature of our core business and the limited number of large viable M&A targets, most of our efforts focus on boutique firms with highly concentrated ownership, which presents its own challenges. We're expanding our recruiting team and resources to increase capacity for additional experienced talent acquisition, while we continue to explore complementary business expansions.

鑑於我們核心業務的分散性以及大型可行併購目標的數量有限，我們的大部分精力都集中在股權高度集中的精品公司上，這帶來了自身的挑戰。我們正在擴大招募團隊和資源，以增加招募更多經驗豐富的人才的能力，同時我們將繼續探索互補的業務擴張。

From a capital allocation standpoint, our dividend and share repurchase program over the past 3.5 years has enabled us to maximize shareholder value while maintaining an exceptionally strong balance sheet.

從資本配置的角度來看，過去 3.5 年的股息和股票回購計畫使我們能夠在維持非常強勁的資產負債表的同時，最大限度地提高股東價值。

In the near term, we face a particularly challenging comparison to last year's exceptional fourth quarter, which benefited from the significant reduction in interest rates. That said, we expect to see continued sequential improvement in our business as the drivers of transaction activity continue to improve.

短期來看，我們將面臨與去年第四季相比的嚴峻挑戰，去年第四季得益於利率的大幅下降。也就是說，隨著交易活動驅動因素的持續改善，我們預期我們的業務將持續穩定改善。

Our strategy remains focused on leveraging our unique platform, expanding our market reach and investing in the tools and talent that will drive long-term growth.

我們的策略仍然是專注於利用我們獨特的平台，擴大市場覆蓋範圍，並投資於能夠推動長期成長的工具和人才。

With that, I will turn the call over to Steve for more details on the quarter. Steve?

接下來，我將把電話交給史蒂夫，讓他詳細介紹本季的情況。史蒂夫？

Thank you, Hessam. As mentioned, total revenue for the third quarter was $194 million, an increase of 15% compared to $169 million for the same period in the prior year.

謝謝你，赫薩姆。如前所述，第三季總營收為 1.94 億美元，比上年同期的 1.69 億美元成長了 15%。

Year-to-date, total revenue was $511 million, up 12% compared to $456 million last year. Breaking down revenue by segment, real estate brokerage commissions for the third quarter accounted for 84% of total revenue or $162 million, an increase of 14% year-over-year. While transaction volume declined 2% to $8.4 billion, the company closed nearly 1,600 transactions at an average commission rate of 1.9%, which was nearly 30 bps higher than last year.

今年迄今為止，總收入為 5.11 億美元，比去年的 4.56 億美元成長了 12%。按業務部門劃分收入，第三季房地產經紀佣金佔總收入的 84%，即 1.62 億美元，年增 14%。雖然交易量下降了 2%，至 84 億美元，但該公司完成了近 1,600 筆交易，平均佣金率為 1.9%，比去年高出近 30 個基點。

The increase in private client volume drove a 4% decrease in average fee per transaction due to the higher mix of smaller deals. We are not experiencing any notable fee erosion in the marketplace in any of our price tranches.

由於小額交易比例較高，私人客戶交易量的增加導致每筆交易的平均費用下降了 4%。在我們所有的價格檔次中，我們都沒有遇到市場上明顯的費用侵蝕問題。

For the 9 months year-to-date, real estate brokerage commission accounted for 84% of total revenue or $427 million, an increase of 10% year-over-year. The year-to-date improvement included 8% growth in transaction volume to $23 billion across 4,136 transactions and a 2% increase in the average commission rate.

截至今年前 9 個月，房地產經紀佣金佔總收入的 84%，即 4.27 億美元，年增 10%。今年迄今的改善包括交易量增加 8% 至 230 億美元（共 4,136 筆交易）以及平均佣金率成長 2%。

Average transaction size year-to-date was $5.6 million compared to $5.8 million a year ago, reflecting a higher proportion of private client revenue for the nine-month period.

今年迄今的平均交易規模為 560 萬美元，而去年同期為 580 萬美元，這反映出前九個月私人客戶收入的比例更高。

Within brokerage for the quarter, our core private client business accounted for 63% of brokerage revenue or $102 million, up from 62% and $87.5 million in the same period last year.

本季度，我們的核心私人客戶業務佔經紀業務收入的 63%，即 1.02 億美元，高於去年同期的 62% 和 8,750 萬美元。

Private Client transactions grew 24% in volume and 22% in transaction count. Year-to-date, private client contributed 64% of brokerage revenue or $274 million versus 63% and $245 million last year.

私人客戶交易量增加了 24%，交易筆數增加了 22%。今年迄今為止，私人客戶貢獻了經紀業務收入的 64%，即 2.74 億美元，而去年同期分別為 63% 和 2.45 億美元。

Middle market and larger transaction segments together accounted for 32% of brokerage revenue, generating $52 million in revenue compared to 35% and $49 million last year. While we achieved a 4% increase in the number of transactions within these segments, the overall dollar volume decreased 17%, reflecting a change in mix to more middle market activity and fewer transactions in the larger transaction space.

中端市場和較大交易部分合計佔經紀業務收入的 32%，創造了 5,200 萬美元的收入，而去年這一比例為 35%，收入為 4,900 萬美元。雖然這些細分市場的交易數量增加了 4%，但總交易額下降了 17%，這反映出市場結構發生了變化，中端市場活動增多，而大宗交易領域的交易量減少。

Large transactions significantly outgrew the market last year, creating a tough year-on-year comparison. Year-to-date, middle market and larger transaction segments combined represented 32% of brokerage revenue or $136 million compared to 33% and $126 million last year.

去年大宗交易量遠超過市場平均水平，導致年比數據難以比較。今年迄今，中端市場和大型交易板塊合計佔經紀業務收入的 32%，即 1.36 億美元，而去年同期分別為 33% 和 1.26 億美元。

Revenue from our financing business, which includes MMCC, grew 28% year-over-year to $26 million in the third quarter. The strong growth was driven primarily by a 34% increase in transaction volume totaling $2.9 billion across 406 financing transactions, which was a 28% increase year-over-year.

第三季度，包括 MMCC 在內的融資業務收入年增 28%，達到 2,600 萬美元。強勁成長主要得益於交易量成長 34%，總額達 29 億美元，共完成 406 筆融資交易，較去年同期成長 28%。

The average financing commission rate was nominally down 4 bps as expected due to an increase in larger deals closed in the quarter. The overall performance reflects the continued momentum and progress in scaling our financing platform.

由於本季成交的較大交易數量增加，平均融資佣金率如預期般小幅下降了 4 個基點。整體業績反映了我們融資平台規模化發展持續的動能和進展。

For the 9-month period, financing revenue was $71 million, a 33% increase compared to last year. This growth was driven by a 40% rise in transaction count and $8.2 billion in volume, up 46% year-over-year.

前 9 個月，融資收入為 7,100 萬美元，比去年同期成長 33%。這一成長主要得益於交易筆數成長 40% 和交易額達到 82 億美元，較去年同期成長 46%。

Other revenue, primarily from leasing, consulting and advisory fees was $5 million in the third quarter compared with $6 million in the same period last year.

第三季其他收入主要來自租賃、諮詢和顧問費，為 500 萬美元，而去年同期為 600 萬美元。

For the 9-month period, other revenue totaled $13 million compared to $16 million in the prior year.

前 9 個月，其他收入總計 1,300 萬美元，而去年同期為 1,600 萬美元。

Turning to expenses. Total operating expense for the quarter was $196 million compared to $180 million a year ago. For the 9-month period, total operating expense was $540 million compared to $496 million last year. Year-over-year increases in absolute dollars for both the quarter and year-to-date period are largely attributable to the increase in cost of services resulting from higher revenue.

接下來談談費用。本季總營運支出為 1.96 億美元，去年同期為 1.8 億美元。前 9 個月的總營運支出為 5.4 億美元，而去年同期為 4.96 億美元。本季和年初至今的絕對美元金額較去年同期成長主要歸因於收入增加導致服務成本上升。

Cost of services for the quarter was $121 million or 62.4% of revenue compared to 62.2% last year.

本季服務成本為 1.21 億美元，佔營收的 62.4%，去年同期為 62.2%。

For the 9-month period, cost of services totaled $316 million or 61.8% of revenue, up 50 basis points year-over-year. The increase in cost of services as a percentage of revenue was primarily driven by year-over-year revenue growth resulting in producers achieving higher commission thresholds.

前 9 個月的服務成本總計 3.16 億美元，佔營收的 61.8%，年增 50 個基點。服務成本佔收入百分比的增加主要是由於收入同比增長，導致生產商獲得了更高的佣金門檻。

SG&A expense for the quarter was $73 million or 37.4% of revenue compared to $71 million or 41.9% of revenue in the same period last year.

本季銷售、一般及行政費用為 7,300 萬美元，佔營收的 37.4%，而去年同期為 7,100 萬美元，佔營收的 41.9%。

The current quarter results include a $4 million reserve for a litigation matter that we believe has a number of legal rulings we intend to aggressively appeal. Also, as Hessam pointed out, our SG&A expense would have decreased by $2 million year-over-year, excluding the legal reserve as a result of tight cost controls.

本季業績包括 400 萬美元的訴訟準備金，我們認為該訴訟涉及多項法律裁決，我們將積極提起上訴。此外，正如 Hessam 所指出的那樣，由於嚴格的成本控制，我們的銷售、一般及行政費用（不包括法定準備金）同比減少了 200 萬美元。

I'd also like to reiterate that we have continued to make investments in key strategic areas throughout the market disruption with an eye towards long-term competitiveness.

我還要重申，儘管市場動盪，但我們始終著眼於長期競爭力，在關鍵策略領域持續進行投資。

For the 9-month period, SG&A totaled $216 million or 42.2% of revenue, down from 44.9% in the prior year. For the third quarter, we reported net income of $240,000 or $0.01 per share, which includes an $0.08 per share charge for the legal reserve that we took in the quarter.

前 9 個月，銷售、一般及行政費用總計 2.16 億美元，佔營收的 42.2%，低於前一年的 44.9%。第三季度，我們報告淨收入為 240,000 美元，即每股 0.01 美元，其中包括本季計提的每股 0.08 美元的法律準備金費用。

This compares to a net loss of $5.4 million or $0.14 loss per share in the prior year. In spite of the $4 million legal reserve, the year-over-year earnings per share improvement of $0.15 marks a notable return to profitability. During the third quarter, we maintained the same tax methodology we adopted in the second quarter and recorded a provision for income taxes of $1.2 million. For the 9-month period, the net loss was $20.9 million or $0.54 per share compared to a net loss of $23.8 million or $0.61 per share in the same period of the prior year. Adjusted EBITDA for the third quarter was $6.9 million compared to breakeven adjusted EBITDA in the same period last year.

相比之下，上一年淨虧損 540 萬美元，即每股虧損 0.14 美元。儘管有 400 萬美元的法律儲備金，但每股收益同比提高 0.15 美元，標誌著公司顯著恢復盈利能力。第三季度，我們沿用了第二季度採用的相同稅務方法，提列了 120 萬美元的所得稅準備金。前 9 個月淨虧損 2,090 萬美元，即每股虧損 0.54 美元，而上年同期淨虧損 2,380 萬美元，即每股虧損 0.61 美元。第三季調整後 EBITDA 為 690 萬美元，去年同期調整後 EBITDA 為損益兩平點。

Year-to-date, adjusted EBITDA was nearly breakeven compared to a loss of $8.7 million in the prior year. Adjusted EBITDA for both the quarter and year-to-date would have been $4 million higher if not for the legal reserve, underscoring the substantial progress in operating performance over the prior year.

今年迄今為止，調整後的 EBITDA 接近盈虧平衡，而去年同期虧損 870 萬美元。如果不計入法定準備金，本季和年初至今的調整後 EBITDA 將增加 400 萬美元，凸顯了與前一年相比，經營業績取得了實質進展。

Moving to the balance sheet. We continue to be well capitalized with no debt and $382 million in cash, cash equivalents and marketable securities, a $49 million increase over last quarter. Subsequent to quarter end, we returned $10 million in capital to shareholders through a dividend paid in early October. During the 9 months ended September 30, the company repurchased nearly 265,000 shares of common stock at an average price of $30.33 per share for a total of $8 million. Since August of 2022, the company has repurchased more than 2.4 million shares of common stock at an average price of $32.03 per share for a total price of $77 million.

接下來查看資產負債表。我們資金依然充裕，沒有債務，擁有 3.82 億美元的現金、現金等價物和有價證券，比上一季增加了 4,900 萬美元。季度結束後，我們透過10月初支付的股利向股東返還了1,000萬美元的資本。截至 9 月 30 日的 9 個月內，該公司以每股 30.33 美元的平均價格回購了近 265,000 股普通股，總計 800 萬美元。自 2022 年 8 月以來，該公司已回購超過 240 萬股普通股，平均每股價格為 32.03 美元，總價為 7,700 萬美元。

From the inception of our dividend and share repurchase programs over three years ago, we have returned a combined $200 million in capital to shareholders. We remain committed to a balanced long-term capital allocation strategy, which includes investing in technology, recruiting and retaining the best-in-class producers, strategic acquisitions and returning capital to shareholders.

自從三年多前我們啟動分紅和股票回購計畫以來，我們已向股東返還了總計 2 億美元的資本。我們始終致力於平衡的長期資本配置策略，包括投資技術、招募和留住一流生產人員、策略收購以及向股東返還資本。

We are encouraged to see signs of market stabilization evidenced by improved listing activity, a stronger pipeline, a better lending environment and renewed investor engagement. Ongoing uncertainty around global macro conditions, inflation, tariff policy and the labor market still exist, but the Fed has signaled a more accommodative environment, which should drive more transactional activity.

我們很高興看到市場穩定的跡象，包括上市活動增加、專案儲備更充足、貸款環境改善以及投資者參與度提高。全球宏觀經濟狀況、通膨、關稅政策和勞動力市場仍然存在不確定性，但聯準會已發出更寬鬆的貨幣環境訊號，這將推動更多交易活動。

For the fourth quarter, we anticipate quarter-over-quarter sequential revenue growth consistent with normal year-end seasonality. However, being mindful that our prior year results benefited from an exceptional surge in activity as investors capitalized on rate declines. Cost of services as a percentage of revenue should follow the usual pattern as revenue builds through the year and be sequentially higher than the third quarter.

我們預計第四季度營收將環比成長，與正常的年末季節性因素一致。然而，需要注意的是，我們上一年的業績得益於投資者利用利率下降帶來的異常活躍的交易活動。隨著收入在一年中逐步增長，服務成本佔收入的百分比應遵循通常的模式，並且逐季高於第三季。

As for SG&A, after normalizing for the legal reserve in the third quarter, SG&A for the fourth quarter should increase modestly on a dollar basis. With the current tax methodology, tax expense is expected to be in the range of $4 million to $6 million for the fourth quarter.

至於銷售、一般及行政費用，在扣除第三季的法定準備金後，第四季的銷售、一般及行政費用以美元計算應會小幅增長。按照目前的稅收計算方法，預計第四季的稅收支出將在 400 萬美元至 600 萬美元之間。

With that, operator, we can now open the call for Q&A.

操作員，現在我們可以開始問答環節了。

(Operator Instructions) Mitch Germain, Citizens.

（操作說明）米奇·傑曼，市民。

I appreciate the chance to ask a question. And I know you talked about some of the tougher comps in the larger transaction segment of your business, but your hiring efforts have been on more experienced producers.

我很感激有機會提問。我知道您談到了貴公司大型交易業務中一些比較棘手的比較案例，但您的招募工作主要集中在更有經驗的業務人員身上。

So maybe just talk about that dynamic in terms of the ability to get some of that larger deal activity accelerating again.

所以，或許可以談談這種動態，看看能否再次加速一些大型交易活動。

Sure, Mitch. The look sort of beyond the headline numbers in that category for us shows that in the usual price ranges where our IPA division and more senior Marcus & Millichap professionals execute transactions in the $20 million to $50 million price range.

當然可以，米奇。對我們來說，該類別中超出標題數字的觀察表明，在我們 IPA 部門和 Marcus & Millichap 的資深專業人員執行的通常價格範圍內，交易金額在 2000 萬美元到 5000 萬美元之間。

Our business has been fairly steady. There was pretty much a same amount of deals done this year in the third quarter than last year. What happened last year is that we had an outsized number of very large deals, $70 million plus that we executed, which is predominantly why the comparison has become tough.

我們的業務一直相當穩定。今年第三季完成的交易數量與去年同期基本持平。去年我們達成了數量驚人的大額交易，金額超過 7,000 萬美元，這主要是導致今年業績難以比較的原因。

Last year, we executed 21 deals priced above $71 million and this year, there was $7. And there is no particular pattern to that or reflection of any change in strategy. It's just a matter of the size deals that many, many of our institutional clients and large private clients happen to execute at a given time.

去年，我們完成了 21 筆價格超過 7,100 萬美元的交易，而今年只有 7 筆。這其中沒有任何特定的模式，也沒有反映出任何策略上的變化。這只是許多機構客戶和大型私人客戶在特定期間執行的交易規模的問題。

So the strategy, both on the support levels of our existing IPA and senior Marcus & Millichap teams that are doing larger deals is unwavering, is on track.

因此，無論是我們現有的 IPA 支援團隊，還是負責更大交易的 Marcus & Millichap 高級團隊，我們的策略都堅定不移，並且正在按計劃進行。

No changes at all have been executed there other than adding more leadership, adding a new Head of Research and investing more in expanding the IPA platform and capturing more share of the larger market transaction because we really believe it integrates well with our private client business, particularly as we see more and more of our private clients move equity from smaller assets and multi-decade held portfolios into larger institutional quality assets as they get closer and closer to retirement and estate planning.

除了增加領導層、增設研究主管以及加大對 IPA 平台擴張和獲取更大市場交易份額的投資之外，我們沒有進行任何其他改變，因為我們真心相信它與我們的私人客戶業務能夠很好地融合，尤其是在我們看到越來越多的私人客戶在臨近退休和進行遺產規劃時，將股票從較小的資產和持有數十年的機構組合轉移到更大的投資級資產的情況下。

That bridging of the capital migration from private owners to the institutional market is a huge value proposition of IPA and Marcus & Millichap. And we're just really at the beginning stages of building that out, especially as the demographics continue to move in that direction.

IPA 和 Marcus & Millichap 的巨大價值在於，它們能夠彌合私人所有者向機構市場轉移資本的鴻溝。我們目前還處於建構這一領域的初期階段，尤其是在人口結構繼續朝著這個方向發展的情況下。

On the hiring front, the experienced brokers that we target for acquisition or recruiting are very select in terms of which markets we have what need and what product type we have what need. And it's those needs and avoiding overlap with our existing capacity in a market that drives the recruiting strategy. So it's a very market-by-market, property type-by-property type effort, and it takes a long time because you have to develop relationships with those individuals. They have to get to know the platform over time. And many of them are with other brands where they may not be maximizing their potential.

在招募方面，我們針對特定市場和特定產品類型，對有經驗的經紀人進行非常嚴格的篩選，以滿足我們的需求。正是這些需求以及避免與我們現有市場能力重疊，推動了我們的招募策略。所以這是一項逐個市場、逐一房產類型的工作，而且需要很長時間，因為你必須與這些人建立關係。他們需要時間來熟悉這個平台。而且他們中的許多人還在其他品牌工作，可能沒有充分發揮他們的潛力。

And frankly, that's the reason that a number of them have joined IPA Marcus & Millichap over the last five years.

坦白說，這也是過去五年許多 IPA Marcus & Millichap 啤酒廠加入的原因。

Got you. That's super helpful. Curious about the conversations you're having with some of your customers. I know that many of them have really been on the sidelines last several years. And it does seem like some of them are now returning to the markets.

抓到你了。這太有幫助了。很好奇你和一些客戶的對話內容。我知道在過去幾年裡，他們中的許多人一直處於邊緣地位。現在看來，他們中的一些人似乎正在重返市場。

Are you getting a sense that they've either, A, Just accepted the new pricing dynamic that's in the market? And B, Are you seeing them begin to feel a little bit more constructive about transacting in this backdrop?

你是否感覺他們要不是接受了市場上新的定價機制？B，你是否看到他們在這種背景下開始對交易抱持更積極的態度？

Yes and yes. We're seeing more motivation to put property on the market because of the reality that there is no Fed miracle. Many of our private clients over the last 1.5 years were expecting a much more dramatic drop in interest rates, the evidence for which wasn't there. And we've been very consistent in our analysis of the market where we did not believe interest rates would go back down significantly, and they haven't. That realization is now creating more motivation is the first thing.

是的，沒錯。由於聯準會不會帶來奇蹟，我們看到越來越多的人有動力將房產投放市場。過去一年半以來，我們的許多私人客戶都預期利率會大幅下降，但沒有證據顯示利率會下降。我們一直以來對市場的分析都非常一致，我們認為利率不會大幅下降，但事實確實如此的事實。首先，意識到這一點會激發更大的動力。

The second is more and more of our private clients that didn't have a reason to sell are now facing reasons to sell because of loan maturities, maybe some operational issues and death, divorce, partnership breakups and all the other private client motivation. So we are seeing motivation also pick up due to that reason.

第二點是，我們越來越多的私人客戶原本沒有出售房產的理由，但現在卻因為貸款到期、一些營運問題、死亡、離婚、合夥關係破裂以及所有其他私人客戶的原因而面臨出售房產的困境。因此，我們看到員工的積極性也因這個原因而提高。

Most importantly, though, Mitch, is a combination of moderately better interest rates. We have seen lender spreads come in, which is favorable. But the price adjustments is the primary reason there is now more alignment in the market where we had a lot of unsuccessful listings on the market over the last 18 months due to unrealistic pricing.

但最重要的是，米奇，他結合了相對優惠的利率。我們看到貸款利差有所收窄，這是個好消息。但價格調整是目前市場更加趨於平衡的主要原因，過去 18 個月裡，由於定價不切實際，市場上出現了大量不成功的房源。

And frankly, for us, there was a process of price discovery because there was so much moving around in the marketplace. It was hard to tell where the market really was. You had to put product out to market the best you could with great underwriting and see what the market response was going to be.

坦白說，對我們來說，這是一個價格發現的過程，因為市場上的商品流通非常頻繁。很難判斷市場究竟在哪裡。你必須盡你所能，透過優秀的核保措施，將產品推向市場，然後看看市場會有什麼反應。

The number of listings that are now basically aging or becoming unsellable at the expected price of the seller is dropping, which is telling us that the market is finding that realignment. And then more and more of our deals are having less significant price adjustments and fewer are falling out of contract, all of which tells us that this alignment in price expectation is starting to happen. Is it there all the way? Absolutely not. We still have a ways to go.

現在，那些基本上已經過時或無法以賣家預期價格售出的房源數量正在下降，這表明市場正在進行調整。而且，越來越多的交易價格調整幅度越來越小，違約交易也越來越少，所有這些都表明，價格預期趨於一致的情況正在發生。它一直都在那裡嗎？絕對不是。我們還有很長的路要走。

There's still plenty of owners that believe their assets are worth more than they actually are based on real numbers and especially year 1 and year 2 operations, which is where we're finding the most friction between buyers and sellers.

仍有許多業主認為他們的資產價值高於實際價值，尤其是根據第一年和第二年的營運情況來看，而這正是我們發現買賣雙方之間摩擦最大的地方。

Great. Last one for me is I checked your financials to see when was the last time you had a similar level of revenues and you're extremely more profitable back then. And so I'm curious, and I really appreciate Steve's discussion around some of the legal reserve and some of the platform scale. But what's the new magic number to get back to producing the type of profitability that you did before?

偉大的。最後，我查看了你的財務報表，想看看你上一次達到類似的收入水平是什麼時候，結果發現你當時的盈利能力要強得多。所以我很好奇，也很感謝史蒂夫就一些法律儲備和平台規模問題的討論。但是，要恢復到以前的獲利水平，新的神奇數字是多少呢？

Obviously, you've had cost of living adjustments and numerous issues that may have changed in your business from 4 years or 5 years ago. I'm just curious, how do you become a bit more scalable and start to see a little bit greater improvement in bottom line when you start producing, I don't know, 200 plus in terms of revenues per quarter?

顯然，與 4 年前或 5 年前相比，您的生活成本發生了調整，而且您的業務也可能出現了許多變化。我只是好奇，當你的季度收入達到200美元以上時，你如何提高規模化能力，並在利潤方面看到更大的改善？

Mitch, this is Hessam. Let me share some comments on that one, and then I'll turn it over to Steve. The most important difference over the last, let's say, 6 years, 7 years of our operating structure is the fact that we have invested capital in talent acquisition, talent retention and essentially talent development at levels that the company hadn't engaged in prior to this period.

米奇，我是赫薩姆。我先就此發表一些看法，然後把麥克風交給史蒂夫。在過去的六、七年裡，我們營運結構最重要的變化在於，我們投入了資金用於人才招募、人才保留以及人才發展，而在此之前，公司從未涉足過這些領域。

And as a result of that, we have more experienced market leaders that have joined the company from the outside. Our retention of our top-level producers has been stellar, and we have invested in their careers by bringing them on or keeping them at Marcus & Millichap over the long term.

因此，我們有更多經驗豐富的市場領導者從外部加入公司。我們留住頂尖生產人員的成績非常出色，我們透過長期聘用或留住他們，對他們的職業生涯進行了投資。

As you know, all of those kinds of long-term agreements have performance thresholds, have stickiness for the company's ultimate margin protection over the term of an agreement. But that capital that's been invested is actually being amortized on an ongoing straight-line basis at a time when all of that talent is facing a disruptive marketplace that has not been functioning.

如您所知，所有這些長期協議都有業績門檻，並且具有黏性，以在協議期限內最終保護公司的利潤率。但實際上，這些已投入的資本正在以直線法持續攤銷，而與此同時，所有這些人才卻面臨著一個運作不暢、充滿顛覆性的市場。

Therefore, their normal just long-term average revenue production capability has been significantly hampered. So you have an additional expense line of a noncash item in the amortization of the capital that has been put out in getting this amazing talent pool retained and added to our company, yet the revenue component from all that talent has been significantly held back.

因此，他們正常的長期平均收入生產能力受到了嚴重阻礙。因此，在為留住和擴充公司而投入的資本攤銷中，增加了一項非現金支出項目，然而，所有這些人才帶來的收入卻被大大抑制了。

As that starts to change, what has been a drag should become an operating leverage for us. In terms of the comparison of cost structure, that's probably the largest item, and it's a noncash item, as you know.

隨著這種情況開始改變，曾經的阻礙應該會變成我們的營運優勢。從成本結構比較來看，這可能是最大的一項，而且如你所知，這是一項非現金支出。

Other investments in the platform do include a much bigger commitment to technology that we have implemented over the last 5 years than previously to when I became CEO. because, frankly, the company needed to move a lot faster and be a lot more nimble on things like a CRM system on things like automated matching of buyers and sellers to our website.

平台的其他投資還包括對技術的更大投入，過去五年我們實施的技術投入比我擔任執行長之前要大得多。坦白說，因為公司需要加快步伐，在客戶關係管理系統以及買賣雙方在我們網站上的自動匹配等方面更加靈活。

And a lot of it was really sprung out of the pandemic because we pivoted and took major leaps forward in internal automation and a lot of automation we now offer to our clients through MyMMI, which is a major investment in a platform where clients, buyers, in particular, can tell us what they're looking for and the matching of their investment parameters to our fresh inventory is an amazing sort of mechanism for bringing efficiency to both our clients and to our sales force. So those are some key elements of why the expense structure has changed.

很多事情其實都是疫情期間發生的，因為我們迅速調整方向，在內部自動化方面取得了重大進展。現在，我們透過 MyMMI 為客戶提供許多自動化服務。 MyMMI 是一個平台，我們投入巨資打造了一個平台，客戶（尤其是買家）可以告訴我們他們的需求，我們將他們的投資參數與我們最新的庫存進行匹配，這是一個非常棒的機制，可以提高客戶和銷售團隊的效率。以上就是費用結構變動的一些關鍵因素。

We're building the firm for a much larger revenue base than where we are today. And because of the talent that's been brought on board and retained and these investments, we really believe in a normal market operating environment, we'll be able to achieve that leverage.

我們正在將公司發展成為一家收入規模遠大於目前水準的企業。由於我們引進並留住了人才，以及這些投資，我們堅信，在正常的市場營運環境下，我們將能夠實現這一目標。

So I just want to give that context, but let me turn it over to Steve.

所以我想先交代背景，現在把麥克風交給史蒂夫。

That's pretty broad context. I guess a couple of additional points I would make and specific to your question, Mitch, that significant leverage, you're starting to see it happen at this revenue level. We're just shy of $200 million in this quarter. you can kind of do the math that sands the legal reserve, what results would have been. So we're kind of at that inflection point where you really see an acceleration of profitability, perhaps not all the way back to where we were at comparable revenue levels 6 years, 7 years, 8 years ago for reasons Hessam mentioned. But this is the inflection point.

這是相當廣泛的背景。我想補充幾點，特別是針對你的問題，米奇，關於那種顯著的槓桿效應，你已經開始在這個收入水平上看到這種情況發生了。本季我們略低於2億美元。你可以大致算一下，扣除法定準備金後，結果會是什麼樣子。所以我們現在正處於一個轉折點，盈利能力確實在加速增長，但正如 Hessam 所提到的，由於種種原因，可能還無法完全恢復到 6 年前、7 年前、8 年前在類似收入水平下的水平。但這是一個轉捩點。

One additional point, the investments in not only retention and recruiting of those senior agents, the technology as well that Hessam mentioned, but central services where we will also gain additional leverage by adding more value and therefore, connectivity to the firm with our producers. So just a couple of additional points to tack on there.

還有一點，投資不僅用於留住和招募這些高級代理人，還用於 Hessam 提到的技術，以及中央服務，我們將透過增加更多價值來獲得額外的槓桿作用，從而加強公司與我們生產商之間的聯繫。所以，還有幾點要補充。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Hessam, you mentioned the banks and credit unions expanding lending, which is clearly a positive for the transaction market. But I'm wondering if you can give some context around the scale of that expansion and how you feel about their willingness to lend today, especially on smaller transactions just relative to their activity maybe last year and relative to a more normalized level of activity in a functional transaction market.

Hessam，你提到銀行和信用社擴大了貸款規模，這顯然對交易市場來說是一個好消息。但我很想知道您能否就此次擴張的規模提供一些背景信息，以及您對他們目前放貸意願的看法，特別是相對於他們去年的活動以及相對於一個運轉良好的交易市場中更正常的活動水平而言，他們在較小額交易方面的放貸意願。

Happy to, Blaine. There is a marked difference from even a year ago in just the number of lenders at any given time willing to give us quotes on certain assets, number one. Number two, with quotes coming back so out of market about a year ago, a good number of lender quotes were just not usable. And if you contrast that to where we are today, we have more lenders signaling to us that they're back in the market and the quotes that are coming back are a lot closer to consummating a transaction than they were even a year ago. The loan to values are improving.

樂意效勞，布萊恩。第一，即使僅僅在任何時候願意為某些資產提供報價的貸款機構數量上，與一年前相比也存在顯著差異。第二，大約一年前，由於報價嚴重脫離市場，許多貸款機構的報價根本無法使用。而與今天的情況相比，更多的貸款機構向我們發出信號，表明他們已經重返市場，而且收到的報價比一年前更接近完成交易。貸款成數正在改善。

And the -- part of that is lender spreads having come in. And probably the most important change is that it seems like what was clogging up the banking system in terms of loans that had to be extended, loans that needed workouts and so on has largely been addressed or there are plans to address them and fewer lenders appear to be clogged up versus a year ago.

而其中一部分原因是貸款機構利差的出現。或許最重要的變化是，銀行體系面臨的貸款積壓問題（例如需要延期的貸款、需要重組的貸款等）似乎已基本解決，或者有計劃解決這些問題，而且與一年前相比，似乎更少的貸款機構面臨資金積壓問題。

So it's taken our team of 100 or so originators across the country that are technologically connected to our -- to each other on a collaborative basis where we have real-time information sharing on what lenders are quoting at what levels based on specific loans that are being requested or mandates that we have. And that information sharing is another reason we're able to move faster in securing the right financing for each of our clients.

因此，我們組建了一支由大約 100 名遍布全國的貸款發起人組成的團隊，他們通過技術手段相互連接，在協作的基礎上實時共享信息，了解貸款機構針對特定貸款申請或我們提出的要求，給出的報價水平。資訊共享也是我們能夠更快為每位客戶找到合適融資方案的另一個原因。

In terms of the composition of where the capital is coming from for our financing, something close to 50% is now being funded by banks and credit unions. That percentage hasn't changed a whole lot from a year ago, but the time that it's taking and the number of lenders you have to knock on doors with a year ago is where the improvement has been. So it's taking less time to secure loans from banks and credit unions.

就我們融資資金的來源組成而言，目前近 50% 的資金來自銀行和信用社。雖然這個百分比與一年前相比變化不大，但與一年前相比，所需時間以及需要上門拜訪的貸款機構數量都得到了改善。因此，從銀行和信用社獲得貸款所需的時間越來越短。

We're seeing that also predominantly from the regional banks, a lot of regional banks were out of the market a year ago that are back in the market, which is for us as a local private client provider that regional bank connectivity has been significantly important over the history of the firm, and it's improving.

我們也看到這種情況主要出現在區域性銀行。許多區域性銀行一年前退出了市場，現在又重新進入市場。對於我們這樣一家在地私人客戶服務機構來說，區域性銀行的連結在公司的發展歷程中一直非常重要，而且這種情況正在改善。

Great. That's great color and seems like a marked improvement over the last year. I guess to the second part of the question, when you compare the activity today to maybe what you saw in pre-pandemic periods, are we all the way back? Are we halfway back? How would you compare the activity versus kind of optimal capital efficiency?

偉大的。顏色很棒，看起來比去年有了明顯的進步。我想回答問題的第二部分，當你把今天的活動與疫情前的活動進行比較時，我們是否已經完全恢復到疫情前的狀態了？我們回程一半路程了嗎？您如何比較這種活動與某種最優資本效率之間的關係？

On an overall basis, we believe the market is still somewhere around 15% to 20% below normal as a whole. But if you look at various price points and property types, the real answer is in that level of detail. So for example, if you look at Southern California, for example, or if you look at other regions like Texas, some markets are a lot closer to the velocity in what we consider a normal period, and we used 2014 to 2019 as the last sort of 5-year period of a normal, less choppy environment.

總體而言，我們認為市場整體仍比正常水平低 15% 到 20% 左右。但如果你查看不同的價格點和房產類型，真正的答案就在於這些細節層面。例如，如果你看看南加州，或看看德州等其他地區，你會發現一些市場的成長速度更接近我們認為的正常時期，而我們把 2014 年至 2019 年作為最後一個相對正常、波動較小的五年時期。

The Texas markets are a lot closer to that normal than, let's say, the California markets are. Large apartments are still well below their normalized 5-year average pre-pandemic as are small apartments and single-tenant net lease. I would say that small apartments and single-tenant net lease are about 20% to 25% below where that average trading in a normal environment should fall.

相較之下，比如說，加州市場更接近正常水準。大型公寓的租金仍遠低於疫情前 5 年的平均水平，小型公寓和單租戶淨租賃的租金也是如此。我認為，小型公寓和單一租戶淨租賃的交易量比正常環境下的平均交易量低 20% 到 25%。

Got it. Very helpful. Switching gears, can you talk a little bit more about the auction business? I don't think we've discussed that in very good detail in past quarters. Just how large you see that segment growing in the next few years?

知道了。很有幫助。換個話題，可以再多談談拍賣業嗎？我認為在過去的幾個季度裡，我們沒有對此進行非常詳細的討論。您認為未來幾年這個細分市場會成長到多大規模？

And maybe touch on any differences in the fees you generate from that business versus your more typical brokerage business? .

或許還可以談談您從這項業務中獲得的費用與您更典型的經紀業務所產生的費用有何不同？。

Absolutely. Well, first of all, it goes back to specialization and expertise. We built the capabilities that are now in place organically by bringing on auction specialists that had significant experience -- and then shortly after we knew that there was a real market for it, both internally in terms of the collaboration and externally, we brought on Jim Palmer as the executive in charge. That goes back to our philosophy that you have to have management that has had practical experience in the niche. And Jim certainly brings that with his years and years of involvement in the auction business.

絕對地。首先，這要追溯到專業化和專業技能。我們透過引進經驗豐富的拍賣專家，逐步建立了現在所具備的能力——之後不久，我們意識到無論是在內部合作方面還是在外部，都存在真正的市場需求，於是我們聘請了 Jim Palmer 擔任主管。這可以追溯到我們的理念，即管理階層必須具備在該細分領域的實務經驗。吉姆憑藉著多年參與拍賣業的經驗，無疑也具備這種能力。

So the combination of auction specialist producers that are dedicated to the auction business that's all they do, strategically located in various regions under the direction of a dedicated executive with experience, Jim Palmer, is the combination that has made this very successful for us.

因此，正是這種組合——一群專注於拍賣業務的專業製作人，他們只做拍賣業務，戰略性地分佈在各個地區，並在一位經驗豐富的敬業高管吉姆·帕爾默的領導下——使我們取得了巨大的成功。

And one of the benefits is that for our investment sales force that is out there, especially in a disruptive market with conventional marketing -- and as we've discussed and I've made comments on just earlier on this call, the response to listings, aging listings and listings that weren't movable in a conventional way over the past, let's say, 24 months, we've found that more and more of them are good candidates for marketing through an auction platform.

其中一個好處是，對於我們現有的投資銷售團隊來說，尤其是在傳統行銷方式受到衝擊的市場中——正如我們之前討論過的，我也在剛才的電話會議中提到過的，過去24個月裡，那些老舊房源和那些無法通過傳統方式售出的房源，我們發現越來越多的房源適合透過拍賣平台進行行銷。

And the auction platform obviously has the benefit of having prequalified bidders where we know that they're financially capable and committed to executing transactions. And as we've not only been able to find the right niche in executing the auction model, the benefit of the internal collaboration is that we collect the brokerage service fee for the seller and then there is the auction-related fees on top of that and a buyer premium that is added. So it's a win-win for the client. and it's multiple fee generation opportunities for the firm.

拍賣平台顯然具有預先篩選合格競標者的優勢，我們知道這些競標者有經濟能力並致力於完成交易。而且，我們不僅找到了執行拍賣模式的正確切入點，內部協作的好處在於，我們為賣家收取經紀服務費，除此之外還有與拍賣相關的費用以及買家溢價。所以這對客戶來說是雙贏，對公司來說也是多方面的收入來源。

Got it. That's very helpful. Last one for me. With respect to the litigation, was this a onetime event? Or do you expect some ongoing headwinds?

知道了。那很有幫助。這是我最後一個了。關於訴訟，這是一次性事件嗎？或者您預計會面臨持續的阻力？

And maybe you can just give some color on the nature of the litigation. Is this related to ongoing segments of your business such that there could be more coming or just a more nuanced situation?

或許您可以簡單介紹一下訴訟的性質。這是否與貴公司正在進行的業務環節有關，以至於未來可能還會出現更多類似情況，還是只是一種更微妙的情況？

Yes. Blaine, I'll take that. First of all, I'll refer you and everyone to the 10-Q that will be on file with the SEC later today for some additional context. In addition to that, I'll say that we do anywhere from 8,000 to 10,000 transactions a year. So inevitably, from time to time, disputes of varying nature will -- are going to arise, most of which go away in the normal course of business.

是的。布萊恩，我接受。首先，我建議大家參考今天稍晚將提交給美國證券交易委員會的 10-Q 表格，以了解更多背景資訊。除此之外，我還要補充一點，我們每年大約完成 8,000 到 10,000 筆交易。因此，不可避免地，各種性質的糾紛會不時發生，其中大多數會在正常的業務過程中消失。

A very small number of those actually go to trial. And this matter, unfortunately, which involves a disputed disclosure-related claim actually did go to trial. It certainly is an outlier.

只有極少數案件最終會進入審判程序。不幸的是，這起涉及有爭議的資訊揭露相關索賠的案件，實際上已經開庭審理了。這確實是一個特例。

We believe that the verdict, which went against us was rendered in error. And therefore, we have very strong grounds for appeal. We intend to exhaust all our legal avenues to have the award reduced or reversed entirely. The -- so no, it's not an indication of any greater pattern or a specific segment of the business. It's an extreme outlier.

我們認為，對我們不利的判決是錯誤的。因此，我們有非常充分的理由提出上訴。我們將竭盡所能，透過一切法律途徑，爭取減少賠償金額或完全撤銷賠償。所以，不，這並不代表任何更大的模式或某個特定的業務領域。這是一個極端的異常值。

No -- not an indication of any greater issue. With respect to the amount, just based on the information that we've got available and our assessment at this time, we felt that was the appropriate amount to reserve.

不——這並不表明存在任何更大的問題。至於金額方面，僅根據我們目前掌握的資訊和評估，我們認為這是合適的預留金額。

There are no further questions at this time. I'd like to hand the floor back over to Hessam Nadji for any closing comments.

目前沒有其他問題了。我謹將發言權交還給赫薩姆·納吉，請他作總結發言。

Thank you, operator, and thank you, everyone, for joining the call. We look forward to seeing a lot of you on the road and having you back on our next earnings call. This call is adjourned.

謝謝接線員，也謝謝各位參與通話。我們期待在路上見到你們，也期待在下次財報電話會議上再次見到你們。本次通話結束。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。