Marcus & Millichap (MMI) 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	MMI
Entity Registrant Name	Marcus & Millichap, Inc.
Entity Central Index Key	1,578,732
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		37,616,243

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 121,953	$ 96,185
Commissions receivable	4,501	3,342
Prepaid expenses	6,987	7,542
Income tax receivable	0	4,049
Marketable securities, available-for-sale	48,377	79,860
Other assets, net	3,826	5,136
Total current assets	185,644	196,114
Prepaid rent	12,628	9,075
Property and equipment, net	15,585	11,579
Marketable securities, available-for-sale	94,279	54,395
Assets held in rabbi trust	7,309	5,661
Deferred tax assets, net	35,495	35,285
Other assets	9,056	9,116
Total assets	359,996	321,225
Current liabilities:
Accounts payable and accrued expenses	9,865	9,135
Notes payable to former stockholders	986	939
Deferred compensation and commissions	29,644	34,091
Income tax payable	4,181	0
Accrued bonuses and other employee related expenses	20,152	30,846
Total current liabilities	64,828	75,011
Deferred compensation and commissions	40,278	43,678
Notes payable to former stockholders	8,686	9,671
Deferred rent and other liabilities	4,291	3,875
Total liabilities	118,083	132,235
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value: Authorized shares - 25,000,000; issued and outstanding shares - none at September 30, 2016, and December 31, 2015, respectively	0	0
Common stock, $0.0001 par value: Authorized shares - 150,000,000; issued and outstanding shares - 37,616,243 and 37,396,456 at September 30, 2016, and December 31, 2015, respectively	4	4
Additional paid-in capital	84,949	80,591
Stock notes receivable from employees	(4)	(4)
Retained earnings	155,425	107,942
Accumulated other comprehensive income	1,539	457
Total stockholders' equity	241,913	188,990
Total liabilities and stockholders' equity	$ 359,996	$ 321,225

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	37,616,243	37,396,456
Common stock, shares outstanding	37,616,243	37,396,456

Condensed Consolidated Statemen

Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Real estate brokerage commissions	$ 165,695	$ 151,942	$ 489,477	$ 446,356
Financing fees	11,320	10,865	30,779	30,046
Other revenues	3,619	3,069	8,037	9,497
Total revenues	180,634	165,876	528,293	485,899
Operating expenses:
Cost of services	113,852	102,010	323,131	293,725
Selling, general, and administrative expense	40,728	35,646	123,403	109,064
Depreciation and amortization expense	1,149	802	3,164	2,389
Total operating expenses	155,729	138,458	449,698	405,178
Operating income	24,905	27,418	78,595	80,721
Other income (expense), net	719	(464)	1,567	23
Interest expense	(380)	(380)	(1,155)	(1,349)
Income before provision for income taxes	25,244	26,574	79,007	79,395
Provision for income taxes	10,100	11,398	31,524	32,994
Net income	15,144	15,176	47,483	46,401
Other comprehensive (loss) income:
Unrealized (loss) gain on marketable securities, net of tax of $(37), $47, $684 and $(159) for the three months ended September 30, 2016, and 2015 and the nine months ended September 30, 2016 and 2015, respectively	(56)	56	1,050	(249)
Foreign currency translation (loss) gain, net of tax of $0, $140, $0 and $226 for the three months ended September 30, 2016, and 2015 and the nine months ended September 30, 2016 and 2015, respectively	(3)	234	32	361
Total other comprehensive (loss) income	(59)	290	1,082	112
Comprehensive income	$ 15,085	$ 15,466	$ 48,565	$ 46,513
Earnings per share:
Basic	$ 0.39	$ 0.39	$ 1.22	$ 1.19
Diluted	$ 0.39	$ 0.39	$ 1.22	$ 1.19
Weighted average common shares outstanding:
Basic	38,939	38,890	38,916	38,868
Diluted	39,122	39,160	39,034	39,051

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Unrealized (loss) gain on marketable securities, tax	$ (37)	$ 47	$ 684	$ (159)
Foreign currency translation (loss) gain, tax	$ 0	$ 140	$ 0	$ 226

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Stock Notes Receivable From Employees [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2015	$ 188,990	$ 0	$ 4	$ 80,591	$ (4)	$ 107,942	$ 457
Beginning Balance, Shares at Dec. 31, 2015		0	37,396,456
Net and comprehensive income	48,565	$ 0	$ 0	0	0	47,483	1,082
Stock-based compensation	4,933	$ 0	$ 0	4,933	0	0	0
Stock-based compensation, Shares		0	0
Shares issued pursuant to employee stock purchase plan	402	$ 0	$ 0	402	0	0	0
Shares issued pursuant to employee stock purchase plan, Shares		0	17,940
Issuance of common stock for unvested restricted stock awards	0	$ 0	$ 0	0	0	0	0
Issuance of common stock for unvested restricted stock awards, Shares		0	14,742
Issuance of common stock for vesting of restricted stock units	0	$ 0	$ 0	0	0	0	0
Issuance of common stock for vesting of restricted stock units, Shares		0	228,398
Shares withheld related to net share settlement of stock-based awards, units	$ (1,134)	$ 0	$ 0	(1,134)	0	0	0
Shares withheld related to net share settlement of stock-based awards, shares	(41,293)	0	(41,293)
Windfall tax benefit from stock-based award activity	$ 157	$ 0	$ 0	157	0	0	0
Ending Balance at Sep. 30, 2016	$ 241,913	$ 0	$ 4	$ 84,949	$ (4)	$ 155,425	$ 1,539
Ending Balance, Shares at Sep. 30, 2016		0	37,616,243

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net income	$ 47,483	$ 46,401
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	3,164	2,389
Provision for bad debt expense	15	127
Stock-based compensation	4,933	6,750
Deferred taxes, net	(894)	(3,160)
Net realized losses (gains) on marketable securities, available-for-sale	119	(130)
Tax benefit from stock-based award activity	157	4,844
Excess tax benefit from stock-based award activity	(157)	(4,844)
Other non-cash items	359	295
Changes in operating assets and liabilities:
Commissions receivable	(1,159)	(470)
Prepaid expenses	555	1,144
Prepaid rent	(3,553)	(4,538)
Contributions to rabbi trust	(1,263)	(1,448)
Other assets	1,544	(3,993)
Accounts payable and accrued expenses	309	(2,650)
Income tax receivable/payable	8,230	4,939
Accrued bonuses and other employee related expenses	(10,495)	(4,885)
Deferred compensation and commissions	(8,245)	(3,191)
Deferred rent obligation and other liabilities	416	1,002
Net cash provided by operating activities	41,518	38,582
Cash flows from investing activities
Purchases of marketable securities, available-for-sale	(97,311)	(130,500)
Proceeds from sales and maturities of marketable securities, available-for-sale	90,476	10,608
Payments received on employee notes receivable	3	15
Issuances of employee notes receivable	(381)	(175)
Purchase of property and equipment	(7,049)	(3,753)
Proceeds from sale of property and equipment	25	0
Net cash used in investing activities	(14,237)	(123,805)
Cash flows from financing activities
Proceeds from issuance of shares pursuant to employee stock purchase plan	402	502
Taxes paid related to net share settlement of stock-based awards	(1,134)	(756)
Excess tax benefit from stock-based award activity	157	4,844
Principal payments on notes payable to former stockholders	(938)	(894)
Net cash (used in) provided by financing activities	(1,513)	3,696
Net increase (decrease) in cash and cash equivalents	25,768	(81,527)
Cash and cash equivalents at beginning of period	96,185	149,159
Cash and cash equivalents at end of period	121,953	67,632
Supplemental disclosures of cash flow information
Interest paid during the period	613	853
Income taxes paid, net	24,032	26,370
Supplemental disclosures of noncash investing and financing activities
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	199	208
Change in property and equipment included in accounts payable and accrued expenses	421	729
Settlements of deferred compensation obligation with trust assets	$ 0	$ 28

Description of business, basis

Description of business, basis of presentation and recent accounting pronouncements	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Description of business, basis of presentation and recent accounting pronouncements	1. Description of business, basis of presentation and recent accounting pronouncements Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of September 30, 2016, MMI operates 81 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which includes the operations of Marcus & Millichap Capital Corporation (“MMCC”). Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off its majority owned subsidiary, MMREIS (“Spin-Off”). Prior to the initial public offering (“IPO”) of MMI, all of the preferred and common stockholders of MMREIS (including MMC and employees of MMREIS) contributed all of their outstanding shares to MMI, in exchange for new MMI common stock. As a result, MMREIS became a wholly-owned subsidiary of MMI. Thereafter, MMC distributed 80.0% of the shares of MMI common stock to MMC’s shareholders and exchanged the remaining portion of its shares of MMI common stock for cancellation of indebtedness of MMC. MMI completed its IPO on October 30, 2013. Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements and notes include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K filed on March 15, 2016 with the SEC. The results of the three and nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2016, or for other interim periods or future years. Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior-period amounts have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported condensed consolidated results of operations, financial condition, stockholders’ equity or on cash flows subtotals. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from independent contractors (included under other assets, net current and other assets non-current captions), investments in marketable securities, available-for-sale, security deposits (included under other assets, non-current caption) and commissions receivables. Cash is placed with high-credit quality financial institutions and invested high-credit quality money market funds. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any losses related to cash and cash equivalents. The Company derives its revenues from a broad range of real estate investors, owners and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company performs credit evaluations of its customers and debtors and requires collateral on a case-by-case basis. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three and nine months ended September 30, 2016 and 2015, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and therefore do not expose the Company to significant credit risk. The Company’s Canadian operations represented less than 1.0% of total revenues in each period presented. For the three and nine months ended September 30, 2016, one office represented approximately 10.9% and 10.1% of real estate brokerage commissions revenue, respectively. No office represented 10% or more of real estate brokerage commissions revenue during the three and nine months ended September 30, 2015. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contacts with Customers: Principal Versus Agent Considerations Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ASU 2014-09 permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. For the Company, the new standard will be effective January 1, 2018. The Company does not have multiple-element arrangements, variable consideration, licenses and long-term contracts with customers. Accordingly, the Company does not expect this standard to have a significant effect in the manner or timing of its revenue recognition. The Company is in the process of completing the evaluation of the impact of this new standard and will select a transition method when the effect is determined. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016, the FASB issued ASU No. 2016-02, Leases, to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company is still evaluating the impact of the new standard. The Company will be required to adopt the new standard in 2019 and the Company’s condensed consolidated balance sheets will be impacted by the recording of a lease liability and right of use asset for virtually all of its current operating leases, the amount of which and potential impact on the condensed consolidated statements of net and comprehensive income and condensed consolidated statements of cash flows has yet to be determined. As of September 30, 2016, the Company has remaining contractual obligations for operating leases (autos and office), which aggregate approximately $77.1 million. Accordingly, we anticipate that the adoption of the new standard will have a material impact on the Company’s condensed consolidated balance sheet. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting 1. Accounting for income taxes upon vesting or settlement of awards 2. Presentation of excess tax benefits on the statement of cash flows 3. Accounting for forfeitures 4. Minimum statutory withholding requirements 5. Presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet minimum statutory withholding requirements 6. Private company practical expedients ASU 2016-09 is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. For the Company, the new standard will be effective on January 1, 2017. The Company is finalizing its evaluation of the impact of ASU 2016-09. The Company intends to adopt the provisions of ASU 2016-09 as of January 1, 2017. Since the Company issues stock-based awards to its employees and independent contractors and has recognized windfall tax benefits in additional paid in capital, it is anticipated that the ASU, when adopted, will impact (i) the Company’s provision for income taxes, and therefore net and comprehensive income and related earnings per share amounts, (ii) amounts presented in the condensed consolidated statement of stockholders’ equity and condensed consolidated statements of cash flows and (iii) to a lesser extent the timing of our stock-based compensation expense. In accordance with the provision of ASU 2016-09, the Company intends to change its accounting for forfeitures from awards that are not expected to vest to when forfeitures occur. The Company anticipates adopting the majority of the provision of ASU 2016-09 on a prospective basis except for the change in the accounting for forfeitures, where the Company anticipates adopting the provision on a modified retrospective basis with a cumulative-effect adjustment as of January 1, 2017. Since the impact of the adoption of ASU 2016-09 is dependent on the future share price of the Company’s stock, the Company cannot determine what the future impact will be for the forfeitures; however, based on the closing stock price on September 30, 2016, the cumulative-effect adjustment as of January 1, 2017 is not expected to be material. See Note 9 – “Stock-Based Compensation Plans” for additional information. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	2. Property and Equipment Property and equipment, net consist of the following (in thousands): September 30, December 31, Computer software and hardware equipment $ 13,502 $ 10,973 Furniture, fixtures, and equipment 19,252 17,047 Less: accumulated depreciation and amortization (17,169 ) (16,441 ) $ 15,585 $ 11,579 During the nine months ended September 30, 2016 and 2015, the Company wrote off approximately $2.7 million and $2.6 million, respectively, of fully depreciated computer software and hardware and furniture, fixtures and equipment. The Company leases all of its facilities under operating lease agreements. Lease agreements may contain periods of free rent or reduced rent or contain predetermined fixed increases in the minimum rent. The Company recognizes the minimum lease payments as rent expense on a straight-line basis over the noncancellable term of the lease. The Company records the difference between the amount charged to rent expense and the rent paid as a deferred rent obligation. The Company typically leases general purpose built-out office space, which reverts to the lessor upon termination of the lease. Any payments for improvements, net of incentives received, are recorded as prepaid rent. Prepaid rent is amortized using the straight-line method over the expected lease term as a charge to rent expense.

Selected Balance Sheet Data

Selected Balance Sheet Data	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Selected Balance Sheet Data	3. Selected Balance Sheet Data Other Assets Other assets consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, 2016 2015 2016 2015 Due from independent contractors, net (1) (2) $ 1,783 $ 2,545 $ 7,678 $ 7,358 Security deposits — — 1,054 1,425 Employee notes receivable (3) 434 224 112 158 Customer trust accounts and other 1,609 2,367 212 175 $ 3,826 $ 5,136 $ 9,056 $ 9,116 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. (2) Includes allowance for doubtful accounts related to current receivables of $303 and $359 as of September 30, 2016 and December 31, 2015, respectively. The Company recorded a provision for bad debt expense of $12 and $48 and wrote off $6 and $24 of these receivables for the three months ended September 30, 2016 and 2015, respectively. The Company recorded a provision for bad debt expense of $15 and $127 and wrote off $71 and $59 of these receivables for the nine months ended September 30, 2016 and 2015, respectively. (3) See Note 6 – “Related-Party Transactions” for additional information. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, 2016 2015 2016 2015 SARs liability (1) $ 1,366 $ — $ 20,719 $ 21,399 Commissions payable to investment sales and financing professionals 28,140 34,091 12,755 17,015 Deferred compensation liability (1) 138 — 6,804 5,264 $ 29,644 $ 34,091 $ 40,278 $ 43,678 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as an employee service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next 12 months has been classified as current. SARs Liability Prior to the IPO, certain employees of the Company were granted stock appreciation rights (“SARs”) under a stock-based compensation program assumed by MMC. In connection with the IPO, the SARs agreements were revised, the MMC liability of $20.0 million for the SARs was frozen at March 31, 2013, and was transferred to MMI through a capital distribution. The SARs liability will be settled with each participant in ten annual installments in January of each year upon retirement or termination from service. Under the revised agreements, MMI is required to accrue interest on the outstanding balance beginning on January 1, 2014 at a rate based on the 10-year treasury note plus 2%. The rate resets annually. The rates at January 1, 2016 and 2015 were 4.273% and 4.173%, respectively. MMI recorded interest expense related to this liability of $229,000 and $214,000, for the three months ended September 30, 2016 and 2015, respectively and $686,000 and $642,000 for the nine months ended September 30, 2016 and 2015, respectively. Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. Commissions Payable Certain investment sales professionals have the ability to earn additional commissions after meeting certain annual revenue thresholds. These commissions are recognized as cost of services in the period in which they are earned. The Company has the ability to defer payment of certain commissions, at its election, for up to three years. Commissions payable that are not expected to be paid within twelve months are classified as long-term. Deferred Compensation Liability A select group of management is eligible to participate in a Deferred Compensation Plan. The plan is a 409A plan and permits the participant to defer compensation up to limits as determined by the plan. Amounts are paid out generally when the participant is no longer a service provider; however, an in-service payout election is available to participants. Participants may elect to receive payouts as a lump sum or quarterly over a two to fifteen year period. The Company elected to fund the Deferred Compensation Plan through company owned variable life insurance policies. The Deferred Compensation Plan is managed by a third-party institutional fund manager, and the deferred compensation and investment earnings are held as a Company asset in a rabbi trust, which is recorded in assets held in rabbi trust in the accompanying condensed consolidated balance sheets. The assets in the trust are restricted unless the Company becomes insolvent, as defined in the Deferred Compensation Plan, in which case the trust assets are subject to the claims of MMI’s creditors. The Company may also, in its sole and absolute discretion, elect to withdraw at any time a portion of the trust assets by an amount by which the fair market value of the trust assets exceeds 110% of the aggregate deferred compensation liability represented by the participants’ accounts. Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ 229 $ (351 ) $ 413 $ (340 ) Increase (decrease) in the carrying value of the deferred compensation (2) $ 209 $ (307 ) $ 397 $ (248 ) (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.

Investments in Marketable Secur

Investments in Marketable Securities	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Investments in Marketable Securities	4. Investments in Marketable Securities Amortized cost and fair value of marketable securities, available-for-sale, by type of security consisted of the following (in thousands): September 30, 2016 December 31, 2015 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Short-term investments: U.S. treasuries $ 24,864 $ 15 $ (1 ) $ 24,878 $ 62,343 $ — $ (71 ) $ 62,272 U.S. government sponsored entities 11,508 5 — 11,513 17,571 — (12 ) 17,559 Corporate debt securities 11,982 4 — 11,986 — — — — Asset-backed securities and other — — — — 29 — — 29 $ 48,354 $ 24 $ (1 ) $ 48,377 $ 79,943 $ — $ (83 ) $ 79,860 Long-term investments: U.S. treasuries $ 50,535 $ 172 $ (9 ) $ 50,698 $ 15,283 $ — $ (112 ) $ 15,171 U.S. government sponsored entities 15,989 25 — 16,014 12,107 — (85 ) 12,022 Corporate debt securities 18,261 529 (21 ) 18,769 17,219 5 (519 ) 16,705 Asset-backed securities and other 8,729 118 (49 ) 8,798 10,649 — (152 ) 10,497 $ 93,514 $ 844 $ (79 ) $ 94,279 $ 55,258 $ 5 $ (868 ) $ 54,395 The amortized cost and fair value of the Company’s investments in available-for-sale securities that have been in a continuous unrealized loss position consisted of the following (in thousands): September 30, 2016 December 31, 2015 Unrealized Fair Value Unrealized Fair Value Less than 12 months $ (33 ) $ 39,367 $ (951 ) $ 129,117 12 months or longer $ (47 ) $ 2,747 $ — $ — Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities consisted of the following (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Gross realized gain (1) $ 16 $ — $ 36 $ 133 Gross realized loss (1) $ — $ — $ (155 ) $ (3 ) (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined on the specific identification method. The Company may sell certain of its marketable securities, available-for-sale prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration, duration management and when a security no longer meets the criteria of the Company’s investment policy. During the nine months ended September 30, 2016, the Company sold one security, which no longer met the requirements of its investment policy for a loss of $152,000. As of September 30, 2016, the Company considers the declines in market value of its marketable securities, available-for-sale to be temporary in nature and does not consider any of its investments other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss and matching long-term liabilities. When evaluating an investment for other-than-temporary impairment the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following (in thousands): September 30, 2016 December 31, 2015 Amortized Fair Value Amortized Fair Value Due in one year or less $ 48,354 $ 48,377 $ 79,943 $ 79,860 Due after one year through five years 70,627 70,758 28,634 28,465 Due after five years through ten years 14,998 15,537 18,020 17,466 Due after ten years 7,889 7,984 8,604 8,464 $ 141,868 $ 142,656 $ 135,201 $ 134,255 Weighted average contractual maturity 3.2 years 3.3 years Actual maturities may differ from contractual maturities because certain borrowers have the right to prepay certain obligations with or without prepayment penalties.

Notes Payable to Former Stockho

Notes Payable to Former Stockholders	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Notes Payable to Former Stockholders	5. Notes Payable to Former Stockholders In conjunction with the Spin-Off and IPO, notes payable to certain former stockholders of MMREIS were issued in settlement of restricted stock and SARs awards that were redeemed by MMREIS upon the termination of employment by these former stockholders (“the Notes”), which had been previously assumed by MMC, and were transferred to the Company. The Notes are unsecured and bear interest at 5% with annual principal and interest installments and a final principal payment due during the second quarter of 2020. During each of the nine months ended September 30, 2016 and 2015, the Company made total payments on the Notes of $1.5 million. Accrued interest pertaining to the Notes consisted of the following (in thousands): September 30, 2016 December 31, Accrued interest (1) $ 216 $ 367 (1) Recorded in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. Interest expense pertaining to the Notes consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest expense $ 122 $ 133 $ 381 $ 414

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related-Party Transactions	6. Related-Party Transactions Shared and Transition Services Prior to October 2013, the Company operated under a shared services arrangement with MMC whereby the Company was charged for actual costs specifically incurred on behalf of the Company or allocated to the Company on a pro rata basis. Beginning in October 2013, certain services are provided to the Company under a Transition Services Agreement (“TSA”) between MMC and the Company, which replaced the pre-IPO shared services arrangement. The TSA is intended to provide certain services until the Company acquires the services separately. During the three months ended September 30, 2016 and 2015, the Company incurred $61,000 and $56,000 under the TSA. During the nine months ended September 30, 2016 and 2015, the Company incurred $185,000 and $165,000 under the TSA. These amounts are included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Accounts Payable and Accrued Expenses with MMC As of September 30, 2016 and December 31, 2015, $661,000 and $96,000, respectively, remains unpaid and is included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the three months ended September 30, 2016 and 2015, the Company generated real estate brokerage commissions and financing fees of $1.1 million and $305,000, respectively, from subsidiaries of MMC. The Company incurred cost of services of $674,000 and $173,000, respectively, related to these revenues. For the nine months ended September 30, 2016 and 2015, the Company generated real estate brokerage commissions and financing fees of $3.5 million and $1.6 million, respectively, from subsidiaries of MMCs. The Company incurred cost of services of $2.1 million and $943,000, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single story office building located in Palo Alto, California, which was amended in 2016 to extend the expiration date to May 31, 2022. Rent expense for this lease aggregated $253,000 and $219,000 for the three months ended September 30, 2016 and 2015, respectively. Rent expense for this lease aggregated $759,000 and $474,500 for the nine months ended September 30, 2016 and 2015, respectively. Rent expense is included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Other The Company makes advances to non-executive employees from time-to-time. At September 30, 2016 and December 31, 2015, the aggregate principal amount for employee loans outstanding was $546,000 and $382,000, respectively, which is included in other assets, net current and other assets non-current captions in the accompanying condensed consolidated balance sheets. As of September 30, 2016, George M. Marcus, the Company’s founder and Co-Chairman, beneficially owned 55.2% of the Company’s issued and outstanding common stock, including shares owned by Phoenix Investments Holdings, LLC (“Phoenix”) and the George and Judy Marcus Family Foundation.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investment carried and fair value and the supporting methodologies and assumptions. The Company uses various pricing sources to validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlates with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: Level 1: Level 2: Level 3: Recurring Fair Value Measurements The Company values its investments including assets held in rabbi trust, money market funds and investments in marketable securities, available-for-sale at fair value on a recurring basis. Investments carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): September 30, 2016 December 31, 2015 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets held in rabbi trust $ 7,309 $ — $ 7,309 $ — $ 5,661 $ — $ 5,661 $ — Money market funds (1) $ 60,513 $ 60,513 $ — $ — $ 5,987 $ 5,987 $ — $ — Marketable securities, available-for-sale: Short-term investments: U.S. Treasuries $ 24,878 $ 24,878 $ — $ — $ 62,272 $ 62,272 $ — $ — U.S. Government Sponsored Entities 11,513 — 11,513 — 17,559 — 17,559 — Corporate debt securities 11,986 — 11,986 — — — — — Asset-backed securities and other — — — — 29 — 29 — $ 48,377 $ 24,878 $ 23,499 $ — $ 79,860 $ 62,272 $ 17,588 $ — Long-term investments: U.S. Treasuries $ 50,698 $ 50,698 $ — $ — $ 15,171 $ 15,171 $ — $ — U.S. Government Sponsored Entities 16,014 — 16,014 — 12,022 — 12,022 — Corporate debt securities 18,769 — 18,769 — 16,705 — 16,705 — Asset-backed securities and other 8,798 — 8,798 — 10,497 — 10,497 — $ 94,279 $ 50,698 $ 43,581 $ — $ 54,395 $ 15,171 $ 39,224 $ — (1) Included in cash and cash equivalents. There were no transfers in or out of Level 1 and Level 2 during the three and nine months ended September 30, 2016. Assets and Liabilities not Measured at Fair Value The Company’s cash and cash equivalents, commissions receivable, amounts due from employees (included in other assets, net current and other assets non-current captions) and investment sales and financing professionals (included in other assets, net current caption), accounts payable and accrued expenses and commissions payable are carried at cost, which approximates fair value based on their immediate or short-term maturities and terms which approximate current market rates and are considered to be in the Level 1 classification. As the Company’s obligations under notes payable to former stockholders bear fixed interest rates that approximate current interest rates for debt instruments with similar terms and maturities, the Company has determined that the carrying value on these instruments approximates fair value. As the Company’s obligations under SARs liability (included in deferred compensation and commission’s caption) bear interest at a variable rate based on U.S. Treasuries, the Company has determined that the carrying value approximates the fair value. These are considered to be in the Level 2 classification.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock As of September 30, 2016 and December 31, 2015, there were 37,616,243 and 37,396,456 shares of common stock, $0.0001 par value, issued and outstanding, which includes unvested restricted stock awards issued to non-employee directors, respectively. See Note 11 – “Earnings per Share” for additional information. The Company currently does not intend to pay a regular dividend. The Company will evaluate its dividend policy in the future. Any declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the board of directors and will depend on many factors, including the Company’s financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that the board of directors deems relevant. Preferred Stock The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At September 30, 2016 and December 31, 2015, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive Income The components of accumulated other comprehensive income as of September 30, 2016, by component, net of income taxes consisted of the following (in thousands): Unrealized Foreign (2) Total Beginning balance, December 31, 2015 $ (568 ) $ 1,025 $ 457 Other comprehensive income before reclassifications 1,152 32 1,184 Amounts reclassified from accumulated other comprehensive income (1) (102 ) — (102 ) Net current-period other comprehensive income 1,050 32 1,082 Ending balance, September 30, 2016 $ 482 $ 1,057 $ 1,539 (1) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. (2) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	9. Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan In October 2013, the board of directors adopted the 2013 Plan, which became effective upon the Company’s IPO. The 2013 Plan, in general, authorizes for the granting of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance units and performance shares to the Company’s and subsidiary corporations’ employees, independent contractors, directors and consultants. Grants are made from time to time by the Company’s board of directors at its discretion subject to certain restrictions as to the number and value of shares that may be granted to any individual. Upon adoption of the 2013 Plan, 5,500,000 shares of common stock were reserved for the issuance of awards under the 2013 Plan. Pursuant to the automatic increase provided for in the 2013 Plan, the board of directors have approved share reserve increases aggregating 2,200,000. At September 30, 2016, there were 4,352,735 shares available for future grants under the Plan. Awards Granted in Connection with the IPO In November 2013, MMI issued the following equity awards under the 2013 Plan: (i) Deferred stock units (“DSUs”) for an aggregate of 2,192,413 shares granted as replacement awards related to the prior SARs program to the MMREIS managing directors and (ii) DSUs for 83,334 shares granted to the Company’s Co-chairman of the board of directors, William A. Millichap. The DSU’s are fully vested and shares will be issued ratably over 5 years (see “Amendments to Restricted Stock and SARs” section below). In addition, 30,000 shares, in the form of RSAs, were granted to the Company’s non-employee directors. The shares vest ratably over 3 years. All the above awards were granted based on the IPO price of $12.00. Awards Granted and Settled Subsequent to the IPO Under the 2013 Plan, the Company has issued RSA’s to non-employee directors and RSU’s to employees and independent contractors. All RSAs vest in equal annual installments over a three year period from the date of grant. All RSUs vest in equal annual installments over a five year period from the date of grant. Any unvested awards are canceled upon termination of service. Awards accelerate upon death subject to approval by the compensation committee. During the nine months ended September 30, 2016, 239,396 shares of stock-based awards vested and 41,293 shares of common stock were withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The amount remitted to the tax authorities for the employees’ tax obligation was reflected in the taxes paid related to net share settlement of stock-based awards caption in the financing section of the condensed consolidated statements of cash flows. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the 2013 Plan. During the nine months ended September 30, 2016, the Company recorded windfall tax benefits, net in the amount of $157,000 resulting from settlement of stock-based award activity. Such windfall tax benefits, net are excluded from the provision for income taxes, and included as a component of additional paid-in capital in the accompanying condensed consolidated balance sheets and in cash flows provided by (used in) financing activities in the accompanying condensed consolidated statement of cash flows. Outstanding Awards Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2015 35,364 468,969 521,780 1,026,113 $ 21.17 Granted February 2016 — 172,496 8,856 181,352 March 2016 — 30,000 — 30,000 May 2016 14,742 11,051 8,188 33,981 August 2016 — 12,781 49,608 62,389 Total Granted 14,742 226,328 66,652 307,722 23.79 Vested (10,998 ) (103,428 ) (124,970 ) (239,396 ) 20.03 Forfeited/canceled — (37,299 ) (4,135 ) (41,434 ) 21.64 Nonvested shares at September 30, 2016 (1) 39,108 554,570 459,327 1,053,005 $ 22.18 Unrecognized stock-based compensation expense as of September 30, 2016 (2) $ 584 $ 10,836 $ 9,183 $ 20,603 Weighted average remaining vesting period (years) as of September 30, 2016 1.97 3.60 2.86 3.22 (1) Nonvested RSU’s will be settled through the issuance of new shares of common stock. (2) The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.22 years. As of September 30, 2016, 1,365,445 fully vested DSUs remained outstanding. Employee Stock Purchase Plan In 2013, the Company adopted the 2013 Employee Stock Purchase Plan (“ESPP Plan”). The ESPP Plan qualifies under Section 423 of the IRS Code and provides for consecutive, non-overlapping 6-month offering periods. The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. The first offering period began on May 15, 2014. Qualifying employees may purchase shares of the Company’s stock at a 10% discount based on the lower of the market price at the beginning or end of the offering period, subject to IRS limitations. The Company determined that the ESPP Plan was a compensatory plan and is required to expense the fair value of the awards over each 6-month offering period. The ESPP Plan has 366,667 shares of common stock reserved and 289,244 shares of common stock available for issuance as of September 30, 2016. The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP. Pursuant to the provisions of the ESPP Plan, the board of directors determined a share reserve increase was not needed in 2015. At September 30, 2016, total unrecognized compensation cost related to the ESPP Plan was $27,000 and is expected to be recognized over a weighted average period of 0.13 years. Amendments to Restricted Stock and SARs Restricted Stock In connection with the IPO, the formula settlement value of all outstanding shares of stock held by the plan participants was removed, and all such shares of stock are subject to sales restrictions that lapse at a rate of 20% per year for five years if the participant remains employed by the Company. In the event of death or termination of employment after reaching the age of 67, 100% of the shares of stock will be released from the resale restriction. 100% of the shares of stock will be released from the resale restriction upon the consummation of a change of control of the Company. SARs Prior to the IPO, certain employees were granted SARs. As of March 31, 2013, the outstanding SARs were frozen at the liability amount, and will be paid out to each participant in installments upon retirement or departure under the terms of the revised SARs agreements. To replace beneficial ownership in the SARs, the difference between the book value liability and the fair value of the awards was granted to plan participants in the form of DSUs, which were fully vested upon receipt and will be settled in actual stock at a rate of 20% per year if the participant remains employed by the Company during that period (otherwise all unsettled shares of stock upon termination from service will be settled five years from the termination date). In the event of death or termination of service after reaching the age of 67, 100% of the DSUs will be settled. Summary of Stock-Based Compensation Components of stock-based compensation included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income consisted of the following (in thousands, except common stock price): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Employee stock purchase plan $ 54 $ 56 $ 162 $ 184 RSAs – non-employee directors 121 91 319 228 RSUs – employees 734 547 2,210 1,626 RSUs – independent contractors (1) 924 1,474 2,242 4,712 $ 1,833 $ 2,168 $ 4,933 $ 6,750 Common stock price at beginning of period $ 25.41 $ 46.14 $ 29.14 $ 33.25 Common stock price at end of period $ 26.15 $ 45.99 $ 26.15 $ 45.99 Increase (decrease) in stock price $ 0.74 $ (0.15 ) $ (2.99 ) $ 12.74 (1) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees under ASC 718. Accordingly, such awards are required to be measured at fair value at the end of each reporting period until settlement. Stock-based compensation expense is therefore impacted by the changes in the Company’s common stock price during each reporting period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company’s effective tax rate for the three and nine months ended September 30, 2016 was 40.0% and 39.9%, compared to 42.9% and 41.6% for the three and nine months ended September 30, 2015. The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for the tax effects of items that relate discretely to the period, if any. The difference between the statutory tax rate and the Company’s effective tax rate is largely attributable to state income taxes and a full valuation allowance with respect to the deferred tax assets of the Company’s Canadian operations.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per Share	11. Earnings per Share The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2016 and 2015, respectively (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator (Basic and Diluted): Net income $ 15,144 $ 15,176 $ 47,483 $ 46,401 Denominator: Basic Weighted average common shares issued and outstanding 37,613 37,114 37,588 37,091 Deduct: Unvested RSAs (1) (39 ) (45 ) (37 ) (44 ) Add: Fully vested DSUs (2) 1,365 1,821 1,365 1,821 Weighted Average Common Shares Outstanding 38,939 38,890 38,916 38,868 Basic earnings per common share $ 0.39 $ 0.39 $ 1.22 $ 1.19 Diluted Weighted Average Common Shares Outstanding from above 38,939 38,890 38,916 38,868 Add: Dilutive effect of RSUs, RSAs & ESPP 183 270 118 183 Weighted Average Common Shares Outstanding 39,122 39,160 39,034 39,051 Diluted earnings per common share $ 0.39 $ 0.39 $ 1.22 $ 1.19 Antidilutive shares excluded from diluted earnings per common share (3) 94 31 489 77 (1) RSAs were issued and outstanding to the non-employee directors and have a three year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information. (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 8 – “Stockholders’ Equity” for additional information. (3) Primarily pertaining to RSU grants to the Company’s independent contractors.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Credit Agreement On June 18, 2014, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (“Bank”), dated as of June 1, 2014 (the “Credit Agreement”). The Credit Agreement provides for a $60.0 million principal amount senior secured revolving credit facility that is guaranteed by all of the Company’s domestic subsidiaries (the “Credit Facility”), which, as amended, matures on June 1, 2019. The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. Borrowings under the Credit Agreement are available for general corporate purposes and working capital. The Credit Facility includes a $10.0 million sublimit for the issuance of standby letters of credit of which $533,000 was utilized at September 30, 2016. Borrowings under the Credit Facility will bear interest, at the Company’s option, at either the (i) Base Rate (defined as the highest of (a) the Bank’s prime rate, (b) the Federal Funds Rate plus 1.5% and (c) one-month LIBOR plus 1.5%), or (ii) at a variable rate between 0.875% and 1.125% above LIBOR, based upon the total funded debt to EBITDA ratio. In connection with executing the Credit Agreement, as amended the Company paid bank fees and other expenses, which are being amortized over the remaining term of the Credit Agreement. The Company pays a commitment fee of up to 0.1% per annum, payable quarterly, based on the amount of unutilized commitments under the Credit Facility. The amortization and commitment fee is included in interest expense in the accompanying condensed consolidated statements of net and comprehensive income and was $29,000 and $32,000 during the three months ended September 30, 2016 and 2015, respectively and $88,000 and $100,000 during the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016, there were no amounts outstanding under the Credit Agreement. The Credit Facility contains customary covenants, including financial and other covenant reporting requirements and events of default. Financial covenants require the Company, on a combined basis with its guarantors, to maintain (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end and (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end both on a rolling 4-quarter basis. The Credit Facility is secured by substantially all assets of the Company, including pledges of 100% of the stock or other equity interest of each subsidiary except for the capital stock of a controlled foreign corporation (as defined in the Internal Revenue Code). As of September 30, 2016, the Company was in compliance with all financial and non-financial covenants. Litigation The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Most of these litigation matters are covered by insurance which contain deductibles, exclusions, claim limits and aggregate policy limits. While the ultimate liability for these legal proceeding cannot be determined, the Company reviews the need for its accrual for loss contingencies quarterly and records an accrual for litigation related losses where the likelihood of loss is both probable and estimable. The Company believes that the ultimate resolution of the legal proceedings will not have a material adverse effect on its financial condition or results of operations. The Company accrues legal fees for litigation as the legal services are provided.

Description of business, basi20

Description of business, basis of presentation and recent accounting pronouncements (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Description of Business	Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of September 30, 2016, MMI operates 81 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which includes the operations of Marcus & Millichap Capital Corporation (“MMCC”).
Reorganization and Initial Public Offering	Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off its majority owned subsidiary, MMREIS (“Spin-Off”). Prior to the initial public offering (“IPO”) of MMI, all of the preferred and common stockholders of MMREIS (including MMC and employees of MMREIS) contributed all of their outstanding shares to MMI, in exchange for new MMI common stock. As a result, MMREIS became a wholly-owned subsidiary of MMI. Thereafter, MMC distributed 80.0% of the shares of MMI common stock to MMC’s shareholders and exchanged the remaining portion of its shares of MMI common stock for cancellation of indebtedness of MMC. MMI completed its IPO on October 30, 2013.
Basis of Presentation	Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements and notes include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K filed on March 15, 2016 with the SEC. The results of the three and nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2016, or for other interim periods or future years.
Consolidation	Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported condensed consolidated results of operations, financial condition, stockholders’ equity or on cash flows subtotals.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from independent contractors (included under other assets, net current and other assets non-current captions), investments in marketable securities, available-for-sale, security deposits (included under other assets, non-current caption) and commissions receivables. Cash is placed with high-credit quality financial institutions and invested high-credit quality money market funds. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any losses related to cash and cash equivalents. The Company derives its revenues from a broad range of real estate investors, owners and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company performs credit evaluations of its customers and debtors and requires collateral on a case-by-case basis. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three and nine months ended September 30, 2016 and 2015, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and therefore do not expose the Company to significant credit risk. The Company’s Canadian operations represented less than 1.0% of total revenues in each period presented. For the three and nine months ended September 30, 2016, one office represented approximately 10.9% and 10.1% of real estate brokerage commissions revenue, respectively. No office represented 10% or more of real estate brokerage commissions revenue during the three and nine months ended September 30, 2015.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contacts with Customers: Principal Versus Agent Considerations Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ASU 2014-09 permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. For the Company, the new standard will be effective January 1, 2018. The Company does not have multiple-element arrangements, variable consideration, licenses and long-term contracts with customers. Accordingly, the Company does not expect this standard to have a significant effect in the manner or timing of its revenue recognition. The Company is in the process of completing the evaluation of the impact of this new standard and will select a transition method when the effect is determined. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016, the FASB issued ASU No. 2016-02, Leases, to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company is still evaluating the impact of the new standard. The Company will be required to adopt the new standard in 2019 and the Company’s condensed consolidated balance sheets will be impacted by the recording of a lease liability and right of use asset for virtually all of its current operating leases, the amount of which and potential impact on the condensed consolidated statements of net and comprehensive income and condensed consolidated statements of cash flows has yet to be determined. As of September 30, 2016, the Company has remaining contractual obligations for operating leases (autos and office), which aggregate approximately $77.1 million. Accordingly, we anticipate that the adoption of the new standard will have a material impact on the Company’s condensed consolidated balance sheet. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting 1. Accounting for income taxes upon vesting or settlement of awards 2. Presentation of excess tax benefits on the statement of cash flows 3. Accounting for forfeitures 4. Minimum statutory withholding requirements 5. Presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet minimum statutory withholding requirements 6. Private company practical expedients ASU 2016-09 is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. For the Company, the new standard will be effective on January 1, 2017. The Company is finalizing its evaluation of the impact of ASU 2016-09. The Company intends to adopt the provisions of ASU 2016-09 as of January 1, 2017. Since the Company issues stock-based awards to its employees and independent contractors and has recognized windfall tax benefits in additional paid in capital, it is anticipated that the ASU, when adopted, will impact (i) the Company’s provision for income taxes, and therefore net and comprehensive income and related earnings per share amounts, (ii) amounts presented in the condensed consolidated statement of stockholders’ equity and condensed consolidated statements of cash flows and (iii) to a lesser extent the timing of our stock-based compensation expense. In accordance with the provision of ASU 2016-09, the Company intends to change its accounting for forfeitures from awards that are not expected to vest to when forfeitures occur. The Company anticipates adopting the majority of the provision of ASU 2016-09 on a prospective basis except for the change in the accounting for forfeitures, where the Company anticipates adopting the provision on a modified retrospective basis with a cumulative-effect adjustment as of January 1, 2017. Since the impact of the adoption of ASU 2016-09 is dependent on the future share price of the Company’s stock, the Company cannot determine what the future impact will be for the forfeitures; however, based on the closing stock price on September 30, 2016, the cumulative-effect adjustment as of January 1, 2017 is not expected to be material. See Note 9 – “Stock-Based Compensation Plans” for additional information. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments
Leases	The Company leases all of its facilities under operating lease agreements. Lease agreements may contain periods of free rent or reduced rent or contain predetermined fixed increases in the minimum rent. The Company recognizes the minimum lease payments as rent expense on a straight-line basis over the noncancellable term of the lease. The Company records the difference between the amount charged to rent expense and the rent paid as a deferred rent obligation. The Company typically leases general purpose built-out office space, which reverts to the lessor upon termination of the lease. Any payments for improvements, net of incentives received, are recorded as prepaid rent. Prepaid rent is amortized using the straight-line method over the expected lease term as a charge to rent expense.
Investments in Marketable Securities	the Company considers the declines in market value of its marketable securities, available-for-sale to be temporary in nature and does not consider any of its investments other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss and matching long-term liabilities. When evaluating an investment for other-than-temporary impairment the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis.
Fair Value Measurements	U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investment carried and fair value and the supporting methodologies and assumptions. The Company uses various pricing sources to validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlates with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: Level 1: Level 2: Level 3:
Stock Based Compensation Plans	The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees under ASC 718. Accordingly, such awards are required to be measured at fair value at the end of each reporting period until settlement. Stock-based compensation expense is therefore impacted by the changes in the Company’s common stock price during each reporting period.
Income Taxes	The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for the tax effects of items that relate discretely to the period, if any. The difference between the statutory tax rate and the Company’s effective tax rate is largely attributable to state income taxes and a full valuation allowance with respect to the deferred tax assets of the Company’s Canadian operations.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): September 30, December 31, Computer software and hardware equipment $ 13,502 $ 10,973 Furniture, fixtures, and equipment 19,252 17,047 Less: accumulated depreciation and amortization (17,169 ) (16,441 ) $ 15,585 $ 11,579

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, 2016 2015 2016 2015 Due from independent contractors, net (1) (2) $ 1,783 $ 2,545 $ 7,678 $ 7,358 Security deposits — — 1,054 1,425 Employee notes receivable (3) 434 224 112 158 Customer trust accounts and other 1,609 2,367 212 175 $ 3,826 $ 5,136 $ 9,056 $ 9,116 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. (2) Includes allowance for doubtful accounts related to current receivables of $303 and $359 as of September 30, 2016 and December 31, 2015, respectively. The Company recorded a provision for bad debt expense of $12 and $48 and wrote off $6 and $24 of these receivables for the three months ended September 30, 2016 and 2015, respectively. The Company recorded a provision for bad debt expense of $15 and $127 and wrote off $71 and $59 of these receivables for the nine months ended September 30, 2016 and 2015, respectively. (3) See Note 6 – “Related-Party Transactions” for additional information.
Components of Deferred Compensation and Commissions	Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, 2016 2015 2016 2015 SARs liability (1) $ 1,366 $ — $ 20,719 $ 21,399 Commissions payable to investment sales and financing professionals 28,140 34,091 12,755 17,015 Deferred compensation liability (1) 138 — 6,804 5,264 $ 29,644 $ 34,091 $ 40,278 $ 43,678 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as an employee service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next 12 months has been classified as current.
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability	The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ 229 $ (351 ) $ 413 $ (340 ) Increase (decrease) in the carrying value of the deferred compensation (2) $ 209 $ (307 ) $ 397 $ (248 ) (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.

Investments in Marketable Sec23

Investments in Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security	Amortized cost and fair value of marketable securities, available-for-sale, by type of security consisted of the following (in thousands): September 30, 2016 December 31, 2015 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Short-term investments: U.S. treasuries $ 24,864 $ 15 $ (1 ) $ 24,878 $ 62,343 $ — $ (71 ) $ 62,272 U.S. government sponsored entities 11,508 5 — 11,513 17,571 — (12 ) 17,559 Corporate debt securities 11,982 4 — 11,986 — — — — Asset-backed securities and other — — — — 29 — — 29 $ 48,354 $ 24 $ (1 ) $ 48,377 $ 79,943 $ — $ (83 ) $ 79,860 Long-term investments: U.S. treasuries $ 50,535 $ 172 $ (9 ) $ 50,698 $ 15,283 $ — $ (112 ) $ 15,171 U.S. government sponsored entities 15,989 25 — 16,014 12,107 — (85 ) 12,022 Corporate debt securities 18,261 529 (21 ) 18,769 17,219 5 (519 ) 16,705 Asset-backed securities and other 8,729 118 (49 ) 8,798 10,649 — (152 ) 10,497 $ 93,514 $ 844 $ (79 ) $ 94,279 $ 55,258 $ 5 $ (868 ) $ 54,395
Amortized Cost and Fair Value of Investments in Available for Sale Securities	The amortized cost and fair value of the Company’s investments in available-for-sale securities that have been in a continuous unrealized loss position consisted of the following (in thousands): September 30, 2016 December 31, 2015 Unrealized Fair Value Unrealized Fair Value Less than 12 months $ (33 ) $ 39,367 $ (951 ) $ 129,117 12 months or longer $ (47 ) $ 2,747 $ — $ —
Gross Realized Gains and Losses from Sale of Available for Sale Securities	Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities consisted of the following (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Gross realized gain (1) $ 16 $ — $ 36 $ 133 Gross realized loss (1) $ — $ — $ (155 ) $ (3 ) (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined on the specific identification method.
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity	Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following (in thousands): September 30, 2016 December 31, 2015 Amortized Fair Value Amortized Fair Value Due in one year or less $ 48,354 $ 48,377 $ 79,943 $ 79,860 Due after one year through five years 70,627 70,758 28,634 28,465 Due after five years through ten years 14,998 15,537 18,020 17,466 Due after ten years 7,889 7,984 8,604 8,464 $ 141,868 $ 142,656 $ 135,201 $ 134,255 Weighted average contractual maturity 3.2 years 3.3 years

Notes Payable to Former Stock24

Notes Payable to Former Stockholders (Tables)	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Interest Pertaining to Notes	Accrued interest pertaining to the Notes consisted of the following (in thousands): September 30, 2016 December 31, Accrued interest (1) $ 216 $ 367 (1) Recorded in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets.
Schedule of Interest Expense Pertaining to Notes	Interest expense pertaining to the Notes consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest expense $ 122 $ 133 $ 381 $ 414

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Investments at Fair Value on Recurring Basis	Investments carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): September 30, 2016 December 31, 2015 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets held in rabbi trust $ 7,309 $ — $ 7,309 $ — $ 5,661 $ — $ 5,661 $ — Money market funds (1) $ 60,513 $ 60,513 $ — $ — $ 5,987 $ 5,987 $ — $ — Marketable securities, available-for-sale: Short-term investments: U.S. Treasuries $ 24,878 $ 24,878 $ — $ — $ 62,272 $ 62,272 $ — $ — U.S. Government Sponsored Entities 11,513 — 11,513 — 17,559 — 17,559 — Corporate debt securities 11,986 — 11,986 — — — — — Asset-backed securities and other — — — — 29 — 29 — $ 48,377 $ 24,878 $ 23,499 $ — $ 79,860 $ 62,272 $ 17,588 $ — Long-term investments: U.S. Treasuries $ 50,698 $ 50,698 $ — $ — $ 15,171 $ 15,171 $ — $ — U.S. Government Sponsored Entities 16,014 — 16,014 — 12,022 — 12,022 — Corporate debt securities 18,769 — 18,769 — 16,705 — 16,705 — Asset-backed securities and other 8,798 — 8,798 — 10,497 — 10,497 — $ 94,279 $ 50,698 $ 43,581 $ — $ 54,395 $ 15,171 $ 39,224 $ — (1) Included in cash and cash equivalents.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income, Net of Income Taxes	The components of accumulated other comprehensive income as of September 30, 2016, by component, net of income taxes consisted of the following (in thousands): Unrealized Foreign (2) Total Beginning balance, December 31, 2015 $ (568 ) $ 1,025 $ 457 Other comprehensive income before reclassifications 1,152 32 1,184 Amounts reclassified from accumulated other comprehensive income (1) (102 ) — (102 ) Net current-period other comprehensive income 1,050 32 1,082 Ending balance, September 30, 2016 $ 482 $ 1,057 $ 1,539 (1) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. (2) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding Awards Under 2013 Omnibus Equity Incentive Plan	Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2015 35,364 468,969 521,780 1,026,113 $ 21.17 Granted February 2016 — 172,496 8,856 181,352 March 2016 — 30,000 — 30,000 May 2016 14,742 11,051 8,188 33,981 August 2016 — 12,781 49,608 62,389 Total Granted 14,742 226,328 66,652 307,722 23.79 Vested (10,998 ) (103,428 ) (124,970 ) (239,396 ) 20.03 Forfeited/canceled — (37,299 ) (4,135 ) (41,434 ) 21.64 Nonvested shares at September 30, 2016 (1) 39,108 554,570 459,327 1,053,005 $ 22.18 Unrecognized stock-based compensation expense as of September 30, 2016 (2) $ 584 $ 10,836 $ 9,183 $ 20,603 Weighted average remaining vesting period (years) as of September 30, 2016 1.97 3.60 2.86 3.22 (1) Nonvested RSU’s will be settled through the issuance of new shares of common stock. (2) The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.22 years.
Stock-Based Compensation Expense	Components of stock-based compensation included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income consisted of the following (in thousands, except common stock price): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Employee stock purchase plan $ 54 $ 56 $ 162 $ 184 RSAs – non-employee directors 121 91 319 228 RSUs – employees 734 547 2,210 1,626 RSUs – independent contractors (1) 924 1,474 2,242 4,712 $ 1,833 $ 2,168 $ 4,933 $ 6,750 Common stock price at beginning of period $ 25.41 $ 46.14 $ 29.14 $ 33.25 Common stock price at end of period $ 26.15 $ 45.99 $ 26.15 $ 45.99 Increase (decrease) in stock price $ 0.74 $ (0.15 ) $ (2.99 ) $ 12.74 (1) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees under ASC 718. Accordingly, such awards are required to be measured at fair value at the end of each reporting period until settlement. Stock-based compensation expense is therefore impacted by the changes in the Company’s common stock price during each reporting period.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2016 and 2015, respectively (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator (Basic and Diluted): Net income $ 15,144 $ 15,176 $ 47,483 $ 46,401 Denominator: Basic Weighted average common shares issued and outstanding 37,613 37,114 37,588 37,091 Deduct: Unvested RSAs (1) (39 ) (45 ) (37 ) (44 ) Add: Fully vested DSUs (2) 1,365 1,821 1,365 1,821 Weighted Average Common Shares Outstanding 38,939 38,890 38,916 38,868 Basic earnings per common share $ 0.39 $ 0.39 $ 1.22 $ 1.19 Diluted Weighted Average Common Shares Outstanding from above 38,939 38,890 38,916 38,868 Add: Dilutive effect of RSUs, RSAs & ESPP 183 270 118 183 Weighted Average Common Shares Outstanding 39,122 39,160 39,034 39,051 Diluted earnings per common share $ 0.39 $ 0.39 $ 1.22 $ 1.19 Antidilutive shares excluded from diluted earnings per common share (3) 94 31 489 77 (1) RSAs were issued and outstanding to the non-employee directors and have a three year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information. (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 8 – “Stockholders’ Equity” for additional information. (3) Primarily pertaining to RSU grants to the Company’s independent contractors.

Description of Business, Basi29

Description of Business, Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Office	Sep. 30, 2015	Sep. 30, 2016USD ($)Office	Sep. 30, 2015
Class of Stock [Line Items]
Number of offices in the United States and Canada | Office			81
Formation date			2013-06
Percentage of common stock distributed			80.00%
IPO completion date			Oct. 30, 2013
Commission's receivable settled period			10 days
Operating lease obligations | $	$ 77.1		$ 77.1
Geographic Concentration Risk [Member] | Real Estate Brokerage Commissions Revenue [Member]
Class of Stock [Line Items]
Concentration risk percentage	10.90%		10.10%
Number of offices	1	0	1	0
Geographic Concentration Risk [Member] | Real Estate Brokerage Commissions Revenue [Member] | Minimum [Member]
Class of Stock [Line Items]
Concentration risk percentage		10.00%		10.00%
Customer Concentration Risk [Member] | Total revenues [Member]
Class of Stock [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%	10.00%
Customer Concentration Risk [Member] | Commissions receivable [Member]
Class of Stock [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%	10.00%
International Revenues [Member] | Geographic Concentration Risk [Member] | Total revenues [Member] | Maximum [Member]
Class of Stock [Line Items]
Concentration risk percentage			1.00%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (17,169)	$ (16,441)
Property and equipment, net	15,585	11,579
Computer software and hardware equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	13,502	10,973
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 19,252	$ 17,047

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Fully depreciated computer software and hardware and furniture, fixtures and equipment write-off	$ 2.7	$ 2.6

Selected Balance Sheet Data - S

Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other Assets [Line Items]
Other assets Current	$ 3,826	$ 5,136
Other assets Non-Current	9,056	9,116
Due from independent contractors [Member]
Other Assets [Line Items]
Other assets Current	1,783	2,545
Other assets Non-Current	7,678	7,358
Security deposits [Member]
Other Assets [Line Items]
Other assets Current	0	0
Other assets Non-Current	1,054	1,425
Employee Notes Receivable [Member]
Other Assets [Line Items]
Other assets Current	434	224
Other assets Non-Current	112	158
Customer trust accounts and other [Member]
Other Assets [Line Items]
Other assets Current	1,609	2,367
Other assets Non-Current	$ 212	$ 175

Selected Balance Sheet Data -33

Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Other Assets [Line Items]
Allowance of doubtful accounts	$ 303		$ 303		$ 359
Provision for bad debt expense	12	$ 48	15	$ 127
Write-off receivables	$ 6	$ 24	$ 71	$ 59
Minimum [Member]
Other Assets [Line Items]
Notes receivable due period			1 year
Maximum [Member]
Other Assets [Line Items]
Notes receivable due period			5 years

Selected Balance Sheet Data - C

Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Balance Sheet Related Disclosures [Abstract]
SARs liability	$ 1,366	$ 0
Commissions payable to investment sales and financing professionals	28,140	34,091
Deferred compensation liability	138	0
Total	29,644	34,091
SARs liability	20,719	21,399
Commissions payable to investment sales and financing professionals	12,755	17,015
Deferred compensation liability	6,804	5,264
Total	$ 40,278	$ 43,678

Selected Balance Sheet Data - A

Selected Balance Sheet Data - Additional Information (Detail)	Jan. 01, 2016	Jan. 01, 2015	Jan. 01, 2014	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Installments	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2013USD ($)
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount				$ 20,719,000		$ 20,719,000		$ 21,399,000
Interest expense				380,000	$ 380,000	$ 1,155,000	$ 1,349,000
Maximum payment deferral period for certain commissions payable						3 years
SARs [Member]
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount									$ 20,000,000
SARs liability frozen value date						Mar. 31, 2013
SARs liability interest accrual commencement date						Jan. 1, 2014
Interest expense				$ 229,000	$ 214,000	$ 686,000	$ 642,000
Treasury note term			10 years
Base spread on SARs liability variable rate			2.00%
SARs liability interest accrual rates	4.273%	4.173%
SARs liability number of annual installments | Installments						10
Estimated payouts description						Estimated payouts within the next twelve months for participants that have separated from service have been classified as current.
Deferred Compensation Liability [Member]
Schedule Of Accrued Expenses [Line Items]
Estimated payouts description						Estimated payouts within the next twelve months for participants that have separated from service have been classified as current.
Deferred Compensation Liability, Minimum Payout Period						2 years
Deferred Compensation Liability, Maximum Payout Period						15 years
Fair value of deferred compensation plan assets						110.00%

Selected Balance Sheet Data -36

Selected Balance Sheet Data - Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Balance Sheet Related Disclosures [Abstract]
Increase (decrease) in the carrying value of the assets held in the rabbi trust	$ 229	$ (351)	$ 413	$ (340)
Increase (decrease) in the carrying value of the deferred compensation obligation	$ 209	$ (307)	$ 397	$ (248)

Investments in Marketable Sec37

Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 141,868	$ 135,201
Fair Value	142,656	134,255
Short-term investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	48,354	79,943
Gross Unrealized Gains	24	0
Gross Unrealized Losses	(1)	(83)
Fair Value	48,377	79,860
Short-term investments [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	24,864	62,343
Gross Unrealized Gains	15	0
Gross Unrealized Losses	(1)	(71)
Fair Value	24,878	62,272
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,508	17,571
Gross Unrealized Gains	5	0
Gross Unrealized Losses	0	(12)
Fair Value	11,513	17,559
Short-term investments [Member] | Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,982	0
Gross Unrealized Gains	4	0
Gross Unrealized Losses	0	0
Fair Value	11,986	0
Short-term investments [Member] | Asset-backed securities and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	0	29
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	0	29
Long-term marketable securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	93,514	55,258
Gross Unrealized Gains	844	5
Gross Unrealized Losses	(79)	(868)
Fair Value	94,279	54,395
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	50,535	15,283
Gross Unrealized Gains	172	0
Gross Unrealized Losses	(9)	(112)
Fair Value	50,698	15,171
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	15,989	12,107
Gross Unrealized Gains	25	0
Gross Unrealized Losses	0	(85)
Fair Value	16,014	12,022
Long-term marketable securities [Member] | Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	18,261	17,219
Gross Unrealized Gains	529	5
Gross Unrealized Losses	(21)	(519)
Fair Value	18,769	16,705
Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,729	10,649
Gross Unrealized Gains	118	0
Gross Unrealized Losses	(49)	(152)
Fair Value	$ 8,798	$ 10,497

Investments in Marketable Sec38

Investments in Marketable Securities - Amortized Cost and Fair Value of Investments in Available for Sale Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale securities continuous unrealized loss position for less than 12 months, unrealized loss	$ (33)	$ (951)
Available for sale securities continuous unrealized loss position for 12 months or longer, unrealized loss	(47)	0
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	39,367	129,117
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	$ 2,747	$ 0

Investments in Marketable Sec39

Investments in Marketable Securities - Gross Realized Gains and Losses from Sale of Available for Sale Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract]
Gross realized gain	$ 16	$ 0	$ 36	$ 133
Gross realized loss	$ 0	$ 0	$ (155)	$ (3)

Investments in Marketable Sec40

Investments in Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Gross realized loss	$ 0	$ 0	$ 155,000	$ 3,000
Sale of Available-For-Sale, Marketable Security that No Longer Met Investment Policy [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross realized loss			$ 152,000

Investments in Marketable Sec41

Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Amortized Cost	$ 48,354	$ 79,943
Due after one year through five years, Amortized Cost	70,627	28,634
Due after five years through ten years, Amortized Cost	14,998	18,020
Due after ten years, Amortized Cost	7,889	8,604
Amortized Cost	141,868	135,201
Due in one year or less, Fair Value	48,377	79,860
Due after one year through five years, Fair Value	70,758	28,465
Due after five years through ten years, Fair Value	15,537	17,466
Due after ten years, Fair Value	7,984	8,464
Total Fair Value	$ 142,656	$ 134,255
Weighted average contractual maturity	3 years 2 months 12 days	3 years 3 months 18 days

Notes Payable to Former Stock42

Notes Payable to Former Stockholders - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Notes Payable to Former Stockholders [Member]
Debt Instrument [Line Items]
Principal and interest payments on notes payable to former stockholders	$ 1.5	$ 1.5
Restricted Stock - Notes Payable [Member]
Debt Instrument [Line Items]
Unsecured notes interest rate	5.00%
Unsecured notes maturity date	Jun. 30, 2020
SARs - Notes Payable [Member]
Debt Instrument [Line Items]
Unsecured notes interest rate	5.00%
Unsecured notes maturity date	Jun. 30, 2020

Notes Payable to Former Stock43

Notes Payable to Former Stockholders - Schedule of Accrued Interest Pertaining to Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts Payable and Accrued Expenses [Member]
Accounts Payable And Accrued Expenses [Line Items]
Accrued interest	$ 216	$ 367

Notes Payable to Former Stock44

Notes Payable to Former Stockholders - Schedule of Interest Expense Pertaining to Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest Expense [Line Items]
Interest expense	$ 380	$ 380	$ 1,155	$ 1,349
Notes Payable to Former Stockholders [Member]
Interest Expense [Line Items]
Interest expense	$ 122	$ 133	$ 381	$ 414

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Aggregate principal amount outstanding for employee notes receivable	$ 546,000	$ 546,000		$ 546,000		$ 382,000
MMC [Member]
Related Party Transaction [Line Items]
Accounts payable and other accrued expenses - related party			$ 661,000		$ 661,000	$ 96,000
Real estate brokerage commissions and financing fees from transactions with former parent, Marcus & Millichap Company		1,100,000	305,000	3,500,000	1,600,000
Commission expenses for transactions with former parent, Marcus & Millichap Company		674,000	173,000	2,100,000	943,000
Rent expense for lease		$ 253,000	219,000	759,000	474,500
Lease expiration date		May 31, 2022
MMC [Member] | Transition Services Agreement [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expense		$ 61,000	$ 56,000	$ 185,000	$ 165,000
Transition services agreement date		Oct. 1, 2013
George M. Marcus [Member]
Related Party Transaction [Line Items]
Beneficial ownership percentage	55.20%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Investments at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	$ 7,309	$ 5,661
Marketable securities, available for sale	142,656	134,255
Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	48,377	79,860
Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	24,878	62,272
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	11,513	17,559
Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	11,986	0
Short-term investments [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	29
Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	94,279	54,395
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	50,698	15,171
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,014	12,022
Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	18,769	16,705
Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	8,798	10,497
Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	60,513	5,987
Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	7,309	5,661
Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	48,377	79,860
Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	24,878	62,272
Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	11,513	17,559
Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	11,986	0
Recurring [Member] | Short-term investments [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	29
Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	94,279	54,395
Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	50,698	15,171
Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,014	12,022
Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	18,769	16,705
Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	8,798	10,497
Level 1 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	60,513	5,987
Level 1 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	0	0
Level 1 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	24,878	62,272
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	24,878	62,272
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	50,698	15,171
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	50,698	15,171
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 2 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Level 2 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	7,309	5,661
Level 2 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	23,499	17,588
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	11,513	17,559
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	11,986	0
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	29
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	43,581	39,224
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,014	12,022
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	18,769	16,705
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	8,798	10,497
Level 3 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Level 3 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	0	0
Level 3 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Sep. 30, 2016USD ($)
Fair Value Disclosures [Abstract]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Equity [Abstract]
Common stock, shares issued	37,616,243	37,396,456
Common stock, shares outstanding	37,616,243	37,396,456
Common stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Undistributed earnings of foreign subsidiary	$ 0

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 457
Other comprehensive income before reclassifications			1,184
Amounts reclassified from accumulated other comprehensive income			(102)
Total other comprehensive (loss) income	$ (59)	$ 290	1,082	$ 112
Ending balance	1,539		1,539
Unrealized gains and (losses) of available-for-sale securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(568)
Other comprehensive income before reclassifications			1,152
Amounts reclassified from accumulated other comprehensive income			(102)
Total other comprehensive (loss) income			1,050
Ending balance	482		482
Foreign currency translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			1,025
Other comprehensive income before reclassifications			32
Amounts reclassified from accumulated other comprehensive income			0
Total other comprehensive (loss) income			32
Ending balance	$ 1,057		$ 1,057

Stock-Based Compensation Plan50

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Award Limitations - Additional Information (Detail)	1 Months Ended					9 Months Ended
	Aug. 31, 2016shares	May 31, 2016shares	Mar. 31, 2016shares	Feb. 29, 2016shares	Nov. 30, 2013$ / sharesshares	Sep. 30, 2016Incentive_Planshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active equity plans | Incentive_Plan						1
Common stock shares reserved for issuance of awards						5,500,000
Common stock shares available for grant						4,352,735
Increase of common stock share reserve approved						2,200,000
Share-based awards granted during the period	62,389	33,981	30,000	181,352		307,722
Description of awards granted under the 2013 Plan						In November 2013, MMI issued the following equity awards under the 2013 Plan (i) Deferred stock units ("DSUs") for an aggregate of 2,192,413 shares granted as replacement awards related to the prior SARs program to the MMREIS managing directors and (ii) DSUs for 83,334 shares granted to the Company's Co-chairman of the board of directors, William A. Millichap. The DSU's are fully vested and shares will be issued ratably over 5 years
Common stock sold and issued under IPO, price per share | $ / shares					$ 12
Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units settlement period					5 years
Deferred stock units [Member] | MMREIS Managing Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units					2,192,413
Deferred stock units [Member] | Millichap [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units					83,334
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards granted during the period	0	14,742	0	0	30,000	14,742
Vesting period					3 years	3 years

Stock-Based Compensation Plan51

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Additional Information (Detail) - USD ($)	1 Months Ended	9 Months Ended
	Nov. 30, 2013	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares		239,396
Number of common stock shares withheld to pay employee statutory withholding taxes		41,293
Windfall tax benefits net from stock-based award activity included in additional paid-in capital		$ 157,000
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years
Vested shares		10,998
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units remaining outstanding		1,365,445

Stock-Based Compensation Plan52

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended					9 Months Ended
	Aug. 31, 2016	May 31, 2016	Mar. 31, 2016	Feb. 29, 2016	Nov. 30, 2013	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance						1,026,113
Granted	62,389	33,981	30,000	181,352		307,722
Vested						(239,396)
Forfeited/canceled						(41,434)
Nonvested shares, ending balance						1,053,005
Unrecognized stock-based compensation expense as of September 30, 2016						$ 20,603
Weighted average remaining vesting period (years) as of September 30, 2016						3 years 2 months 19 days
Nonvested weighted average grant date fair value per share, beginning balance						$ 21.17
Weighted average grant date fair value per share, Granted	$ 0	$ 0	$ 0	$ 0		23.79
Weighted average grant date fair value, Vested						20.03
Weighted average grant date fair value, Forfeited/canceled						21.64
Nonvested weighted average grant date fair value per share, ending balance						$ 22.18
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance						35,364
Granted	0	14,742	0	0	30,000	14,742
Vested						(10,998)
Forfeited/canceled						0
Nonvested shares, ending balance						39,108
Unrecognized stock-based compensation expense as of September 30, 2016						$ 584
Weighted average remaining vesting period (years) as of September 30, 2016						1 year 11 months 19 days
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance						468,969
Granted	12,781	11,051	30,000	172,496		226,328
Vested						(103,428)
Forfeited/canceled						(37,299)
Nonvested shares, ending balance						554,570
Unrecognized stock-based compensation expense as of September 30, 2016						$ 10,836
Weighted average remaining vesting period (years) as of September 30, 2016						3 years 7 months 6 days
Restricted Stock Units (RSUs) [Member] | Independent Contractors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance						521,780
Granted	49,608	8,188	0	8,856		66,652
Vested						(124,970)
Forfeited/canceled						(4,135)
Nonvested shares, ending balance						459,327
Unrecognized stock-based compensation expense as of September 30, 2016						$ 9,183
Weighted average remaining vesting period (years) as of September 30, 2016						2 years 10 months 10 days

Stock-Based Compensation Plan53

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized stock-based compensation expenses recognition period	3 years 2 months 19 days

Stock-Based Compensation Plan54

Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for issuance	4,352,735
Unrecognized stock-based compensation expense | $	$ 20,603,000
Unrecognized stock-based compensation expenses recognition period	3 years 2 months 19 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP offering period description	The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. The first offering period began on May 15, 2014.
Length of purchase intervals	6 months
ESPP discount rate	10.00%
Common stock reserved and available for issuance	366,667
Common stock shares available for issuance	289,244
Unrecognized stock-based compensation expense | $	$ 27,000
Unrecognized stock-based compensation expenses recognition period	1 month 17 days

Stock-Based Compensation Plan55

Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016
Restricted Stock Sales Restriction [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sales restriction lapse percentage for restricted stock	20.00%
Sales restriction period for restricted stock	5 years
Employee termination age	67 years
Percentage of shares of stock released from resale restriction upon consummation of change of control	100.00%
Percentage of shares of restricted released from resale restriction in the event of death or termination after reaching age 67	100.00%
Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee termination age	67 years
DSU settlement to common stock percentage	20.00%
DSU settlement into actual stock issued term	5 years
Percentage of shares of deferred stock units settled in the event of death or termination after reaching age 67	100.00%

Stock-Based Compensation Plan56

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense - Independent contractors	$ 924	$ 1,474	$ 2,242	$ 4,712
Allocated share-based compensation expense	1,833	2,168	4,933	6,750
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	54	56	162	184
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	121	91	319	228
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 734	$ 547	$ 2,210	$ 1,626

Stock-Based Compensation Plan57

Stock-Based Compensation Plans - Changes in Company's Common Stock Price During Reporting Period (Detail) - Stock Based Compensation Expense [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock price at beginning of period	$ 25.41	$ 46.14	$ 29.14	$ 33.25
Common stock price at end of period	26.15	45.99	26.15	45.99
Increase (decrease) in stock price	$ 0.74	$ (0.15)	$ (2.99)	$ 12.74

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	40.00%	42.90%	39.90%	41.60%

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator (Basic and Diluted):
Net income	$ 15,144	$ 15,176	$ 47,483	$ 46,401
Denominator:
Weighted average common shares issued and outstanding	37,613	37,114	37,588	37,091
Deduct: Unvested RSAs	(39)	(45)	(37)	(44)
Add: Fully vested DSUs	1,365	1,821	1,365	1,821
Weighted Average Common Shares Outstanding	38,939	38,890	38,916	38,868
Basic earnings per common share	$ 0.39	$ 0.39	$ 1.22	$ 1.19
Weighted Average Common Shares Outstanding from above	38,939	38,890	38,916	38,868
Add: Dilutive effect of RSUs, RSAs & ESPP	183	270	118	183
Weighted Average Common Shares Outstanding	39,122	39,160	39,034	39,051
Diluted earnings per common share	$ 0.39	$ 0.39	$ 1.22	$ 1.19
Antidilutive shares excluded from diluted earnings per common share	94	31	489	77

Earnings per Share - Computat60

Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Parenthetical) (Detail)	1 Months Ended	9 Months Ended
	Nov. 30, 2013	Sep. 30, 2016
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting period	3 years	3 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Line of Credit Facility [Line Items]
Senior secured revolving credit facility maximum borrowing capacity	$ 60,000,000		$ 60,000,000
Revolving credit facility maturity date			Jun. 1, 2019
Date the Company entered into a Credit Agreement			Jun. 18, 2014
Credit agreement date			Jun. 1, 2014
Standby letters of credit borrowing capacity	10,000,000		$ 10,000,000
Standby letters of credit, utilized amount	533,000		$ 533,000
Credit facility interest rate description			Credit Facility will bear interest, at the Company's option, at either the (i) Base Rate (defined as the highest of (a) the Bank's prime rate, (b) the Federal Funds Rate plus 1.5% and (c) one-month LIBOR plus 1.5%), or (ii) at a variable rate between 0.875% and 1.125% above LIBOR, based upon the total funded debt to EBITDA ratio.
LIBOR rate duration period			1 month
Debt description of variable rate basis			One-month LIBOR plus 1.5%
Credit agreement, unused capacity, commitment fee percentage			0.10%
Interest expense	380,000	$ 380,000	$ 1,155,000	$ 1,349,000
Credit agreement, amount outstanding	0		$ 0
Credit facility covenants			(i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.251.0 as of each quarter end and (ii) total funded debt to EBITDA not greater than 2.01.0
Minimum EBITDAR coverage ratio			125.00%
Maximum Total Funded Debt to EBITDA ratio			200.00%
Credit agreement, pledge percentage			100.00%
Compliance description			As of September 30, 2016, the Company was in compliance with all financial and non-financial covenants.
Variable Rate Above (LIBOR) [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.50%
Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.50%
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Interest expense	$ 29,000	$ 32,000	$ 88,000	$ 100,000
Minimum [Member] | Variable Rate Above (LIBOR) [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			0.875%
Maximum [Member] | Variable Rate Above (LIBOR) [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.125%