Form 4: MMI CFO DeGennaro Boosts Stake via RSU Vesting

Marcus & Millichap's EVP and CFO, Steven F. DeGennaro, reported an increase in his direct beneficial ownership of common stock following the vesting of restricted stock units.

Summary

• Steven F. DeGennaro, EVP and CFO of Marcus & Millichap, Inc. (MMI), reported transactions related to his beneficial ownership.
• On August 8, 2025, DeGennaro acquired 1,500 shares of common stock through the vesting of restricted stock units (RSUs).
• On August 8, 2024, 761 shares were withheld by the Issuer at a price of $38.09 per share to cover tax liabilities incurred from RSU settlements.
• Another 1,500 shares were acquired on August 8, 2025, from RSU vesting, followed by another 761 shares withheld for tax at $38.09 on August 8, 2024.
• Following these transactions, DeGennaro's direct beneficial ownership of common stock increased to 30,844 shares.
• This total includes 616 shares purchased under the Issuer's Employee Stock Purchase Plan.
• The RSUs vest in five equal annual installments, with initial vesting dates of August 10, 2021, and August 10, 2022.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive as an executive increased their direct beneficial ownership through RSU vesting, indicating continued alignment with shareholder interests, despite routine share disposals for tax purposes.

Positives

• EVP and CFO Steven F. DeGennaro increased his direct beneficial ownership of Marcus & Millichap common stock to 30,844 shares.
• The increase in ownership stems from the vesting of restricted stock units, indicating long-term executive alignment with shareholder interests.
• The total beneficial ownership includes 616 shares acquired through the Employee Stock Purchase Plan, demonstrating continued investment by the executive.

Negatives

• 761 shares were disposed of on two separate occasions at $38.09 per share to cover tax withholding liabilities related to RSU settlements, representing a reduction in direct holdings for tax purposes.

Future Outlook

The filing details routine executive compensation vesting schedules, with restricted stock units set to vest in five equal annual installments from their respective grant dates of August 10, 2021, and August 10, 2022.

Industry Context

This Form 4 filing reflects a standard executive compensation event within the financial services and real estate brokerage industry, where equity-based incentives like Restricted Stock Units (RSUs) are common for aligning management interests with long-term company performance.

Comparison to Industry Standards

• The RSU vesting and subsequent tax withholding are standard practices for executive compensation in publicly traded companies across various sectors, including financial services.
• The specific share price of $38.09 for tax withholding is a market-determined value on the transaction date.
• No specific comparable companies or projects are detailed in this filing to allow for a direct comparative assessment of results.

Related Party Transactions

• The vesting of restricted stock units and subsequent share acquisitions by an executive are considered related party transactions as they involve compensation from the company to its management.

Stakeholder Impact

• Shareholders: The increase in executive ownership through RSU vesting aligns management's interests with long-term shareholder value.
• Employees: The mention of the Employee Stock Purchase Plan indicates a broader program that could benefit participating employees.

Next Steps

• Future vesting installments of restricted stock units are expected to occur annually based on the initial vesting schedules of August 10, 2021, and August 10, 2022.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to executive compensation (RSU vesting and tax withholding). It does not present new material information that would fundamentally alter the investment thesis for Marcus & Millichap. While the increase in direct beneficial ownership by the CFO is a minor positive for alignment, it's a standard event and not indicative of a significant change in company prospects or valuation. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on broader company fundamentals rather than this specific filing.

Keywords

Marcus & Millichap, MMI, Steven F. DeGennaro, Form 4, Insider Trading, Restricted Stock Units, RSU Vesting, Executive Compensation, Stock Ownership, Financial Services, Real Estate Brokerage