Marcus & Millichap (MMI) 10-Q8 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36155
Entity Registrant Name	MARCUS & MILLICHAP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2478370
Entity Address, Address Line One	23975 Park Sorrento, Suite 400
Entity Address, City or Town	Calabasas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91302
City Area Code	818
Local Phone Number	212-2250
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	MMI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,823,704
Entity Central Index Key	0001578732
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash, cash equivalents, and restricted cash	$ 172,717	$ 170,753
Commissions receivable	19,195	16,171
Prepaid expenses	7,698	8,813
Income tax receivable	9,743	9,299
Marketable debt securities, available-for-sale (amortized cost of $126,130 and $169,018 at September 30, 2024 and December 31, 2023, respectively, and $0 allowance for credit losses)	126,083	168,881
Advances and loans, net	10,142	3,574
Other assets, current	10,967	16,203
Total current assets	356,545	393,694
Property and equipment, net	26,752	27,450
Operating lease right-of-use assets, net	84,621	90,058
Marketable debt securities, available-for-sale (amortized cost of $50,725 and $69,538 at September 30, 2024 and December 31, 2023, respectively, and $0 allowance for credit losses)	50,208	67,459
Assets held in rabbi trust	12,181	10,838
Deferred tax assets, net	50,127	46,930
Goodwill and other intangible assets, net	46,822	51,183
Advances and loans, net	180,885	175,827
Other assets, non-current	25,573	14,972
Total assets	833,714	878,411
Current liabilities:
Accounts payable and accrued expenses	12,618	8,126
Deferred compensation and commissions	48,419	55,769
Operating lease liabilities	18,152	18,336
Accrued bonuses and other employee related expenses	16,988	19,119
Other liabilities, current	17,046	3,919
Total current liabilities	113,223	105,269
Deferred compensation and commissions	28,581	47,771
Operating lease liabilities	66,686	69,407
Other liabilities, non-current	7,496	10,690
Total liabilities	215,986	233,137
Commitments and contingencies	0	0
Stockholders’ equity:
Preferred stock	0	0
Common stock	4	4
Additional paid-in capital	166,999	153,740
Retained earnings	450,590	492,298
Accumulated other comprehensive income (loss)	135	(768)
Total stockholders’ equity	617,728	645,274
Total liabilities and stockholders’ equity	$ 833,714	$ 878,411

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost, current	$ 126,130	$ 169,018
Allowance for credit losses, current	0	0
Amortized cost, noncurrent	50,725	69,538
Allowance for credit losses, noncurrent	$ 0	$ 0
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	38,823,704	38,412,484
Common stock, shares outstanding (in shares)	38,823,704	38,412,484

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 168,511	$ 162,026	$ 455,982	$ 479,684
Operating expenses:
Cost of services	104,754	104,628	279,703	301,218
Selling, general and administrative	70,672	69,192	204,591	210,321
Depreciation and amortization	4,550	3,637	11,301	10,312
Total operating expenses	179,976	177,457	495,595	521,851
Operating loss	(11,465)	(15,431)	(39,613)	(42,167)
Other income, net	5,321	4,422	15,701	14,122
Interest expense	(208)	(241)	(611)	(672)
Loss before benefit for income taxes	(6,352)	(11,250)	(24,523)	(28,717)
Benefit for income taxes	(967)	(2,010)	(3,613)	(4,915)
Net loss	$ (5,385)	$ (9,240)	$ (20,910)	$ (23,802)
Net loss per share:
Basic (in dollars per share)	$ (0.14)	$ (0.24)	$ (0.54)	$ (0.61)
Diluted (in dollars per share)	$ (0.14)	$ (0.24)	$ (0.54)	$ (0.61)
Weighted average common shares outstanding:
Basic (in shares)	38,762	38,492	38,629	38,740
Diluted (in shares)	38,762	38,492	38,629	38,740
Real estate brokerage commissions
Revenue:
Total revenue	$ 141,970	$ 139,817	$ 386,868	$ 415,193
Financing fees
Revenue:
Total revenue	20,582	17,257	53,303	51,021
Other revenue
Revenue:
Total revenue	$ 5,959	$ 4,952	$ 15,811	$ 13,470

CONDENSED CONSOLIDATED STATEMET

CONDENSED CONSOLIDATED STATEMETNS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (5,385)	$ (9,240)	$ (20,910)	$ (23,802)
Marketable debt securities, available-for-sale:
Change in net unrealized gains and losses	1,303	89	1,241	690
Reclassification adjustment for net gains and losses included in other income, net	0	0	0	16
Net change, net of tax of $434 and $418 for the three and nine months ended September 30, 2024, and $30 and $228 for the three and nine months ended 2023, respectively	1,303	89	1,241	706
Foreign currency translation gain (loss), net of tax of $0 for each of the three and nine months ended September 30, 2024 and 2023, respectively	193	(405)	(338)	(5)
Total other comprehensive income (loss)	1,496	(316)	903	701
Comprehensive loss	$ (3,889)	$ (9,556)	$ (20,007)	$ (23,101)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMETNS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Marketable debt securities, available-for-sale, net change, tax	$ 434	$ 30	$ 418	$ 228
Foreign currency translation loss, tax	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning Balance (in shares) at Dec. 31, 2022		0	39,255,838
Beginning Balance at Dec. 31, 2022	$ 713,509	$ 0	$ 4	$ 131,541	$ 585,581	$ (3,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net and comprehensive (loss) income	(23,101)				(23,802)	701
Dividends	(20,372)				(20,372)
Stock-based compensation	15,808			15,808
Shares issued pursuant to employee stock purchase plan (in shares)			15,297
Shares issued pursuant to employee stock purchase plan	392			392
Issuance of common stock for vesting of restricted stock units (in shares)			433,468
Issuance of common stock for unvested restricted stock awards (in shares)			17,339
Shares withheld related to net share settlement of stock-based awards (in shares)			(135,527)
Shares withheld related to net share settlement of stock-based awards	(4,354)			(4,354)
Issuance of common stock for stock settled deferred consideration (in shares)			58,205
Issuance of common stock for stock settled deferred consideration	1,833			1,833
Repurchases of common stock (in shares)			(1,098,561)
Repurchases of common stock	(34,362)				(34,362)
Ending Balance (in shares) at Sep. 30, 2023		0	38,546,059
Ending Balance at Sep. 30, 2023	649,353	$ 0	$ 4	145,220	507,045	(2,916)
Beginning Balance (in shares) at Jun. 30, 2023		0	38,460,595
Beginning Balance at Jun. 30, 2023	663,919	$ 0	$ 4	140,142	526,373	(2,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net and comprehensive (loss) income	(9,556)				(9,240)	(316)
Dividends	(10,088)				(10,088)
Stock-based compensation	5,446			5,446
Issuance of common stock for vesting of restricted stock units (in shares)			95,672
Shares withheld related to net share settlement of stock-based awards (in shares)			(10,208)
Shares withheld related to net share settlement of stock-based awards	(368)			(368)
Ending Balance (in shares) at Sep. 30, 2023		0	38,546,059
Ending Balance at Sep. 30, 2023	649,353	$ 0	$ 4	145,220	507,045	(2,916)
Beginning Balance (in shares) at Dec. 31, 2023		0	38,412,484
Beginning Balance at Dec. 31, 2023	645,274	$ 0	$ 4	153,740	492,298	(768)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net and comprehensive (loss) income	(20,007)				(20,910)	903
Dividends	(20,244)				(20,244)
Stock-based compensation	17,755			17,755
Shares issued pursuant to employee stock purchase plan (in shares)			16,348
Shares issued pursuant to employee stock purchase plan	424			424
Issuance of common stock for vesting of restricted stock units (in shares)			535,569
Issuance of common stock for unvested restricted stock awards (in shares)			16,121
Shares withheld related to net share settlement of stock-based awards (in shares)			(165,863)
Shares withheld related to net share settlement of stock-based awards	(5,753)			(5,753)
Issuance of common stock for stock settled deferred consideration (in shares)			25,945
Issuance of common stock for stock settled deferred consideration	833			833
Repurchases of common stock (in shares)			(16,900)
Repurchases of common stock	(554)				(554)
Ending Balance (in shares) at Sep. 30, 2024		0	38,823,704
Ending Balance at Sep. 30, 2024	617,728	$ 0	$ 4	166,999	450,590	135
Beginning Balance (in shares) at Jun. 30, 2024		0	38,729,323
Beginning Balance at Jun. 30, 2024	626,670	$ 0	$ 4	161,895	466,132	(1,361)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net and comprehensive (loss) income	(3,889)				(5,385)	1,496
Dividends	(10,157)				(10,157)
Stock-based compensation	6,071			6,071
Shares issued pursuant to employee stock purchase plan	0
Issuance of common stock for vesting of restricted stock units (in shares)			120,202
Shares withheld related to net share settlement of stock-based awards (in shares)			(25,821)
Shares withheld related to net share settlement of stock-based awards	(967)			(967)
Issuance of common stock for stock settled deferred consideration	0
Ending Balance (in shares) at Sep. 30, 2024		0	38,823,704
Ending Balance at Sep. 30, 2024	$ 617,728	$ 0	$ 4	$ 166,999	$ 450,590	$ 135

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (20,910)	$ (23,802)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,301	10,312
Non-cash lease expense	16,855	18,824
Credit loss expense	379	660
Stock-based compensation	17,755	15,808
Deferred taxes, net	(3,613)	(4,915)
Unrealized foreign exchange losses	3	13
Net realized losses on marketable debt securities, available-for-sale	0	23
Other non-cash items	(9)	(546)
Changes in operating assets and liabilities:
Commissions receivable	(3,210)	(6,335)
Prepaid expenses	1,115	2,955
Advances and loans	(12,102)	(9,339)
Other assets	(5,444)	(5,371)
Accounts payable and accrued expenses	4,449	(1,872)
Income tax receivable	(445)	(722)
Accrued bonuses and other employee related expenses	(2,104)	(22,970)
Deferred compensation and commissions	(25,777)	(47,135)
Operating lease liabilities	(14,220)	(13,445)
Other liabilities	1,036	743
Net cash used in operating activities	(34,941)	(87,114)
Cash flows from investing activities
Purchases of marketable debt securities, available-for-sale	(108,203)	(175,985)
Proceeds from sales and maturities of marketable debt securities, available-for-sale	169,849	312,493
Issuances of employee notes receivable	0	(120)
Payments received on employee notes receivable	5	34
Purchase of property and equipment	(6,344)	(7,689)
Net cash provided by investing activities	55,307	128,733
Cash flows from financing activities
Taxes paid related to net share settlement of stock-based awards	(5,753)	(4,354)
Proceeds from issuance of shares pursuant to employee stock purchase plan	424	392
Dividends paid	(10,487)	(10,439)
Principal payments on stock appreciation rights liability	(1,976)	(1,945)
Principal payments on deferred and contingent consideration	0	(2,044)
Cash paid for stock repurchases	(554)	(34,928)
Net cash used in financing activities	(18,346)	(53,318)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	(56)	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,964	(11,699)
Cash, cash equivalents, and restricted cash at beginning of period	170,753	235,873
Cash, cash equivalents, and restricted cash at end of period	172,717	224,174
Supplemental cash flow disclosures:
Interest paid during the period	569	423
Income taxes paid, net	444	722
Supplemental disclosures of non-cash investing and financing activities:
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	25	16
Unpaid purchases of property and equipment	313	259
Right-of-use assets obtained in exchange for operating lease liabilities	11,374	27,669
Issuance of common stock for stock settled deferred consideration	833	1,833
Dividend payable	$ 10,586	$ 10,555

Description of Business, Basis

Description of Business, Basis of Presentation and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Description of Business, Basis of Presentation and Recent Accounting Pronouncements	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 real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. As of September 30, 2024, MMI operates over 80 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation. 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, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”). 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 November 5, 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 condensed 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, including the Company’s accounting policies for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed on February 27, 2024 with the SEC. The results of the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, for other interim periods or for 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 the condensed 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, the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash, cash equivalents, and restricted cash, investments in marketable debt securities, available-for-sale, investments in strategic alliance partners (included under other assets, current and non-current), security deposits (included under other assets, non-current), and commissions receivable, net. Cash, cash equivalents, and restricted cash are placed with high-credit quality financial institutions and invested in high-credit quality money market funds and commercial paper. Concentrations and ratings of investments in marketable debt securities, available-for-sale are limited by the approved investment policy. To reduce its credit risk, the Company monitors the credit standing of the financial institutions and money market funds that represent amounts recorded as cash, cash equivalents, and restricted cash. The Company historically has not experienced any significant losses related to cash, cash equivalents, and restricted cash. In September 2021, the Company entered into a Strategic Alliance (“Strategic Alliance”) with M&T Realty Capital Corporation (“MTRCC”) pursuant to which the Company has agreed to provide loan opportunities that may be funded through MTRCC’s Delegated Underwriting and Servicing Agreement (“DUS Agreement”) with the Federal National Mortgage Association (“Fannie Mae”) that requires MTRCC to guarantee a portion of each loan funded. On a loan-by-loan basis, the Company, at its option, can indemnify a portion of MTRCC’s guarantee obligation of loan opportunities presented to and closed by MTRCC through the DUS Agreement. The Company manages and limits the concentration of risk related to the guarantees assumed by monitoring the underlying property type, geographic location, credit of the borrowers, underlying debt service coverage, and loan to value ratios. The Company derives its revenue 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 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, 2024 and 2023, no transaction represented 10% or more of total revenue. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due for brokerage and financing transactions are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk. During the three and nine months ended September 30, 2024, the Company’s Canadian operations represented 3.8% and 4.9% of total revenue, respectively. During the three and nine months ended September 30, 2023, the Company's Canadian operations represented 5.4% and 4.0% of total revenue, respectively. During the three and nine months ended September 30, 2024 and 2023, no office represented 10% or more of total revenue. Revenue Recognition The Company generates real estate brokerage commissions by acting as a broker for real estate owners or investors seeking to buy or sell interests in commercial properties and generates financing fees from securing financing on purchase transactions, from refinancing its clients’ existing mortgage debt and other ancillary fees associated with financing activities, including, but not limited to, debt and equity advisory services, loan sales, due diligence services, loan guarantee fees, loan performance fees and other consulting services. Real Estate Brokerage Commissions Contracts for representing buyers and sellers of real estate are usually negotiated on a transaction-by-transaction basis. The consideration associated with the successful outcome remains constrained until the completion of a transaction which happens at the close of escrow. At that time, the Company's performance is complete. Financing Fees Contracts for representing potential borrowers are usually negotiated on a transaction-by-transaction basis. The consideration associated with the successful outcome remains constrained until the completion of a transaction which occurs at the time the loan closes. At that time, the Company recognizes revenue related to the transaction. The Company’s fee arrangements, with an exception for guarantee obligations, do not include terms or conditions that require the Company to perform any service or fulfill any obligation once the loan closes. Loan Performance Fees - For loans originated through the Strategic Alliance with MTRCC, the Company receives variable consideration in the form of loan performance fees based on a portion of the servicing fees expected to be received under the servicing contract for servicing the loan. As the Company is not obligated to perform any servicing functions and has no further obligations related to the transaction giving rise to the loan performance fees, the estimated value of the loan performance fees to be received is recorded at the time the loan closes and are collected over the estimated term of the related loan. Any changes in the estimate of loan performance fees to be received are recorded in revenue in the period the estimate changes. Guarantee Obligations - For certain loans originated through the Strategic Alliance with MTRCC, the Company may agree, at its option, to indemnify MTRCC for a portion of MTRCC’s obligations for loans sold to Fannie Mae. For these loans, the Company allocates a portion of the transaction price and records a loan guarantee obligation based on its fair value. Revenue for this stand-ready obligation is recorded on a straight-line basis over the term of the estimated guarantee period and is recorded in financing fees in the condensed consolidated statements of operations. The guarantee obligation is capped at 16.7% of any unpaid principal balance in excess of the value of the collateral securing such loan. For these loans, the Company is required to pledge cash in a restricted bank account in support of the guarantee obligation. The Company records an allowance for estimated losses related to the loans subject to the guarantee considering the risk characteristics of the loan, the loan's risk rating, historical loss experience, potential adverse situations affecting individual loans and other forecasted information as appropriate. Other Revenue Other revenue includes fees generated from leasing, consulting and advisory services, as well as referral fees from other real estate brokers, and such fees are recognized when services are provided, or upon closing of the transaction or when the Company has no further performance obligations. Recent Accounting Pronouncements Pending Adoption In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 was issued in response to the SEC’s final amendments in Release No. 33-10532, Disclosure Update and Simplification that updated and simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated, and to align the requirements in the FASB Accounting Standards Codification (“Codification”) with the SEC’s disclosure requirements. The effective date for each amendment in ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to require the disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (the “CODM”), and (iii) included in each reported measure of a segment’s profit or loss. Public entities will be required to provide this disclosure quarterly. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. Compliance with these and certain other disclosure requirements will be required for the Company's Annual Report on Form 10-K for the year 2024, and for subsequent quarterly and annual reports. The Company is evaluating the impact this ASU will have on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to require disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information on income taxes paid. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact this ASU will have on its consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements (“ASU 2024-02”), which removes references to various FASB Concepts Statements in the guidance to simplify the Codification and draw a distinction between authoritative and nonauthoritative literature. ASU 2024-02 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of ASU 2024-02 to have a material impact on its consolidated financial statements and related disclosures.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
Property and Equipment, Net	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, December 31, Computer software and hardware equipment $ 55,538 $ 49,851 Furniture, fixtures and equipment 26,511 26,097 Less: accumulated depreciation and amortization (55,297) (48,498) $ 26,752 $ 27,450 Depreciation expense for property and equipment was $2.4 million for both the three months ended September 30, 2024 and 2023 and $7.1 million and $6.7 million for the nine months ended September 30, 2024 and 2023, respectively.

Investments in Marketable Debt

Investments in Marketable Debt Securities, Available-for-Sale	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Marketable Debt Securities, Available-for-Sale	Investments in Marketable Debt Securities, Available-for-Sale Amortized cost, allowance for credit losses, gross unrealized gains (losses) in accumulated other comprehensive income (loss) and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands): September 30, 2024 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 16,894 $ — $ — $ (86) $ 16,808 Corporate debt 109,236 — 123 (84) 109,275 $ 126,130 $ — $ 123 $ (170) $ 126,083 Long-term investments: U.S. treasuries $ 834 $ — $ — $ (26) $ 808 U.S. government sponsored entities 1,016 — 34 (49) 1,001 Corporate debt 36,792 — 405 (784) 36,413 Asset-backed securities (“ABS”) and other 12,083 — 179 (276) 11,986 $ 50,725 $ — $ 618 $ (1,135) $ 50,208 December 31, 2023 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 91,951 $ — $ 60 $ (171) $ 91,840 Corporate debt 77,067 — 14 (40) 77,041 $ 169,018 $ — $ 74 $ (211) $ 168,881 Long-term investments: U.S. treasuries $ 10,097 $ — $ — $ (245) $ 9,852 U.S. government sponsored entities 1,069 — 29 (58) 1,040 Corporate debt 45,990 — 244 (1,669) 44,565 ABS and other 12,382 — 72 (452) 12,002 $ 69,538 $ — $ 345 $ (2,424) $ 67,459 The Company’s investments in marketable debt securities, available-for-sale, that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands): September 30, 2024 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Value (1) Gross U.S. treasuries $ — $ — $ 17,536 $ (112) $ 17,536 $ (112) U.S. government sponsored entities — — 466 (49) 466 (49) Corporate debt 744 (1) 26,670 (867) 27,414 (868) ABS and other 798 (2) 4,618 (274) 5,416 (276) $ 1,542 $ (3) $ 49,290 $ (1,302) $ 50,832 $ (1,305) December 31, 2023 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Value (1) Gross U.S. treasuries $ 9,982 $ (1) $ 20,610 $ (415) $ 30,592 $ (416) U.S. government sponsored entities — — 488 (58) 488 (58) Corporate debt 45,251 (59) 30,423 (1,650) 75,674 (1,709) ABS and other 1,701 (15) 5,988 (437) 7,689 (452) $ 56,934 $ (75) $ 57,509 $ (2,560) $ 114,443 $ (2,635) (1) The fair value excludes accrued interest receivable. Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, consisted of the following (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Gross realized gains (1) $ — $ — $ — $ — Gross realized losses (1) $ — $ — $ — $ (23) (1) Recorded in other income, net in the condensed consolidated statements of operations. The cost basis of securities sold were determined based on the specific identification method. The Company invests its excess cash in a diversified portfolio of fixed and variable rate debt securities to meet current and future cash flow needs. All investments are made in accordance with the Company’s approved investment policy. As of September 30, 2024, the portfolio had a weighted average credit rating of A+ and a weighted term to contractual maturity of 2.2 years. As of September 30, 2024, the Company had 138 securities in the portfolio representing an unrealized aggregate loss of $1.3 million, or 1% of amortized cost, and a weighted average credit rating of A+. As of September 30, 2024, the Company performed an impairment analysis and determined an allowance for credit losses was not required. The Company determined that it did not have an intent to sell and it was not more likely than not that the Company would be required to sell any security based on its current liquidity position, or to maintain compliance with its investment policy, specifically as it relates to minimum credit ratings. The Company evaluated the securities with an unrealized loss considering severity of loss, credit ratings, specific credit events during the period since acquisition, overall likelihood of default, market sector, potential impact from the current economic environment, including interest rates, geopolitical unrest and a review of an issuer’s and securities’ liquidity and financial strength, as needed. The Company concluded that it would receive all scheduled interest and principal payments. The Company, therefore, determined qualitatively that the unrealized loss was related to changes in interest rates and other market factors and therefore no allowance for credit losses was required. Amortized cost and fair value of marketable debt securities, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data): September 30, 2024 December 31, 2023 Amortized Fair Value Amortized Fair Value Due in one year or less $ 126,130 $ 126,083 $ 169,018 $ 168,881 Due after one year through five years 31,002 30,900 48,241 47,200 Due after five years through ten years 9,852 9,603 12,950 12,279 Due after ten years 9,871 9,705 8,347 7,980 $ 176,855 $ 176,291 $ 238,556 $ 236,340 Weighted average contractual maturity 2.2 years 1.9 years

Acquisitions, Goodwill and Othe

Acquisitions, Goodwill and Other Intangible Assets	9 Months Ended
Acquisitions, Goodwill and Other Intangible Assets	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions, Goodwill and Other Intangible Assets	Acquisitions, Goodwill and Other Intangible Assets Goodwill is recorded as part of the Company’s acquisitions and primarily arose from the acquired assembled workforce and brokerage and financing sales platforms. The Company expects all of the goodwill to be tax deductible, with the tax-deductible amount of goodwill related to the contingent and deferred consideration to be determined once the cash payments are made to settle any contingent and deferred consideration. The goodwill resulting from acquisitions is allocated to the Company’s one reporting unit. Goodwill and intangible assets, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill $ 37,932 $ — $ 37,932 $ 38,046 $ — $ 38,046 Intangible assets (1) 25,106 (16,216) 8,890 31,022 (17,885) 13,137 $ 63,038 $ (16,216) $ 46,822 $ 69,068 $ (17,885) $ 51,183 (1) Total weighted remaining average amortization period was 3.5 years and 3.8 years as of September 30, 2024 and December 31, 2023, respectively. Intangible assets principally include non-compete agreements and customer relationships. For the three and nine months ended September 30, 2024, the Company recorded amortization expense for intangible assets of $2.2 million and $4.2 million, respectively, including accelerated amortization of certain intangible assets resulting from changes in estimates. For the three and nine months ended September 30, 2023, the Company recorded amortization expense for intangible assets of $1.3 million and $3.6 million, respectively. The changes in the carrying amount of goodwill consisted of the following (in thousands): Nine Months Ended September 30, 2024 Beginning balance $ 38,046 Additions from acquisitions — Impact of foreign currency translation (114) Ending balance $ 37,932 Estimated amortization expense for intangible assets by year for the next five years and thereafter consisted of the following (in thousands): September 30, 2024 Remainder of 2024 $ 763 2025 2,905 2026 2,156 2027 1,856 2028 1,210 Thereafter — $ 8,890 The Company evaluates goodwill for impairment annually in the fourth quarter. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing, which indicate that it is more likely than not an impairment loss has occurred. The Company evaluates its intangible assets that have finite useful lives whenever an event or change in circumstances indicates that the carrying value of the asset may not be recoverable.

Selected Balance Sheet Data

Selected Balance Sheet Data	9 Months Ended
Selected Balance Sheet Data	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Selected Balance Sheet Data	Selected Balance Sheet Data Allowances on Advances and Loans Allowance for credit losses for advances and loans as of September 30, 2024 and December 31, 2023 was $1.0 million and $0.7 million, respectively. Other Assets Other assets consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, Security deposits $ — $ — $ 1,324 $ 1,491 Employee notes receivable 26 37 6 26 Securities, held-to-maturity (1) — 9,500 9,500 — Loan performance fee receivable 2,496 1,725 10,094 7,885 Investments in convertible notes (2) 1,273 — 4,425 5,081 Other (3) 7,172 4,941 224 489 $ 10,967 $ 16,203 $ 25,573 $ 14,972 (1) In connection with the Strategic Alliance with MTRCC, the Company held a $9.5 million Mandatorily Redeemable Fixed-Rate Cumulative Preferred Stock investment in MTRCC classified as held-to-maturity, which was scheduled to be redeemed on September 1, 2024. In anticipation of the redemptions, the Company purchased, and net settled, $9.5 million of Mandatorily Redeemable Fixed-Rate Cumulative Preferred Stock of MTRCC on August 26, 2024. The new securities are classified as held-to-maturity, are expected to mature on August 26, 2027 and accrue interest based on the one-year treasury rate. (2) The Company purchased convertible notes with principal balances aggregating $5.0 million during the fourth quarter 2023 in connection with strategic alliances with companies in the real estate sector. The convertible notes accrue interest at rates between 6% and 10%, are convertible into equity for premiums and mature in a weighted average of 0.97 years subject to extension at the option of the holders. The Company has elected to account for its investments in convertible notes under the fair value option; see Note 7 – "Fair Value Measurements" for additional information. (3) Other primarily includes customer trust accounts and prepaid lease costs. 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, Stock appreciation rights (“SARs”) liability (1) $ 2,603 $ 2,480 $ 9,348 $ 11,418 Commissions payable to investment sales and financing professionals 43,473 52,689 11,132 28,198 Deferred compensation liability (1) 1,988 201 8,101 8,155 Other 355 399 — — $ 48,419 $ 55,769 $ 28,581 $ 47,771 (1) The SARs and deferred compensation liabilities become subject to payout at the time the participant is no longer considered a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to participants within the next twelve months have been classified as current. . SARs Liability Prior to the IPO, certain employees of the Company were granted 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 as of 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, or in full upon consummation of a change in control of the Company. 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, 2024 and 2023 were 5.95% and 5.79%, respectively. MMI recorded interest expense related to this liability of $170,000 and $190,000 for the three months ended September 30, 2024 and 2023, respectively, and $510,000 and $570,000 for the nine months ended September 30, 2024 and 2023, respectively. Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. During the nine months ended September 30, 2024 and 2023, the Company made total payments of $2.5 million and $2.3 million, respectively, consisting of principal and accumulated interest. Commissions Payable Certain investment sales and financing professionals can 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 as they relate to specific transactions closed. The Company may defer payment of certain commissions, at its election, for up to three years. Commissions 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 the Marcus & Millichap Deferred Compensation Plan (the “Deferred Compensation Plan”). The Deferred Compensation Plan is a non-qualified deferred compensation plan that is intended to comply with Section 409A of the Internal Revenue Code and permits participants to defer compensation up to the limits set forth in the Deferred Compensation 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 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 or elected an in-service payout have been classified as current. During the nine months ended September 30, 2024 and 2023, the Company made total payments to participants of $172,000 and $240,000 respectively. The assets held in the rabbi trust are carried at the cash surrender value of the variable life insurance policies, which represents its fair value. 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 2024 2023 2024 2023 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ 549 $ (237) $ 1,518 $ 693 (Increase) decrease in the net carrying value of the deferred compensation obligation (2) $ (649) $ 262 $ (1,385) $ (623) (1) Recorded in other income, net in the condensed consolidated statements of operations. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of operations. Other Liabilities Other liabilities consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, Deferred consideration $ 407 $ 1,178 $ — $ 393 Contingent consideration 4,487 819 631 4,663 Dividends payable 10,657 802 1,584 1,680 Loan guarantee obligation 1,060 725 4,150 3,194 Other 435 395 1,131 760 $ 17,046 $ 3,919 $ 7,496 $ 10,690

Related-Party Transactions

Related-Party Transactions	9 Months Ended
Related-Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Shared and Transition Services Certain services are provided to the Company under a Transition Services Agreement (“TSA”) between MMC and the Company. The TSA is intended to provide certain services until the Company acquires these services separately. In addition, the Company charges MMC for certain shared licensing arrangements. Under the TSA, the Company received net charge-backs during the three months ended September 30, 2024 and 2023 of $18,000 and $24,000, respectively, and during the nine months ended September 30, 2024 and 2023 of $45,000 and $68,000, respectively These amounts are included in selling, general and administrative expense in the accompanying condensed consolidated statements of operations. 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 both the three months ended September 30, 2024 and 2023, the Company did not earn real estate brokerage commissions and financing fees from transactions with subsidiaries of MMC related to these services and did not incur cost of services related to these services. For the nine months ended September 30, 2024 and 2023, the Company earned real estate brokerage commissions and financing fees of $1,020,000 and $441,000, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $610,000 and $264,000, respectively, related to this revenue. Operating Lease with MMC The Company has an operating lease with MMC for a single-story office building located in Palo Alto, California, which expires in May 2032. The related operating lease cost was $291,000 for both the three months ended September 30, 2024 and 2023, and $872,000 and $883,000 for the nine months ended September 30, 2024 and 2023, respectively. Operating lease cost is included in selling, general and administrative expense in the accompanying condensed consolidated statements of operations. The related operating lease right-of-use asset, net and operating lease liability as of September 30, 2024 was $7,175,000 and $7,832,000, respectively and as of December 31, 2023 was $7,800,000 and $8,300,000, respectively. Amounts due to (from) MMC As of September 30, 2024 and December 31, 2023, the Company recorded a net receivable of $3,800 and net payable of $10,000 with MMC, respectively. These amounts are included in other assets, current and accounts payable and accrued expenses, respectively, in the accompanying condensed consolidated balance sheets. Other The Company makes advances to non-executive employees from time-to-time. At September 30, 2024 and December 31, 2023, the aggregate principal amount for employee notes receivable was $32,000 and $63,000, respectively, which is included in other assets in the accompanying condensed consolidated balance sheets. See Note 5 – “Selected Balance Sheet Data”.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 fair value and the supporting methodologies and assumptions. The Company uses various pricing sources and third parties to provide and validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlated 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 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or • Level 3 : Unobservable inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Management estimates include certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Recurring Fair Value Measurements The Company values its investments including commercial paper and floating net asset value money market funds recorded in cash, cash equivalents, and restricted cash, investments in marketable debt securities, available-for-sale, assets held in the rabbi trust, deferred compensation liability, contingent and deferred consideration and investments in convertible notes at fair value on a recurring basis. Fair values for investments included in cash, cash equivalents, and restricted cash and marketable debt securities, available-for-sale were determined for each individual security in the investment portfolio and all securities are Level 1 or 2 measurements as appropriate. Fair values for assets held in the rabbi trust and related deferred compensation liability were determined based on the cash surrender value of the Company-owned variable life insurance policies and underlying investments in the trust, and are Level 2 and Level 1 measurements, respectively. Contingent consideration in connection with acquisitions, is carried at fair value and determined on a contract-by-contract basis, calculated using unobservable inputs based on a probability of achieving EBITDA and other performance requirements, and is a Level 3 measurement. Deferred consideration in connection with acquisitions is carried at fair value and calculated using a discounted cash flow estimate with the only remaining condition on such payments being the passage of time, and is a Level 2 measurement. We have elected to account for our investments in convertible notes, included in other assets, under the fair value option, with changes in fair value recognized in other income, net in the condensed consolidated statements of operations. We estimate the fair value of each convertible note at each balance sheet date using a scenario-based framework that incorporates various scenarios weighted based on the expected likelihood of occurrence. Within each scenario, a discounted cash flow approach was utilized, taking the expected settlement for the event, and discounting it based on the expected timing and a discount rate. Each of the assumptions in the model were considered significant assumptions. We noted that a change in the expected probability, expected payoff, timing, or discount rate, would result in a change to the fair value ascribed to the convertible notes. As these are significant inputs not observable in the market, the valuation is classified as a Level 3 measurement. Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): September 30, 2024 December 31, 2023 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 12,181 $ — $ 12,181 $ — $ 10,838 $ — $ 10,838 $ — Convertible notes $ 5,698 $ — $ — $ 5,698 $ 5,081 $ — $ — $ 5,081 Cash equivalents (1) : Commercial paper $ 68,459 $ — $ 68,459 $ — $ 27,998 $ — $ 27,998 $ — Money market funds 32,061 32,061 — — 68,364 68,364 — — $ 100,520 $ 32,061 $ 68,459 $ — $ 96,362 $ 68,364 $ 27,998 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 16,808 $ 16,808 $ — $ — $ 91,840 $ 91,840 $ — $ — Corporate debt 109,275 — 109,275 — 77,041 — 77,041 — $ 126,083 $ 16,808 $ 109,275 $ — $ 168,881 $ 91,840 $ 77,041 $ — Long-term investments: U.S. treasuries $ 808 $ 808 $ — $ — $ 9,852 $ 9,852 $ — $ — U.S. government sponsored entities 1,001 — 1,001 — 1,040 — 1,040 — Corporate debt 36,413 — 36,413 — 44,565 — 44,565 — ABS and other 11,986 — 11,986 — 12,002 — 12,002 — $ 50,208 $ 808 $ 49,400 $ — $ 67,459 $ 9,852 $ 57,607 $ — Liabilities: Contingent consideration $ 5,118 $ — $ — $ 5,118 $ 5,482 $ — $ — $ 5,482 Deferred consideration $ 407 $ — $ 407 $ — $ 1,571 $ — $ 1,571 $ — Deferred compensation liability $ 10,089 $ 10,089 $ — $ — $ 8,356 $ 8,356 $ — $ — (1) Included in cash, cash equivalents, and restricted cash on the accompanying condensed consolidated balance sheets. There were no transfers in or out of Level 3 during the nine months ended September 30, 2024 and 2023. During the nine months ended September 30, 2024, the Company considered current and future interest rates and the probability of achieving EBITDA and other performance targets in its determination of fair value for the contingent consideration. The Company is uncertain as to the extent of the volatility in the unobservable inputs in the foreseeable future. Deferred consideration in connection with acquisitions is carried at fair value and calculated using a discounted cash flow estimate with the only remaining condition on such payments being the passage of time. As of September 30, 2024 and December 31, 2023, contingent and deferred consideration had a maximum undiscounted payment to be settled in cash or stock of $12.8 million and $14.7 million, respectively. Assuming the achievement of the applicable performance criteria and time requirements, the Company anticipates these payments will be made over the next one A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): Nine Months Ended 2024 2023 Beginning balance $ 5,482 $ 7,067 Change in fair value of contingent consideration (1) (364) (202) Payments of contingent consideration — (1,060) Ending balance $ 5,118 $ 5,805 (1) Includes immaterial impact of foreign currency translation. Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands): Fair Value at Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 5,118 Discounted cash flow Expected life of cash flows 0-3.1 (0.7) Discount rate 0.0%-5.6% (4.7%) Probability of achievement 11.4%-100.0% (98.3%) Fair Value at Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 5,482 Discounted cash flow Expected life of cash flows 0.8-3.8 years (1.4 years) Discount rate 5.3%-6.4% (6.1%) Probability of achievement 11.1%-100.0% (96.5%) (1) Unobservable inputs were weighted by the relative fair value of the instruments. The fair value of the convertible notes considered (i) the contractual maturity which may be extended at the option of the holders, (ii) a weighted average premium at settlement of 111% upon a subsequent financing, equity financing or a change in control, and (iii) a weighted average discount rate of 14.4%. During the three months ended September 30, 2024, the fair value of the convertible notes increased by approximately $34,000. During the nine months ended September 30, 2024, the fair value of the convertible notes increased by approximately $617,000 primarily due to accrued interest and the reduction in the estimated time to settlement from a weighted average of 1.8 years to 0.84 years. Nonrecurring Fair Value Measurements

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of September 30, 2024 and December 31, 2023, there were 38,823,704 and 38,412,484 shares of common stock, $0.0001 par value, issued and outstanding, which included unvested restricted stock awards (“RSAs”) issued to non-employee directors, respectively. See Note 11 – “Loss per Share” for additional information. On February 8, 2024, the Board of Directors declared a semi-annual regular dividend of $0.25 per share, with a payment date of April 5, 2024, to stockholders of record at the close of business on March 12, 2024. On August 1, 2024, the Board of Directors declared a semi-annual regular dividend of $0.25 per share, with a payment date of October 4, 2024, to stockholders of record at the close of business on September 16, 2024. The compensation committee of the Company’s Board of Directors (“Compensation Committee”) granted dividend equivalents to all unvested grants as of the record date. As of September 30, 2024, the dividend payable was $12.2 million, of which $9.7 million was paid on October 4, 2024 and $2.5 million of dividend equivalents related to unvested stock awards remain to be paid upon vesting of stock awards. The $12.2 million dividend payable is recorded in other liabilities in the condensed consolidated balance sheets, of which $1.6 million is classified as non-current. See Note 5 – “Selected Balance Sheet Data.” Preferred Stock The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At September 30, 2024 and December 31, 2023, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive Loss Amounts reclassified from accumulated other comprehensive loss are included as a component of other income, net or selling, general and administrative expense, as applicable, in the condensed consolidated statements of operations. The reclassifications were determined on a specific identification basis. 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. Repurchases of Common Stock

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
Stock-Based Compensation Plans	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan The Company’s Board of Directors adopted the 2013 Omnibus Equity Incentive Plan (the “2013 Plan”) in October 2013. In February 2017, the Board of Directors amended and restated the 2013 Plan, which was approved by the Company’s stockholders in May 2017. In October 2023 and February 2024, the Board of Directors further amended the 2013 Plan to eliminate the term of the 2013 Plan and to make certain other best practice and administrative changes (the 2013 Plan, as amended, the “Amended Plan”). The Amended Plan was approved by the stockholders of the Company at the 2024 Annual Meeting of Stockholders. Grants are made from time to time by the Compensation Committee at its discretion, subject to certain restrictions as to the number and value of shares that may be granted to any individual. In addition, non-employee directors receive annual grants under a Director Compensation Policy. The Compensation Committee, at its discretion, may credit dividend equivalents to certain unvested awards as provided in the Amended Plan. Any dividend equivalents credited to unvested awards are paid to the participant at the time the related grants vest. As of September 30, 2024, there were 2,832,730 shares available for future grants under the Amended Plan. Awards Granted and Settled Under the Amended Plan, the Company has issued RSAs to non-employee directors and restricted stock units (“RSUs”) to employees and independent contractors. RSAs vest over a one-year period from the date of grant, subject to service requirements. RSUs generally vest in equal annual installments over a five-year period from the date of grant or earlier as approved by the Compensation Committee. Dividend equivalents granted for unvested stock awards are paid at the time the stock awards vest. Any unvested awards and dividend equivalents are forfeited upon termination as a service provider. As of September 30, 2024, there were no issued or outstanding options, SARs, performance units or performance share awards under the Amended Plan. During the nine months ended September 30, 2024, 552,908 RSUs and RSAs vested, with 165,863 shares of common stock withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the Amended Plan. Unvested RSUs will be settled through the issuance of new shares of common stock. Outstanding Awards Activity under the Amended Plan consisted of the following (dollars in thousands, except weighted average per share data): Shares Weighted- Nonvested shares at December 31, 2023 (1) 1,999,745 $ 39.90 Granted⁽ 2 ⁾ 599,725 36.00 Vested (552,908) 39.48 Forfeited/canceled (44,561) 39.84 Nonvested shares at September 30, 2024 (1) 2,002,001 $ 38.71 (1) Nonvested RSUs will be settled through the issuance of new shares of common stock. (2) On May 2, 2024, stockholders of the Company approved the Amended Plan. On that same date, previously approved RSU awards covering 547,424 shares were granted when the Amended Plan became effective. As of September 30, 2024, the Company had unrecognized stock-based compensation relating to RSUs and RSAs of approximately $63.4 million, which is expected to be recognized over a weighted-average period of 3.2 years. Employee Stock Purchase Plan In 2013, the Company adopted the 2013 Employee Stock Purchase Plan (the “ESPP”). The ESPP is intended to qualify under Section 423 of the Internal Revenue Code and provides for consecutive, non-overlapping six-month offering periods. The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. Qualifying employees may purchase shares of the Company stock at a discount based on the lower of the market price at the beginning or end of the offering period, subject to Internal Revenue Service (“IRS”) limitations. The Company determined that the ESPP was a compensatory plan and is required to expense the fair value of the awards over each six-month offering period. In October 2023 and February 2024, the Board of Directors amended the ESPP to (i) eliminate the term of the ESPP such that the ESPP shall continue in effect until the ESPP is terminated by the Board of Directors or the Compensation Committee, (ii) eliminate the “evergreen” feature providing for annual increases in the number of shares reserved for issuance under the ESPP without stockholder approval, (iii) increase the discount qualifying employees may purchase shares of the Company stock to 15% based on the lower of the market price at the beginning or end of the offering period, subject to IRS limitations and (iv) make certain other best practice and administrative changes to the ESPP (the “Amended ESPP”). The Amended ESPP was approved by the stockholders of the Company at the 2024 Annual Meeting of Stockholders. The ESPP initially had 366,667 shares of common stock reserved, and 94,746 shares of common stock remain available for issuance as of September 30, 2024. As of September 30, 2024, total unrecognized compensation cost related to the Amended ESPP was $32,000 and is expected to be recognized over a weighted average period of 0.12 years. Summary of Stock-Based Compensation Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of operations and consisted of the following (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 ESPP $ 68 $ 43 $ 176 $ 126 RSUs and RSAs 6,003 5,403 17,579 15,682 $ 6,071 $ 5,446 $ 17,755 $ 15,808

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three and nine months ended September 30, 2024 was 15.2% and 14.7%, respectively, compared to 17.8% and 17.1% for the three and nine months ended September 30, 2023, respectively. 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 any tax effects of items that relate discretely to the period, if any. The benefit for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before benefit for income taxes and consisted of the following (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount Rate Amount Rate Amount Rate Amount Rate Income tax benefit at the federal statutory rate $ (1,334) 21.0 % $ (2,363) 21.0 % $ (5,150) 21.0 % $ (6,031) 21.0 % State income tax benefit, net of federal benefit (159) 2.5 % (358) 3.2 % (664) 2.7 % (782) 2.7 % Shortfall tax (benefit) expense, net related to stock-based compensation (41) 0.6 % 23 (0.2) % 535 (2.2) % 796 (2.8) % Change in valuation allowance 123 (1.9) % (3) 0.0 % (194) 0.8 % 241 (0.8) % Permanent and other items (1) 444 (7.0) % 691 (6.2) % 1,860 (7.6) % 861 (3.0) % $ (967) 15.2 % $ (2,010) 17.8 % $ (3,613) 14.7 % $ (4,915) 17.1 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits, meals and entertainment, and other items principally related to the effect of providing taxes in the interim financial statements based on the estimated full year effective tax rate.

Loss per Share

Loss per Share	9 Months Ended
Loss per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Loss per Share	Loss per Share Basic and diluted loss per share for the three and nine months ended September 30, 2024 and 2023, respectively consisted of the following (in thousands, except per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator (Basic and Diluted): Net loss $ (5,385) $ (9,240) $ (20,910) $ (23,802) Change in value for stock settled consideration (1) 8 11 33 48 Adjusted net loss $ (5,377) $ (9,229) $ (20,877) $ (23,754) Denominator: Basic Weighted average common shares issued and outstanding 38,778 38,509 38,645 38,755 Deduct: Unvested RSAs (2) (16) (17) (16) (15) Weighted average common shares outstanding 38,762 38,492 38,629 38,740 Basic loss per common share $ (0.14) $ (0.24) $ (0.54) $ (0.61) Diluted Weighted average common shares outstanding from above 38,762 38,492 38,629 38,740 Add: Dilutive effect of RSUs, RSAs & ESPP (3) — — — — Add: Contingently issuable shares (1)(3) — — — — Weighted average common shares outstanding 38,762 38,492 38,629 38,740 Diluted loss per common share $ (0.14) $ (0.24) $ (0.54) $ (0.61) Antidilutive shares excluded from diluted loss per common share (4) 1,001 1,069 1,116 1,754 (1) Relates to contingently issuable stock settled consideration. (2) RSAs were issued to the non-employee directors and have a one-year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information. (3) Shares related to the Company's RSUs, RSAs, ESPP, and contingently issuable shares were excluded from the weighted average common shares outstanding for the nine months ended September 30, 2024 because inclusion of such shares would be antidilutive in a period of loss. (4)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Credit Agreement On September 25, 2023, the Company executed the First Amendment to the Second Amended and Restated Credit Agreement with Wells Fargo Bank, National Association (the "Bank"), which provides for a $10 million line of credit and a maturity date of June 1, 2024. On May 30, 2024, the Company executed the Second Amendment to the Second Amended Restated Credit Agreement which extended the maturity date to June 1, 2025 (the “Credit Facility”). 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 Facility are available for general corporate purposes and working capital. The Credit Facility includes a $3.0 million sublimit for the issuance of standby letters of credit of which $1,050,000 was utilized at September 30, 2024. Borrowings under the Credit Facility bear interest at the Daily Simple SOFR rate plus a spread of 175 basis points. In connection with the amendments to the Credit Agreement, 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 0.5% per annum, payable quarterly, based on the amount of unutilized commitments under the Credit Facility. The amortization and commitment fees are included in interest expense in the accompanying condensed consolidated statements of operations and were $37,000 and $50,000 for the three months ended September 30, 2024 and 2023, respectively, and $100,000 and $101,000 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there were no amounts outstanding under the Credit Agreement. The Credit Facility contains customary covenants, including financial covenants, financial reporting requirements and events of default. Financial covenants require the Company, on a combined basis with its guarantors, to maintain total liquidity including cash and cash equivalents and marketable securities, held for sale of $100 million and an average daily cash balance of $35 million with the Bank, on a combined basis with all the guarantors, calculated as of the end of the month. In addition, the Credit Facility requires that $10 million of the minimum daily average cash deposits be held in a blocked account at the Bank, as cash collateral. 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), in which case no such pledge is required. As of September 30, 2024, the Company was in compliance with all financial and non-financial covenants and has not experienced any limitation in its operations as a result of the covenants. Our ability to borrow under our Credit Facility is limited by our ability to comply with its covenants or obtain necessary waivers. Strategic Alliance The Company, in connection with the Strategic Alliance with MTRCC, has agreed to provide loan opportunities that may be funded through MTRCC’s DUS Agreement with Fannie Mae. MTRCC's agreement with Fannie Mae requires MTRCC to guarantee a portion of each funded loan. On a loan-by-loan basis, the Company, at its option, can indemnify a portion of MTRCC’s guarantee obligation of loan opportunities presented to and closed by MTRCC. As of September 30, 2024, the Company has agreed to a maximum aggregate guarantee obligation of $226.0 million relating to loans with an unpaid balance of $1,356.3 million. The Company would be liable for its maximum aggregate guarantee obligation only if all of the loans for which it is providing a guarantee to MTRCC were to default and all of the collateral underlying these loans were determined to be without value at the time of settlement. As of September 30, 2024 and December 31, 2023, the Company has recorded an allowance for loss-sharing obligations of $1,222,000 and $851,000, respectively, and pledged $678,000 and $283,000, respectively, in a restricted bank account in support of the guarantee obligation. Other

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 1, 2024, the Board of Directors declared a semi-annual regular dividend of $0.25 per share, or $10.2 million, payable to stockholders of record at the close of business on September 16, 2024, of which $9.7 million was paid on October 4, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (5,385)	$ (9,240)	$ (20,910)	$ (23,802)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business, Basi_2

Description of Business, Basis of Presentation and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Description of Business	Description of Business Marcus & Millichap, Inc. (the “Company,” “Marcus & Millichap,” or “MMI”), a Delaware corporation, is a real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. As of September 30, 2024, MMI operates over 80 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation.
Reorganization and Initial Public Offering	Reorganization and Initial Public Offering
Basis of Presentation	Basis of Presentation
Consolidation	Consolidation
Use of Estimates	Use of Estimates
Concentration of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash, cash equivalents, and restricted cash, investments in marketable debt securities, available-for-sale, investments in strategic alliance partners (included under other assets, current and non-current), security deposits (included under other assets, non-current), and commissions receivable, net. Cash, cash equivalents, and restricted cash are placed with high-credit quality financial institutions and invested in high-credit quality money market funds and commercial paper. Concentrations and ratings of investments in marketable debt securities, available-for-sale are limited by the approved investment policy. To reduce its credit risk, the Company monitors the credit standing of the financial institutions and money market funds that represent amounts recorded as cash, cash equivalents, and restricted cash. The Company historically has not experienced any significant losses related to cash, cash equivalents, and restricted cash. In September 2021, the Company entered into a Strategic Alliance (“Strategic Alliance”) with M&T Realty Capital Corporation (“MTRCC”) pursuant to which the Company has agreed to provide loan opportunities that may be funded through MTRCC’s Delegated Underwriting and Servicing Agreement (“DUS Agreement”) with the Federal National Mortgage Association (“Fannie Mae”) that requires MTRCC to guarantee a portion of each loan funded. On a loan-by-loan basis, the Company, at its option, can indemnify a portion of MTRCC’s guarantee obligation of loan opportunities presented to and closed by MTRCC through the DUS Agreement. The Company manages and limits the concentration of risk related to the guarantees assumed by monitoring the underlying property type, geographic location, credit of the borrowers, underlying debt service coverage, and loan to value ratios. The Company derives its revenue 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 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, 2024 and 2023, no transaction represented 10% or more of total revenue. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due for brokerage and financing transactions are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk. During the three and nine months ended September 30, 2024, the Company’s Canadian operations represented 3.8% and 4.9% of total revenue, respectively. During the three and nine months ended September 30, 2023, the Company's Canadian operations represented 5.4% and 4.0% of total revenue, respectively.
Revenue Recognition	Revenue Recognition The Company generates real estate brokerage commissions by acting as a broker for real estate owners or investors seeking to buy or sell interests in commercial properties and generates financing fees from securing financing on purchase transactions, from refinancing its clients’ existing mortgage debt and other ancillary fees associated with financing activities, including, but not limited to, debt and equity advisory services, loan sales, due diligence services, loan guarantee fees, loan performance fees and other consulting services. Real Estate Brokerage Commissions Contracts for representing buyers and sellers of real estate are usually negotiated on a transaction-by-transaction basis. The consideration associated with the successful outcome remains constrained until the completion of a transaction which happens at the close of escrow. At that time, the Company's performance is complete. Financing Fees Contracts for representing potential borrowers are usually negotiated on a transaction-by-transaction basis. The consideration associated with the successful outcome remains constrained until the completion of a transaction which occurs at the time the loan closes. At that time, the Company recognizes revenue related to the transaction. The Company’s fee arrangements, with an exception for guarantee obligations, do not include terms or conditions that require the Company to perform any service or fulfill any obligation once the loan closes. Loan Performance Fees - For loans originated through the Strategic Alliance with MTRCC, the Company receives variable consideration in the form of loan performance fees based on a portion of the servicing fees expected to be received under the servicing contract for servicing the loan. As the Company is not obligated to perform any servicing functions and has no further obligations related to the transaction giving rise to the loan performance fees, the estimated value of the loan performance fees to be received is recorded at the time the loan closes and are collected over the estimated term of the related loan. Any changes in the estimate of loan performance fees to be received are recorded in revenue in the period the estimate changes. Guarantee Obligations - For certain loans originated through the Strategic Alliance with MTRCC, the Company may agree, at its option, to indemnify MTRCC for a portion of MTRCC’s obligations for loans sold to Fannie Mae. For these loans, the Company allocates a portion of the transaction price and records a loan guarantee obligation based on its fair value. Revenue for this stand-ready obligation is recorded on a straight-line basis over the term of the estimated guarantee period and is recorded in financing fees in the condensed consolidated statements of operations. The guarantee obligation is capped at 16.7% of any unpaid principal balance in excess of the value of the collateral securing such loan. For these loans, the Company is required to pledge cash in a restricted bank account in support of the guarantee obligation. The Company records an allowance for estimated losses related to the loans subject to the guarantee considering the risk characteristics of the loan, the loan's risk rating, historical loss experience, potential adverse situations affecting individual loans and other forecasted information as appropriate. Other Revenue Other revenue includes fees generated from leasing, consulting and advisory services, as well as referral fees from other real estate brokers, and such fees are recognized when services are provided, or upon closing of the transaction or when the Company has no further performance obligations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 was issued in response to the SEC’s final amendments in Release No. 33-10532, Disclosure Update and Simplification that updated and simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated, and to align the requirements in the FASB Accounting Standards Codification (“Codification”) with the SEC’s disclosure requirements. The effective date for each amendment in ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to require the disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (the “CODM”), and (iii) included in each reported measure of a segment’s profit or loss. Public entities will be required to provide this disclosure quarterly. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. Compliance with these and certain other disclosure requirements will be required for the Company's Annual Report on Form 10-K for the year 2024, and for subsequent quarterly and annual reports. The Company is evaluating the impact this ASU will have on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to require disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information on income taxes paid. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact this ASU will have on its consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements (“ASU 2024-02”), which removes references to various FASB Concepts Statements in the guidance to simplify the Codification and draw a distinction between authoritative and nonauthoritative literature. ASU 2024-02 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of ASU 2024-02 to have a material impact on its consolidated financial statements and related disclosures.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
Property and Equipment, Net (Tables)	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, December 31, Computer software and hardware equipment $ 55,538 $ 49,851 Furniture, fixtures and equipment 26,511 26,097 Less: accumulated depreciation and amortization (55,297) (48,498) $ 26,752 $ 27,450

Investments in Marketable Deb_2

Investments in Marketable Debt Securities, Available-for-Sale (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains/Losses in Accumulated Other Comprehensive Income/Loss and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security	Amortized cost, allowance for credit losses, gross unrealized gains (losses) in accumulated other comprehensive income (loss) and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands): September 30, 2024 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 16,894 $ — $ — $ (86) $ 16,808 Corporate debt 109,236 — 123 (84) 109,275 $ 126,130 $ — $ 123 $ (170) $ 126,083 Long-term investments: U.S. treasuries $ 834 $ — $ — $ (26) $ 808 U.S. government sponsored entities 1,016 — 34 (49) 1,001 Corporate debt 36,792 — 405 (784) 36,413 Asset-backed securities (“ABS”) and other 12,083 — 179 (276) 11,986 $ 50,725 $ — $ 618 $ (1,135) $ 50,208 December 31, 2023 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 91,951 $ — $ 60 $ (171) $ 91,840 Corporate debt 77,067 — 14 (40) 77,041 $ 169,018 $ — $ 74 $ (211) $ 168,881 Long-term investments: U.S. treasuries $ 10,097 $ — $ — $ (245) $ 9,852 U.S. government sponsored entities 1,069 — 29 (58) 1,040 Corporate debt 45,990 — 244 (1,669) 44,565 ABS and other 12,382 — 72 (452) 12,002 $ 69,538 $ — $ 345 $ (2,424) $ 67,459
Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position	The Company’s investments in marketable debt securities, available-for-sale, that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands): September 30, 2024 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Value (1) Gross U.S. treasuries $ — $ — $ 17,536 $ (112) $ 17,536 $ (112) U.S. government sponsored entities — — 466 (49) 466 (49) Corporate debt 744 (1) 26,670 (867) 27,414 (868) ABS and other 798 (2) 4,618 (274) 5,416 (276) $ 1,542 $ (3) $ 49,290 $ (1,302) $ 50,832 $ (1,305) December 31, 2023 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Value (1) Gross U.S. treasuries $ 9,982 $ (1) $ 20,610 $ (415) $ 30,592 $ (416) U.S. government sponsored entities — — 488 (58) 488 (58) Corporate debt 45,251 (59) 30,423 (1,650) 75,674 (1,709) ABS and other 1,701 (15) 5,988 (437) 7,689 (452) $ 56,934 $ (75) $ 57,509 $ (2,560) $ 114,443 $ (2,635) (1) The fair value excludes accrued interest receivable.
Gross Realized Gains and Losses from Sale of Available for Sale Marketable Debt Securities	Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, consisted of the following (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Gross realized gains (1) $ — $ — $ — $ — Gross realized losses (1) $ — $ — $ — $ (23) (1)
Amortized Cost and Fair Value of Marketable Debt Securities, Available-for-Sale, by Contractual Maturity	Amortized cost and fair value of marketable debt securities, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data): September 30, 2024 December 31, 2023 Amortized Fair Value Amortized Fair Value Due in one year or less $ 126,130 $ 126,083 $ 169,018 $ 168,881 Due after one year through five years 31,002 30,900 48,241 47,200 Due after five years through ten years 9,852 9,603 12,950 12,279 Due after ten years 9,871 9,705 8,347 7,980 $ 176,855 $ 176,291 $ 238,556 $ 236,340 Weighted average contractual maturity 2.2 years 1.9 years

Acquisitions, Goodwill and Ot_2

Acquisitions, Goodwill and Other Intangible Assets (Tables)	9 Months Ended
Acquisitions, Goodwill and Other Intangible Assets (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Summary of Goodwill and Intangible Assets, Net	Goodwill and intangible assets, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill $ 37,932 $ — $ 37,932 $ 38,046 $ — $ 38,046 Intangible assets (1) 25,106 (16,216) 8,890 31,022 (17,885) 13,137 $ 63,038 $ (16,216) $ 46,822 $ 69,068 $ (17,885) $ 51,183 (1) Total weighted remaining average amortization period was 3.5 years and 3.8 years as of September 30, 2024 and December 31, 2023, respectively. Intangible assets principally include non-compete agreements and customer relationships.
Summary of Changes in Carrying Carrying Amount of Goodwill	The changes in the carrying amount of goodwill consisted of the following (in thousands): Nine Months Ended September 30, 2024 Beginning balance $ 38,046 Additions from acquisitions — Impact of foreign currency translation (114) Ending balance $ 37,932
Schedule of Estimated Amortization Expense for Intangible Assets	Estimated amortization expense for intangible assets by year for the next five years and thereafter consisted of the following (in thousands): September 30, 2024 Remainder of 2024 $ 763 2025 2,905 2026 2,156 2027 1,856 2028 1,210 Thereafter — $ 8,890

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	9 Months Ended
Selected Balance Sheet Data (Tables)	Sep. 30, 2024
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, Security deposits $ — $ — $ 1,324 $ 1,491 Employee notes receivable 26 37 6 26 Securities, held-to-maturity (1) — 9,500 9,500 — Loan performance fee receivable 2,496 1,725 10,094 7,885 Investments in convertible notes (2) 1,273 — 4,425 5,081 Other (3) 7,172 4,941 224 489 $ 10,967 $ 16,203 $ 25,573 $ 14,972 (1) In connection with the Strategic Alliance with MTRCC, the Company held a $9.5 million Mandatorily Redeemable Fixed-Rate Cumulative Preferred Stock investment in MTRCC classified as held-to-maturity, which was scheduled to be redeemed on September 1, 2024. In anticipation of the redemptions, the Company purchased, and net settled, $9.5 million of Mandatorily Redeemable Fixed-Rate Cumulative Preferred Stock of MTRCC on August 26, 2024. The new securities are classified as held-to-maturity, are expected to mature on August 26, 2027 and accrue interest based on the one-year treasury rate. (2) The Company purchased convertible notes with principal balances aggregating $5.0 million during the fourth quarter 2023 in connection with strategic alliances with companies in the real estate sector. The convertible notes accrue interest at rates between 6% and 10%, are convertible into equity for premiums and mature in a weighted average of 0.97 years subject to extension at the option of the holders. The Company has elected to account for its investments in convertible notes under the fair value option; see Note 7 – "Fair Value Measurements" for additional information. (3) Other primarily includes customer trust accounts and prepaid lease costs.
Schedule 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, Stock appreciation rights (“SARs”) liability (1) $ 2,603 $ 2,480 $ 9,348 $ 11,418 Commissions payable to investment sales and financing professionals 43,473 52,689 11,132 28,198 Deferred compensation liability (1) 1,988 201 8,101 8,155 Other 355 399 — — $ 48,419 $ 55,769 $ 28,581 $ 47,771 (1) The SARs and deferred compensation liabilities become subject to payout at the time the participant is no longer considered a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to participants within the next twelve months have 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 2024 2023 2024 2023 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ 549 $ (237) $ 1,518 $ 693 (Increase) decrease in the net carrying value of the deferred compensation obligation (2) $ (649) $ 262 $ (1,385) $ (623) (1) Recorded in other income, net in the condensed consolidated statements of operations. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of operations.
Summary of Other Liabilities	Other liabilities consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, Deferred consideration $ 407 $ 1,178 $ — $ 393 Contingent consideration 4,487 819 631 4,663 Dividends payable 10,657 802 1,584 1,680 Loan guarantee obligation 1,060 725 4,150 3,194 Other 435 395 1,131 760 $ 17,046 $ 3,919 $ 7,496 $ 10,690

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and liabilities at Fair Value on Recurring Basis	Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): September 30, 2024 December 31, 2023 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 12,181 $ — $ 12,181 $ — $ 10,838 $ — $ 10,838 $ — Convertible notes $ 5,698 $ — $ — $ 5,698 $ 5,081 $ — $ — $ 5,081 Cash equivalents (1) : Commercial paper $ 68,459 $ — $ 68,459 $ — $ 27,998 $ — $ 27,998 $ — Money market funds 32,061 32,061 — — 68,364 68,364 — — $ 100,520 $ 32,061 $ 68,459 $ — $ 96,362 $ 68,364 $ 27,998 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 16,808 $ 16,808 $ — $ — $ 91,840 $ 91,840 $ — $ — Corporate debt 109,275 — 109,275 — 77,041 — 77,041 — $ 126,083 $ 16,808 $ 109,275 $ — $ 168,881 $ 91,840 $ 77,041 $ — Long-term investments: U.S. treasuries $ 808 $ 808 $ — $ — $ 9,852 $ 9,852 $ — $ — U.S. government sponsored entities 1,001 — 1,001 — 1,040 — 1,040 — Corporate debt 36,413 — 36,413 — 44,565 — 44,565 — ABS and other 11,986 — 11,986 — 12,002 — 12,002 — $ 50,208 $ 808 $ 49,400 $ — $ 67,459 $ 9,852 $ 57,607 $ — Liabilities: Contingent consideration $ 5,118 $ — $ — $ 5,118 $ 5,482 $ — $ — $ 5,482 Deferred consideration $ 407 $ — $ 407 $ — $ 1,571 $ — $ 1,571 $ — Deferred compensation liability $ 10,089 $ 10,089 $ — $ — $ 8,356 $ 8,356 $ — $ — (1)
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis	A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): Nine Months Ended 2024 2023 Beginning balance $ 5,482 $ 7,067 Change in fair value of contingent consideration (1) (364) (202) Payments of contingent consideration — (1,060) Ending balance $ 5,118 $ 5,805 (1) Includes immaterial impact of foreign currency translation.
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques	Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands): Fair Value at Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 5,118 Discounted cash flow Expected life of cash flows 0-3.1 (0.7) Discount rate 0.0%-5.6% (4.7%) Probability of achievement 11.4%-100.0% (98.3%) Fair Value at Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 5,482 Discounted cash flow Expected life of cash flows 0.8-3.8 years (1.4 years) Discount rate 5.3%-6.4% (6.1%) Probability of achievement 11.1%-100.0% (96.5%) (1) Unobservable inputs were weighted by the relative fair value of the instruments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
Stock-Based Compensation Plans (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Outstanding Awards Under 2013 Omnibus Equity Incentive Plan	Activity under the Amended Plan consisted of the following (dollars in thousands, except weighted average per share data): Shares Weighted- Nonvested shares at December 31, 2023 (1) 1,999,745 $ 39.90 Granted⁽ 2 ⁾ 599,725 36.00 Vested (552,908) 39.48 Forfeited/canceled (44,561) 39.84 Nonvested shares at September 30, 2024 (1) 2,002,001 $ 38.71 (1) Nonvested RSUs will be settled through the issuance of new shares of common stock. (2) On May 2, 2024, stockholders of the Company approved the Amended Plan. On that same date, previously approved RSU awards covering 547,424 shares were granted when the Amended Plan became effective.
Stock-Based Compensation Expense	Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of operations and consisted of the following (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 ESPP $ 68 $ 43 $ 176 $ 126 RSUs and RSAs 6,003 5,403 17,579 15,682 $ 6,071 $ 5,446 $ 17,755 $ 15,808

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes and Income before Provision for Income Taxes	The benefit for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before benefit for income taxes and consisted of the following (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount Rate Amount Rate Amount Rate Amount Rate Income tax benefit at the federal statutory rate $ (1,334) 21.0 % $ (2,363) 21.0 % $ (5,150) 21.0 % $ (6,031) 21.0 % State income tax benefit, net of federal benefit (159) 2.5 % (358) 3.2 % (664) 2.7 % (782) 2.7 % Shortfall tax (benefit) expense, net related to stock-based compensation (41) 0.6 % 23 (0.2) % 535 (2.2) % 796 (2.8) % Change in valuation allowance 123 (1.9) % (3) 0.0 % (194) 0.8 % 241 (0.8) % Permanent and other items (1) 444 (7.0) % 691 (6.2) % 1,860 (7.6) % 861 (3.0) % $ (967) 15.2 % $ (2,010) 17.8 % $ (3,613) 14.7 % $ (4,915) 17.1 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits, meals and entertainment, and other items principally related to the effect of providing taxes in the interim financial statements based on the estimated full year effective tax rate.

Loss per Share (Tables)

Loss per Share (Tables)	9 Months Ended
Loss per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share	Basic and diluted loss per share for the three and nine months ended September 30, 2024 and 2023, respectively consisted of the following (in thousands, except per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator (Basic and Diluted): Net loss $ (5,385) $ (9,240) $ (20,910) $ (23,802) Change in value for stock settled consideration (1) 8 11 33 48 Adjusted net loss $ (5,377) $ (9,229) $ (20,877) $ (23,754) Denominator: Basic Weighted average common shares issued and outstanding 38,778 38,509 38,645 38,755 Deduct: Unvested RSAs (2) (16) (17) (16) (15) Weighted average common shares outstanding 38,762 38,492 38,629 38,740 Basic loss per common share $ (0.14) $ (0.24) $ (0.54) $ (0.61) Diluted Weighted average common shares outstanding from above 38,762 38,492 38,629 38,740 Add: Dilutive effect of RSUs, RSAs & ESPP (3) — — — — Add: Contingently issuable shares (1)(3) — — — — Weighted average common shares outstanding 38,762 38,492 38,629 38,740 Diluted loss per common share $ (0.14) $ (0.24) $ (0.54) $ (0.61) Antidilutive shares excluded from diluted loss per common share (4) 1,001 1,069 1,116 1,754 (1) Relates to contingently issuable stock settled consideration. (2) RSAs were issued to the non-employee directors and have a one-year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information. (3) Shares related to the Company's RSUs, RSAs, ESPP, and contingently issuable shares were excluded from the weighted average common shares outstanding for the nine months ended September 30, 2024 because inclusion of such shares would be antidilutive in a period of loss. (4)

Description of Business, Basi_3

Description of Business, Basis of Presentation and Recent Accounting Pronouncements - Narrative (Details) - office	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Number of offices (over)			80
Percentage of common stock distributed			80%
Commission's receivable settled period			10 days
Guarantee obligations			16.70%
Total Revenues \| Geographic Concentration Risk \| Canada \| Customer
Class of Stock [Line Items]
Concentration risk percentage	3.80%	5.40%	4.90%	4%

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (55,297)	$ (48,498)
Property and equipment, net	26,752	27,450
Computer software and hardware equipment
Property, Plant and Equipment [Line Items]
Property and equipment	55,538	49,851
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 26,511	$ 26,097

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.4	$ 2.4	$ 7.1	$ 6.7

Investments in Marketable Deb_3

Investments in Marketable Debt Securities, Available-for-Sale - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 176,855	$ 238,556
Fair Value	176,291	236,340
Short-term investments:
Marketable Securities [Line Items]
Amortized Cost	126,130	169,018
Allowance for Credit Losses	0	0
Gross Unrealized Gains	123	74
Gross Unrealized Losses	(170)	(211)
Fair Value	126,083	168,881
Long-term investments:
Marketable Securities [Line Items]
Amortized Cost	50,725	69,538
Allowance for Credit Losses	0	0
Gross Unrealized Gains	618	345
Gross Unrealized Losses	(1,135)	(2,424)
Fair Value	50,208	67,459
U.S. treasuries \| Short-term investments:
Marketable Securities [Line Items]
Amortized Cost	16,894	91,951
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	60
Gross Unrealized Losses	(86)	(171)
Fair Value	16,808	91,840
U.S. treasuries \| Long-term investments:
Marketable Securities [Line Items]
Amortized Cost	834	10,097
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(26)	(245)
Fair Value	808	9,852
U.S. government sponsored entities \| Long-term investments:
Marketable Securities [Line Items]
Amortized Cost	1,016	1,069
Allowance for Credit Losses	0	0
Gross Unrealized Gains	34	29
Gross Unrealized Losses	(49)	(58)
Fair Value	1,001	1,040
Corporate debt \| Short-term investments:
Marketable Securities [Line Items]
Amortized Cost	109,236	77,067
Allowance for Credit Losses	0	0
Gross Unrealized Gains	123	14
Gross Unrealized Losses	(84)	(40)
Fair Value	109,275	77,041
Corporate debt \| Long-term investments:
Marketable Securities [Line Items]
Amortized Cost	36,792	45,990
Allowance for Credit Losses	0	0
Gross Unrealized Gains	405	244
Gross Unrealized Losses	(784)	(1,669)
Fair Value	36,413	44,565
Asset-backed securities (“ABS”) and other \| Long-term investments:
Marketable Securities [Line Items]
Amortized Cost	12,083	12,382
Allowance for Credit Losses	0	0
Gross Unrealized Gains	179	72
Gross Unrealized Losses	(276)	(452)
Fair Value	$ 11,986	$ 12,002

Investments in Marketable Deb_4

Investments in Marketable Debt Securities, Available-for-Sale - Amortized Cost and Fair Value of Investments in Available for Sale Securities Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	$ 1,542	$ 56,934
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized losses	(3)	(75)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	49,290	57,509
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized losses	(1,302)	(2,560)
Available for sale securities continuous unrealized loss position, fair value	50,832	114,443
Available for sale securities continuous unrealized loss position, gross unrealized losses	(1,305)	(2,635)
U.S. treasuries
Marketable Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	0	9,982
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized losses	0	(1)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	17,536	20,610
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized losses	(112)	(415)
Available for sale securities continuous unrealized loss position, fair value	17,536	30,592
Available for sale securities continuous unrealized loss position, gross unrealized losses	(112)	(416)
U.S. government sponsored entities
Marketable Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	0	0
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized losses	0	0
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	466	488
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized losses	(49)	(58)
Available for sale securities continuous unrealized loss position, fair value	466	488
Available for sale securities continuous unrealized loss position, gross unrealized losses	(49)	(58)
Corporate debt
Marketable Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	744	45,251
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized losses	(1)	(59)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	26,670	30,423
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized losses	(867)	(1,650)
Available for sale securities continuous unrealized loss position, fair value	27,414	75,674
Available for sale securities continuous unrealized loss position, gross unrealized losses	(868)	(1,709)
Asset-backed securities (“ABS”) and other
Marketable Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	798	1,701
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized losses	(2)	(15)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	4,618	5,988
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized losses	(274)	(437)
Available for sale securities continuous unrealized loss position, fair value	5,416	7,689
Available for sale securities continuous unrealized loss position, gross unrealized losses	$ (276)	$ (452)

Investments in Marketable Deb_5

Investments in Marketable Debt Securities, Available-for-Sale - Gross Realized Gains and Losses from Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 0	$ 0	$ 0	$ 0
Gross realized losses	$ 0	$ 0	$ 0	$ (23)

Investments in Marketable Deb_6

Investments in Marketable Debt Securities, Available-for-Sale - Narrative (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) security	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Weighted average contractual maturity	2 years 2 months 12 days	1 year 10 months 24 days
Available-for-sale, securities number of unrealized loss positions \| security	138
Available-for-sale, securities in unrealized loss positions, accumulated loss \| $	$ 1.3
Percentage of amortized cost	1%

Investments in Marketable Deb_7

Investments in Marketable Debt Securities, Available-for-Sale - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 126,130	$ 169,018
Due after one year through five years	31,002	48,241
Due after five years through ten years	9,852	12,950
Due after ten years	9,871	8,347
Amortized Cost	176,855	238,556
Fair Value
Due in one year or less	126,083	168,881
Due after one year through five years	30,900	47,200
Due after five years through ten years	9,603	12,279
Due after ten years	9,705	7,980
Fair Value	$ 176,291	$ 236,340
Weighted average contractual maturity	2 years 2 months 12 days	1 year 10 months 24 days

Acquisitions, Goodwill and Ot_3

Acquisitions, Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) reportingUnit	Sep. 30, 2023 USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Number of reporting units \| reportingUnit			1
Amortization expense \| $	$ 2.2	$ 1.3	$ 4.2	$ 3.6

Acquisitions, Goodwill and Ot_4

Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Goodwill, gross carrying amount	$ 37,932	$ 38,046
Intangible assets, gross carrying amount	25,106	31,022
Goodwill and intangible assets, gross carrying amount, total	63,038	69,068
Intangible assets, accumulated amortization	(16,216)	(17,885)
Goodwill, net book value	37,932	38,046
Intangible assets, net book value	8,890	13,137
Goodwill and intangible assets, net book value	$ 46,822	$ 51,183
Weighted average amortization intangible assets	3 years 6 months	3 years 9 months 18 days

Acquisitions, Goodwill and Ot_5

Acquisitions, Goodwill and Other Intangible Assets - Summary of Net Change in Carrying Value of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 38,046
Additions from acquisitions	0
Impact of foreign currency translation	(114)
Ending balance	$ 37,932

Acquisitions, Goodwill and Ot_6

Acquisitions, Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Remainder of 2024	$ 763
2025	2,905
2026	2,156
2027	1,856
2028	1,210
Thereafter	0
Total	$ 8,890	$ 13,137

Selected Balance Sheet Data - N

Selected Balance Sheet Data - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
	Jan. 01, 2024	Jan. 01, 2023	Jan. 01, 2014	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2013
Schedule Of Accrued Expenses [Line Items]
Advances and loans and commissions receivable allowance for credit loss				$ 1,000		$ 1,000		$ 700
SARs frozen liability amount				9,348		$ 9,348		$ 11,418
Commissions Payable
Schedule Of Accrued Expenses [Line Items]
Maximum payment deferral period for certain commissions payable						3 years
SARs
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount									$ 20,000
Treasury note term			10 years
Base spread on SARs liability variable rate			2%
SARs liability interest accrual rates	5.95%	5.79%
Interest expense				$ 170	$ 190	$ 510	$ 570
Payments for SARs Liability						$ 2,500	2,300
Deferred Compensation Liability
Schedule Of Accrued Expenses [Line Items]
Fair value of deferred compensation plan assets						110%
Payments made during the period						$ 172	$ 240
Deferred Compensation Liability \| Minimum
Schedule Of Accrued Expenses [Line Items]
Payout period						2 years
Deferred Compensation Liability \| Maximum
Schedule Of Accrued Expenses [Line Items]
Payout period						15 years

Selected Balance Sheet Data - S

Selected Balance Sheet Data - Schedule of Other Assets (Details) $ in Thousands			3 Months Ended
	Sep. 01, 2024 USD ($)	Aug. 26, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)
Other Assets [Line Items]
Other assets, current			$ 16,203	$ 10,967
Other assets, non-current			14,972	$ 25,573
Preferred Stock
Other Assets [Line Items]
Purchase of investments	$ 9,500	$ 9,500
Treasury note term	1 year
Investments in convertible notes
Other Assets [Line Items]
Purchase of investments			$ 5,000
Investments in convertible notes \| Measurement Input, Weighted Average Term
Other Assets [Line Items]
Convertible note, measurement input				0.97
Minimum \| Investments in convertible notes
Other Assets [Line Items]
Investment interest rate			6%
Maximum \| Investments in convertible notes
Other Assets [Line Items]
Investment interest rate			10%
Security deposits
Other Assets [Line Items]
Other assets, current			$ 0	$ 0
Other assets, non-current			1,491	1,324
Employee notes receivable
Other Assets [Line Items]
Other assets, current			37	26
Other assets, non-current			26	6
Securities, held-to-maturity
Other Assets [Line Items]
Other assets, current			9,500	0
Other assets, non-current			0	9,500
Loan performance fee receivable
Other Assets [Line Items]
Other assets, current			1,725	2,496
Other assets, non-current			7,885	10,094
Investments in convertible notes
Other Assets [Line Items]
Other assets, current			0	1,273
Other assets, non-current			5,081	4,425
Other
Other Assets [Line Items]
Other assets, current			4,941	7,172
Other assets, non-current			$ 489	$ 224

Selected Balance Sheet Data - C

Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current
Stock appreciation rights ("SARs") liability	$ 2,603	$ 2,480
Commissions payable to investment sales and financing professionals	43,473	52,689
Deferred compensation liability	1,988	201
Other	355	399
Deferred compensation and commissions	48,419	55,769
Non-Current
Stock appreciation rights ("SARs") liability	9,348	11,418
Commissions payable to investment sales and financing professionals	11,132	28,198
Deferred compensation liability	8,101	8,155
Other	0	0
Deferred compensation and commissions	$ 28,581	$ 47,771

Selected Balance Sheet Data -_2

Selected Balance Sheet Data - Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Increase (decrease) in the carrying value of the assets held in the rabbi trust	$ 549	$ (237)	$ 1,518	$ 693
(Increase) decrease in the net carrying value of the deferred compensation obligation	$ (649)	$ 262	$ (1,385)	$ (623)

Selected Balance Sheet Data -_3

Selected Balance Sheet Data - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current
Deferred consideration	$ 407	$ 1,178
Contingent consideration	4,487	819
Dividends payable	10,657	802
Loan guarantee obligation	1,060	725
Other	435	395
Other liabilities	17,046	3,919
Non-Current
Deferred consideration	0	393
Contingent consideration	631	4,663
Dividends payable	1,584	1,680
Loan guarantee obligation	4,150	3,194
Other	1,131	760
Other liabilities	$ 7,496	$ 10,690

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
Related-Party Transactions (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Selling, general and administrative	$ 70,672,000	$ 69,192,000	$ 204,591,000	$ 210,321,000
Total revenue	168,511,000	162,026,000	455,982,000	479,684,000
Cost of services	104,754,000	104,628,000	279,703,000	301,218,000
Operating lease right-of-use assets, net	84,621,000		84,621,000		$ 90,058,000
Accounts payable and accrued expenses	12,618,000		12,618,000		8,126,000
Other assets, current	10,967,000		10,967,000		16,203,000
MMC
Related Party Transaction [Line Items]
Operating lease cost	291,000	291,000	872,000	883,000
Operating lease right-of-use assets, net	7,175,000		7,175,000		7,800,000
Operating lease liability	7,832,000		7,832,000		8,300,000
Related Party
Related Party Transaction [Line Items]
Other assets, current	32,000		32,000		63,000
Related Party \| MMC
Related Party Transaction [Line Items]
Total revenue	0	0	1,020,000	441,000
Accounts receivable	3,800		3,800
Accounts payable and accrued expenses					$ 10,000
Transition Services Agreement \| Related Party \| MMC
Related Party Transaction [Line Items]
Selling, general and administrative	18,000	24,000	45,000	68,000
Brokerage And Financing Services \| Related Party \| MMC
Related Party Transaction [Line Items]
Cost of services	$ 0	$ 0	$ 610,000	$ 264,000
Chairman And Founder
Related Party Transaction [Line Items]
Beneficial ownership percentage			39%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets
Assets held in rabbi trust	$ 12,181	$ 10,838
Marketable debt securities, available-for-sale	176,291	236,340
Liabilities:
Contingent consideration	5,118		$ 5,805
Deferred consideration	407	1,571
Deferred compensation liability	10,089	8,356
Short-term investments:
Assets
Marketable debt securities, available-for-sale	126,083	168,881
Long-term investments:
Assets
Marketable debt securities, available-for-sale	50,208	67,459
U.S. treasuries \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	16,808	91,840
U.S. treasuries \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	808	9,852
U.S. government sponsored entities \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	1,001	1,040
Corporate debt \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	109,275	77,041
Corporate debt \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	36,413	44,565
ABS and other \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	11,986	12,002
Recurring
Assets
Convertible notes	5,698	5,081
Cash equivalents	100,520	96,362
Recurring \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	126,083	168,881
Recurring \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	50,208	67,459
Recurring \| Commercial paper
Assets
Cash equivalents	68,459	27,998
Recurring \| Money market funds
Assets
Cash equivalents	32,061	68,364
Recurring \| Assets held in rabbi trust
Assets
Assets held in rabbi trust	12,181	10,838
Recurring \| U.S. treasuries \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	16,808	91,840
Recurring \| U.S. treasuries \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	808	9,852
Recurring \| U.S. government sponsored entities \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	1,001	1,040
Recurring \| Corporate debt \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	109,275	77,041
Recurring \| Corporate debt \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	36,413	44,565
Recurring \| ABS and other \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	11,986	12,002
Level 1 \| Recurring
Assets
Convertible notes	0	0
Cash equivalents	32,061	68,364
Liabilities:
Deferred consideration	0	0
Deferred compensation liability	10,089	8,356
Level 1 \| Recurring \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	16,808	91,840
Level 1 \| Recurring \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	808	9,852
Level 1 \| Recurring \| Commercial paper
Assets
Cash equivalents	0	0
Level 1 \| Recurring \| Money market funds
Assets
Cash equivalents	32,061	68,364
Level 1 \| Recurring \| Assets held in rabbi trust
Assets
Assets held in rabbi trust	0	0
Level 1 \| Recurring \| U.S. treasuries \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	16,808	91,840
Level 1 \| Recurring \| U.S. treasuries \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	808	9,852
Level 1 \| Recurring \| U.S. government sponsored entities \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 1 \| Recurring \| Corporate debt \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 1 \| Recurring \| Corporate debt \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 1 \| Recurring \| ABS and other \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 2 \| Recurring
Assets
Convertible notes	0	0
Cash equivalents	68,459	27,998
Liabilities:
Deferred consideration	407	1,571
Deferred compensation liability	0	0
Level 2 \| Recurring \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	109,275	77,041
Level 2 \| Recurring \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	49,400	57,607
Level 2 \| Recurring \| Commercial paper
Assets
Cash equivalents	68,459	27,998
Level 2 \| Recurring \| Money market funds
Assets
Cash equivalents	0	0
Level 2 \| Recurring \| Assets held in rabbi trust
Assets
Assets held in rabbi trust	12,181	10,838
Level 2 \| Recurring \| U.S. treasuries \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 2 \| Recurring \| U.S. treasuries \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 2 \| Recurring \| U.S. government sponsored entities \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	1,001	1,040
Level 2 \| Recurring \| Corporate debt \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	109,275	77,041
Level 2 \| Recurring \| Corporate debt \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	36,413	44,565
Level 2 \| Recurring \| ABS and other \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	11,986	12,002
Level 3 \| Recurring
Assets
Convertible notes	5,698	5,081
Cash equivalents	0	0
Liabilities:
Deferred consideration	0	0
Deferred compensation liability	0	0
Level 3 \| Recurring \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 3 \| Recurring \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 3 \| Recurring \| Commercial paper
Assets
Cash equivalents	0	0
Level 3 \| Recurring \| Money market funds
Assets
Cash equivalents	0	0
Level 3 \| Recurring \| Assets held in rabbi trust
Assets
Assets held in rabbi trust	0	0
Level 3 \| Recurring \| U.S. treasuries \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 3 \| Recurring \| U.S. treasuries \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 3 \| Recurring \| U.S. government sponsored entities \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 3 \| Recurring \| Corporate debt \| Short-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 3 \| Recurring \| Corporate debt \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Level 3 \| Recurring \| ABS and other \| Long-term investments:
Assets
Marketable debt securities, available-for-sale	0	0
Contingent consideration
Liabilities:
Contingent consideration	5,118	5,482		$ 7,067
Contingent consideration \| Level 1 \| Recurring
Liabilities:
Contingent consideration	0	0
Contingent consideration \| Level 2 \| Recurring
Liabilities:
Contingent consideration	0	0
Contingent consideration \| Level 3
Liabilities:
Contingent consideration	$ 5,118	$ 5,482

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended	9 Months Ended
Fair Value Measurements - Narrative (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, level 3 transfers, amount		$ 0	$ 0
Contingent and deferred consideration, maximum undiscounted payment	$ 12,800,000	$ 12,800,000		$ 14,700,000
Investments in convertible notes \| Measurement Input, Weighted Average Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note, measurement input	0.97	0.97
Recurring \| Investments in convertible notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in convertible notes through out the year	$ 34,000	$ 617,000
Recurring \| Investments in convertible notes \| Measurement Input, Weighted Average Premium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note, measurement input	1.11	1.11
Recurring \| Investments in convertible notes \| Measurement Input, Weighted Average Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note, measurement input	0.144	0.144
Recurring \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out period for contingent and deferred consideration		1 year
Recurring \| Minimum \| Investments in convertible notes \| Measurement Input, Weighted Average Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note, measurement input	0.84	0.84
Recurring \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out period for contingent and deferred consideration		3 years
Recurring \| Maximum \| Investments in convertible notes \| Measurement Input, Weighted Average Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible note, measurement input	1.8	1.8

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Ending balance	$ 5,118	$ 5,805
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	5,482	7,067
Change in fair value of contingent consideration	(364)	(202)
Payments of contingent consideration	0	$ (1,060)
Ending balance	$ 5,118

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Recurring Basis Valuation Techniques (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 5,118		$ 5,805
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	5,118	$ 5,482		$ 7,067
Level 3 \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	5,118	5,482
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 5,118	$ 5,482
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow \| Expected life of cash flows \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range (Weighted Average)	0	0.8
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow \| Expected life of cash flows \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range (Weighted Average)	3.1	3.8
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow \| Expected life of cash flows \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range (Weighted Average)	0.7	1.4
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow \| Discount rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range (Weighted Average)	0	0.053
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow \| Discount rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range (Weighted Average)	0.056	0.064
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow \| Discount rate \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range (Weighted Average)	0.047	0.061
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow \| Probability of achievement \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range (Weighted Average)	0.114	0.111
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow \| Probability of achievement \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range (Weighted Average)	1	1
Level 3 \| Recurring \| Contingent consideration \| Discounted cash flow \| Probability of achievement \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range (Weighted Average)	0.983	0.965

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			9 Months Ended
	Oct. 04, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 01, 2024	Dec. 31, 2023	May 02, 2023	Aug. 02, 2022
Common stock, shares issued (in shares)		38,823,704			38,823,704			38,412,484
Common stock, shares outstanding (in shares)		38,823,704			38,823,704			38,412,484
Common stock share, par value (in dollars per share)		$ 0.0001			$ 0.0001			$ 0.0001
Dividends declared (in dollars per share)		$ 0.25	$ 0.25
Dividends payable							$ 10,200
Dividends		$ (10,157)		$ (10,088)	$ (20,244)	$ (20,372)
Dividends payable non current		$ 1,584			$ 1,584			$ 1,680
Preferred stock, shares authorized (in shares)		25,000,000			25,000,000			25,000,000
Preferred stock, par value (in dollars per share)		$ 0.0001			$ 0.0001			$ 0.0001
Preferred stock, shares issued (in shares)		0			0			0
Preferred stock, shares outstanding (in shares)		0			0			0
Undistributed earnings of foreign subsidiary		$ 0			$ 0
Stock repurchase program, authorized amount									$ 70,000	$ 70,000
Stock repurchased and retired (in shares)		0			16,900
Stock repurchased and retired					$ 600
Average cost (in dollars per share)					$ 32.77
Stock repurchase program, remaining authorized repurchase amount		$ 71,000			$ 71,000
Unvested Restricted Stock \| 2013 Omnibus Equity Incentive Plan
Dividends payable		12,200			12,200
Dividends payable upon vesting of stock		$ 2,500			$ 2,500
Unvested Restricted Stock \| 2013 Omnibus Equity Incentive Plan \| Subsequent Event
Dividends	$ (9,700)

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan (Details)	Sep. 30, 2024 shares
Share-Based Payment Arrangement [Abstract]
Common stock shares available for grant (in shares)	2,832,730

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Awards Granted and Settled (Details)	9 Months Ended
	Sep. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares (in shares)	552,908
2013 Omnibus Equity Incentive Plan \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding under compensation plan (in shares)	0
Number of shares issued under compensation plan (in shares)	0
Restricted Stock Awards \| 2013 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock Units \| 2013 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Performance Shares \| 2013 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding under compensation plan (in shares)	0
Number of shares issued under compensation plan (in shares)	0
Performance Units \| 2013 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding under compensation plan (in shares)	0
Number of shares issued under compensation plan (in shares)	0
SARs \| 2013 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding under compensation plan (in shares)	0
Number of shares issued under compensation plan (in shares)	0
RSUs and RSAs \| 2013 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares (in shares)	552,908
Number of common stock shares withheld to pay employee statutory withholding taxes (in shares)	165,863

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	May 02, 2024	Sep. 30, 2024
Shares
Nonvested shares at beginning (in shares)		1,999,745
Granted (in shares)		599,725
Vested (in shares)		(552,908)
Forfeited/canceled (in shares)		(44,561)
Nonvested shares at ending (in shares)		2,002,001
Weighted- Average Grant Date Fair Value Per Share
Nonvested at beginning (in dollars per share)		$ 39.90
Granted (in dollars per share)		36
Vested (in dollars per share)		39.48
Forfeited/canceled (in dollars per share)		39.84
Nonvested at ending (in dollars per share)		$ 38.71
Granted (in shares)		599,725
Unrecognized stock-based compensation expense		$ 63.4
Weighted average period for stock-based compensation (years)		3 years 2 months 12 days
Restricted Stock Units
Shares
Granted (in shares)	547,424
Weighted- Average Grant Date Fair Value Per Share
Granted (in shares)	547,424

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Feb. 29, 2024	Oct. 31, 2023	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for issuance (in shares)			2,832,730
Unrecognized stock-based compensation expense			$ 63,400
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Length of purchase intervals			6 months
ESPP discount rate	15%	15%
Initial common stock reserved (in shares)			366,667
Common stock shares available for issuance (in shares)			94,746
Unrecognized stock-based compensation expense			$ 32
Cost not yet recognized, period for recognition			1 month 13 days

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 6,071	$ 5,446	$ 17,755	$ 15,808
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	68	43	176	126
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 6,003	$ 5,403	$ 17,579	$ 15,682

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Detail)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Detail)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	15.20%	17.80%	14.70%	17.10%

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes and Income before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amount
Income tax benefit at the federal statutory rate	$ (1,334)	$ (2,363)	$ (5,150)	$ (6,031)
State income tax benefit, net of federal benefit	(159)	(358)	(664)	(782)
Shortfall tax (benefit) expense, net related to stock-based compensation	(41)	23	535	796
Change in valuation allowance	123	(3)	(194)	241
Permanent and other items	444	691	1,860	861
Provision for income taxes	$ (967)	$ (2,010)	$ (3,613)	$ (4,915)
Rate
Income tax benefit at the federal statutory rate	21%	21%	21%	21%
State income tax benefit, net of federal benefit	2.50%	3.20%	2.70%	2.70%
Shortfall tax (benefit) expense, net related to stock-based compensation	0.60%	(0.20%)	(2.20%)	(2.80%)
Change in valuation allowance	(1.90%)	0%	0.80%	(0.80%)
Permanent and other items	(7.00%)	(6.20%)	(7.60%)	(3.00%)
Provision for income taxes	15.20%	17.80%	14.70%	17.10%

Loss per Share (Details)

Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator (Basic and Diluted):
Net loss	$ (5,385)	$ (9,240)	$ (20,910)	$ (23,802)
Change in value for stock settled consideration	8	11	33	48
Adjusted net loss	$ (5,377)	$ (9,229)	$ (20,877)	$ (23,754)
Denominator:
Weighted average common shares issued and outstanding (in shares)	38,778	38,509	38,645	38,755
Deduct: Unvested RSAs (in shares)	(16)	(17)	(16)	(15)
Weighted average common shares outstanding (in shares)	38,762	38,492	38,629	38,740
Basic loss per common share (in dollars per share)	$ (0.14)	$ (0.24)	$ (0.54)	$ (0.61)
Weighted average common shares outstanding from above (in shares)	38,762	38,492	38,629	38,740
Add: Dilutive effect of RSUs, RSAs & ESPP (in shares)	0	0	0	0
Add: Contingently issuable shares (in shares)	0	0	0	0
Weighted average common shares outstanding (in shares)	38,762	38,492	38,629	38,740
Diluted loss per common share (in dollars per share)	$ (0.14)	$ (0.24)	$ (0.54)	$ (0.61)
Antidilutive shares excluded from diluted loss per common share (in shares)	1,001	1,069	1,116	1,754
Restricted Stock Awards \| 2013 Omnibus Equity Incentive Plan
Denominator:
Vesting period			1 year

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 25, 2023
Line of Credit Facility [Line Items]
Guarantee obligations, maximum exposure	$ 226,000		$ 226,000
Maximum unpaid loan amount for which guarantee obligations granted	1,356,300		1,356,300
Allowance for loss sharing obligations	1,222		1,222		$ 851
Guarantor obligations, amount pledged	678		678		$ 283
Other commitment amount	16,800		16,800
Revolving Credit Facility \| Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 10,000
Standby letters of credit borrowing capacity	3,000		3,000
Standby letters of credit, utilized amount	1,050		$ 1,050
Line of credit facility bearing interest rate			1.75%
Credit agreement, unused capacity, commitment fee percentage			0.50%
Interest expense	37	$ 50	$ 100	$ 101
Credit agreement, amount outstanding	0		0
Total liquidity, minimum requirement	100,000		100,000
Average daily cash balance, minimum requirement	35,000		35,000
Minimum average cash deposits	$ 10,000		$ 10,000
Credit agreement, pledge percentage			100%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			9 Months Ended
	Oct. 04, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 01, 2024
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.25	$ 0.25
Dividends payable							$ 10,200
Dividends		$ (10,157)		$ (10,088)	$ (20,244)	$ (20,372)
Unvested Restricted Stock \| 2013 Omnibus Equity Incentive Plan
Subsequent Event [Line Items]
Dividends payable		$ 12,200			$ 12,200
Subsequent Event \| Unvested Restricted Stock \| 2013 Omnibus Equity Incentive Plan
Subsequent Event [Line Items]
Dividends	$ (9,700)