Marcus & Millichap MMI Guarantor Obligations - Maximum Exposure

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 June 30, 2026, the Company has agreed to a maximum aggregate guarantee obligation of $489.8 million relating to loans with an unpaid balance of $2,993.0 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 June 30, 2026 and December 31, 2025, the Company has recorded an allowance for loss-sharing obligations of $194,000 and $292,000, respectively. As of June 30, 2026 and December 31, 2025, the Company pledged $1.8 million and $1.3 million, respectively, in a restricted bank account in support of the guarantee obligation.