Investment Manager Closes the Book on Real Estate Stock, According to Recent SEC Filing
Key Points
Sold 2,208,439 shares of Marcus & Millichap; estimated trade value $64.82 million based on quarterly average pricing
Quarter-end position value change was $64.82 million, matching the amount of the sale
Fund now holds zero shares of Marcus & Millichap, with post-trade value at $0
The position previously accounted for 2.1% of the fund's AUM as of the prior quarter, marking a full exit from a notable holding
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On February 10, 2026, Reinhart Partners, LLC. disclosed in an SEC filing that it sold all 2,208,439 shares of Marcus & Millichap (NYSE:MMI), an estimated $64.82 million transaction based on quarterly average pricing.
What Happened
According to an SEC filing dated February 10, 2026, Reinhart Partners, LLC. sold all 2,208,439 shares of Marcus & Millichap in the most recent quarter. The estimated value of the transaction was $64.82 million, calculated using the average share price for the quarter. This sale brought the fund’s position in Marcus & Millichap to zero at quarter end. The position value change was $64.82 million, matching the amount of the sale.
What Else to Know
The fund fully exited its Marcus & Millichap stake, reducing its exposure by 1.94% of 13F reportable AUM this quarter.
Top holdings after the filing:
- NASDAQ: FCNCA: $167.04 million (5.0% of AUM)
- NASDAQ: SIMO: $145.85 million (4.4% of AUM)
- NYSE: YETI: $134.08 million (4.0% of AUM)
- NASDAQ: IDCC: $132.97 million (4.0% of AUM)
- NASDAQ: ACLS: $127.73 million (3.8% of AUM)
As of February 10, 2026, shares of Marcus & Millichap were priced at $27.22, down 26.4% over the past year, underperforming the S&P 500 by 40.8 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Market capitalization | $1.06 billion |
| Revenue (TTM) | $751.28 million |
| Net income (TTM) | ($6.67 million) |
| Dividend yield | 1.89% |
Company Snapshot
- Provides commercial real estate investment sales, financing, research, and advisory services across multifamily, retail, office, industrial, and specialized property types
- Generates revenue primarily through brokerage commissions and fees from facilitating property transactions and arranging financing solutions
- Serves real estate owners, investors, developers, real estate investment trusts, high net worth individuals, and institutional clients in the United States and Canada
Marcus & Millichap is a leading real estate investment brokerage and advisory company with a national footprint and a diversified service offering. The company leverages deep market expertise and a broad network to facilitate property sales and provide capital markets solutions. Its integrated platform and specialized research capabilities support a competitive edge in serving a wide range of commercial real estate clients.
What This Transaction Means For Investors
Reinhart Partners LLC, a Wisconsin-based investment management firm, recently disclosed that it liquidated its entire stake in Marcus & Millichap, a real estate investment brokerage, during the fourth quarter (the three months ending on Dec. 31, 2025). Reinhart’s stake in Marcus & Millichap was valued at nearly $65 million. Here’s what investors need to know about this sale.
First off, Marcus & Millichap (MMI) stock has not performed well over the last few years. Dating back to 2021, shares of MMI have declined by 28%, resulting in a negative compound annual growth rate (CAGR) of -6.3%.
The reasons for the stock’s poor performance are varied. Longstanding weakness in the commercial real estate market has certainly contributed to MMI’s decline, along with a prolonged period of higher interest rates.
Therefore, with MMI stock near a new 52-week low, retail investors may be best served looking elsewhere. For those seeking equity market exposure, check out this list of real estate stocks to watch in 2026.
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Jake Lerch has no position in any of the stocks mentioned. The Motley Fool recommends Yeti. The Motley Fool has a disclosure policy.
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