Investment Manager Closes the Book on Real Estate Stock, According to Recent SEC Filing

Marcus & Millichap delivers commercial real estate brokerage and advisory services across the U.S. and Canada for a diverse client base.On February 10, 2026, Reinhart Partners, LLC. disclosed in an SEC filing that it sold all 2,208,439 shares of Marcus & Millichap (MMI 3.79%), an estimated $64.82 million transaction based on quarterly average pricing.What HappenedAccording 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 KnowThe 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 OverviewMetricValueMarket capitalization$1.06 billionRevenue (TTM)$751.28 millionNet income (TTM)($6.67 million)Dividend yield1.89%Company SnapshotProvides commercial real estate investment sales, financing, research, and advisory services across multifamily, retail, office, industrial, and specialized property typesGenerates revenue primarily through brokerage commissions and fees from facilitating property transactions and arranging financing solutionsServes real estate owners, investors, developers, real estate investment trusts, high net worth individuals, and institutional clients in the United States and CanadaMarcus & 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 InvestorsReinhart 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.About the AuthorJake Lerch is a contributing Motley Fool technology analyst covering artificial intelligence, cloud computing, cybersecurity, e-commerce, and semiconductors. Prior to The Motley Fool, Jake worked for 12 years at Credit Suisse, an international investment bank. He holds a bachelor’s degree in business with a concentration in economics from the University of North Carolina at Wilmington.TMFRescueDogStocks MentionedMarcus & MillichapNYSE: MMI$25.13 (3.79%) $0.99*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.