One of the most important advantages of the MMI platform is the market coverage in countless relationships that our sales force harnesses through our collaborative culture and internal communication. We’re in constant motion and making connections that lead to unique problem-solving and opportunity creation for buyers, sellers, and lenders. Our financing division has matured and grown through the addition of numerous experienced originators, teams, and boutique financing acquisitions who are now actively partnering with our sales teams to help investors find financing solutions. MMCC’s access to and relationships with over 400 lenders that our originators have closed deals with in the past 12 months alone are of great value in the current market where we face financing scarcity and very tight scrutiny.
All these advantages demonstrate MMI’s leading position in investment brokerage despite the market headwinds with over 4,000 sales transactions closed year-to-date and 800 financing. This is a direct result of our client commitment and the hard work, persistence, and scale of our sales force and support personnel. To expand our market position, we have supplemented our core business with industry-leading research, auction services in recent years, and our loan sales division to foster new client relationships and help existing clients execute in this difficult market environment. In the same spirit, I’m excited to announce that strategic investments in a technology-driven platform for equity raising and private debt placement called EquityMultiple.
Their platform specializes in helping sponsors access its vast network of investors to raise project-specific equity and debt and provides asset management services to many of its sponsor clients. EquityMultiple proprietary technology enables rapid execution, which is especially valuable in the current market environment. We see multiple opportunities for client synergies and mutual referrals facilitated by both companies, heavy emphasis on technological advancements. We also made a strategic investment in a venture-backed company called Archer, which specializes in services that will increase our property underwriting productivity and ability to generate sales and financing. These services include property level performance metrics throughout the U.S. through consolidating multiple data sources to propriety technology as well as analytics, we expect will make our client targeting more efficient.
Looking forward, we expect the market disruption to take more time and the recovery to be pushed out given all of the factors that I’ve summarized. As I stated on prior calls, we are committed to our organic hiring system and continue to execute expanded candidate outreach initiatives, enhanced training and development and are increasing our recruiting resources to return to positive net hiring. This remains a top priority for the management team. In the meantime, we continue to build on our success in attracting experienced professional teams and independent boutiques to the firm in a complementary fashion to our existing coverage. In closing, let me emphasize the strength of our balance sheet, leading market position, and brand as they enable us to continually improve the MMI platform and pursue strategic acquisitions and investments.
The passage of time appears to have surfaced interesting acquisition opportunities that we’re evaluating even as some of our previous explorations did not close, primarily due to the evaluation expectation gap. Our expanded capital allocation strategy reflects these offensive strategies and return of significant capital to shareholders over the past 18 months. We look forward to continuing on the path of long-term value creation as we position an MMI to lead in the recovery. With that, I will turn the call over to Steve for additional insights on our results. Steve?
Steve DeGennaro : Thank you, Hessam. Hess mentioned, market conditions remain challenging due to the Fed’s steep trajectory of rate increases implemented since last year and their continued higher for longer messaging. This has led to a significant decline in transactional activity due to a lack of price discovery between buyer and seller, increasingly restricted credit markets, and rate uncertainty. With that as a backdrop, let’s get into the results. Total revenue for the quarter was $162 million compared to $324 million in the prior year. Year-to-date, total revenue was $480 million versus $1 billion last year. Revenue from real estate brokerage commissions for the third quarter was $140 million and accounted for 86% of total revenue compared to $293 million last year, a decrease of 52% year-over-year.
