• Vanguard for real estate investments.
• Like a Fidelity fund, but focused on owning and managing a portfolio of income-generating properties.
• Blackstone for the everyday investor, making property ownership accessible through shares.

• Real Estate Portfolio Management: MacKenzie Realty Capital operates as a real estate investment trust (REIT), primarily engaged in the acquisition, management, and operation of a portfolio of income-generating real estate assets.

MacKenzie Capital Management, LP

Robert E. Dixon, Chief Executive Officer & President

Mr. Dixon serves as the Chief Executive Officer & President of MacKenzie Realty Capital, Inc., guiding the company's overall direction, fostering its growth, and ensuring its continued success in the real estate investment landscape. He possesses extensive experience in real estate finance, investment management, and corporate strategy. He has also reported open-market purchases of the company's common stock, increasing his direct and indirect holdings. Mr. Dixon holds interests in MacKenzie Real Estate Advisers, LP and MPF Successors, LP.

Angche Sherpa, Chief Financial Officer & Treasurer

Mr. Sherpa serves as the Chief Financial Officer & Treasurer for MacKenzie Realty Capital, Inc., where he is responsible for the company's financial strategy, fiscal management, and the stewardship of its financial assets. He has extensive expertise in corporate finance, accounting, and treasury operations, particularly within the context of real estate investment. Mr. Sherpa oversees all financial reporting, budgeting, forecasting, and cash management activities. He was appointed Chief Financial Officer in July 2021, having been employed by the company's administrator, MacKenzie Capital Management, LP, since 2012. Prior to his appointment as CFO, he served as Director of Accounting and Financial Reporting for MacKenzie. He graduated from San Francisco State University in 2006 with a Bachelor of Science degree in Business Administration (Accounting). Mr. Sherpa also has indirect holdings through MacKenzie Real Estate Advisers, LP and MPF Successors, LP.

Glen William Fuller, Chief Operating Officer

Mr. Fuller is the Chief Operating Officer at MacKenzie Realty Capital, Inc., overseeing day-to-day operations and ensuring the efficient execution of the company's strategic initiatives. He brings a comprehensive understanding of operational management and experience in the real estate industry to his role.

Jeri Ruth Bluth, Chief Compliance Officer

Ms. Bluth holds the position of Chief Compliance Officer at MacKenzie Realty Capital, Inc., where she is responsible for establishing and overseeing the company's comprehensive compliance program. She ensures that all operations, investments, and business practices adhere to relevant laws, regulations, and internal policies. Ms. Bluth has a deep understanding of the financial services industry, particularly within real estate investment.

Christine Elizabeth Simpson, Chief Portfolio Manager

Ms. Simpson is the Chief Portfolio Manager at MacKenzie Realty Capital, Inc., a pivotal role in driving the company's investment strategy and performance. She possesses a profound understanding of real estate markets, asset management, and investment analytics, and is instrumental in identifying, evaluating, and executing investment opportunities.

The key risks to MacKenzie Realty Capital (MKZR) primarily revolve around its financial health, the inherent illiquidity of its real estate assets, and the complexities of maintaining its REIT status.

1. High Debt Levels, Liquidity Concerns, and Deteriorating Profitability: MacKenzie Realty Capital faces substantial financial risks due to its high debt load, significantly exceeding industry averages with a 144% debt-to-equity ratio. This excessive leverage, coupled with a low current ratio of 0.14, indicates serious short-term liquidity concerns. The company has experienced widening net losses, which doubled in the prior year to $23.97 million, and has suspended its quarterly common stock dividend after Q3 2025, further highlighting profitability challenges. These financial strains, including high debt obligations, have contributed to a significant decline in its stock price.
2. Illiquidity of Real Estate Investments and Competitive Market Conditions: As a real estate investment trust, a fundamental risk for MacKenzie Realty Capital is the illiquidity of its real estate investments. This illiquidity can severely hinder the company's ability to respond swiftly to adverse changes in property performance or market conditions. The real estate market is highly competitive, making it challenging for the company to identify and acquire attractive investment opportunities on favorable terms. Furthermore, the company has faced a liquidity crisis due to suspensions of share repurchase programs, trapping investors.
3. REIT Compliance and Taxation Risks: MacKenzie Realty Capital's election to be treated as a real estate investment trust (REIT) requires strict compliance with complex Internal Revenue Code regulations. Any failure to maintain its REIT status would lead to significantly higher corporate taxes, thereby reducing cash available for distribution to stockholders. Additionally, the need to comply with REIT requirements may force the company to forgo potentially attractive investment opportunities or necessitate the liquidation of investments, which could negatively impact its portfolio strategy and returns.

The addressable market for MacKenzie Realty Capital (MKZR), a real estate investment trust (REIT) focused on acquiring and managing diverse real estate assets, can be assessed by examining the overall U.S. REIT market.

MacKenzie Realty Capital's investment strategy includes a focus on multifamily and office properties, with mentions of single-family rental communities, garden-style apartment complexes, mixed-use developments, and, more broadly, residential, commercial, and industrial properties. They also invest in illiquid real estate securities, including non-traded REITs and limited partnerships.

As of 2024, U.S. REITs collectively own more than $4.5 trillion in gross real estate assets. Public REITs specifically hold $2.5 trillion in assets, with U.S. listed REITs having an equity market capitalization exceeding $1.4 trillion. The North American REIT market itself was estimated at approximately $292.59 billion in 2026, with the United States accounting for a significant portion of this market.

MacKenzie Realty Capital (MKZR) anticipates several key drivers of revenue growth over the next two to three years:

1. Leasing and Stabilization of Multifamily Developments: The completion and ongoing lease-up of new multifamily projects, such as Aurora at Green Valley, are expected to significantly contribute to future rental income. As of September 30, 2025, the Aurora at Green Valley property was over 50% leased, with its clubhouse and residential buildings having received certificates of occupancy. This increasing occupancy rate will directly translate into higher net revenues.
2. Strategic Initiatives within MacKenzie Apartment Communities, Inc. (MAC): Effective January 1, 2026, MacKenzie Realty Capital reorganized its multifamily assets into a newly created, wholly-owned subsidiary, MacKenzie Apartment Communities, Inc. (MAC). This strategic move opens avenues for revenue growth through potential capital raises specifically for multifamily assets, mergers with other multifamily-focused REITs, or spinning off MAC shares, all aimed at enhancing shareholder value and expanding the multifamily portfolio.
3. Targeted Acquisitions of Real Property and Real Estate Securities: MacKenzie's core investment strategy focuses on acquiring real property, with an approximate 50% allocation to multifamily and 50% to boutique Class A office properties on the West Coast. The company also intends to invest up to 20% of its assets in illiquid real estate securities. A focus on off-market and value-add opportunities, combined with extensive experience in acquiring undervalued real estate securities, indicates a continued growth strategy through strategic acquisitions.
4. Improvement in Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO): MacKenzie Realty Capital is actively working towards achieving FFO profitability, having significantly reduced its negative FFO by over half and negative AFFO by 84% for the fiscal year ended June 30, 2025. This trajectory towards improved financial health and operational efficiency, although not a direct revenue driver, underpins sustainable revenue growth by enhancing the company's ability to fund new investments and manage existing properties more effectively.

Share Repurchases

• Information regarding the dollar amount of share repurchases made and authorized in the last 3-5 years is not explicitly available in the provided search results.

Share Issuance

• The number of shares outstanding for MacKenzie Realty Capital increased by 26.95% in one year.
• The company underwent a 1:10 reverse stock split on August 5, 2025.
• MacKenzie Realty Capital has historically raised significant capital through offerings, including $119.10 million from common stock public offerings, $18.74 million from Series A preferred stock, $3.11 million from Series B preferred stock, and $0.45 million from preferred stock DRIP.

Inbound Investments

• On March 6, 2026, MacKenzie Realty Capital announced it received $1.095 million in funding.

Outbound Investments

• MacKenzie Realty Capital acquired the Green Valley Medical Center, which contributed to an increase in rental and reimbursement revenues.

Capital Expenditures

• The company is actively constructing a multi-family residential community named Aurora at Green Valley.
• MacKenzie Realty Capital is preparing to launch the Blue Ridge project, which will consist of 84 luxury multi-family units.