Mackenzie Realty Capital Strengthens Real Estate Portfolio

The company expands multifamily and office holdings while bolstering market position through Nasdaq listing and strategic financing.

September 30, 2025

Mackenzie Realty Capital spent the past fiscal year making moves—expanding its real estate portfolio, strengthening its balance sheet, and solidifying its public market presence. The REIT, headquartered in California and focused on value-add properties, capped off its year with a Nasdaq uplisting and a series of capital-raising transactions that position it to keep growing in competitive real estate markets.

Listing, Restructuring, and Strategic Capital Raises

Mackenzie’s common stock began trading on the Nasdaq Capital Market in November 2024 under the symbol MKZR . The listing followed a 1-for-10 reverse stock split completed in August 2025, reducing its share count and aligning the company for broader investor visibility. The split brought outstanding common shares down to just under 1.7 million.

At the same time, Mackenzie raised over $125 million in new capital from public offerings and private placements across common and preferred shares. This included a $4.8 million registered direct offering, $1.5 million through an at-the-market (ATM) equity program with Maxim Group, and continued activity through dividend reinvestment plans.

Preferred equity also played a larger role. The company expanded its offerings across Series A, B, and newly launched Series C preferred shares—raising over $21 million through sales and DRIP participation. These preferred shares provided capital flexibility while supporting shareholder distributions.

Portfolio Growth Across Core Western Markets

Mackenzie continued to invest in properties where it sees long-term potential. The company now owns and manages nine commercial assets and four residential communities, with the majority located in California and Georgia.

One key project: Aurora at Green Valley , a multifamily development in Fairfield, CA. Construction wrapped up in phases between June and September 2025, and leasing is already underway. The development was financed with $10 million in preferred capital and a $17.15 million construction loan.

Another project— Blue Ridge at Suisun Valley —is now in the entitlement phase. The plan is to build a new multifamily community adjacent to the 220 Campus Lane office building, which Mackenzie acquired in 2023.

Green Valley Executive Center (Fairfield)
One Harbor Center (Suisun)
Series of office properties in Napa, Woodland, and Concord, acquired through earlier agreements with The Wiseman Company

The company also navigated a loan maturity issue at its Main Street West office building. After defaulting in late 2024, Mackenzie worked through foreclosure proceedings and refinancing. By June 2025, a new loan was in place, and full control of the asset was restored.

Structuring for Stability and Growth

Mackenzie’s focus on preferred equity—combined with selective common stock offerings—created flexibility without overextending its balance sheet. Series A and B preferred shareholders continued to receive quarterly dividends of $1.50 and $3.00 per share, respectively. However, in May 2025, the board suspended the common dividend to preserve cash and reinvest in property-level opportunities.

Dividend reinvestment plans (DRIPs) remained active for preferred shareholders. The common stock DRIP and share repurchase program were suspended following the OTCQX and Nasdaq transitions, aligning the capital program with the company’s listed status.

While common stock distributions were paused, the company stayed active on investor engagement. In addition to working with Maxim Group on capital strategy, Mackenzie partnered with a third-party marketing firm, issuing shares as part of compensation.

Governance and Cyber Risk Oversight

Mackenzie disclosed its approach to cybersecurity for the first time under updated SEC rules. Day-to-day operations—including IT systems—are outsourced to a third-party managed service provider (MSP), which handles everything from system security to backup protocols. The MSP operates under the NIST Cybersecurity Framework and performs regular testing, including phishing simulations and penetration tests.

The board receives regular updates from the company’s officers and remains responsible for overseeing cybersecurity, enterprise risk, and compliance. As of the filing date, there were no reported material incidents or breaches.

Risk Management in a Complex Environment

Like many REITs, Mackenzie flagged a number of macro and operational risks in its annual report. Rising interest rates, inflation, tenant turnover, and regulatory pressure—particularly in California—could impact its ability to acquire, finance, or lease assets on favorable terms. The company also noted exposure to climate-related and environmental compliance risks across its real estate holdings.

With a high concentration in California, Mackenzie emphasized the importance of staying nimble as market conditions evolve. While its strategy favors off-market deals and under-the-radar opportunities, continued success depends on managing refinancing timelines, navigating construction costs, and aligning each property with current demand.

Looking Ahead

Mackenzie’s plan is to keep doing what’s worked: targeting properties too small for institutions but big enough to matter. Its focus on value-add, redevelopment, and opportunistic deals will continue, with an emphasis on California markets where it already has scale.

New development—like the Blue Ridge project—is expected to support future growth. Meanwhile, the company will continue to raise capital through preferred offerings and the ATM program when market conditions allow.

Mackenzie ends its fiscal year with a more streamlined cap table, a larger and more diverse property base, and new capital tools in place. As it moves into FY26, the company appears focused on execution—building, leasing, and selectively acquiring assets that fit its long-term view.