The company's aggressive expansion strategy has pushed total debt to $146.0 million as of 2026Q3, resulting in a debt-to-equity ratio of 1.71 that warrants close monitoring for solvency risks.
| Total Assets | 239.44M | 235.99M | 233.09M | 213.16M | 182.56M | 138.55M | 104.17M |
| Asset Growth % | 2.18% | 1.25% | 9.35% | 16.76% | 31.77% | 33.01% | - |
| Real Estate & Other Assets | 4.53M | 225.73M | 212.55M | 171.56M | 97.49M | 58.3M | 416.79K |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 4.32M | 6.39M | 14.49M | 19.45M | 27.48M | 9.74M | 10.04M |
| Cash & Equivalents | 4.32M | 3.79M | 11.85M | 17.24M | 7.4M | 4.83M | 8.96M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | -2.46M | 328.24K | 1.22M | 898.24K | 18.58M | 2.92M | 0 |
| Intangible Assets | 10.67M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 154.18M | 142.45M | 125.14M | 102.15M | 78.34M | 41.19M | 941.04K |
| Total Debt | 146.04M | 135.39M | 118.5M | 94.94M | 69.43M | 39.53M | 0 |
| Net Debt | 141.72M | 131.6M | 106.64M | 77.7M | 62.03M | 34.7M | -8.96M |
| Long-Term Debt | 142.36M | 132.43M | 115.32M | 92.9M | 68.37M | 38.69M | 0 |
| Short-Term Borrowings | 78.77K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 13.2M | 2.96M | 3.17M | 2.04M | 1.06M | 838.31K | 0 |
| Total Current Liabilities | 78.77K | 5.45M | 4.91M | 4.01M | 5.67M | 920.39K | 853.3K |
| Accounts Payable | 4.63M | 4.56M | 2.43M | 1.39M | 2.94M | 918.45K | 135.04K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 8.14M | 1.61M | 1.73M | 3.2M | 3.24M | 738.18K | 87.74K |
| Total Equity | 85.26M | 93.54M | 107.95M | 111.01M | 104.22M | 97.36M | 103.23M |
| Equity Growth % | -49.38% | -13.35% | -2.76% | 6.51% | 7.05% | -5.68% | - |
| Shareholders Equity | 50.76M | 59.86M | 82.36M | 98.91M | 97.85M | 97.11M | 103.23M |
| Minority Interest | 34.5M | 33.68M | 25.59M | 12.1M | 6.37M | 251.84K | 0 |
| Common Stock | 216 | 158 | 1.33K | 1.32K | 1.32K | 1.33K | 1.28K |
| Additional Paid-in Capital | 147.59M | 145.05M | 137.07M | 133.76M | 121.96M | 120.41M | 116.46M |
| Retained Earnings | -96.83M | -85.19M | -54.72M | -34.86M | -24.11M | -23.3M | -13.23M |
| Preferred Stock | 92 | 89 | 81 | 67 | 12 | 0 | 0 |
| Return on Assets (ROA) | -7.32% | -11.05% | -5.41% | -2.07% | 2.84% | 0.22% | -11.26% |
| Return on Equity (ROE) | -19.67% | -25.72% | -11.03% | -3.81% | 4.53% | 0.26% | -11.36% |
| Debt / Assets | 60.99% | 57.37% | 50.84% | 44.54% | 38.03% | 28.53% | - |
| Debt / Equity | 1.71x | 1.45x | 1.10x | 0.86x | 0.67x | 0.41x | - |
| Net Debt / EBITDA | -73.22x | 21.95x | - | - | - | 19.27x | -2.58x |
| Book Value per Share | 41.02 | 63.85 | 81.21 | 83.43 | 78.33 | 73.03 | 77.58 |
Illiquid Level 3 Assets
As reported in financial statements, MKZR has expanded its total assets to $239.4 million by 2026Q3, representing a significant growth trajectory that appears to be funded primarily through increased debt obligations rather than internal capital generation or organic portfolio appreciation.
The company's rapid asset growth appears to be driven by the acquisition of fragmented minority interests, yet this expansion has not translated into a stable capitalization structure. Investors should monitor whether this growth trajectory is sustainable given the persistent net losses and the lack of tangible property-level equity growth.
Based on the company's reported figures, total debt has climbed from $96.4 million in 2024Q2 to $146.0 million by 2026Q3, pushing the debt-to-equity ratio to 1.71 and suggesting a reliance on external financing to maintain its secondary market investment strategy.
The steady increase in leverage appears to be a response to the need for liquidity to fund ongoing tender offers. This rising debt profile warrants further investigation into the company's interest coverage capacity, especially as the underlying portfolio remains subject to significant valuation uncertainty.
According to recent quarterly filings, MKZR's cash position has dwindled from a peak of $15.5 million in 2024Q3 to just $4.3 million in 2026Q3, indicating a tightening liquidity profile that may limit the company's ability to capitalize on future secondary market opportunities.
The rapid depletion of cash reserves suggests that the company is consuming its liquid assets to cover operating overhead and debt service requirements. This trend may indicate a vulnerability if the timing of liquidity events from the underlying non-traded REIT holdings continues to be delayed.
As indicated by the absence of net property, plant, and equipment on the balance sheet, MKZR's entire asset base consists of financial interests, which, based on reported data, are subject to significant Level 3 valuation adjustments that obscure the true underlying asset quality.
The reliance on internal or third-party appraisals for these illiquid securities means that the reported asset values may not reflect actual market exit prices. This creates a non-obvious risk where the balance sheet could be significantly overstating the value of the portfolio during periods of market stress.
Quick answers to the most common questions about buying MKZR stock.
As of 2025, MacKenzie Realty Capital, Inc. (MKZR) had total assets of $236.0M including $6.4M in current assets.
MacKenzie Realty Capital, Inc. (MKZR) carries total debt of $135.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MacKenzie Realty Capital, Inc. (MKZR) has total shareholders' equity (book value) of $59.9M ($63.85 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MacKenzie Realty Capital, Inc. (MKZR) reported a current ratio of 1.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.