Operating performance remains inconsistent, with NOI margins fluctuating wildly from a peak of 68.0% in 2025Q2 to a negative 27.5% in 2026Q3, indicating poor scalability of the current cost structure.
| Revenue | 14.78M | 22.06M | 15.74M | 15.11M | 10.37M | 4.48M | 8.73M |
| Revenue Growth % | -32.12% | 40.19% | 4.16% | 45.69% | 131.33% | -48.65% | - |
| Property Operating Expenses | 20.01M | 10.84M | 9.75M | 12.03M | 8.88M | 5.94M | 3.14M |
| Net Operating Income (NOI) | -4.46M | 11.22M | 5.99M | 3.07M | 1.49M | -1.46M | 5.59M |
| NOI Margin % | -30.17% | 50.88% | 38.05% | 20.35% | 14.35% | -32.52% | 64.06% |
| Operating Expenses | 7.97M | 16.66M | 15.91M | 22.95M | 18.09M | -1.06M | 2.12M |
| G&A Expenses | 3.01M | 5.22M | 2.56M | 2.36M | 1.96M | -1.06M | 1.08M |
| EBITDA | -1.94M | 6M | -2.76M | -14.6M | -12.06M | 1.8M | 3.47M |
| EBITDA Margin % | -13.1% | 27.18% | -17.57% | -96.64% | -116.33% | 40.17% | 39.74% |
| Depreciation & Amortization | 11.27M | 11.43M | 7.15M | 5.27M | 4.54M | 2.19M | 0 |
| D&A / Revenue % | 76.23% | 51.83% | 45.46% | 34.91% | 43.83% | 48.95% | 0% |
| Operating Income | -13.2M | -5.44M | -9.92M | -19.87M | -16.61M | -393.23K | 3.47M |
| Operating Margin % | -89.32% | -24.65% | -63.02% | -131.55% | -160.16% | -8.77% | 39.74% |
| Interest Expense | 4M | 8.52M | 6.12M | 7.1M | 2.35M | 0 | 0 |
| Interest Coverage | - | -1.81x | -0.83x | 0.48x | 2.82x | - | - |
| Non-Operating Income | -6.8M | 10.01M | -4.82M | -23.28M | -23.24M | 0 | 0 |
| Pretax Income | -15.56M | -23.97M | -11.22M | -3.69M | 4.28M | 249.95K | -11.73M |
| Pretax Margin % | -105.25% | -108.66% | -71.33% | -24.44% | 41.27% | 5.58% | -134.31% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -17.48M | -25.92M | -12.08M | -4.1M | 4.56M | 264.16K | -11.73M |
| Net Margin % | -118.27% | -117.48% | -76.75% | -27.12% | 44.02% | 5.89% | -134.31% |
| Net Income Growth % | 21.13% | -114.58% | -194.76% | -189.76% | 1628.1% | 102.25% | - |
| Funds From Operations (FFO) | -6.21M | -14.48M | -4.92M | 1.18M | 9.11M | 2.46M | -11.73M |
| FFO Margin % | -42.04% | -65.65% | -31.29% | 7.79% | 87.85% | 54.84% | -134.31% |
| FFO Growth % | -16.55% | -194.13% | -518.58% | -87.09% | 270.58% | - | - |
| FFO per Share | -2.99 | -9.89 | -3.70 | 0.88 | 6.85 | 1.84 | -8.81 |
| FFO Payout Ratio % | -12.66% | -33.16% | -105.21% | 327.16% | 31.01% | 18.76% | -38.62% |
| EPS (Diluted) | -8.41 | -18.66 | -10.00 | -3.60 | 3.40 | 0.20 | -8.80 |
| EPS Growth % | -199.53% | -86.6% | -177.78% | -205.88% | 1600% | 102.27% | - |
| EPS (Basic) | - | -18.66 | -10.00 | -3.60 | 3.40 | 0.20 | -8.80 |
| Diluted Shares Outstanding | 2.08M | 1.47M | 1.33M | 1.33M | 1.33M | 1.33M | 1.33M |
Illiquid Level 3 Assets
As reported in financial statements, MKZR's FFO per share fluctuated significantly from a low of -14.51 in 2025Q4 to a positive 0.21 in 2026Q3, highlighting the extreme sensitivity of the company's earnings to the timing of liquidity events within its underlying portfolio of non-traded REIT interests.
The erratic FFO trajectory suggests that the company's core earnings are not yet stabilized, likely due to the lumpy nature of realized gains from asset liquidations. Investors should monitor whether the recent positive FFO in 2026Q3 represents a sustainable shift in cash generation or merely a temporary benefit from specific portfolio exits.
Based on reported figures, the company's NOI margin swung from a peak of 68.0% in 2025Q2 to a negative 27.5% in 2026Q3, indicating that the cost structure required to manage its secondary market investment portfolio is currently failing to scale effectively with the company's top-line revenue growth.
The wide variance in property-level profitability suggests that fixed administrative and legal costs are disproportionately high relative to the current size of the investment portfolio. This disconnect implies that the company may require a significantly larger asset base to achieve the operating leverage necessary to reach consistent profitability.
According to recent SEC filings, the company's persistent net losses, including a -117.48% net margin, suggest that non-cash valuation adjustments on its Level 3 assets are significantly impacting reported results, potentially obscuring the underlying cash-generating capacity of the portfolio from traditional REIT performance metrics.
The reliance on internal or third-party appraisals for illiquid securities warrants caution, as these valuations may not reflect the actual cash proceeds available upon a forced liquidation. Analysts should interpret these figures as estimates of value rather than realized economic gains, as the lack of an active market for these interests creates substantial uncertainty.
As indicated by the 40.19% year-over-year revenue growth, MKZR has aggressively expanded its portfolio, yet the company continues to report substantial net losses, suggesting that the current strategy of aggregating fragmented minority interests has not yet achieved the necessary scale to cover its high fixed-cost overhead.
The rapid revenue expansion appears to be driven by the acquisition of secondary interests, but the failure to translate this growth into positive net income raises questions about the efficiency of the current business model. Future performance will likely depend on the company's ability to realize gains from these holdings rather than simply increasing the volume of assets under management.
Quick answers to the most common questions about buying MKZR stock.
For fiscal year 2025, MacKenzie Realty Capital, Inc. (MKZR) reported total revenue of $22.1M. This represents a 152.7% increase compared to $8.7M in 2020.
MacKenzie Realty Capital, Inc. (MKZR) reported a net loss of $25.9M for the fiscal year ending 2025.
MacKenzie Realty Capital, Inc. (MKZR) reported an operating income of $-5.4M, resulting in an operating profit margin of -24.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MacKenzie Realty Capital, Inc. (MKZR) generated $11.2M in gross profit for the year, representing a gross profit margin of 50.9%. This demonstrates the company's core pricing power and production efficiency.