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MacKenzie Realty Capital (MKZR) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Sep 28, 2026 · MacKenzie Realty Capital (MKZR) Q4 FY26 earnings results →

Q4 FY26 Revenue up 13% year over year to $5.4M · 103¢ of every $1 of revenue lost · operating margin -90.5%

MacKenzie Realty Capital made $5.4M in Q4 FY26 (+13% Y/Y). Operating margin -90.5%, net loss $5.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Sep 28, 2026.

Revenue$5.4M
Year over year+13%
Operating margin-90.5%
Net earnings−$5.6M
Operating cash flow−$553K

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $5.4M in Q4 FY26, up 13% year over year and roughly flat from the previous quarter.

Operating costs exceeded revenue by $4.9M, an operating margin of -90.5%. Total costs fell 1% while revenue rose 13%. The quarter ended with a net loss of $5.6M, wider than the previous quarter's $1.0M loss.

Operating cash flow was −$553K. Non-cash charges added back $2.2M of depreciation and amortization. Working capital and other items added $2.9M.

Quarterly history

MacKenzie Realty Capital revenue by quarterMacKenzie Realty Capital revenue by quarter$8.0MQ2 FY25$4.3MQ3 FY25$4.8MQ4 FY25$4.5MQ1 FY26$4.6MQ2 FY26$5.4MQ3 FY26$5.4MQ4 FY26
MacKenzie Realty Capital net earnings by quarterMacKenzie Realty Capital net earnings by quarter−$4.5MQ2 FY25−$6.1MQ3 FY25−$6.0MQ4 FY25−$3.0MQ1 FY26−$4.5MQ2 FY26−$986KQ3 FY26−$5.6MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KSep 28, 2026$5.4M+13%-90.5%−$5.6M−$553K
Q3 FY2610-QMay 15, 2026$5.4M+27%-46.0%−$986K$833K
Q2 FY2610-QFeb 17, 2026$4.6M-43%-102.5%−$4.5M−$1.6M
Q1 FY2610-QNov 14, 2025$4.5M-8%-76.8%−$3.0M−$2.0M
Q4 FY2510-KSep 29, 2025$4.8M+6%-117.3%−$6.0M−$1.6M
Q3 FY2510-QMay 15, 2025$4.3M+5%-136.4%−$6.1M−$2.6M
Q2 FY2510-QFeb 14, 2025$8.0M+124%-56.7%−$4.5M$1.9M

Charts

MacKenzie Realty Capital: revenue growth, year over year and quarter over quarterMacKenzie Realty Capital: revenue growth, year over year and quarter over quarterY/YQ/Q+124%Q2 FY25+5%-47%Q3 FY25+6%+12%Q4 FY25-8%-6%Q1 FY26-43%+1%Q2 FY26+27%+18%Q3 FY26+13%0%Q4 FY26
Latest (Q4 FY26): Y/Y +13%, Q/Q 0%.
MacKenzie Realty Capital: where the cash came from (+) and went (−), FY26MacKenzie Realty Capital: where the cash came from (+) and went (−), FY26Net borrowing (+) / repaid (−)$12.7MOther investing−$9.1MOperating cash flow−$3.3MPartners−$1.5MOther financing$629KShares issued$317KCash drawn (+) / kept (−)$308K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
MacKenzie Realty Capital: profit against cash, quarter by quarterMacKenzie Realty Capital: profit against cash, quarter by quarterNet incomeOperating cash flow−$7.4M$644KQ1 FY25−$4.5M$1.9MQ2 FY25−$6.1M−$2.6MQ3 FY25−$6.0M−$1.6MQ4 FY25−$3.0M−$2.0MQ1 FY26−$4.5M−$1.6MQ2 FY26−$986K$833KQ3 FY26−$5.6M−$553KQ4 FY26
Latest (Q4 FY26): Net income −$5.6M, Operating cash flow −$553K.
MacKenzie Realty Capital: diluted shares by fiscal yearMacKenzie Realty Capital: diluted shares by fiscal year12MFY2013MFY2213MFY231MFY241MFY252MFY26
-83.6% since FY20: buybacks shrank the count.
MacKenzie Realty Capital: long-term debt falling due (FY26)MacKenzie Realty Capital: long-term debt falling due (FY26)$26.9M2027$33.5M2028$4.7M2029$27.4M2030$26.5M2031$29.4MLater
Cash $3.5M, short-term investments —, long-term debt $148M at 2026-06-30.
MacKenzie Realty Capital in its industry: growth against margin (213 companies, SIC 6798)MacKenzie Realty Capital in its industry: growth against margin (213 companies, SIC 6798)revenue growth, year over year →↑ operating marginmedian +5%median 23%WELLAMTEQIXPLDIRMDLRWYVTRSPGBSTTRITMOPSALINEHSTVici Properties L.P.VICIHoward Hughes CorpCCIBoston Properties Ltd PartnershipEXRDOCAvalonbay Communities IncCXWAHRSBACCOLDARERHPHHHLAMRRayonier, L.P.Mid-America Apartments, L.P.SUIMAAKIMKimco Realty OP, LLCSTWDOUTEssex Portfolio LPWPCVornado Realty LPGLPIUDRREGELSPEBSVCAPLESWDRRYNDHCBrixmor Operating Partnership LPRLJStore Capital LLCOHIFederal Realty OP LPFRTDRHCubeSmart, L.P.HRCUBEAHTSL Green Operating Partnership, L.P.SLGKilroy Realty, L.P.KRCJANDEIMACCUZMPT Operating Partnership, L.P.MPTNNNSBRAREXRSTAGADCCDPEPREGPFirst Industrial LPESRTKRGPECOESBAKite Realty Group, L.P.INNCTREIRTEPRTAres Industrial Real Estate Income Trust Inc.SKTZARECBLJBGSHGITBrandywine Operating Partnership, L.P.JLL Income Property Trust, Inc.BNLNHISAFELTCAmerican Assets Trust, L.P.GNLCMRFAATNHPBHRAKRABRDEACLDTLXPBRSPIVTFCPTSMAVinebrook Homes Trust, Inc.Fortress Net Lease REITBFSFBRTUMHALXNTSTFortress Credit Realty Income TrustNXRTCSRNuveen Global Cities REIT, Inc.North Haven Net REITKBSRCottonwood Communities, Inc.CTOSterling Real Estate TrustARIBrookfield Real Estate Income Trust Inc.CLPRXRNSTRWINREPMTNew Mountain Net Lease TrustTRTXJ.P. Morgan Real Estate Income Trust, Inc.ONLCHCTExchangeRight Income FundPSTLCMCTUHTRCFSPCFTR-PAInvesco Real Estate Income Trust Inc.BRTStarwood Credit Real Estate Income TrustWHLRGTJ REIT, Inc.ACRPINEApollo Realty Income Solutions, Inc.NXDTBHMFVRBlackRock Monticello Debt Real Estate Investment TrustLightstone Value Plus REIT I, Inc.Rise Companies CorpSculptor Diversified Real Estate Income Trust, Inc.Lightstone Value Plus REIT II, Inc.Cohen & Steers Income Opportunities REIT, Inc.ACRETCILANDLightstone Value Plus REIT V, Inc.NLCPSACHModiv Industrial, Inc.Fidelity Core Real Estate FundEQT Exeter Real Estate Income Trust, Inc.STSRFPIHighlands REIT, Inc.PRXASITCRreef Property Trust, Inc.LTSVSEVNLightstone Value Plus REIT III, Inc.SGSTFREVSFranklin BSP Real Estate Debt, Inc.BMNMFundrise eREIT, LLCCDR-PBCHMIPrincipal Credit Real Estate Income TrustICR-PANLOPSUNSGBCSSTLYCPTSQFTSummit Healthcare REIT, IncSELFTPTSGIPRLOANIHTMDRRStratCap Digital Infrastructure REIT, Inc.PWMKZR (+13%, -90%)
Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About MacKenzie Realty Capital

MacKenzie Realty Capital, Inc. (the “Parent Company” together with its subsidiaries as discussed below, collectively, the “Company,” “we,” “us,” or “our”) was incorporated under the general corporation laws of the State of Maryland on January 27, 2012. We have elected to be treated as a real estate investment trust (“REIT”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We are authorized to issue 100,000,000 shares, of which (i) 80,000,000 are designated as common stock, with a $ 0.0001 par value per share; and (ii) 20,000,000 are designated as preferred stock, with a $ 0.0001 par value per share. We commenced our operations on February 28, 2013, and our fiscal year-end is June 30.

In its own words, from its 10-Q, filed May 15, 2026.

MacKenzie Realty Capital against its Real Estate Investment Trusts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +13%. Operating margin: -90.5% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
MKZR MacKenzie Realty CapitalQ4 FY26$5.4M+13%-90.5%
WELL WelltowerQ3 2026$3.7B+38%9.1%
AMT American TowerQ3 2026$2.8B+2%45.6%
EQIX EquinixQ3 2026$2.6B+11%23.3%
PLD PrologisQ1 2026$2.3B+7%52.7%
IRM Iron MountainQ3 2026$2.0B+14%20.6%
DLR Digital Realty TrustQ3 2026$1.9B+21%15.9%
WY WeyerhaeuserQ3 2026$1.9B+8%5.4%
VTR VentasQ3 2026$1.8B+23%2.9%

Source: MacKenzie Realty Capital 10-K on SEC EDGAR · CIK 1550913 · Real Estate Investment Trusts

13F: who owns MKZR and who is buying

Largest holders of MKZR (13F)Largest holders of MKZR (13F)Vanguard Group$100KConcorde Asset Management, LLC$74KQuinn Opportunity Partners LLC$71KGeode Capital Management, LLC$31KCitadel Advisors LLC$31KNewbridge Financial Services Group$31KVanguard Capital Management LLC$29KVanguard Fiduciary Trust$13KBlackRock$6KFarther Finance Advisors, LLC$4K
Funds' net buying of MKZR by quarter (13F)Funds' net buying of MKZR by quarter (13F)$14K2025-06$207K2025-09$325K2025-12−$67K2026-03−$18K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MKZR

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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