# EDGAR Filing Document

**Accession Number:** 0001550913
**File Stem:** 0001550913-25-000107
**Filing Date:** 2025-8
**Character Count:** 20701
**Document Hash:** 02df14610465527b883d062d64eef5c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001550913-25-000107.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001550913-25-000107

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250801

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MacKenzie Realty Capital, Inc.
- **CENTRAL INDEX KEY:** 0001550913
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 454355424
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42402
- **FILM NUMBER:** 251173193

**BUSINESS ADDRESS:**
- **STREET 1:** 89 DAVIS ROAD, STE. 100
- **CITY:** ORINDA
- **STATE:** CA
- **ZIP:** 94563
- **BUSINESS PHONE:** 925-631-9100

**MAIL ADDRESS:**
- **STREET 1:** 89 DAVIS ROAD, STE. 100
- **CITY:** ORINDA
- **STATE:** CA
- **ZIP:** 94563

?xml version='1.0' encoding='ASCII'?

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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### FORM 8-K

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Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 1, 2025

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## MacKenzie Realty Capital, Inc.
(Exact Name of Registrant as Specified in Its Charter)

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#### 000-55006
(Commission File Number)

---

| | |
|:---|:---|
| **Maryland**<br>| **45-4355424**<br>|
| (State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |

---

#### 89 Davis Road, Suite 100

#### Orinda, California 94563
(Address of principal executive offices, including zip code)

(925) 631-9100

(Registrant's telephone number, including area code)

#### NOT APPLICABLE
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.0001 per value | MKZR | NASDAQ |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Item 3.03. Material Modification to Rights of Security Holders.
To the extent required by Item 3.03 of Form 8-K, the information contained in Item 5.03 of this Current Report on Form 8-K is incorporated herein by reference.

#### Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

#### Charter Amendments for One-for-Ten Reverse Stock Split
On August 1, 2025, in connection with a one-for-ten reverse stock split (the "Reverse Stock Split") of the common stock, $0.0001 par value per share (the "Common Stock") of MacKenzie Realty Capital, Inc. (the "Company"), to be effective on August 4, 2025, the Company filed two Articles of Amendment to its charter with the State Department of Assessments and Taxation of Maryland that provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a one-for-ten Reverse Stock Split of the Common Stock, to be effective at 5:00 p.m. Eastern Time (the "Effective Time") on August 4, 2025 (the
 "First Amendment"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the par value of the Common Stock to be decreased from $0.001 per share (as a result of the one-for-ten Reverse Stock Split) to $0.0001 per
 share, to be effective at 5:01 p.m. Eastern Time on August 4, 2025 (the "Second Amendment").

Pursuant to the First Amendment, no fractional shares will be issued in connection with the Reverse Stock Split; rather, stockholders who would have otherwise been issued a fractional share (less than one whole share) of the Common Stock as a result of the Reverse Stock Split will instead receive a cash payment in lieu of such fractional share in an amount equal to the applicable fraction multiplied by the closing price of the Company's Common Stock on The Nasdaq Capital Market on August 1, 2025 (as adjusted for the Reverse Stock Split), without any interest.

The foregoing descriptions of the amendments to the Company's charter do not purport to be complete and are qualified in their entirety by reference to each of the First Amendment and the Second Amendment, copies of which are filed as Exhibit 3.1 and Exhibit 3.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

#### Effect of Reverse Stock Split on Common Stock
At the market open on August 5, 2025 (the first business day after the Effective Time), the Common Stock will begin trading on a split-adjusted basis on The Nasdaq Capital Market under a new CUSIP number (55453W501).

The Reverse Stock Split will apply to all of the outstanding shares of Common Stock as of the Effective Time, with a corresponding adjustment to the "Adjustment Factor" relating to the partnership units of the Company's operating partnership, MacKenzie Realty Operating Partnership, LP. It therefore will not affect any particular stockholder's relative ownership percentage of shares of Common Stock, except for de minimis changes resulting from the payment of cash in lieu of fractional shares. The Reverse Stock Split will also not affect the relative voting or other rights that accompany the shares of Common Stock, except to the extent that it results from a stockholder receiving cash in lieu of fractional shares. There will be no change to the number of authorized shares of the Common Stock as a result of the Reverse Stock Split. The Company's trading symbol will remain unchanged, but the CUSIP number for the Company's registered Common Stock will be changed to 55453W501.

#### Effect of Reverse Stock Split on Preferred Stock
As a result of the Reverse Stock Split, the conversion price of the Company's Series A and C Preferred Stock in the case of redemption by the Company and election by the holder to receive shares of Common Stock instead of cash will proportionally increase from $10.25 per share of Common Stock to $102.50 per share of Series A or Series C Preferred Stock.

The conversion price of the Company's Series B Preferred Stock in the case of redemption by the Company and election by the holder to receive shares of Common Stock instead of cash or the request for repurchase by the Series B Preferred shareholder and the election of the Company to issue shares of Common Stock, will change to the lower of $102.50 or the volume weighted average of the Last Reported Sale Price per share of Common Stock as reported on Nasdaq for the twenty (20) trading days prior to the Conversion Date (defined as the date of the giving of notice of an exercise of conversion rights and surrender of the underlying shares of Series B Preferred Stock to be converted).

The Common Dividend Threshold for the Series B Preferred Stock, as adjusted for the Reverse Stock Split, will change to the first date after December 31, 2022 on which the holders of Common Stock have received aggregate distributions equal to 10% per annum on the $73.80 per share NAV of the Common Stock as of December 31, 2022, and the per share aggregate distribution calculations shall be adjusted by having any distributions received by the holders of Common Stock after December 31, 2022 and before the Reverse Stock Split increased by a multiple of ten. The cap on amount of distributions for the Series B Preferred Stock resulting from the Coordinated Common Dividend will be adjusted for the Reverse Stock Split such that after the Common Dividend Threshold has been met the Accrued Dividend shall be payable from time to time, at the same time and in an amount that is a multiple of ten times the amount per share of Common Stock with distributions paid to the holders of Common Stock.

#### Effect of Reverse Stock Split on Warrants
As a result of the Reverse Stock Split, the Exercise Price of the Company's Prefunded Warrants will be adjusted to $0.001 and the Exercise Price of the Company's Series A and Series B Warrants will be adjusted to $17.10 per share and the number of acquirable shares reduced to 33,800, 141,314.90, and 282,629.90, respectively.

#### Item 7.01. Regulation FD.
On August 1, 2025, the Company issued a press release announcing the Reverse Stock Split. A copy of that press release is furnished as Exhibit 99.1 hereto.

#### Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

[3.1](exhibit31.htm) [First Amendment dated August 1, 2025](exhibit31.htm)

[3.2](exhbit32.htm) [Second Amendment dated August 1, 2025](exhbit32.htm)

[99.1](pressrelease08012025.htm) [Press Release issued August 1, 2025](pressrelease08012025.htm)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **MACKENZIE REALTY CAPITAL, INC**. | **MACKENZIE REALTY CAPITAL, INC**. |
|  | (Registrant) | (Registrant) |
| Date: August 1, 2025 | By: | /s/ Robert Dixon |
|  |  | Robert Dixon |
|  |  | President |

---

## Exhibit 3.1

#### MACKENZIE REALTY CAPITAL, INC.

#### ARTICLES OF AMENDMENT

MacKenzie Realty Capital, Inc., a Maryland corporation (the "<u>Corporation</u>"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

**FIRST:** The charter of the Corporation (the "<u>Charter</u>") is hereby amended to provide that (a) at the Effective Time (as defined below), every ten shares of common stock, $0.0001 par value per share, of the Corporation that were issued and outstanding immediately prior to the Effective Time shall be converted into one issued and outstanding share of common stock, $0.001 par value per share (the "<u>Reverse Stock Split</u>"), and (b) no fractional shares will be issued in connection with the Reverse Stock Split; rather, stockholders who would have otherwise been issued a fractional share (less than a whole share) of the Corporation's common stock as a result of the Reverse Stock Split will instead receive a cash payment in lieu of such fractional share in an amount equal to the applicable fraction multiplied by the closing price of the Corporation's common stock on the date that includes the Effective Time (as adjusted for the Reverse Stock Split) as reported on the Nasdaq Stock Market, without any interest.

**SECOND:** The foregoing amendment (the "<u>Amendment</u>") was duly advised by the Board of Directors of the Corporation in the manner and by the vote required by the Maryland General Corporation Law and the Charter and is limited to a change expressly authorized by Section 2-309(e) of the Maryland General Corporation Law to be made without action by the stockholders of the Corporation.

**THIRD:** The Amendment does not increase the authorized stock of the Corporation.

**FOURTH:** These Articles of Amendment shall be effective (the "<u>Effective Time</u>") at 5:00 p.m., Eastern Time, on August 4, 2025.

**FIFTH**: The undersigned acknowledges these Articles of Amendment to be the corporate act of the Corporation and as to all matters or facts to be verified under oath, the undersigned acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[*Signatures Appear on the Next Page*]

IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be signed in its name and on its behalf by its President and attested to by its Secretary on this 1st day of August, 2025.

ATTEST: MACKENZIE REALTY CAPITAL, INC.

__________________________ By: _________________________

Chip Patterson, Secretary Robert Dixon, President

## Exhibit 3.2

#### MACKENZIE REALTY CAPITAL, INC.

#### ARTICLES OF AMENDMENT

MacKenzie Realty Capital, Inc., a Maryland corporation (the "<u>Corporation</u>"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

**FIRST**: The charter of the Corporation (the "<u>Charter</u>") is hereby amended to decrease, immediately upon the Effective Time (as defined below), the par value of the shares of common stock of the Corporation that are issued and outstanding as of the Effective Time from $0.001 per share to $0.0001 per share.

**SECOND**: The amendment to the Charter as set forth above has been duly approved by at least a majority of the entire Board of Directors of the Corporation as required by law. The amendment set forth herein is limited to a change expressly authorized by Section 2-605(a)(2) of the Maryland General Corporation Law to be made without action by the stockholders of the Corporation.

**THIRD**: The Amendment does not increase the authorized stock of the Corporation.

**FOURTH**: These Articles of Amendment shall be effective (the "<u>Effective Time</u>") at 5:01 p.m., Eastern Time, on August 4, 2025.

**FIFTH**: The undersigned acknowledges these Articles of Amendment to be the corporate act of the Corporation and as to all matters or facts to be verified under oath, the undersigned acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[*Signatures Appear on the Next Page*]

IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be signed in its name and on its behalf by its President and attested to by its Secretary on this 1st day of August, 2025.

ATTEST: MACKENZIE REALTY CAPITAL, INC.

__________________________ By: _________________________

Chip Patterson, Secretary Robert Dixon, President

## Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

#### MacKenzie Realty Capital Announces Effective Date for 1-for-10 Reverse Stock Split
**Orinda, Calif., (August 1, 2025)** – MacKenzie Realty Capital, Inc. (Nasdaq: MKZR) ("MacKenzie" or the "Company") today announced that its Board of Directors has approved an effective time at 5:01 p.m. Eastern Standard Time August 4, 2025, for its 1-for-10 reverse stock split. MacKenzie's common stock is expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market on August 5, 2025, under the current trading symbol, "MKZR." The reverse stock split was approved by MacKenzie's Board of Directors on July 3, 2025, and is intended to increase the per share trading price of the Company's common stock to enable the Company to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. There is no assurance that MacKenzie's common stock will meet all Nasdaq requirements for continued listing.

As previously announced, the 1-for-10 reverse stock split will automatically convert ten current shares of MacKenzie's common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. In lieu of issuing fractional shares, stockholders of record who otherwise would be entitled to receive less than one share will be entitled to cash in an amount equal to the applicable fraction multiplied by the closing price of the Company's Common Stock on The Nasdaq Capital Market on August 1, 2025 (as adjusted for the Reverse Stock Split), without any interest. The reverse split will reduce the number of shares of outstanding common stock from 16,760,977.79 shares to approximately 1,676,098 shares. Proportional adjustments also will be made to the exercise prices of MacKenzie's existing prefunded, Series A, and Series B warrants, as well as to certain adjustments to the conversion prices of its Series A, B, and C preferred shares.

Computershare, Inc. will act as the exchange agent for the reverse stock split. Stockholders of record are not required to take any action to receive post-split shares in book-entry. Stockholders owning shares through a bank, broker, custodian or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to the holding entity's particular processes; such stockholders will not be required to take any action in connection with the reverse stock split. However, these banks, brokers, custodians or other nominees may have different procedures for processing the reverse stock split than those for registered stockholders. If a stockholder holds shares of common stock with a bank, broker, custodian or other nominee and has any questions in this regard, stockholders are encouraged to contact their bank, broker, custodian or other nominee for more information.

In connection with the reverse stock split, the Company's CUSIP number will change to 55453W501 as of 5:01 p.m. Eastern Standard Time on August 4, 2025.

#### About MacKenzie Realty Capital, Inc.
MacKenzie, founded in 2013, is a West Coast-focused REIT that intends to invest at least 80% of its total assets in real property, and up to a maximum of 20% of its total assets in illiquid real estate securities. We intend for the real property portfolio to be approximately 50% multifamily and 50% boutique class A office. The Company has paid a dividend every year since inception. The current portfolio includes interests in 4 multifamily properties and 8 office properties plus 2 multifamily developments.

For more information, please contact MacKenzie at (800) 854-8357. **Please visit our website at: http://www.mackenzierealty.com**

*Forward-Looking Statements*

*This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, our ability to remain financially healthy, and our expected future growth prospects. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target," "trajectory," "focus," "work to," "attempt," "pursue," or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. For a further discussion of factors that could cause our future results, performance, or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled "Risk Factors" in annual reports on Form 10-K and quarterly reports on Form 10-Q that we file with the Securities and Exchange Commission from time to time.*

89 Davis Road, Suite 100 • Orinda, California 94563 • Toll-Free (800) 854-8357 • Local (925) 631-9100 • www.mackenzierealty.com

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