MacKenzie Realty Capital Enters Material Agreement
Ticker: MKZR · Form: 8-K · Filed: Jan 28, 2025 · CIK: 1550913
| Field | Detail |
|---|---|
| Company | Mackenzie Realty Capital, Inc. (MKZR) |
| Form Type | 8-K |
| Filed Date | Jan 28, 2025 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $10,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
MRC just signed a big deal, creating a new financial obligation. Keep an eye on this.
AI Summary
On January 22, 2025, MacKenzie Realty Capital, Inc. entered into a material definitive agreement, creating a direct financial obligation. The company, incorporated in Maryland with its principal executive offices in Orinda, California, filed this Form 8-K to report this event.
Why It Matters
This filing indicates a significant new financial commitment or obligation for MacKenzie Realty Capital, Inc., which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet its obligations.
Key Players & Entities
- MacKenzie Realty Capital, Inc. (company) — Registrant
- January 22, 2025 (date) — Date of Earliest Event Reported
- Maryland (jurisdiction) — State of Incorporation
- Orinda, California (location) — Address of principal executive offices
FAQ
What type of material definitive agreement did MacKenzie Realty Capital, Inc. enter into?
The filing states that MacKenzie Realty Capital, Inc. entered into a material definitive agreement, but the specific type of agreement is not detailed in the provided text.
What is the nature of the direct financial obligation created?
The filing indicates the creation of a direct financial obligation, but the specific details of this obligation are not provided in the excerpt.
When was the earliest event reported in this Form 8-K?
The earliest event reported in this Form 8-K occurred on January 22, 2025.
Where are MacKenzie Realty Capital, Inc.'s principal executive offices located?
MacKenzie Realty Capital, Inc.'s principal executive offices are located at 89 Davis Road, Suite 100, Orinda, California, 94563.
What is the Commission File Number for MacKenzie Realty Capital, Inc.?
The Commission File Number for MacKenzie Realty Capital, Inc. is 000-55006.
Filing Stats: 686 words · 3 min read · ~2 pages · Grade level 11.9 · Accepted 2025-01-28 14:43:07
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 per value MKZR NASDAQ Indicate by
- $10,000,000 — pany may borrow from time to time up to $10,000,000 in maximum principal balance under the
Filing Documents
- mrc8k012825.htm (8-K) — 28KB
- exhibit101.htm (EX-10.1) — 33KB
- 0001550913-25-000032.txt ( ) — 193KB
- mkzr-20250122.xsd (EX-101.SCH) — 4KB
- mkzr-20250122_lab.xml (EX-101.LAB) — 21KB
- mkzr-20250122_pre.xml (EX-101.PRE) — 16KB
- mrc8k012825_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. The information reported under Item 2.03 of this Current Report on Form 8-K (this "Current Report") is incorporated herein by reference.
03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance. On January 22, 2025, MacKenzie Realty Capital, Inc. (the "Company") entered into a line of credit agreement ("Line of Credit") with Patterson Real Estate Services, LP ("PRES"), an affiliate of the Company's real estate adviser. In accordance with the Line of Credit, the Company may borrow from time to time up to $10,000,000 in maximum principal balance under the Line of Credit, which balance shall bear interest at the annual rate of 10%. Each draw on the Line of Credit shall incur a 2% origination fee payable to PRES, which amount shall be added to the outstanding balance along with the applicable advance. The Line of Credit has a maturity date of June 1, 2026. The Line of Credit contains customary events of default. As is customary in such financings, if an event of default occurs under the Line of Credit, the lender may accelerate the repayment of amounts outstanding under the Line of Credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period. The Company's Board of Directors, including all independent directors, approved of the Line of Credit after considering the alternatives available in the market, the affiliation of PRES to the Company's adviser, and the Company's ability to make use of the Line of Credit in the best interests of shareholders. The description of the Line of Credit is qualified in its entirety by reference to the full text of the Line of Credit, which is filed as Exhibit 10.1 to this Current Report and incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.1 Line of Credit Agreement dated January 22, 2025 between Patterson Real Estate Services, LP and MacKenzie Realty Capital, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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 . (Registrant) Date: January 28, 2025 By: /s/ Robert Dixon Robert Dixon President