Charles MacKenzie
AlsetAbout Charles MacKenzie
Charles MacKenzie is Chief Development Officer (CDO) of AEI, appointed in December 2019, with 25+ years of U.S. real estate investment and development experience focused on residential and mixed-use projects; he also serves as CEO–United States of Alset EHome Inc. (since April 2020) and sits on boards of group affiliates, including Winning Catering Group, Inc. (formerly LiquidValue Development Inc.) and Alset EHome Inc. . He founded MacKenzie Equity Partners in 2006 and previously held development and brokerage roles at MacKenzie Commercial Real Estate Services (1997–2006) and served as CDO at Inter-American Development (2014–2015) . MacKenzie holds a B.A. and a graduate degree from St. Lawrence University and served on its Board of Trustees (2003–2007) . During his tenure as CDO, AEI’s revenues increased from $3.84m in FY22 to $19.61m in FY24, while EBITDA remained negative; see Performance & Track Record table below for details (Values retrieved from S&P Global). Revenues: FY22 $3.84m*, FY23 $20.98m , FY24 $19.61m ; EBITDA: FY22 -$6.13m*, FY23 -$0.80m*, FY24 -$1.27m*.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Inter-American Development (subsidiary of Heng Fai Enterprises/Zensun) | Chief Development Officer | Apr 2014 – Jun 2015 | Led development initiatives at a group affiliate, building experience preceding AEI CDO role . |
| MacKenzie Commercial Real Estate Services | Brokerage and development roles | 1997 – 2006 | Sourced/developed projects; foundation in site selection, contract negotiation, and feasibility . |
| Smartbox Portable Storage | Owner | Oct 2006 – Feb 2017 | Built and exited a residential moving/storage business (sale in Feb 2017) . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alset EHome Inc. | CEO – United States; Director | CEO-US since Apr 2020; Director since Oct 2017 | Oversees U.S. homebuilding footprint aligned with AEI’s real estate strategy . |
| Winning Catering Group, Inc. (f/k/a LiquidValue Development Inc.) | Director | Since Dec 2017 | Board oversight at a listed affiliate involved in development assets . |
| MacKenzie Equity Partners, LLC | Founder & President | Since 2006 | Developer/investor specializing in mixed-use real estate; developed 1,300+ residential units (> $110m) and 650k+ sq ft commercial (> $100m) . |
Fixed Compensation
| Component | Terms | Amount/Date | Notes |
|---|---|---|---|
| Base salary | Not applicable (consulting arrangement) | — | MacKenzie is compensated via a consulting agreement through a subsidiary, not a salary . |
| Monthly consulting fee | $25,000 per month | Effective Jun 23, 2022 (agreement date); continuing | Paid by SeD Development Management LLC (majority-owned, indirect subsidiary) to MacKenzie Equity Partners, LLC . |
| Annual consulting fees (recognized by AEI) | $360,000 (FY2021), $350,000 (FY2022), $400,000 (FY2023), $360,000 (FY2024) | 2021; 2022; 2023; 2024 | 2021–2023 shown as “All Other Compensation” in executive comp tables; 2023–2024 also disclosed as management fees capitalized to real estate . |
Performance Compensation
| Metric / Milestone | Target | Actual Outcome | Payout | Vesting / Timing | Source |
|---|---|---|---|---|---|
| Fixed milestone bonus | $50,000 on Jun 30, 2022 | Paid | $50,000 | Paid Jun 2022 | |
| Financing milestone | Successful financing of 100 homes (American Housing REIT Inc.) | Triggered | $50,000 | Upon financing | |
| Leasing milestone | Successful leasing of 30 homes (Alset of Black Oak) | Triggered | $50,000 | Upon leasing | |
| Additional discretionary/contractual bonuses | Periodic | Paid | $50,000 (Aug 2023), $50,000 (Dec 2023), $60,000 (Jun 2024) | On stated dates |
No equity-based incentives (RSUs/PSUs/options) are disclosed for MacKenzie; company states officers/directors currently hold no options/warrants . The 2018 equity plan was canceled in May 2021; a new 2025 plan exists but recent large awards were to the CEO, not MacKenzie .
Equity Ownership & Alignment
| As-of Date | Beneficial Shares | % Outstanding | Options/Warrants | Pledged | Notes |
|---|---|---|---|---|---|
| Oct 16, 2023 (DEF 14A) | 0 | 0.0% | None | Not disclosed | Security ownership table lists zero for MacKenzie; company indicates no officer/director options/warrants outstanding . |
| Apr 1, 2024 (10-K) | 0 | 0.0% | None | Not disclosed | Based on 9,235,119 shares outstanding; officers/directors have no options/warrants . |
| Oct 8, 2024 (DEF 14A) | 0 | — | None | Not disclosed | Beneficial ownership table again lists zero for MacKenzie; no options/warrants . |
| Mar 31, 2025 (10-K) | 0 | 0.0% | None | Not disclosed | Based on 10,735,119 shares outstanding; no options/warrants outstanding for officers/directors . |
- Stock ownership guidelines, pledging/hedging, or deferred equity arrangements specific to MacKenzie are not disclosed .
- Implication: With no equity ownership and no ongoing equity awards disclosed, direct alignment to shareholder returns is limited; insider selling pressure from vesting is minimal (no equity vesting) .
Employment Terms
| Item | Detail | Source |
|---|---|---|
| Role start date | Appointed Chief Development Officer in Dec 2019 | |
| Contract type | Consulting agreement via SeD Development Management LLC with MacKenzie Equity Partners, LLC | |
| Base pay | $25,000 per month consulting fee | |
| Bonuses | Event-based/milestone and periodic bonuses ($50k Jun 2022; $50k Aug 2023; $50k Dec 2023; $60k Jun 2024) | |
| Term/renewal, severance, change of control | Not disclosed for MacKenzie’s consulting arrangement | |
| Clawback, non-compete/non-solicit | Not disclosed |
Performance & Track Record
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues | $3,842,279* | $20,976,419 | $19,608,184 |
| EBITDA | -$6,126,297* | -$799,785* | -$1,270,020* |
| EBITDA Margin % | -136.7%* | -3.6%* | -6.0%* |
Values with an asterisk (*) are from S&P Global consensus database via GetFinancials and did not include document citations. Values retrieved from S&P Global.
- MacKenzie’s disclosed development track record: 1,300+ residential units developed (> $110m) and > 650,000 sq ft commercial real estate (> $100m) .
Related Party and Payments
- MacKenzie Equity Partners, LLC (owned by Charles MacKenzie) has a long-standing consulting arrangement (since 2015) with a majority-owned subsidiary; monthly fee increased from $20,000 (amended Jan 1, 2018) to $25,000 (effective Jan 2022; agreement executed Jun 23, 2022) .
- AEI recognized/capitalized $400,000 (FY2023) and $360,000 (FY2024) of these fees as real estate project costs; amounts owed to this related party were $27,535 (Dec 31, 2023) and $41,602 (Dec 31, 2024) .
- This is a related-party transaction overseen via disclosures in proxies and 10-Ks .
Compensation Structure Observations
- Cash-heavy, consulting-fee structure with milestone bonuses; no disclosed equity grants or options to MacKenzie under the 2018 plan (canceled in 2021) or the 2025 plan (recent large grant to CEO only) .
- Year-over-year mix: consulting fees fluctuated with project activity ($350k in 2022; $400k in 2023; $360k in 2024) .
- Absence of formal performance metrics like TSR/EBITDA in his pay design; bonuses tied to discrete development milestones (financing/leasing deliverables) .
- No severance/CoC or clawback terms disclosed for MacKenzie’s agreement .
Investment Implications
- Alignment: Zero share ownership and no equity awards reduce direct alignment to shareholder TSR; however, milestone bonuses align incentives to project execution milestones rather than company-level financial outcomes .
- Selling pressure: With no stock/option holdings or vesting schedules disclosed, near-term insider selling pressure tied to vesting is minimal .
- Governance/related-party risk: Ongoing related-party consulting fees and milestone bonuses require continued oversight; fees are capitalized to real estate, linking pay to project flow but introducing potential perception risk if project returns lag .
- Execution risk: Company-level EBITDA remains negative despite revenue scaling; successful delivery of financed/leasing milestones is critical to value creation in real estate assets (see performance table) .