Christine Simpson
About Christine Simpson
Christine Simpson (age 60) is MacKenzie Realty Capital’s Chief Portfolio Manager and Senior Vice President at the external Advisers/Manager, serving as an executive officer since 2012 and employed by the Manager since 1990; she oversees day‑to‑day operations of the research department and is President of Wiseman Company Management, LLC (owned by the Company’s Adviser) . MKZR’s latest quarter (Q1 FY2026, quarter ended Sept 30, 2025) reported net revenues of $4.54M (-8.3% YoY), net operating loss of $3.49M (improved from $7.4M), net loss of $3.05M (improved from $7.41M), FFO of -$1.93M, and AFFO of -$1.72M; management highlighted trajectory toward FFO profitability next year . MKZR is externally managed: the Company pays asset management, acquisition, and certain reimbursed expenses to affiliated Advisers/Manager; executive officers (including Simpson) receive no direct compensation from MKZR and there is no company equity incentive plan or Say‑on‑Pay vote requirement .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MacKenzie Capital Management, LP (Manager) / MCM Advisers, LP (Advisers) | Senior Vice President; Chief Portfolio Manager | 1990–present (Exec officer at MKZR since 2012) | Leads day‑to‑day operations of research; strengthens investment committee’s qualifications and real estate expertise |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wiseman Company Management, LLC (owned by MKZR’s Adviser) | President | Not disclosed | Adds operating leadership adjacent to Advisers, supporting portfolio research and operations |
Fixed Compensation
MKZR is externally managed; its executive officers (including Simpson) are paid by the Advisers/Manager, not directly by MKZR. MKZR records fees and reimbursements to affiliates; no incentive advisory fees were earned in FY2024 or FY2025 .
| Item | FY 2024 | FY 2025 |
|---|---|---|
| Asset Management Fee ($) | 3,224,834 | 3,449,487 |
| Acquisition Fees ($) | 1,075,048 | 292,000 |
| Manager Expense Reimbursement ($) | 756,733 | 669,855 |
| Transfer Agent Costs Reimbursed ($) | 66,267 | 0 |
| Incentive Advisory Fee | None | None |
No base salary, bonus, or equity awards are disclosed for Simpson at MKZR, consistent with MKZR’s external management model .
Performance Compensation
- No MKZR equity incentive plan and no stock‑based awards to executive officers; Compensation Committee oversees external adviser fees and independent director pay only .
- Executive Compensation Clawback Policy adopted Oct 2, 2023 applies if MKZR ever pays incentive‑based compensation; no restatements to trigger recovery as of June 30, 2025 .
Equity Ownership & Alignment
| Component | Shares (#) | Percent of Class |
|---|---|---|
| Direct holdings (common) | 250 | Not disclosed |
| Shared beneficial ownership via Adviser (71,855) and MPF Successors, LP (5,569) | 77,424 | Not disclosed |
| Total beneficial ownership (common) | 77,674 | 4.4% |
- Section 16(a) reporting: all requirements satisfied timely for Fiscal 2025 .
- Anti‑hedging policy: hedging/monetization transactions are strongly discouraged and require pre‑clearance; policy applies to officers and directors .
- Pledging, options, and vesting details: no pledging or option awards disclosed; no vesting schedules disclosed for executive officers at MKZR .
Employment Terms
- Employment Arrangement: Executive officers (including Simpson) are employees of the external Advisers/Manager per advisory/administration agreements; MKZR reimburses allocable costs and pays fees; no direct MKZR employment contracts disclosed .
- Severance and Change‑of‑Control: No severance or change‑of‑control provisions for executive officers disclosed by MKZR .
- Governance: Removal of directors only “for cause” under amended charter; Compensation Committee (independent directors) oversees adviser performance/fees and director compensation .
Performance & Track Record (Company Operating Metrics)
| Metric | Q1 2025 (Quarter ended Sep 30, 2024) | Q1 2026 (Quarter ended Sep 30, 2025) |
|---|---|---|
| Net Revenues ($M) | 4.95 | 4.54 |
| Net Operating Loss ($M) | 7.40 | 3.49 |
| Net Loss ($M) | 7.41 | 3.05 |
| FFO ($M) | -0.58 | -1.93 |
| AFFO ($M) | -0.47 | -1.72 |
- Execution Update: Aurora at Green Valley multi‑family project is complete and over 50% leased; management expects trajectory toward FFO profitability next year .
- Shares Outstanding Context: 1,769,284 common shares on Sept 29, 2025 after 1‑for‑10 reverse split effective Aug 4, 2025 .
Compensation Structure Analysis
- External management lowers transparency into executive pay and weakens direct pay‑for‑performance alignment at MKZR (no direct salary/bonus/equity awards for executives; fees paid to affiliates) .
- Clawback policy exists but is presently moot given no incentive compensation paid by MKZR .
- Related‑party financing: $10M affiliate line of credit at 10% interest (2% origination fee per draw), fully outstanding as of Sept 29, 2025; Board (including all independent directors) approved after market alternatives review . This underscores governance scrutiny needs and potential conflicts.
Risk Indicators & Red Flags
- Related party transactions (Advisers/Manager and affiliate line of credit) warrant monitoring for alignment and cost discipline .
- No delinquent Section 16 filings; no investigations disclosed in proxy .
- No Say‑on‑Pay vote requirement due to external management; limited shareholder signaling via executive compensation votes .
- Anti‑hedging policy with pre‑clearance reduces risk of misalignment from derivatives .
Say‑on‑Pay & Shareholder Feedback
- MKZR is not required to provide Say‑on‑Pay or executive compensation tables given external advisory structure; Compensation Committee focuses on external adviser fees and independent director compensation .
Expertise & Qualifications
- Education: B.A. Business Management (St. Mary’s College of California, 2004, with honors); M.S. Financial Analysis & Investment Management (2006); M.B.A. (2008) .
- Core competencies: Real estate investment and portfolio research leadership; enhances investment committee’s collective qualifications .
Work History & Career Trajectory
- MacKenzie organization tenure since 1990; elevated to MKZR executive officer status in 2012; expanded responsibilities as Chief Portfolio Manager and President of an affiliated operating company (Wiseman Company Management, LLC) .
Investment Implications
- Alignment: Simpson’s beneficial ownership of ~4.4% (via direct and shared interests) creates meaningful skin-in-the-game; anti‑hedging policy supports alignment .
- Transparency & incentives: External management structure and lack of disclosed executive incentives at MKZR complicate pay‑for‑performance analysis; monitoring adviser fees, related party transactions, and AFFO/FFO trajectory is key .
- Near‑term trading signals: Watch Form 4 activity for insider buying/selling (Section 16 timely compliance noted), progress on Aurora lease‑up, and quarterly FFO/AFFO trends given management’s stated path to profitability next year .