Glen Fuller

About Glen Fuller

Glen Fuller (52) serves as Chief Operating Officer of MKZR and has held the role since 2012. He is a managing director and COO of the Company’s Advisers and Manager, a director of their general partner, and a beneficial owner of all three entities; he holds a B.A. in Management and previously ran the OTC trading desk for a registered broker‑dealer and served as a registered options and municipal bond principal . MKZR’s revenues rose to $22.06m in FY 2025 from $15.74m in FY 2024 and $15.11m in FY 2023, reflecting multi‑year growth in the externally managed REIT platform . EBITDA was $4.69m* in FY 2025 vs $4.91m* in FY 2024 and $2.82m* in FY 2023 (values retrieved from S&P Global).

MKZR multi‑year performance context:

Note: *Values retrieved from S&P Global.

Recent quarterly context:

Note: *Values retrieved from S&P Global.

Past Roles

External Roles

Fixed Compensation

• MKZR pays no direct compensation to executive officers; the company is externally managed and has no employees at the corporate level .
• MKZR maintains no equity incentive plan and does not provide stock‑based awards to the Advisers; as such, there is no Say‑on‑Pay vote requirement .
• Executives (including Fuller) are beneficial owners of the Advisers/Manager and indirectly participate in advisory and administrative economics: FY 2025 Asset Management Fee $3,449,487; Acquisition Fees $292,000; Manager reimbursements $669,855; FY 2024 Asset Management Fee $3,224,834; Acquisition Fees $1,075,048; Manager reimbursements $756,733 .

Performance Compensation

• MKZR does not pay incentive‑based compensation to executive officers; no performance metrics, targets, or payouts are disclosed at the company level .
• Clawback policy (effective October 2, 2023) provides for recoupment of erroneously awarded incentive‑based compensation in the event of a required accounting restatement; MKZR currently does not pay such incentives, and no restatements have occurred through June 30, 2025 .

Equity Ownership & Alignment

• Beneficial ownership (current): Fuller owns 77,424 common shares (4.4% of class), reflecting post‑reverse split counts as of September 29, 2025. Executive officers may be deemed to share voting/investment power over shares owned by the Adviser and MPF Successors, LP .
• Beneficial ownership (prior year): Fuller owned 66,810 common shares as of October 1, 2024 (less than 1% at that time given a larger share count) .
• REIT ownership limits: Charter caps individual common stock ownership at 9.8%, with aggregate stock ownership also limited to 9.8%; intended to protect REIT qualification under the Code .

Ownership details:

Ownership trend:

Pledging/hedging policy:

• MKZR strongly discourages hedging and pledging; any such transactions require pre‑clearance, with explicit discouragement of margin accounts and pledges due to trading‑window/control risks .
• No specific pledging by Fuller is disclosed.

Employment Terms

• Role and tenure: Chief Operating Officer since 2012 .
• Externally managed structure: executives are employees of the Advisers/Manager, not MKZR; no MKZR employment contracts, severance, or change‑in‑control economics are disclosed for executive officers .
• Insider trading controls: Company‑wide insider trading policy filed as Exhibit 19 to the FY 2025 Form 10‑K; pre‑clearance required for hedging/derivative transactions .

Compensation Committee Analysis

• Compensation Committee (since September 23, 2024): Tim Dozois, Tom Frame, Kjerstin Hatch (all Independent Directors) .
• Scope: Oversight of external advisers’ performance/fees and Independent Director compensation; MKZR does not compensate executive officers and has no equity plan .
• Consultants: No executive compensation consultants reported; proxy solicitation firm may be engaged separately (not a comp consultant) .

Related Party Transactions (Governance red flags to monitor)

• Affiliate line of credit: On January 22, 2025, MKZR entered a $10,000,000 line of credit with Patterson Real Estate Services, LP (affiliate of the Adviser) at 10% annual interest and 2% origination fee per draw; largest balance $10,000,000; $324,643.33 interest accrued in FY 2025 (of which $284,693.33 unpaid as of June 30, 2025). Approved by the Board including all Independent Directors .

Investment Implications

• Alignment: Fuller’s direct beneficial ownership of 4.4% plus indirect influence via Adviser/LP interests suggests meaningful economic alignment; however, alignment is primarily fee‑linked at the adviser level rather than pay‑for‑performance at MKZR (no company‑level incentives or equity awards) .
• Insider selling pressure: Absence of MKZR equity awards, options, and vesting schedules reduces mechanical insider‑selling pressure; anti‑hedging/anti‑pledging policy further limits hedging‑related signals .
• Performance backdrop: Multi‑year revenue growth alongside mixed quarterly EBITDA (positive in Q2 2025 but negative in Q3/Q4) points to execution variability; investors should monitor fee accruals and quarterly EBITDA inflections for operational momentum under the external management model .
• Governance/retention: With no disclosed severance or change‑in‑control economics for executives and compensation oversight focused on external advisers and Independent Directors, retention depends on economics at the Advisers/Manager; REIT ownership limits and affiliate financing arrangements warrant ongoing governance vigilance .