Jeri Bluth
About Jeri Bluth
Jeri Bluth, 50, is Chief Compliance Officer (CCO) for MKZR’s external Advisers and Manager; she has been employed since 1996 and has served as CCO since 2012. She holds a B.A. in Business Management from St. Mary’s College of California (June 2001) and oversees compliance for all advised funds and MKZR’s Code of Ethics, bylaws, charter, and regulatory adherence . MKZR is externally managed; executive officers do not receive direct compensation from the company, which shapes pay-for-performance linkages to indirect advisory economics and personal share ownership rather than company incentive plans .
Company performance during the latest two fiscal years:
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenues ($USD) | $15,736,103 | $22,059,843 |
| EBITDA ($USD) | $4,913,860* | $4,692,392* |
Values with an asterisk are retrieved from S&P Global.
Revenue increased ~40% YoY (FY 2025 vs FY 2024) while EBITDA modestly declined, indicating growth with near-term margin pressure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MacKenzie Patterson Fuller / Advisers & Manager | Investor Services → Compliance | Employed since 1996 | Progressed to oversight of firm-wide compliance for advised funds |
| Advisers & Manager (external to MKZR) | Chief Compliance Officer | Since 2012 | Leads Code of Ethics, governance compliance, and regulatory adherence for MKZR and advised funds |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in MKZR filings | — | — | — |
Fixed Compensation
- MKZR pays no direct salary, bonus, or equity to executive officers; executive compensation is earned via their indirect financial interests in the external Advisers and Manager under advisory/administration agreements .
- MKZR reimburses the Manager for allocable overhead, including portions of CCO/CFO compensation and compliance costs, and pays asset management and acquisition fees to Advisers .
Company payments to Advisers/Manager (indicative of external management economics):
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Asset Management Fee ($USD) | $3,224,834 | $3,449,487 |
| Administrative Cost Reimbursements ($USD) | $756,733 | $669,855 |
| Acquisition Fees ($USD) | $1,075,048 | $292,000 |
| Transfer Agent Costs Reimbursed ($USD) | $66,267 | $6,145 |
Additional governance:
- Compensation Committee (est. Sept 23, 2024) oversees independent director fees and external adviser performance/fees; MKZR has no corporate employees and does not compensate executive officers directly .
- Executive compensation clawback policy effective Oct 2, 2023 (triggered only if incentive-based comp is ever paid and restatements occur); no recoveries required as of June 30, 2025 .
Performance Compensation
- MKZR discloses no executive incentive plans, no RSU/PSU grants, and no stock-based awards for executive officers; as an externally managed REIT, MKZR is not required to provide say-on-pay or summary compensation tables for executives .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| None disclosed; MKZR does not pay incentive-based compensation to executive officers | — | — | — | — | — |
Equity Ownership & Alignment
- Beneficial ownership: Bluth beneficially owns 77,424 common shares, 4.4% of the class (as adjusted for reverse split) .
- Section 16: All filing requirements were satisfied timely in FY 2025 .
- Hedging/pledging: Insider Trading Policy strongly discourages hedging and pledging, requires pre-clearance by the Compliance Officer, and discourages margin accounts/standing orders outside approved 10b5-1 plans .
- Ownership limits: Charter imposes a 9.8% aggregate/common stock ownership limit to protect REIT status .
| Item | Value | Period |
|---|---|---|
| Common shares beneficially owned | 77,424 | Q1 2026 |
| Ownership % of class | 4.4% | Q1 2026 |
| Options (exercisable/unexercisable) | None disclosed | Q1 2026 |
| Shares pledged as collateral | Not disclosed; policy discourages pledging | Current |
| Stock ownership guidelines (executive) | Not disclosed | Current |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Employment start date | Employed since 1996 | |
| Years in current role | CCO since 2012 | |
| Employer relationship | Employee of external Advisers/Manager; MKZR reimburses allocable costs (including CCO) | |
| Contract term length/expiration | Not disclosed | — |
| Severance & change-of-control | Not disclosed | — |
| Clawback | Policy effective Oct 2, 2023; applies if incentive comp ever paid; no recoveries to date | |
| Non-compete/non-solicit/garden leave | Not disclosed | — |
| Insider trading policy | Hedging/pledging discouraged; pre-clearance required; margin/standing orders discouraged |
Investment Implications
- Pay-for-performance alignment is indirect: MKZR does not pay executives; economics flow through external Advisers/Manager, while personal equity stakes (Bluth at 4.4%) create alignment via share ownership rather than MKZR incentive plans .
- Selling pressure and vesting: No MKZR RSU/option vesting schedules or grants disclosed; insider selling signals would primarily derive from changes in personal holdings (monitor Forms 4) .
- Governance discipline: Strong Code of Ethics and insider trading controls (hedging/pledging discouraged; pre-clearance) reduce misalignment/pledging risk; Section 16 compliance timely .
- Performance backdrop: Revenue growth (~40% YoY) with flat-to-down EBITDA suggests scaling revenue with margin pressure; watch advisory fee structure vs operating leverage and any related-party economics that could influence incentives .
- Risk flags to monitor: Changes to advisory agreements/fees, any related-party transactions expansion, and potential charter/ownership-limit exceptions; MKZR’s chartered 9.8% limit reduces concentration risk but can constrain insider accumulation .