Robert Dixon
About Robert Dixon
Robert Dixon (age 54) is Chief Executive Officer and President of MacKenzie Realty Capital, Inc. (MKZR), serving since 2012. He holds a B.A. in Economics from UCLA (1992), an MBA from Cornell (1998), and is a CFA charterholder since 1996 . In the most recent year, the company highlighted an 84% improvement in AFFO profitability and 36% pre‑lease on its Aurora at Green Valley multifamily development, alongside adviser and insider share purchases—contextual indicators of execution and management confidence during his tenure .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| MacKenzie Realty Capital, Inc. | Chief Executive Officer & President | Since 2012 | Principal executive officer of externally managed REIT |
| MacKenzie Real Estate Advisers, LP and MCM Advisers, LP | Managing Director & Chief Investment Officer; Director of their GP; Beneficial owner | Since 2005 | Senior investment leadership at external advisers affiliated with MKZR |
| Sutter Capital Management, LLC | Founder and President | Since 1998 | Founded and led investment management firm (sold to MCM Advisers in 2005) |
| Sutter Holding Company, Inc. | Officer and Director | 2002–2005 | Corporate leadership role |
| MacKenzie Patterson, Inc. | Securities Research Analyst | 1994–1996 | Research/analyst experience |
| Lehman Brothers, Inc. | Equity Sales and Trading | 1993–1994 | Capital markets experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Advisers’ General Partner (affiliates) | Director | Since 2005 | Governance at adviser affiliate |
| Sutter Capital Management, LLC | President | Since 1998 | Ongoing role (firm sold to MCM Advisers in 2005; Dixon remains president) |
| Sutter Holding Company, Inc. | Officer and Director | 2002–2005 | Prior public company role |
Fixed Compensation
MKZR is externally managed; executive officers (including the CEO) receive no direct compensation from MKZR. There is no executive salary/bonus, no company equity incentive plan, and no Say‑on‑Pay requirement. Executives are employees of the external advisers/manager; MKZR pays fees/expense reimbursements to those entities .
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Asset Management Fee (to Advisers) | $3,224,834 | $3,449,487 |
| Acquisition Fees (to Advisers) | $1,075,048 | $292,000 |
| Incentive Advisory Fees Earned | $0 | $0 |
| Reimbursed Manager Expenses | $756,733 | $669,855 |
Implication: CEO pay-for-performance at the company level is not applicable; alignment is primarily through Dixon’s equity ownership and his indirect economics via the advisers .
Performance Compensation
- No company equity plan, RSUs/PSUs/options, or executive bonus programs; thus no disclosed performance metrics, weightings, targets, payouts, or vesting schedules at MKZR .
- The Board adopted a clawback policy effective October 2, 2023 (Nasdaq-compliant), but it applies only if incentive-based compensation is ever paid in the future; none has been paid to date .
Equity Ownership & Alignment
| As-of Date | Common Shares Beneficially Owned | % of Class | Directly Held Common Shares |
|---|---|---|---|
| Sep 29, 2025 | 109,719 | 6.2% | 32,295 |
- Structure and indirect holdings: Executive officers are limited partners and officers of the GP of MPF Successors, LP (5,569 common shares) and the Adviser (71,855 common shares), implying shared voting/investment power over certain affiliated holdings, in addition to Dixon’s directly held 32,295 shares .
- Recent insider buying signal: The Adviser acquired another 15,000 MKZR shares, resulting in combined ownership by the Adviser, Robert Dixon, and an affiliate of over 7% of common shares; these purchases were disclosed in Section 16 filings (press release dated Oct 13, 2025) .
- Insider trading/hedging: Company policy strongly discourages hedging and requires pre‑clearance of hedging or similar arrangements . Directors and executive officers are subject to blackout periods and pre‑clearance for trades .
Employment Terms
- Externally managed; executives are employed by the Advisers/Manager, not by MKZR .
- Change‑in‑Control: No agreements with any officer pertaining to change‑in‑control payments (as of the FY2024 disclosure) .
- Clawback: Clawback policy effective Oct 2, 2023 for erroneously awarded incentive‑based compensation in the event of a restatement; no restatements requiring recovery as of June 30, 2025 .
- Insider Trading Policy: Pre‑clearance required; quarterly blackout periods; anti‑hedging discouraged .
Performance & Track Record
- Capital allocation/tender program: MKZR and affiliates launched a tender offer for Starwood REIT; prior tenders produced redemptions at $20.76, equating to “greater than a 30% return in less than a year” on February 2025 purchases (and ~18% on 2024 purchases), per company press release .
- Operating momentum: Company cited an 84% improvement in AFFO profitability in the most recent annual results .
- Development/leasing: Aurora at Green Valley multifamily project 36% leased at the time of the announcement .
- Management confidence: Adviser share purchases (and Dixon’s inclusion in the >7% combined ownership with an affiliate) were explicitly framed as conviction that intrinsic value exceeds market price .
Compensation Committee Analysis
- Composition: Independent Directors Dozois, Frame, and Hatch (established Sept 23, 2024). Mandate covers oversight of external adviser performance/fees and Independent Director compensation; there is no executive officer compensation set by MKZR .
- No Say‑on‑Pay: Not required due to no executive compensation paid by MKZR .
- Interlocks: None disclosed; committee members not employees; no cross‑company comp interlocks in the last fiscal year .
Related Party and Governance Considerations
- Advisory/administration structure: Executives are owners/affiliates of the Advisers/Manager; MKZR pays asset management, acquisition fees, and reimbursed expenses to affiliates .
- Affiliate line of credit: $10,000,000 line with an adviser affiliate (PRES) at 10% interest; 2% origination fee per draw; largest outstanding in FY2025 was $10,000,000; maturity June 1, 2026. Independent Directors approved after reviewing alternatives .
- Insider trading governance: Robust pre‑clearance and blackout framework; anti‑hedging discouragement .
Investment Implications
- Alignment: Dixon’s 6.2% beneficial ownership and recent adviser/insider net buying (>7% combined with affiliated holders) indicate tangible skin‑in‑the‑game and management confidence, partially offsetting the absence of company‑paid incentive comp .
- Incentive risk: External management means pay‑for‑performance at MKZR is mediated through adviser fee structures (asset management, acquisition fees) rather than company equity grants; investors should monitor fee trends vs. value creation .
- Execution: Reported 84% AFFO improvement and 36% leasing at Aurora suggest operational traction; tender strategy has realized attractive spreads historically, but execution/market timing risks remain .
- Governance: Affiliate transactions (e.g., PRES line of credit) and adviser ownership necessitate vigilant independent director oversight; no CIC agreements limit entrenchment economics but also mean limited retention protections at the company level .