Latest news with #WestCoast-focused
Yahoo
09-07-2025
- Business
- Yahoo
MacKenzie Realty Capital Announces Plans for a 1-for-10 Reverse Stock Split
ORINDA, Calif., July 09, 2025 (GLOBE NEWSWIRE) -- MacKenzie Realty Capital, Inc. (Nasdaq: MKZR) ('MacKenzie' or the 'Company') today announced that its Board of Directors has approved a 1-for-10 reverse stock split. The reverse stock split was approved by MacKenzie's Board on July 3, 2025, and is intended to increase the per share trading price of the Company's common stock to enable the Company to satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The 1-for-10 reverse stock split would automatically convert ten current shares of MacKenzie's common stock into one new share of common stock. No fractional shares (less than one whole share) would be issued in connection with the reverse stock split. In lieu of issuing a fractional share, stockholders of record who otherwise would be entitled to receive a fractional share would be entitled to cash in an amount equal to the applicable fraction multiplied by the closing price of the Company's Common Stock on The Nasdaq Capital Market immediately prior to the split (as adjusted for the reverse stock split), without any interest. The reverse stock split would reduce the number of shares of common stock outstanding from 15,781,929.80 shares to approximately 1,578,192 shares. Proportional adjustments also would be made to the exercise prices of MacKenzie's outstanding stock warrants. Stockholders of record are not required to take any action to receive post-split shares in book-entry. Stockholders owning shares through a bank, broker, custodian or other nominee would have their positions automatically adjusted to reflect the reverse stock split, subject to the holding entity's particular processes; such stockholders would not be required to take any action in connection with the reverse stock split. However, these banks, brokers, custodians or other nominees may have different procedures for processing the reverse stock split than those for registered stockholders. If a stockholder holds shares of common stock with a bank, broker, custodian or other nominee and has any questions in this regard, stockholders are encouraged to contact their bank, broker, custodian or other nominee for more information. The effective date of the reverse stock split has not yet been determined and will be announced by the Company at least two business days prior to its implementation. About MacKenzie Realty Capital, Inc. MacKenzie, founded in 2013, is a West Coast-focused REIT that intends to invest at least 80% of its total assets in real property, and up to a maximum of 20% of its total assets in illiquid real estate securities. We intend for the real property portfolio to be approximately 50% multifamily and 50% boutique class A office. The Company has paid a dividend every year since inception. The current portfolio includes interests in 4 multifamily properties and 8 office properties plus 2 multifamily developments. For more information, please contact MacKenzie at (800) 854-8357. Please visit our website at: Forward-Looking StatementsThis press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, our ability to remain financially healthy, and our expected future growth prospects. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as 'anticipate,' 'estimate,' 'believe,' 'continue,' 'could,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'should,' 'will,' 'expect,' 'objective,' 'projection,' 'forecast,' 'goal,' 'guidance,' 'outlook,' 'effort,' 'target,' 'trajectory,' 'focus,' 'work to,' 'attempt,' 'pursue,' or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. For a further discussion of factors that could cause our future results, performance, or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled 'Risk Factors' in annual reports on Form 10-K and quarterly reports on Form 10-Q that we file with the Securities and Exchange Commission from time to time. 89 Davis Road, Suite 100 • Orinda, California 94563 • Toll-Free (800) 854-8357 • Local (925) 631-9100 • IR CONTACTAndrew Barwicki516-662-9461andrew@
Yahoo
13-06-2025
- Business
- Yahoo
MacKenzie Realty Capital Secures $3 Million Loan for Non-Traded REIT Shares
ORINDA, Calif., June 13, 2025 (GLOBE NEWSWIRE) -- MacKenzie Realty Capital, Inc. (Nasdaq: MKZR) ('MacKenzie' or the 'Company') today announced the closing of a $3 million loan agreement with an institutional investor for the purchase of non-traded REIT shares. Robert Dixon, CEO and President of MacKenzie Realty Capital, said, "Purchasing non-traded REIT shares has been a business strategy that we have utilized for many years which is profitable, strengthens our balance sheet, and increases our cash flow. In 2024 an affiliate of the Company offered to purchase up to 700,000 Class S Shares of Starwood REIT for $17.50 per share. That deal represented an approximate 24% discount to Starwood's then estimated net asset value of $22.94. Our affiliate purchased over $2 million. Last month, the Company conducted another tender offer for Starwood REIT at $15.30 per share and purchased approximately $1 million, which is being funded by this new loan agreement.' 'This $3 million facility provides us the flexibility to continue to invest by purchasing non-traded REITs. I am grateful for the understanding of this investment strategy and support we are receiving from the institutional investor,' concluded Mr. Dixon. About MacKenzie Realty Capital, Inc. MacKenzie, founded in 2013, is a West Coast-focused REIT that intends to invest at least 80% of its total assets in real property, and up to a maximum of 20% of its total assets in illiquid real estate securities. We intend for the real property portfolio to be approximately 50% multifamily and 50% boutique class A office. The Company has paid a dividend every year since inception. The current portfolio includes interests in 4 multifamily properties and 8 office properties plus 2 multifamily developments. For more information, please contact MacKenzie at (800) 854-8357. Please visit our website at: Forward-Looking StatementsThis press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, our ability to remain financially healthy, and our expected future growth prospects. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as 'anticipate,' 'estimate,' 'believe,' 'continue,' 'could,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'should,' 'will,' 'expect,' 'objective,' 'projection,' 'forecast,' 'goal,' 'guidance,' 'outlook,' 'effort,' 'target,' 'trajectory,' 'focus,' 'work to,' 'attempt,' 'pursue,' or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. For a further discussion of factors that could cause our future results, performance, or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled 'Risk Factors' in annual reports on Form 10-K and quarterly reports on Form 10-Q that we file with the Securities and Exchange Commission from time to time. 89 Davis Road, Suite 100 • Orinda, California 94563 • Toll-Free (800) 854-8357 • Local (925) 631-9100 • IR CONTACTAndrew Barwicki516-662-9461andrew@ produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Yahoo
11-06-2025
- Business
- Yahoo
MacKenzie Realty Capital Completes The Refinancing of Loan for the Main Street West Property
ORINDA, Calif., June 11, 2025 (GLOBE NEWSWIRE) -- MacKenzie Realty Capital, Inc. (Nasdaq: MKZR) ('MacKenzie' or the 'Company') is pleased to announce the successful refinancing of the Main Street West property in Napa, CA. The refinancing was completed with EverTrust Bank for approximately $9.5 million, a term for 3 years with a current interest rate of 7.5% (Prime). The Main Street West property is 40,000 square feet with retail and professional suites located at 1250 Main Street in downtown Napa. Robert Dixon, CEO and President of MacKenzie Realty Capital, said, "Despite many challenges in the current commercial real estate financing market, we continue to see lender appetite for well-located properties in solid markets. These complex transactions highlight the importance of long-term trusted lending relationships. EverTrust's deep in-house knowledge in structuring commercial real estate financing facilities has enabled us to close on a term sheet and underscores our proactive approach to managing our balance sheet and our dedication to driving long-term growth.' About MacKenzie Realty Capital, founded in 2013, is a West Coast-focused REIT that intends to invest at least 80% of its total assets in real property, and up to a maximum of 20% of its total assets in illiquid real estate securities. We intend for the real property portfolio to be approximately 50% multifamily and 50% boutique class A office. The Company has paid a dividend every year since inception. The current portfolio includes interests in 4 multifamily properties and 8 office properties plus 2 multifamily developments. For more information, please contact MacKenzie at (800) 854-8357. Please visit our website at: IR CONTACTAndrew Barwicki516-662-9461andrew@ Forward-Looking StatementsThis press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, our ability to remain financially healthy, and our expected future growth prospects. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as 'anticipate,' 'estimate,' 'believe,' 'continue,' 'could,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'should,' 'will,' 'expect,' 'objective,' 'projection,' 'forecast,' 'goal,' 'guidance,' 'outlook,' 'effort,' 'target,' 'trajectory,' 'focus,' 'work to,' 'attempt,' 'pursue,' or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. For a further discussion of factors that could cause our future results, performance, or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled 'Risk Factors' in annual reports on Form 10-K and quarterly reports on Form 10-Q that we file with the Securities and Exchange Commission from time to time. 89 Davis Road, Suite 100 • Orinda, California 94563 • Toll-Free (800) 854-8357 • Local (925) 631-9100 • in to access your portfolio
Yahoo
07-06-2025
- Business
- Yahoo
Former rivals Baker Tilly and Moss Adams just merged as private equity reshapes accounting. Their CEOs explain why they did the deal.
Baker Tilly and Moss Adams have merged to create the sixth-largest advisory CPA firm in the US. "We just added a bunch of arrows into our quiver," Jeff Ferro, CEO of Baker Tilly, told Business Insider. The deal marks a major shift for the mid-market landscape, which is being heavily influenced by private equity. Baker Tilly and Moss Adams merged this week in a deal that marks another shake-up for mid-market consulting firms and emphasizes the role being played by private equity in US accounting. The two firms, which are both in the tier below the Big Four, have a combined annual revenue of over $3 billion. By joining forces, they've catapulted themselves above BDO, Grant Thornton US, and CLA to become the 6th largest accounting firm by revenue in the US. The move brings together 11,500 employees into one firm that will keep the Baker Tilly name and be an independent member firm in the Baker Tilly International network. In a joint interview, the two CEOs of the merged firms told Business Insider that the move is mutually strategic and will help them navigate the challenges facing the mid-market. "We just added a bunch of arrows into our quiver," said Jeff Ferro, CEO of Baker Tilly. The deal also offers an insight into how private equity is reshaping the industry in the US. In 2024, Baker Tilly sold a stake to the private investment groups Hellman & Friedman (H&F) and Valeas, in the second-largest deal in the sector at the time. Baker Tilly is now, thanks to the merger, the largest firm in the industry to be partly owned by private-equity investors. It's a trend that is redefining the culture and business model of traditional accounting firms. Firms have typically paid out profits to equity partners, who also get a vote on how they are run. Private equity offers an influx of capital to help firms evolve their technology and data, but requires firms to divest the control historically promised to partners, shaking up their culture. Ferro told BI that Baker Tilly's strategic plan had been to grow through acquisition, and was a key part of what H&F bought into when they signed the deal. H&F will also make a "meaningful additional strategic investment in the business" as part of this transaction. "Our chances of executing our strategy were good, and now I think they're great," said Ferro. Combining firms also created strategic advances in geographic reach — Moss Adams is West Coast-focused, while Baker Tilly mostly covers the East, central, and has some international clients. The two firms bring specific industry strengths to the table and different tools and service capabilities to offer clients, Ferro said. "I see us being a $6 billion revenue organization in five years," Ferro said, which would mean doubling their current combined revenues. "It's quite a win," agreed Eric Miles, the former CEO of Moss Adams, who will take over from Ferro as CEO of Baker Tilly when Ferro retires at the end of the year. The needs of the mid-market client base are changing, and they require more scale and breadth of services than they used to, he said. At the same time, the firms themselves are seeing increasing demand for true fixed costs like training and development, and AI. Those kinds of pressures require large organizations to scale to be competitive, he said. Neither firm had to do the merger, Miles said, "But we had this strategic lens on it, saying, 'how can we be stronger? What's going to be required to be a leading competitive firm in the future?'" "The partnership with Baker-Tilly helped us meet all those long-term strategic objectives, which helps us not only deal with these forces, but get out in front and lead in the market," Miles said. Have a tip? Contact this reporter via email at pthompson@ or Signal at Polly_Thompson.89. Use a personal email address and a nonwork device; here's our guide to sharing information securely. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
07-06-2025
- Business
- Business Insider
Former rivals Baker Tilly and Moss Adams just merged as private equity reshapes accounting. Their CEOs explain why they did the deal.
Baker Tilly and Moss Adams merged this week in a deal that marks another shake-up for mid-market consulting firms and emphasizes the role being played by private equity in US accounting. The two firms, which are both in the tier below the Big Four, have a combined annual revenue of over $3 billion. By joining forces, they've catapulted themselves above BDO, Grant Thornton US, and CLA to become the 6th largest accounting firm by revenue in the US. The move brings together 11,500 employees into one firm that will keep the Baker Tilly name and be an independent member firm in the Baker Tilly International network. In a joint interview, the two CEOs of the merged firms told Business Insider that the move is mutually strategic and will help them navigate the challenges facing the mid-market. "We just added a bunch of arrows into our quiver," said Jeff Ferro, CEO of Baker Tilly. The deal also offers an insight into how private equity is reshaping the industry in the US. In 2024, Baker Tilly sold a stake to the private investment groups Hellman & Friedman (H&F) and Valeas, in the second-largest deal in the sector at the time. Baker Tilly is now, thanks to the merger, the largest firm in the industry to be partly owned by private-equity investors. It's a trend that is redefining the culture and business model of traditional accounting firms. Firms have typically paid out profits to equity partners, who also get a vote on how they are run. Private equity offers an influx of capital to help firms evolve their technology and data, but requires firms to divest the control historically promised to partners, shaking up their culture. Ferro told BI that Baker Tilly's strategic plan had been to grow through acquisition, and was a key part of what H&F bought into when they signed the deal. H&F will also make a "meaningful additional strategic investment in the business" as part of this transaction. "Our chances of executing our strategy were good, and now I think they're great," said Ferro. A merger that expands the firms' reach Combining firms also created strategic advances in geographic reach — Moss Adams is West Coast-focused, while Baker Tilly mostly covers the East, central, and has some international clients. The two firms bring specific industry strengths to the table and different tools and service capabilities to offer clients, Ferro said. "I see us being a $6 billion revenue organization in five years," Ferro said, which would mean doubling their current combined revenues. "It's quite a win," agreed Eric Miles, the former CEO of Moss Adams, who will take over from Ferro as CEO of Baker Tilly when Ferro retires at the end of the year. The needs of the mid-market client base are changing, and they require more scale and breadth of services than they used to, he said. At the same time, the firms themselves are seeing increasing demand for true fixed costs like training and development, and AI. Those kinds of pressures require large organizations to scale to be competitive, he said. Neither firm had to do the merger, Miles said, "But we had this strategic lens on it, saying, 'how can we be stronger? What's going to be required to be a leading competitive firm in the future?'" "The partnership with Baker-Tilly helped us meet all those long-term strategic objectives, which helps us not only deal with these forces, but get out in front and lead in the market," Miles said.
