MacKenzie Realty Capital is an externally managed real estate investment trust that acquires and manages mid-market real estate properties and real estate securities. The company focuses on directly owned residential apartment communities and commercial office properties, primarily located in Northern California. MacKenzie pursues value-add, opportunistic, and invest-to-own strategies, acquiring properties off-market to reposition assets, address operational distress, or convert development financing into direct property ownership. In addition to direct real estate investments, MacKenzie allocates a portion of its portfolio to illiquid and non-traded debt and equity securities. The company executes tender offers to purchase shares of non-traded REITs at discounts to net asset value, generating income from distributions and capital gains from liquidity events. MacKenzie operates without direct employees, relying on external advisers for day-to-day operations and portfolio management. The company generates revenue through tenant rental income and securities distributions, funding its investments through equity issuances and paying dividends to shareholders.