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Medalist Diversified, Inc.

Medalist Diversified, Inc. was formed in 2015 as a Maryland corporation, to acquire, reposition, renovate, lease and manage income-producing properties.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

Compare with GENERATION INCOME PROPERTIES, INC., UDR or Essex Property Trust, Inc., or pick any stock.

  • TickerMDRR on Nasdaq1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersRichmond, Virginia1
  • Incorporated inMD2
  • Business addressPo Box 8436, Richmond, Va 232262
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation
  • Kind of organizationReal estate investment trust1

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Medalist Diversified, Inc. was formed in 2015 as a Maryland corporation, to acquire, reposition, renovate, lease and manage income-producing properties. We own our investment properties and other investments through our operating partnership, Medalist Diversified Holdings, L.P., a Delaware limited partnership (the “Operating Partnership”) which was formed on September 29, 2015. Medalist Diversified, Inc. serves as the general partner of Medalist Diversified Holdings, LP. Beginning with our taxable year ended December 31, 2017, through our taxable year ended December 31, 2025, we elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes, and we believe that we operated in a manner qualifying us as a REIT for those taxable years. We revoked our REIT election effective January 1, 2026. On March 2, 2026, we changed our name from Medalist Diversified REIT,…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

5.3%Operating margin4
-23.0%Net margin4
6.8%Revenue growth, 20254
-25.3%Return on equity4
5.45×Debt to equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Retail center properties brought in 61% of the revenue Medalist Diversified, Inc. broke down this way in fiscal 2025.

  1. Retail center properties$6.3M461%down 5% from 2024
  2. Flex center property$2.8M427%up 3% from 2024
  3. Single Tenant Net Lease$1.3M412%up 251% from 2024
Products and services by year
Products and services20242025
Retail center properties$6.6M$6.3M
Flex center property$2.8M$2.8M
Single Tenant Net Lease$359.9K$1.3M

Business segments

Retail center properties brought in 61% of the revenue Medalist Diversified, Inc. broke down this way in fiscal 2025.

  1. Retail center properties$6.3M461%down 5% from 2024
  2. Flex center property$2.8M427%up 3% from 2024
  3. Single Tenant Net Lease$1.3M412%up 251% from 2024
Business segments by year
Business segments20242025
Retail center properties$6.6M$6.3M
Flex center property$2.8M$2.8M
Single Tenant Net Lease$359.9K$1.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs75¢$7.8M
  • Interest25¢$2.6M

Out of $10.4M in revenue.45 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks9¢$140.8K
  • Kept or used elsewhere91¢$1.4M

Out of $1.5M of cash from operations.4

Financial statements

Revenue6789104$10.4M in 2025+26% since 2019
0$5.0M$10.0M$15.0M2019: $8.3M$8.3M20192020: $9.3M$9.3M2020+12%2021: $11.5M$11.5M2021+24%2022: $11.1M$11.1M2022−3%2023: $10.3M$10.3M2023−7%2024: $9.7M$9.7M2024−5%2025: $10.4M$10.4M2025+7%
Operating income6789104$547.9K in 2025
-$7.5M-$5.0M-$2.5M0$2.5M$5.0M2019: -$1.2M-$1.2M20192020: -$5.7M-$5.7M2020+360%2021: $814.5K$814.5K20212022: -$1.4M-$1.4M20222023: -$997.2K-$997.2K2023−29%2024: $3.7M$3.7M20242025: $547.9K$547.9K2025−85%
Net income678114-$2.4M in 2025−21% since 2019
-$10.0M-$7.5M-$5.0M-$2.5M0$2.5M2019: -$3.0M-$3.0M20192020: -$8.2M-$8.2M2020+171%2021: -$4.4M-$4.4M2021−47%2022: -$4.8M-$4.8M2022+9%2023: -$4.6M-$4.6M2023−4%2024: $27.5K$27.5K20242025: -$2.4M-$2.4M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Total Revenue$10.4M$9.7M
Operating expenses$2.8M$2.4M
Bad debt expense$2.4K$39.9K
Share based compensation expense$397.2K$277.5K
Legal, accounting and other professional fees$1.6M$1.2M
Corporate general and administrative expenses$1.3M$968.4K
Loss on impairment$74.3K$182
Impairment of assets held for sale$662.4K
Depreciation and amortization$3.3M$3.9M
Total Operating Expenses$10.1M$8.7M
Gain on disposal of investment properties$731.4K$2.8M
Loss on extinguishment of debt-$430.6K-$51.8K
Loss on redemption of mandatorily redeemable preferred stock-$9.4K-$47.7K
Operating Income$547.9K$3.7M
Interest expense$2.6M$3.0M
Net (Loss) Income from Operations-$2.1M$711.8K
Other income$361.5K$88.9K
Other expense-$224.8K-$56.3K
Net (Loss) Income-$1.9M$744.3K
Less: Net income attributable to Operating Partnership noncontrolling interests$452.0K$266.1K
Net (Loss) Income Attributable to Medalist Common Stockholders-$2.4M$27.5K
Earnings (Loss) per common share - basic (in dollars per share)-$1.90$0.02
Earnings (Loss) per common share - diluted (in dollars per share)-$1.90$0.03
Weighted-average number of shares - basic (in shares)1.3M shares1.1M shares
Weighted-average number of shares - diluted (in shares)1.3M shares1.1M shares
Dividends paid per common share (in dollars per share)$0.27$0.17

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Leadership

Who has led Medalist Diversified, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Frank Kavanaugh2023–now

Chair

  1. Frank Kavanaugh2024–now

President

  1. William R. Elliott2018–2022
  2. Frank Kavanaugh2023–now

Chief financial officer

  1. Charles Brent Winn Jr.2020–now

Chief operating officer

  1. William R. Elliott2018–2022
20202025
Board members and other officers (15)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Executive Officer and Director of the IssuerFrancis P Kavanaugh named Dec 26, 202430
  • Director of the IssuerLee P. Finley named Dec 26, 202430

Former names

  • Medalist Diversified REIT, Inc.Oct 5, 2015 to Mar 6, 20262

Timeline

  1. Aug 16, 2023New chief executive Frank Kavanaugh becomes CEO14

Filings

356 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 105 major events, 166 insider forms, 35 large holders, 1 private raises, 26 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Oct 6, 20268-K EDGAR
  3. Sep 25, 20268-K/A EDGAR
  4. Sep 18, 20268-K EDGAR
  5. Sep 9, 20264 EDGAR
  6. Sep 9, 20264 EDGAR
  7. Sep 9, 20264 EDGAR
  8. Sep 8, 20268-K EDGAR
  9. Sep 1, 20264 EDGAR
  10. Aug 31, 20264 EDGAR
  11. Aug 20, 20264 EDGAR
  12. Aug 20, 20268-K EDGAR
  13. Aug 13, 202610-Q EDGAR
  14. Aug 5, 20268-K EDGAR
  15. Jul 29, 20268-K EDGAR
  16. Jul 22, 20268-K EDGAR
  17. Jul 13, 20268-K EDGAR
  18. Jun 17, 20268-K EDGAR
  19. Jun 9, 20268-K EDGAR
  20. May 28, 20268-K EDGAR

The 356 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

184 open-market trades by officers, directors and large owners since October 2021: 180 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 9, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy49$12.00$588Form 4
Sep 8, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy270$12.00$3.2KForm 4
Sep 4, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy8$12.00$96Form 4
Sep 3, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy2$12.00$24Form 4
Sep 2, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy2$12.00$24Form 4
Aug 31, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy10$12.00$120Form 4
Aug 28, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy3$12.00$36Form 4
Aug 27, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy250$12.00$3.0KForm 4
Aug 26, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy6$11.50$69Form 4
Aug 20, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy3$11.50$34Form 4
Aug 19, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy72$11.50$828Form 4
May 22, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy1,640$10.42$17.1KForm 4
May 21, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy34$11.25$382Form 4
May 20, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy40$11.25$450Form 4
May 19, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy461$11.25$5.2KForm 4
May 18, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy20$11.25$225Form 4
Mar 13, 2026KAVANAUGH FRANKCHAIRMAN, CEO & PRESIDENTBuy40,000$15.00$600.0KForm 4
Mar 6, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy337$11.40$3.8KForm 4
Mar 5, 2026Winn Charles Brent Jr.CHIEF FINANCIAL OFFICERBuy851$11.48$9.8KForm 4
Dec 12, 2025KAVANAUGH FRANKCHAIRMAN, CEO & PRESIDENTBuy2,582$12.99$33.5KForm 4

All 184 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Frank KavanaughSCHEDULE 13D/A, 11 filings Jan 31, 2023 to Mar 13, 202631
  • Charles Brent Winn Jr.SCHEDULE 13D, 1 filing Feb 3, 202632
  • Alfred Lee FinleySCHEDULE 13D/A, 6 filings Jul 1, 2022 to Dec 12, 202533
  • Kory J. KramerSCHEDULE 13D/A, 3 filings Jan 7, 2025 to Sep 3, 202534
  • Marc CarlsonSCHEDULE 13D/A, 3 filings Jan 7, 2025 to Sep 3, 202535
  • Wells FargoSC 13G/A, 2 filings Feb 10, 2023 to Feb 6, 202436
  • Robert Wallace V.SC 13D/A, 4 filings Feb 4, 2022 to May 4, 202337
  • Birth-Related Neurological Injury Compensation Program VirginiaSC 13D/A, 2 filings Oct 21, 2021 to Feb 22, 202238

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Dec 13, 2024Raised $2.9 million in a private offering of equity Form D: 10 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC12,016$140.0K0.0%+6,620
Vanguard Fiduciary Trust Co5,974$69.6K0.0%+4,423
Tower Research Capital LLC (TRC)702$8.2K0.0%+447
UBS Group AG52$6060.0%−147
Citigroup Inc1$120.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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