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Medalist Diversified (MDRR) CEO swaps 200K units for stock

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Medalist Diversified, Inc. Chairman, CEO & President Frank Kavanaugh converted 200,000 Operating Partnership Units into 200,000 shares of common stock on April 16, 2026. The company elected to issue common stock under common unit redemption rights, and the filing states no sale or monetization of securities occurred. Following the conversion, Kavanaugh directly holds 846,177 shares of common stock.

Positive

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Negative

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Insider KAVANAUGH FRANK
Role CHAIRMAN, CEO & PRESIDENT
Type Security Shares Price Value
Conversion Operating Partnership Units 200,000 $0.00 --
Conversion Common Stock 200,000 $11.36 $2.27M
Holdings After Transaction: Operating Partnership Units — 606,200 shares (Direct); Common Stock — 846,177 shares (Direct)
Footnotes (1)
  1. Pursuant to a notice of exercise of common unit redemption rights, Mr. Kavanaugh tendered 200,000 operating partnership units for redemption on April 16, 2026. The Company elected to issue common stock for the redemption of the operating partnership units. This transaction represents solely a redemption of operating partnership units for common stock. No sale or monetization of securities has occurred. Operating partnership units in the Company's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Company's common stock on a one-for-one basis. No expiration date.
Operating Partnership Units converted 200,000 units Redeemed on April 16, 2026
Common shares received 200,000 shares Issued on unit redemption, one-for-one basis
Post-transaction common stock holdings 846,177 shares Direct ownership after conversion
Recorded share price in conversion line $11.36 per share Common stock transaction entry on April 16, 2026
Operating Partnership Units financial
"security_title: "Operating Partnership Units""
Operating partnership units are ownership stakes in a limited partnership that typically sits under a real estate investment trust or similar corporate structure; each unit represents a claim on the partnership’s cash flow and assets and is often convertible into the parent company’s common shares. For investors, these units matter because they convey economic interest and potential voting influence, can be used to compensate managers, and may dilute or change the value of common shares — think of them as second-layer shares that interact with the main stock like shares in a holding company.
common unit redemption rights financial
"Pursuant to a notice of exercise of common unit redemption rights"
redeemable for cash financial
"are redeemable for cash or, at the operating partnership's option"
one-for-one basis financial
"shares of the Company's common stock on a one-for-one basis"
no expiration date financial
"No expiration date."
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
KAVANAUGH FRANK
(Last)(First)(Middle)
MEDALIST DIVERSIFIED, INC.
POST OFFICE BOX 8436
(Street)
RICHMOND VIRGINIA 23226
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Medalist Diversified, Inc. [ MDRR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
XOfficer (give title below)Other (specify below)
CHAIRMAN, CEO & PRESIDENT
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/16/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock04/16/2026C(1)200,000A$11.36846,177D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Operating Partnership Units(2)04/16/2026C(1)200,00001/14/2026 (3)Common Stock200,000(2)606,200D
Explanation of Responses:
1. Pursuant to a notice of exercise of common unit redemption rights, Mr. Kavanaugh tendered 200,000 operating partnership units for redemption on April 16, 2026. The Company elected to issue common stock for the redemption of the operating partnership units. This transaction represents solely a redemption of operating partnership units for common stock. No sale or monetization of securities has occurred.
2. Operating partnership units in the Company's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Company's common stock on a one-for-one basis.
3. No expiration date.
/s/ Frank Kavanaugh04/17/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did MDRR CEO Frank Kavanaugh report on this Form 4?

Frank Kavanaugh reported converting 200,000 Operating Partnership Units into 200,000 shares of Medalist Diversified, Inc. common stock. The company chose to settle the redemption in stock under common unit redemption rights, and the filing emphasizes that no sale or monetization of securities occurred.

Did the MDRR Form 4 filing disclose any open-market buying or selling of shares?

No open-market buying or selling was disclosed. The transactions reflect a conversion of Operating Partnership Units into common stock through a redemption right. The footnote explicitly states this represented only a redemption for stock, with no sale or monetization of the securities involved.

How many MDRR common shares does Frank Kavanaugh hold after this transaction?

After the conversion, Frank Kavanaugh directly holds 846,177 shares of Medalist Diversified, Inc. common stock. This total reflects the addition of 200,000 shares received when 200,000 Operating Partnership Units were redeemed and settled in common stock on a one-for-one basis.

What are Operating Partnership Units in relation to Medalist Diversified, Inc.?

Operating Partnership Units are interests in Medalist Diversified Holdings, LP, the company’s operating partnership. According to the filing, these units are redeemable for cash or, at the operating partnership’s option, for shares of Medalist Diversified, Inc. common stock on a one-for-one basis without an expiration date.

What does the Form 4 say about the expiration of these Operating Partnership Units?

The Form 4 notes that the Operating Partnership Units have no expiration date. A footnote specifies “No expiration date,” indicating the units can be redeemed for cash or common stock at the operating partnership’s option without a stated time limit on that redemption right.

How is the conversion of Operating Partnership Units to MDRR common stock priced in this filing?

The non-derivative line shows 200,000 common shares at $11.36 per share in the transaction entry. Separately, a footnote explains that Operating Partnership Units are redeemable into common stock on a straightforward one-for-one basis, meaning each unit converts into one share of common stock.