[Form 4] Medalist Diversified REIT, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Frank Kavanaugh, Chairman, CEO & President of Medalist Diversified REIT, Inc. (MDRR), reported a series of open-market purchases increasing his direct beneficial ownership to 23,111 shares. The Form 4 shows purchases on 08/18/2025 (1 share at $10.85), 08/19/2025 (105 shares at $10.85) and 08/20/2025 (17,525 shares at a reported weighted-average $11.24). The filing notes the $11.24 figure is a weighted average for purchases made at prices ranging from $11.09 to $12.35 and the reporting person will provide details on request. The form is signed by Frank Kavanaugh on 08/20/2025.

Positive

• Insider purchases reported by the company's Chairman, CEO & President
• Direct beneficial ownership increased to 23,111 shares after the transactions
• Largest purchase recorded on 08/20/2025 for 17,525 shares at a reported weighted-average $11.24
• Filing includes explanatory footnote disclosing purchase price range ($11.09 to $12.35)

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases by the CEO increased direct holdings to 23,111 shares, signaling insider buying interest.

The reported transactions are outright open-market purchases by the companys Chairman, CEO and President across three dates, culminating in a reported direct beneficial ownership of 23,111 shares. The largest tranche on 08/20/2025 added 17,525 shares at a reported weighted-average price of $11.24, with an indicated price range of $11.09 to $12.35. From a financial-analyst perspective, concentrated insider buying by a senior executive is a noteworthy signal of confidence in the issuers equity, though the filing does not disclose the dollar value of each sub-transaction beyond the weighted-average note.

Corporate Governance Expert

TL;DR: Filing is a standard Section 16 disclosure showing required reporting compliance for insider trades.

The Form 4 meets Section 16 reporting requirements by listing the reporting person, relationship to the issuer, transaction dates, codes and resulting beneficial ownership. It includes the required explanatory footnote about weighted-average pricing and a manual signature date. There are no options, derivatives, or amendments disclosed; this appears to be straightforward reporting of open-market purchases rather than a corporate action or plan change.

SEC Form 4

FORM 4

UNITED 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 REIT, INC.

POST OFFICE BOX 8436

(Street)

RICHMOND VA 23226

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Medalist Diversified REIT, Inc. [ MDRR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHAIRMAN, CEO & PRESIDENT

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/18/2025		P		1	A	$10.85	5,481	D
Common Stock	08/19/2025		P		105	A	$10.85	5,586	D
Common Stock	08/20/2025		P		17,525	A	$11.24(1)	23,111	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $11.09 to $12.35, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

	/s/ Frank Kavanaugh	08/20/2025
	** Signature of Reporting Person	Date
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.

FAQ

What insider transactions did MDRR report on Form 4?

The Form 4 reports open-market purchases by Frank Kavanaugh on 08/18/2025 (1 share at $10.85), 08/19/2025 (105 shares at $10.85) and 08/20/2025 (17,525 shares at a reported weighted-average $11.24), increasing his direct holdings to 23,111 shares.

Who is the reporting person on the MDRR Form 4?

The reporting person is Frank Kavanaugh, who is identified as a Director and as Chairman, CEO & President of Medalist Diversified REIT, Inc.

Does the Form 4 disclose the price range for the 08/20/2025 purchases?

Yes. A footnote states the reported weighted-average price $11.24 covers multiple purchases at prices ranging from $11.09 to $12.35, and the reporting person will provide breakdowns on request.

What is the total number of shares owned by the insider after these transactions?

Following the reported transactions, the insider beneficially owns 23,111 shares directly.

When was the Form 4 signed?

The Form 4 bears the reporting persons signature dated 08/20/2025.