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

Rhea-AI Filing Summary

Frank Kavanaugh, Chairman, CEO & President and a director of Medalist Diversified REIT, Inc. (MDRR), reported two open-market purchases of the issuer's common stock on 08/26/2025 and 08/27/2025. He acquired 3,482 shares on 08/26/2025 at a weighted-average price of $12.43 (individual trade prices ranged $11.85–$12.08), increasing his direct holdings to 30,121 shares. He then purchased 5,000 shares on 08/27/2025 at a weighted-average price of $12.43 (trade prices ranged $12.25–$12.50), bringing his direct holdings to 35,121 shares. The Form 4 shows these were non-derivative acquisitions and the reporting person certified the transaction details.

Positive

• Insider purchases totaling 8,482 shares indicate the CEO increased his direct stake in the company
• Disclosures include weighted-average prices and trade ranges, improving transparency for investors
• Form is signed by the reporting person, meeting the certification requirement

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases by the CEO totaling 8,482 shares at ~$12.43 suggest management added to personal exposure, increasing direct ownership to 35,121 shares.

These are straightforward open-market buys reported on Form 4: 3,482 shares on 08/26/2025 and 5,000 shares on 08/27/2025 at weighted-average prices of $12.43. The filings state the per-trade price ranges and confirm direct beneficial ownership levels after each transaction. From an analytical standpoint, insider purchases can signal confidence in the company, but the filing does not disclose company size or percent ownership, so materiality relative to total outstanding shares cannot be assessed from this document alone.

Corporate Governance Expert

TL;DR: Properly completed Form 4; transactions were disclosed with required price-range footnotes and a manual signature.

The Form 4 identifies the reporting person, relationship to the issuer (Chairman, CEO & President; director), transaction codes for purchases, and includes explanatory footnotes that provide weighted-average pricing and price ranges. The reporting person certified willingness to provide trade-level detail on request. There is no indication of derivative activity, amendments, or forms filed by multiple reporting persons. The disclosure appears compliant with Section 16 reporting requirements based solely on the provided content.

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
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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)
08/26/2025

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	08/26/2025		P		3,482(1)	A	$12.43	30,121	D
Common Stock	08/27/2025		P		5,000	A	$12.43(2)	35,121	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 $11.85 to $12.08, 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.

2. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.25 to $12.50, 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	08/27/2025
	** 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 CEO Frank Kavanaugh report on Form 4?

He reported two open-market purchases: 3,482 shares on 08/26/2025 and 5,000 shares on 08/27/2025.

At what prices were the MDRR shares purchased by Frank Kavanaugh?

Both transactions show a weighted-average price of $12.43; trade price ranges were $11.85–$12.08 (08/26) and $12.25–$12.50 (08/27).

How many MDRR shares does Frank Kavanaugh beneficially own after these purchases?

After the 08/26 purchase he reported 30,121 shares; after the 08/27 purchase he reported 35,121 shares.

Were any derivative securities reported by the insider in this Form 4?

No. Table II for derivative securities contains no reported transactions in the provided content.

What is Frank Kavanaugh's relationship to MDRR as stated on the form?

He is listed as a Director and as an Officer with the title Chairman, CEO & President.