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

Rhea-AI Filing Summary

Insider purchases by company leader increased his stake to 5,480 shares. Frank Kavanaugh, who is Chairman, CEO & President and a director and 10% owner of Medalist Diversified REIT, Inc. (MDRR), reported three open-market purchases on August 13-15, 2025. He acquired 1,911 shares on 08/13/2025 at a weighted average price of $10.85, 7 shares on 08/14/2025 at $10.85, and 3,562 shares on 08/15/2025 at a weighted average price reflected as $11.14 for that tranche. The filing notes the $10.85–$11.25 price range and offers to provide per-transaction detail on request. Following these transactions, Mr. Kavanaugh beneficially owns 5,480 shares, held directly.

Positive

• Insider purchases: Chairman/CEO and 10% owner acquired additional shares across three days, increasing direct stake to 5,480 shares.
• Management alignment: Purchases by the principal executive suggest increased alignment between management interests and shareholders.
• Transparent pricing: Filing discloses a weighted average price and a price range ($10.85–$11.25) and offers to provide per-transaction detail on request.

Negative

• Limited materiality: Total shares purchased (5,480) appear modest; filing does not disclose aggregate dollar value, limiting assessment of financial impact.
• No additional company context: Filing contains only transaction details and no operational or financial information to assess broader significance.

Insights

Corporate Governance Expert

TL;DR: Company CEO and major shareholder bought additional shares, signaling alignment with shareholders.

These open-market purchases by Frank Kavanaugh, who serves as Chairman, CEO & President and is a 10% owner, represent insider buy activity from 08/13/2025 to 08/15/2025 that increased his direct holdings to 5,480 shares. Insider purchases by senior officers are typically viewed as a governance positive because they increase management's financial alignment with other shareholders. The filing discloses a weighted average purchase price and a price range of $10.85 to $11.25, with an undertaking to provide transaction-level pricing on request. No derivatives or dispositions were reported.

Securities Analyst

TL;DR: Small-scale insider accumulation over three days; materiality limited but informative on insider sentiment.

The reported additions total 5,480 shares acquired in multiple trades between 08/13/2025 and 08/15/2025 at prices within $10.85–$11.25. While the absolute share count appears modest and no aggregate dollar amount is provided, the purchases are by the principal executive and a 10% owner, which can be interpreted as a vote of confidence in the issuer. The filing contains no other operational or financial disclosures, so investors should view this as a narrowly focused insider-transaction signal rather than a comprehensive company update.

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

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

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	08/13/2025		P		1,911	A	$10.85	1,911	D
Common Stock	08/14/2025		P		7	A	$10.85	1,918	D
Common Stock	08/15/2025		P		3,562	A	$11.14(1)	5,480	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 $10.85 to $11.25, 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	08/15/2025
	** 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 Frank Kavanaugh report for MDRR?

He reported three open-market purchases on 08/13/2025 (1,911 shares), 08/14/2025 (7 shares), and 08/15/2025 (3,562 shares), totaling 5,480 shares.

What prices were paid for the MDRR shares purchased by the insider?

The filing reports a weighted average price and a disclosed range of $10.85 to $11.25; specific per-trade prices are available upon request from the filer.

What roles does the reporting person hold at Medalist Diversified REIT, Inc. (MDRR)?

Frank Kavanaugh is listed as Chairman, CEO & President, a director, and a 10% owner of MDRR.

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

Following the reported purchases, he beneficially owns 5,480 shares, held directly.

Were any derivative securities reported in this Form 4?

No. Table II for derivative securities shows no entries; only non-derivative common stock purchases are reported.