MDRR

SEC source: 0001415889-25-023309 · form4-08292025_090849.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 58,020

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.30 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.

SEC source: 0001415889-25-023515 · form4-09032025_040904.xml · nonDerivative · entry 1

Carlson Marc · CIK 0002050634 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,039

F1 · shares: Pursuant to a Stock Purchase Agreement dated August 29, 2025, Marc Carlson sold 80,000 shares of common stock for $12.50 per share to Frank Kavanaugh, the Chairman, CEO and President of Medalist Diversified REIT, Inc.

SEC source: 0001415889-25-023529 · form4-09032025_080937.xml · nonDerivative · entry 1

Kramer Kory J. · CIK 0002050571 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Kramerica Trust, Dated July 24, 2015

Disclosed balance after: 41,039

F1 · shares: Pursuant to a Stock Purchase Agreement dated August 29, 2025, the Kramerica Trust, Dated July 24, 2015 (the "Trust") sold 60,000 shares of common stock for $12.50 per share to Frank Kavanaugh, the Chairman, CEO and President of Medalist Diversified REIT, Inc.

F2 · ownership.nature: The shares are held by the Trust, of which the Reporting Person is the sole trustee.

SEC source: 0001415889-25-023514 · form4-09032025_040901.xml · nonDerivative · entry 2

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 198,020

F2 · shares: Pursuant to a Stock Purchase Agreement dated August 29, 2025, Frank Kavanaugh purchased 60,000 shares of common stock for $12.50 per share from Kory Kramer, a member of the Board of Directors of Medalist Diversified REIT, Inc.

SEC source: 0001415889-25-023514 · form4-09032025_040901.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 138,020

F1 · shares: Pursuant to a Stock Purchase Agreement dated August 29, 2025, Frank Kavanaugh purchased 80,000 shares of common stock for $12.50 per share from Marc Carlson, a member of the Board of Directors of Medalist Diversified REIT, Inc.

SEC source: 0001415889-25-023114 · form4-08272025_040801.xml · nonDerivative · entry 2

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,121

F2 · price: 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.

SEC source: 0001415889-25-023114 · form4-08272025_040801.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,121

F1 · shares: 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.

SEC source: 0001415889-25-022947 · form4-08252025_090810.xml · nonDerivative · entry 2

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,639

SEC source: 0001415889-25-022947 · form4-08252025_090810.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,139

SEC source: 0001415889-25-022481 · form4-08202025_090847.xml · nonDerivative · entry 3

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,111

F1 · price: 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.

SEC source: 0001415889-25-022481 · form4-08202025_090847.xml · nonDerivative · entry 2

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,586

SEC source: 0001415889-25-022481 · form4-08202025_090847.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,481

SEC source: 0001415889-25-022081 · form4-08152025_080824.xml · nonDerivative · entry 3

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,480

F1 · price: 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.

SEC source: 0001415889-25-022081 · form4-08152025_080824.xml · nonDerivative · entry 2

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,918

SEC source: 0001415889-25-021635 · form4-08132025_080828.xml · nonDerivative · entry 2

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 54,374

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $10.45 to $10.85, 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.

SEC source: 0001415889-25-022081 · form4-08152025_080824.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,911

SEC source: 0001415889-25-021635 · form4-08132025_080828.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,465

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $10.50 to $10.60, 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.

SEC source: 0001415889-25-021376 · form4-08112025_120841.xml · derivative · entry 2

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,103,795

Underlying: Common Stock · 240,004 shares

Expires not disclosed

F3 · derivative.exercise_price: OP Units are redeemable for cash or, at the Company's option, shares of Common Stock, on a one-for-one basis after a holding period of one-year from the date of the Exchange Agreement.

F4 · shares: Represents OP Units received subject to the Exchange Agreement pursuant to which Mr. Kavanaugh exchanged 240,004 shares of Common Stock on a one-for-one basis for 240,004 OP Units.

F6 · price: On August 8, 2025, the Reporting Person exchanged 240,004 shares of Common Stock for 240,004 OP Units.

F5 · derivative.expiration_date: No expiration date.

SEC source: 0001415889-25-021376 · form4-08112025_120841.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

F1 · shares: Represents shares exchanged under an Exchange Agreement dated August 8, 2025 (the "Exchange Agreement") pursuant to which Mr. Kavanaugh exchanged 240,004 shares of common stock, par value $0.01 per share (the "Common Stock") of Medalist Diversified REIT, Inc. (the "Company"), on a one-for-one basis for 240,004 units of limited partnership interest (the "OP Units") in the Company's operating partnership, Medalist Diversified Holdings, LP (the "Operating Partnership").

F2 · price: Represents shares exchanged subject to the Exchange Agreement pursuant to which Mr. Kavanaugh exchanged 240,004 shares of Common Stock, on a one-for-one basis for 240,004 OP Units.

SEC source: 0001415889-25-017794 · form4-06202025_030607.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 240,004

SEC source: 0001415889-25-016926 · form4-06122025_080626.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 240,000

SEC source: 0001415889-25-014775 · form4-05292025_060501.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,259

SEC source: 0001415889-25-014675 · form4-05282025_020557.xml · nonDerivative · entry 2

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,205

SEC source: 0001415889-25-014675 · form4-05282025_020557.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,187

SEC source: 0001415889-25-014563 · form4-05272025_070501.xml · nonDerivative · entry 2

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,142

SEC source: 0001415889-25-014563 · form4-05272025_070501.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,096

SEC source: 0001415889-25-013532 · form4-05192025_120511.xml · nonDerivative · entry 2

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,045

SEC source: 0001415889-25-013532 · form4-05192025_120511.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 52,899

SEC source: 0001415889-25-008183 · form4-03172025_060346.xml · nonDerivative · entry 1

Ore Benjamin · CIK 0001958176 · CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,600

SEC source: 0001415889-25-006392 · form4-03042025_040358.xml · nonDerivative · entry 1

Ore Benjamin · CIK 0001958176 · CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,500

SEC source: 0001415889-25-012065 · form4-05062025_030549.xml · derivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote (5).

Disclosed balance after: 863,791

Underlying: Common Stock · 251,600 shares

Expires not disclosed

F1 · derivative.exercise_price: Operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Issuer's common stock on a one-for-one basis; however, pursuant to the related subscription agreement between the operating partnership and BET Trust, BET Trust may not redeem the operating partnership units for shares of the Issuer's common stock unless such redemption is approved by a majority of the votes cast on the matter at a meeting of the stockholders of the Issuer or by written consent of the stockholders of the Issuer in lieu of a special meeting to the extent permitted by applicable state and federal law.

F4 · price: Operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Issuer's common stock on a one-for-one basis; however, pursuant to the related subscription agreement between the operating partnership and BET Trust, BET Trust may not redeem the operating partnership units for shares of the Issuer's common stock unless such redemption is approved by a majority of the votes cast on the matter at a meeting of the stockholders of the Issuer or by written consent of the stockholders of the Issuer in lieu of a special meeting to the extent permitted by applicable state and federal law.

F2 · derivative.expiration_date: No expiration date.

F3 · derivative.expiration_date: Operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Issuer's common stock on a one-for-one basis; however, pursuant to the related subscription agreement between the operating partnership and BET Trust, BET Trust may not redeem the operating partnership units for shares of the Issuer's common stock unless such redemption is approved by a majority of the votes cast on the matter at a meeting of the stockholders of the Issuer or by written consent of the stockholders of the Issuer in lieu of a special meeting to the extent permitted by applicable state and federal law.

F5 · ownership.direct: Represents operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, held by BET Trust dated March 11, 1999, for which the Reporting Person and his wife are co-trustees.

SEC source: 0001415889-25-004567 · form4-02192025_070212.xml · nonDerivative · entry 1

Carlson Marc · CIK 0002050634 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 101,039

SEC source: 0001415889-25-002455 · form4-01312025_080108.xml · nonDerivative · entry 1

Kramer Kory J. · CIK 0002050571 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 101,039

SEC source: 0001415889-25-002198 · form4-01282025_100149.xml · nonDerivative · entry 1

Finley Alfred Lee · CIK 0001936183 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote (1).

Disclosed balance after: 166,659

F1 · ownership.direct: Includes 157,289 shares held directly, 7,810 shares held indirectly through a limited partnership and 1,560 shares owned by spouse.

SEC source: 0001415889-25-002099 · form4-01272025_070103.xml · derivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote (5).

Disclosed balance after: 612,191

Underlying: Common Stock · 209,600 shares

Expires not disclosed

F1 · derivative.exercise_price: Operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Issuer's common stock on a one-for-one basis; however, pursuant to the related subscription agreement between the operating partnership and BET Trust, BET Trust may not redeem the operating partnership units for shares of the Issuer's common stock unless such redemption is approved by a majority of the votes cast on the matter at a meeting of the stockholders of the Issuer or by written consent of the stockholders of the Issuer in lieu of a special meeting to the extent permitted by applicable state and federal law.

F4 · price: Operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Issuer's common stock on a one-for-one basis; however, pursuant to the related subscription agreement between the operating partnership and BET Trust, BET Trust may not redeem the operating partnership units for shares of the Issuer's common stock unless such redemption is approved by a majority of the votes cast on the matter at a meeting of the stockholders of the Issuer or by written consent of the stockholders of the Issuer in lieu of a special meeting to the extent permitted by applicable state and federal law.

F2 · derivative.expiration_date: No expiration date.

F3 · derivative.expiration_date: Operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Issuer's common stock on a one-for-one basis; however, pursuant to the related subscription agreement between the operating partnership and BET Trust, BET Trust may not redeem the operating partnership units for shares of the Issuer's common stock unless such redemption is approved by a majority of the votes cast on the matter at a meeting of the stockholders of the Issuer or by written consent of the stockholders of the Issuer in lieu of a special meeting to the extent permitted by applicable state and federal law.

F5 · ownership.direct: Represents operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, held by BET Trust dated March 11, 1999, for which the Reporting Person and his wife are co-trustees.

SEC source: 0001415889-25-002033 · form4-01242025_090148.xml · nonDerivative · entry 1

Neuman Emanuel D · CIK 0001987676 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 11,878

SEC source: 0001415889-25-002031 · form4-01242025_090159.xml · nonDerivative · entry 1

Lunin David · CIK 0001995487 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,566

SEC source: 0001415889-25-002027 · form4-01242025_090148.xml · nonDerivative · entry 1

Farmer Neil P · CIK 0001758504 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 11,758

SEC source: 0001415889-25-001633 · form4-01172025_050134.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 52,659

SEC source: 0001415889-25-001631 · form4-01172025_050142.xml · derivative · entry 2

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 402,591

Underlying: Common Stock · 14,547 shares

Expires not disclosed

F1 · derivative.exercise_price: Operating partnership units can be converted to common stock after a 1 year holding period.

F4 · price: Operating partnership units can be converted to common stock after a 1 year holding period.

F2 · derivative.expiration_date: No expiration date.

F3 · derivative.expiration_date: Operating partnership units can be converted to common stock after a 1 year holding period.

SEC source: 0001415889-25-001631 · form4-01172025_050142.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 236,000

SEC source: 0001415889-25-001634 · form4-01172025_050135.xml · nonDerivative · entry 1

Ore Benjamin · CIK 0001958176 · CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,500

SEC source: 0001415889-24-029566 · form4-12172024_071259.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,424

SEC source: 0001415889-24-029568 · form4-12172024_081254.xml · nonDerivative · entry 1

Ore Benjamin · CIK 0001958176 · CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,500

SEC source: 0001415889-24-029562 · form4-12172024_071203.xml · nonDerivative · entry 1

KAVANAUGH FRANK · CIK 0001271775 · Director · CHAIRMAN, CEO & PRESIDENT · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 234,000

SEC source: 0001415889-24-028353 · form4-12052024_121248.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,424

SEC source: 0001415889-24-028011 · form4-12022024_111232.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,224

SEC source: 0001415889-24-027776 · form4-11262024_101118.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,074

SEC source: 0001415889-24-027678 · form4-11262024_011125.xml · nonDerivative · entry 1

Ore Benjamin · CIK 0001958176 · CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,500

SEC source: 0001415889-24-027306 · form4-11202024_021114.xml · nonDerivative · entry 1

Winn Charles Brent Jr. · CIK 0001808471 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,774