# EDGAR Filing Document

**Accession Number:** 0001271775
**File Stem:** 0001415889-25-021376
**Filing Date:** 2025-8
**Character Count:** 6778
**Document Hash:** 61d2a29802569d48027267f9806a8694
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001415889-25-021376.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001415889-25-021376

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250808

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** KAVANAUGH FRANK
- **CENTRAL INDEX KEY:** 0001271775

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38719
- **FILM NUMBER:** 251200313

**MAIL ADDRESS:**
- **STREET 1:** 3419 VIA LIDO
- **STREET 2:** SUITE 470
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92663
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Medalist Diversified REIT, Inc.
- **CENTRAL INDEX KEY:** 0001654595
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 804-338-7708

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 8436
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23226

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>KAVANAUGH FRANK<br><sub>(Last) (First) (Middle)</sub><br>MEDALIST DIVERSIFIED REIT, INC.<br>POST OFFICE BOX 8436<br><sub>(Street)</sub><br>RICHMOND, VA 23226<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-08-08 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_CHAIRMAN, CEO & PRESIDENT_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Medalist Diversified REIT, Inc. [ MDRR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-08-08 |  | D |  | 240004<sup>(1)</sup> | D | <sup>(2)</sup> | 0 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Operating Partnership Units | <sup>(3)</sup> | 2025-08-08 |  | A |  | 240004<sup>(4)</sup> |  | 2026-08-08 | <sup>(5)</sup> | Common Stock | 240004 | <sup>(6)</sup> | 1103795 | D |  |

---

### Footnotes:

(1) 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").

(2) 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.

(3) 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.

(4) 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.

(5) No expiration date.

(6) On August 8, 2025, the Reporting Person exchanged 240,004 shares of Common Stock for 240,004 OP Units.

**Signature:** /s/ Frank Kavanaugh  
**Date:** 2025-08-11

### Remarks:

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.**