# EDGAR Filing Document

**Accession Number:** 0001654595
**File Stem:** 0000897423-25-000088
**Filing Date:** 2025-12
**Character Count:** 13924
**Document Hash:** e5d59eb26db65dd5ec1346f7aba57cd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897423-25-000088.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0000897423-25-000088

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**SUBJECT COMPANY**: 

**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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90739
- **FILM NUMBER:** 251568351

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Finley Alfred Lee
- **CENTRAL INDEX KEY:** 0001936183

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 850 INDUSTRIAL AVENUE
- **CITY:** SAGINAW
- **STATE:** TX
- **ZIP:** 76131

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Medalist Diversified REIT, Inc.**

*(Name of Issuer)*

**Common Stock, $.01 Par Value**

*(Title of Class of Securities)*

**58403P402**

*(CUSIP Number)*

**Calvin M. Jackson**<br>201 Main Street, Suite 2500<br>Fort Worth TX 76102<br>817-332-2500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/10/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **58403P402** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Finley Alfred Lee** | Name of reporting person<br>**Finley Alfred Lee** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**8849.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**56250.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**8849.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**56250.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**65099.00** | Aggregate amount beneficially owned by each reporting person<br>**65099.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.9%** | Percent of class represented by amount in Row (11)<br>**5.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** 7,810 shares are held by ALF Operating Partners, Ltd.  Alfred Lee Finley, in his capacity as the sole member and President of ALF Acquisitions Company, LLC, which is the general partner of ALF Operating Partners, Ltd., exercises sole voting and dispositive power over such shares.  1,039 shares are held by Alfred Lee Finley individually.

56,250 shares are held by Alfred Lee Finley and his spouse, Susan Finley, as joint tenants.

| **CUSIP No.** | **58403P402** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Finley Susan** | Name of reporting person<br>**Finley Susan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**56250.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**56250.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**57810.00** | Aggregate amount beneficially owned by each reporting person<br>**57810.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.2%** | Percent of class represented by amount in Row (11)<br>**5.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** 1,560 shares are held by Susan Finley individually.

56,250 shares are held by Susan Finley and her spouse, Alfred Lee Finley, as joint tenants.

| **CUSIP No.** | **58403P402** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ALF Operating Partners, Ltd.** | Name of reporting person<br>**ALF Operating Partners, Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7810.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7810.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7810.00** | Aggregate amount beneficially owned by each reporting person<br>**7810.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.7%** | Percent of class represented by amount in Row (11)<br>**0.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Power is exercised by Alfred Lee Finley in his capacity as sole member and President of ALF Acquisitions Company, LLC, the general partner of ALF Operating Partners, Ltd.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $.01 Par Value

**(b) Name of Issuer:**
Medalist Diversified REIT, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
P.O. Box 8436, Richmond, VA, 23226

Pursuant to Rule 13d-2(a) of Regulation D-G of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended, the undersigned hereby amend their Schedule 13D Statement dated January 29, 2025, as amended by Amendment No. 1 dated March 17, 2025 (the "Schedule 13D"), relating to the Common Stock of the Issuer.  Unless otherwise indicated, all defined terms used herein shall have the same meanings as those set forth in the Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Lee Finley

In his capacity as the sole member and President of ALF Acquisitions, general partner of ALF Operating, pursuant to his ownership of shares held by himself and his spouse, Susan Finley, as joint tenants, and pursuant to his individual ownership of shares, Lee Finley may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of an aggregate of 65,099 shares of the Common Stock, which constitutes approximately 5.9% of the outstanding shares of the Common Stock.

Susan Finley

Pursuant to her individual ownership of shares and her ownership of shares held by herself and her spouse, Lee Finley, as joint tenants, Susan Finley may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of an aggregate of 57,810 shares of the Common Stock, which constitutes approximately 5.2% of the outstanding shares of the Common Stock.

ALF Operating

The aggregate number of shares of the Common Stock that ALF Operating owns beneficially, pursuant to Rule 13d-3 of the Act, is 7,810, which constitutes approximately 0.7% of the outstanding shares of the Common Stock.

ALF Acquisitions

Because of its position as the general partner of ALF Operating, ALF Acquisitions may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 7,810 shares of the Common Stock, which constitutes approximately 0.7% of the outstanding shares of the Common Stock.

To the best of the knowledge of the Reporting Persons, other than as set forth above, none of the persons named in Item 2 herein is the beneficial owner of any shares of the Common Stock.

**(b)**
Lee Finley

Pursuant to his individual ownership of shares and in his capacity as the sole member and President of ALF Acquisitions, the general partner of ALF Operating, Lee Finley has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 8,849 shares of the Common Stock.  In addition, pursuant to his ownership of shares held as joint tenants by himself and his spouse, Susan Finley, Lee Finley has the shared power to vote or to direct the vote and to dispose or to direct the disposition of 56,250 shares of the Common Stock.

Susan Finley

Pursuant to her individual ownership of shares, Susan Finley has the sole power to vote or direct the vote and to dispose or direct the disposition of 1,560 shares of the Common Stock.  In addition, pursuant to her ownership of shares held as joint tenants by herself and her spouse, Lee Finley, Susan Finley has the shared power to vote or to direct the vote and to dispose or to direct the disposition of 56,250 shares of the Common Stock.

ALF Operating

Acting through its general partner, ALF Acquisitions, the sole member and President of which is Lee Finley, ALF Operating has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 7,810 shares of the Common Stock.

ALF Acquisitions

In its capacity as the general partner of ALF Operating, ALF Acquisitions, acting through its sole member and President, Lee Finley, has the sole power to vote or to direct the vote and to dispose or to direct the disposition of an aggregate of 7,810 shares of the Common Stock owned by ALF Operating.

**(c)**
During the last 60 days, Lee Finley and Susan Finley sold shares of Common Stock owned by them as joint tenants in private transactions as follows:

         Date 			Number of Shares Sold			Price Per Share
December 10, 2025			40,000					        $15.00
December 10, 2025			60,000					        $15.00

     Except as set forth in this paragraph (c), to the best knowledge of the Reporting Persons, none of the Item 2 Persons have effected any transactions in the shares of the Common Stock during the past 60 days.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Finley Alfred Lee

**Signature:** Alfred Lee Finley

**Name/Title:** Individual

**Date:** 12/12/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Finley Susan

**Signature:** Susan Finley

**Name/Title:** Individual

**Date:** 12/12/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** ALF Operating Partners, Ltd.

**Signature:** Alfred Lee Finley

**Name/Title:** Alfred Lee Finley, President of ALF Acquisitions Company, LLC, General Partner

**Date:** 12/12/2025