Medalist Diversified REIT, Inc.: management transactions · United States · SEC (Form 4)

About Medalist Diversified REIT, Inc.

Medalist Diversified REIT, Inc. (NASDAQ: MDRR) is a small-cap U.S. real estate company historically organized as a REIT and headquartered in Virginia, United States. Its business model was built around acquiring, owning, and managing commercial real estate with a value-add orientation, emphasizing rental income and operational asset improvement. The company’s operating structure dates back to 2015 through its holding and operating partnership, and it operated as a REIT beginning in 2017. More recently, Medalist executed a major strategic reset: it revoked its REIT election effective January 1, 2026, and changed its corporate name to Medalist Diversified, Inc. in March 2026, while retaining its NASDAQ listing and MDRR ticker. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001654595/000110465926022253/mdrr-20251231x10k.htm?utm_source=openai)) Operationally, Medalist’s legacy portfolio has been concentrated in three main asset types: retail centers, flex properties that combine industrial and office uses, and single-tenant net lease (STNL) assets. In its 2024 annual filing, the company reported ownership of four retail properties, three flex properties, and three STNL properties, with a geographic footprint focused on the U.S. Southeast, including North Carolina, South Carolina, Virginia, and Tennessee. The company also disclosed a new target profile for future investments: net lease assets leased to nationally recognized or investment-grade tenants, located in larger growth markets across the Southeast, Mountain states, and California, with emphasis on retail, medical, and industrial/warehouse uses. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1654595/000155837025001807/mdrr-20241231x10k.htm?utm_source=openai)) From a competitive standpoint, Medalist is not a large diversified REIT competing on scale. Instead, it operates as a niche, opportunistic real estate platform with a relatively concentrated balance sheet and a strong emphasis on capital recycling. That matters for investors because the company’s transition implies a shift away from a traditional equity-REIT play toward a fee-oriented platform with greater capital allocation flexibility. Management has stated that the new direction is centered on building its DST program, generating fee income, and expanding assets under management, while continuing to evaluate direct and indirect real estate investments that support that strategy. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001654595/000110465926022253/mdrr-20251231x10k.htm?utm_source=openai)) Recent milestones reinforce that transition. The company sold Hanover Square in March 2024, used asset-sale proceeds to reduce leverage, and fully repaid its outstanding bank indebtedness on December 30, 2025. It also announced a strategic framework update in February 2026 aimed at continuing the move away from an equity REIT model. For French-speaking investors, MDRR should therefore be viewed as a specialized U.S. real estate platform on the NASDAQ, tied to portfolio optimization, deleveraging, and the expansion of its DST-related investment structuring business rather than to a mature, income-stable REIT profile. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001654595/000155837025001512/mdrr-20250124xex99d2.htm?utm_source=openai))