Medalist Diversified, Inc. (NASDAQ: MDRR)

Medalist Diversified REIT, Inc. operates as a real estate investment trust (REIT) focused on acquiring, repositioning, renovating, leasing, and managing income-producing properties. The company was formed in 2015 and initially operated as a REIT until it revoked its REIT status effective January 1, 2026. Medalist Diversified REIT, Inc. owns its investment properties through its operating partnership, Medalist Diversified Holdings, LP, a Delaware limited partnership. The company's primary business activities include the acquisition and management of real estate properties, with a strategic focus on building a Delaware Statutory Trust (DST) sponsorship platform to generate fee income and increase assets under management.

The company generates revenue through the acquisition and management of real estate properties, as well as through the DST Program, which involves selling beneficial interests in specific DSTs holding real properties. Medalist Diversified REIT, Inc. targets net lease assets with nationally recognized tenants or those with investment-grade credit ratings, focusing on larger metropolitan areas experiencing high levels of growth in the southeast, mountain states, and California. The company's primary products and services include real estate investment, property management, and DST sponsorship. The general customer base for the DST Program includes investors seeking competitive, risk-adjusted returns through private placement offerings exempt from registration under the Securities Act of 1933.

• Retail Center Properties: This segment includes retail properties that cater to the retail market, providing income through leasing space to retail tenants. The company owns three retail properties as of December 31, 2025.

• Flex Center Properties: This segment comprises flex/industrial properties, which cater to the industrial market, offering flexible space for various industrial uses. As of December 31, 2025, the company owns three flex/industrial properties, including one property where it holds an 82% tenant in common interest.

• Single-Tenant Net-Lease (STNL) Properties: This segment includes properties leased to single tenants under net lease agreements, providing stable income streams. The company owns four STNL properties as of December 31, 2025, including the Tesla Pensacola Property, which is held through the XXV DST.

Medalist Diversified REIT, Inc. operates in a highly competitive industry, facing competition from various entities engaged in real estate investment activities, including REITs, DST sponsors, specialty finance companies, banks, institutional investors, and other real estate investment programs. Key competitors include entities with greater financial resources, more operating experience, and lower costs of capital. The company's competitive advantages lie in its strategic focus on the DST Program, targeting high-growth metropolitan areas, and focusing on net lease assets with nationally recognized tenants. Additionally, the company's efforts to scale its DST Program and generate fee income provide a unique value proposition in the market.

The company's customer base includes investors participating in the DST Program, as well as tenants occupying the company's real estate properties. While specific tenant names are not provided, the company's properties cater to a diverse range of tenants, including retail, industrial, and single-tenant net lease occupants. The general customer base for the DST Program consists of investors seeking competitive, risk-adjusted returns through private placement offerings.