SCHEDULE 13D/A 0001271775 XXXXXXXX LIVE 6 Common Stock 08/13/2025 false 0001654595 58403P402 Medalist Diversified REIT, Inc.

P. O. Box 8436 Richmond VA 23226

Brent Winn 804-338-7708 P. O. Box 8436 Richmond VA 23226 0001271775 N Francis P. Kavanaugh PF N X1 423165.00 0.00 423165.00 0.00 423165.00 N 28.11 IN (1) Share amounts for Sole Voting Power, Sole Dispositive Power and Aggregate amount beneficially owned 179,349 common units of limited partnership interest ("OP Units") in Medalist Diversified Holdings, L.P., the operating partnership (the "Operating Partnership") of Medalist Diversified REIT, Inc., a Maryland corporation (the "Issuer"), held directly by the Reporting Person and 208,695 OP Units held by BET Trust Dated March 11, 1999 ("BET Trust"), of which the Reporting Person is trustee and has sole voting and dispositive power. The OP Units are redeemable for cash equal to the then fair market value of one share of the Issuer's common stock, $0.01 par value per share (the "Common Stock"), except that the Operating Partnership may, at its election, cause the Issuer to acquire some or all of the OP Units so presented on a one-for-one basis for shares of the Common Stock. On August 8, 2025, the Reporting Person exchanged 240,004 shares of Common Stock on a one-for-one basis for an aggregate of 240,004 OP Units (the "Exchange"), with such OP Units becoming redeemable on August 8, 2026. Following the Exchange, the Reporting Person directly and indirectly holds 388,044 OP Units that are redeemable for Common Stock within 60 days and no shares of Common Stock. The OP Units that are redeemable within 60 days include: (i) 19,348 OP Units that were issued to Mr. Kavanaugh on January 18, 2024, and which became redeemable for shares of common stock on January 18, 2025, (ii) 208,696 OP Units that were issued to BET Trust on March 28, 2024, and which became redeemable on June 17, 2025 and (iii) 160,000 OP Units that were issued to Mr. Kavanaugh on October 11, 2024, and will become redeemable on October 11, 2025. BET Trust disclaims beneficial ownership of the Shares that may be issuable upon exchange of the OP Units. Between August 13, 2025 and August 25, 2025, the Reporting Person purchased 35,121 shares of Common Stock, purchasing 1,911 shares, 7 shares, 3,562 shares, 1 share, 105 shares, 17,525 shares, 1,028 shares, 2,500 shares, 3,482 shares and 5,000 shares on August 13, 2025, August 14, 2025, August 15, 2025, August 18, 2025, August 19, 2025, August 20, 2025, August 22, 2025, August 25, 2025, August 26, 2025 and August 27, 2025, respectively. (2) The percentage of the class was calculated based on 1,505,270 shares of Common Stock outstanding as of August 11, 2025, which includes 232,865 OP Units that are redeemable as of August 11, 2025, and 160,000 OP Units that will become redeemable on October 11, 2025. This Amendment No. 6 to Schedule 13D amends and supplements the statement on Schedule 13D initially filed on January 31, 2023 by Francis P. Kavanaugh, as amended by that certain Amendment No. 1 to Schedule 13D filed on June 21, 2023, that certain Amendment No. 2 to Schedule 13D filed on June 27, 2023, that certain Amendment No. 3 to Schedule 13D filed on January 27, 2025, that certain Amendment No. 4 to Schedule 13D filed on February 25, 2025 and that certain Amendment No. 5 to Schedule 13D filed on August 11, 2025 (collectively, the "Schedule 13D"). Common Stock Medalist Diversified REIT, Inc. P. O. Box 8436 Richmond VA 23226 Francis P. Kavanaugh The principal business address for the Reporting Person is 107 Via Florence, Newport Beach, CA 92663. The principal business of the Reporting Person is President and Chief Executive Officer of Medalist Diversified REIT, Inc. engaged in the investment and management of commercial real estate with a mailing address of P. O. Box 8436, Richmond, VA 23226. No No US Between August 13, 2025 and August 27, 2025, the Reporting Person purchased 35,121 shares of Common Stock, purchasing 1,911 shares, 7 shares, 3,562 shares, 1 share, 105 shares, 17,525 shares, 1,028 shares, 2,500 shares, 3,482 shares and 5,000 shares on August 13, 2025, August 14, 2025, August 15, 2025, August 18, 2025, August 19, 2025, August 20, 2025, August 22, 2025, August 25, 2025, August 26, 2025 and August 27, 2025, respectively. The information set forth in Items 3, 5 and 6 hereof are hereby incorporated by reference into this Item 4, as applicable. The Reporting Person has voting and dispositive power over 423,165 shares of Common Stock of the Issuer, which represents approximately 28.11% of the total issued and outstanding shares of Common Stock of the Issuer based upon 1,505,270 shares of Common Stock outstanding at August 11, 2025, as reported by the Issuer, which includes 232,865 OP Units that are redeemable as of August 11, 2025, and 160,000 OP Units that will become redeemable on October 11, 2025. The OP Units are redeemable for cash equal to the then fair market value of one share of the Common Stock, except that the Operating Partnership may, at its election, cause the Issuer to acquire some or all of the OP Units so presented on a one-for-one basis for shares of the Common Stock. 423,165 On August 8, 2025, the Reporting Person exchanged 240,004 shares of Common Stock on a one-for-one basis for an aggregate of 240,004 OP Units, with such OP Units becoming redeemable on August 8, 2026. Between August 13, 2025 and August 27, 2025, the Reporting Person purchased 35,121 shares of Common Stock, purchasing 1,911 shares, 7 shares, 3,562 shares, 1 share, 105 shares, 17,525 shares, 1,028 shares, 2,500 shares, 3,482 shares and 5,000 shares on August 13, 2025, August 14, 2025, August 15, 2025, August 18, 2025, August 19, 2025, August 20, 2025, August 22, 2025, August 25, 2025, August 26, 2025 and August 27, 2025, respectively. None Not applicable The information set forth in Items 3 and 4 hereof is hereby incorporated by reference into this Item 6. Except as referenced above or described in Items 3 and 4 hereof, there are no contracts, arrangements, understandings or relationships among the Reporting Persons or between such Reporting Persons and any other person with respect to any securities of the Issuer. None. Francis P. Kavanaugh /s/ Francis P. Kavanaugh 08/27/2025