SCHEDULE 13D/A 0001271775 XXXXXXXX LIVE 10 Common Stock 03/13/2026 false 0001654595 58403P402 Medalist Diversified, 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 1369991.00 0.00 1369991.00 0.00 1369991.00 N 68.6 IN (1) Share amounts for Sole Voting Power, Sole Dispositive Power and Aggregate amount beneficially owned include common units of limited partnership interest ("OP Units") in Medalist Diversified Holdings, L.P., the operating partnership (the "Operating Partnership") of Medalist Diversified, Inc., a Maryland corporation (the "Issuer") owned by the Reporting Person either directly or indirectly, through BET Trust Dated March 11, 1999 ("BET Trust"), of which the Reporting Person is trustee and has sole voting and dispositive power, that are either currently convertible into shares of the Issuer's common stock, $0.01 par value per share (the "Common Stock") or are convertible into Common Stock within 60 days or shortly thereafter. BET Trust disclaims beneficial ownership of the Shares that may be issuable upon exchange of the OP Units. The OP Units are redeemable for cash equal to the then fair market value of one share of 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. The Reporting Person purchased 2,582 shares of Common Stock on the open market on December 12, 2025. On January 28, 2026, the Issuer granted the Reporting Person 4,000 shares of Common Stock under its 2018 Equity Incentive Plan. On March 13, 2026, the Reporting Person purchased 40,000 shares of Common Stock from the Kramerica Trust, Dated July 24, 2015 pursuant to a stock purchase agreement dated as of March 13, 2026 (the "Stock Purchase Agreement"). (2) The percentage of the class was calculated based on shares of Common Stock outstanding as of March 13, 2026, which includes (i) 19,348.50 OP Units that became redeemable on January 17, 2025, (ii) 208,695.5 OP Units that became redeemable on March 28, 2025, (iii) 14,546.97 OP Units that became redeemable on January 15, 2026, (iv) 69,600 OP Units that became redeemable on January 24, 2026 and (v) 251,600 OP Units that became redeemable on February 21, 2026. This Amendment No. 10 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, that certain Amendment No. 5 to Schedule 13D filed on August 11, 2025, that certain Amendment No. 6 to Schedule 13D filed on August 27, 2025, that certain Amendment No. 7 to Schedule 13D filed on September 3, 2025, that certain Amendment No. 8 to Schedule 13D filed on November 18, 2025 and that certain Amendment No. 9 to Schedule 13D filed on December 12, 2025 (collectively, the "Schedule 13D"). Common Stock Medalist Diversified, 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, 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 Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following disclosure to Item 3: The Reporting Person purchased 2,582 shares of Common Stock on the open market on December 12, 2025. On January 28, 2026, the Issuer granted the Reporting Person 4,000 shares of Common Stock under its 2018 Equity Incentive Plan. On March 13, 2026, the Reporting Person purchased 40,000 shares of Common Stock from the Kramerica Trust, Dated July 24, 2015 pursuant to the Stock Purchase Agreement. The information set forth in Items 3, 5 and 6 hereof are hereby incorporated by reference into this Item 4, as applicable. In addition, Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following disclosure to Item 4: The Reporting Person purchased 2,582 shares of Common Stock on the open market on December 12, 2025. On January 28, 2026, the Issuer granted the Reporting Person 4,000 shares of Common Stock under its 2018 Equity Incentive Plan. On March 13, 2026, the Reporting Person purchased 40,000 shares of Common Stock from the Kramerica Trust, Dated July 24, 2015 pursuant to the Stock Purchase Agreement. The Reporting Person has voting and dispositive power over 1,369,991.00 shares of Common Stock of the Issuer, which represents approximately 68.6% of the total issued and outstanding shares of Common Stock of the Issuer based upon 1,997,111 shares of Common Stock outstanding at March 13, 2026, as reported by the Issuer, which includes (i) 19,348.50 OP Units that became redeemable on January 17, 2025, (ii) 208,695.5 OP Units that became redeemable on March 28, 2025, (iii) 14,546.97 OP Units that became redeemable on January 15, 2026, (iv) 69,600 OP Units that became redeemable on January 24, 2026 and (v) 251,600 OP Units that became redeemable on February 21, 2026. 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 1,369,991.00 The Reporting Person purchased 2,582 shares of Common Stock on the open market on December 12, 2025. On January 28, 2026, the Issuer granted the Reporting Person 4,000 shares of Common Stock under its 2018 Equity Incentive Plan. On March 13, 2026, the Reporting Person purchased 40,000 shares of Common Stock from the Kramerica Trust, Dated July 24, 2015 pursuant to the Stock Purchase Agreement. None Not applicable Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following disclosure to Item 6: On March 13, 2026, the Reporting Person and the Kramerica Trust, Dated July 24, 2015 entered into the Stock Purchase Agreement described in Item 4 to this Amendment No. 10. None. Francis P. Kavanaugh /s/ Francis P. Kavanaugh 03/13/2026