<SEC-DOCUMENT>0001271775-25-000005.txt : 20251117
<SEC-HEADER>0001271775-25-000005.hdr.sgml : 20251117
<ACCEPTANCE-DATETIME>20251117180234
ACCESSION NUMBER:		0001271775-25-000005
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251114
FILED AS OF DATE:		20251117
DATE AS OF CHANGE:		20251117

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KAVANAUGH FRANK
		CENTRAL INDEX KEY:			0001271775
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38719
		FILM NUMBER:		251492295

	MAIL ADDRESS:	
		STREET 1:		3419 VIA LIDO
		STREET 2:		SUITE 470
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92663

ISSUER:		

	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

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		804-338-7708

	MAIL ADDRESS:	
		STREET 1:		PO BOX 8436
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23226
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-11172025_111130.xml
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-11-14</periodOfReport>

    <issuer>
        <issuerCik>0001654595</issuerCik>
        <issuerName>Medalist Diversified REIT, Inc.</issuerName>
        <issuerTradingSymbol>MDRR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001271775</rptOwnerCik>
            <rptOwnerName>KAVANAUGH FRANK</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>MEDALIST DIVERSIFIED REIT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>POST OFFICE BOX 8436</rptOwnerStreet2>
            <rptOwnerCity>RICHMOND</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>23226</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>CHAIRMAN, CEO &amp; PRESIDENT</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-11-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>223979</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
                <value>2025-11-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>2405</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>221574</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Operating Partnership Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-11-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2405</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2026-11-14</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2405</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1106200</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to a Stock Purchase Agreement dated November 14, 2025, Frank Kavanaugh purchased 20,000 shares of common stock for $13.50 per share from Marc Carlson, a member of the Board of Directors of Medalist Diversified REIT, Inc.</footnote>
        <footnote id="F2">Represents shares exchanged under an Exchange Agreement dated November 14, 2025 (the &quot;Exchange Agreement&quot;) pursuant to which Mr. Kavanaugh exchanged 2,405 shares of common stock, par value $0.01 per share (the &quot;Common Stock&quot;) of Medalist Diversified REIT, Inc. (the &quot;Company&quot;), on a one-for-one basis for 2,405 units of limited partnership interest (the &quot;OP Units&quot;) in the Company's operating partnership, Medalist Diversified Holdings, LP (the &quot;Operating Partnership&quot;).</footnote>
        <footnote id="F3">Represents shares exchanged subject to the Exchange Agreement pursuant to which Mr. Kavanaugh exchanged 2,405 shares of Common Stock, on a one-for-one basis for 2,405 OP Units.</footnote>
        <footnote id="F4">OP Units are redeemable for cash or, at the Company's option, shares of Common Stock, on a one-for-one basis after a holding period of one-year.</footnote>
        <footnote id="F5">No expiration date.</footnote>
        <footnote id="F6">On November 14, 2025, the Reporting Person exchanged 2,405 shares of Common Stock for 2,405 OP Units.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Frank Kavanaugh</signatureName>
        <signatureDate>2025-11-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
