<SEC-DOCUMENT>0001271775-25-000008.txt : 20251208
<SEC-HEADER>0001271775-25-000008.hdr.sgml : 20251208
<ACCEPTANCE-DATETIME>20251208164240
ACCESSION NUMBER:		0001271775-25-000008
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251205
FILED AS OF DATE:		20251208
DATE AS OF CHANGE:		20251208

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:		251556640

	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>form4-12082025_091237.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-05</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>2025-12-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7063</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.03</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>228637</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>958</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.5</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>229595</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.25 to $14.50, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Frank Kavanaugh</signatureName>
        <signatureDate>2025-12-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
