Medalist Diversified, Inc. (NYSE American: MDRR) is a real estate investment trust that owns and operates commercial investment properties. The company generates revenue through rental income collected from tenants occupying its investment properties, with occupancy rates, lease structures, and tenant credit quality directly driving financial results. As of the fiscal year ended December 31, 2025, rental revenues from its remaining investment properties represented the company's only source of income, per the 10-K filed March 2, 2026. The company also operates a Delaware Statutory Trust (DST) program, through which property interests are contributed to DST vehicles and financed with third-party lenders including Pinnacle Bank and Farmers and Merchants Bank of Long Beach. The portfolio includes named properties such as the Brookfield Property, the Parkway Property, and a Tesla DST asset. Mortgage debt on these properties carries both fixed and variable rates, with the Parkway Property loan at 6.24% as of December 31, 2025. The company executed a 1-for-8 reverse stock split in May 2023 and repurchased 11,320 common shares at a total cost of $140,788 during the year ended December 31, 2025.

Revenue model

Rental income from commercial investment properties is the sole revenue source as of FY2025. Revenue depends on occupancy rates, lease terms, and tenant creditworthiness. The company also operates a DST program generating financing activity, with offering costs of $239,788 incurred during the year ended December 31, 2025.

Products and services

Commercial real estate ownership and leasing across named properties including the Brookfield Property, the Parkway Property, and a Tesla DST asset. Delaware Statutory Trust (DST) program interests offered to investors, structured through special-purpose entities such as MDRR XXV Depositor 1, LLC and MDRR XXV DST 1.

Customers and end markets

Commercial tenants occupying investment properties. The 10-K filed March 2, 2026 flags concentration risk from large tenants or tenants in financially stressed sectors as a material revenue risk. Tenant credit quality and ability to maintain occupancy directly determine rental income.

Value-chain role

Property owner and landlord. The company acquires commercial real estate, holds it through subsidiaries and operating partnership structures, leases space to tenants, and also sponsors DST investment vehicles by contributing properties into trust structures financed by third-party lenders.

Geographic exposure

The filing excerpts do not specify states or regions for all properties. The Parkway Property was acquired in a tenants-in-common structure with PMI Parkway, LLC. Lender relationships include Farmers and Merchants Bank of Long Beach (California) and Pinnacle Bank, suggesting at least some geographic diversification, but specific property locations are not confirmed in the excerpts provided.

Source: SEC 10-K, filed 2026-03-02

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