Medalist Diversified, Inc. MDRR
Medalist Diversified, Inc. was formed in 2015 as a Maryland corporation, to acquire, reposition, renovate, lease and manage income-producing properties. We own our investment properties and other investments through our operating partnership, Medalist Diversified Holdings, L.P., a Delaware limited partnership (the "Operating Partnership") which was formed on September 29, 2015. Medalist Diversified, Inc. serves as the general partner of Medalist Diversified Holdings, LP. Beginning with our taxable year ended December 31, 2017, through our taxable year ended December 31, 2025, we elected to be taxed as a real estate investment trust ("REIT") for federal income tax purposes, and we believe that we operated in a manner qualifying us as a REIT for those taxable years. We revoked our REIT election effective January 1, 2026. On March 2, 2026, we changed our name from Medalist Diversified REIT, Inc. to Medalist Diversified, Inc. in connection with our revocation of our REIT status.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.4M | $9.7M | $10.3M | $11.1M | $11.5M | $9.3M | $8.3M | $6.6M | — |
| Cost of revenue | — | — | — | — | — | $605.4K | $486.0K | $340.4K | — |
| Gross profit | — | — | — | — | — | $8.7M | $7.8M | $6.2M | — |
| SG&A | $1.3M | $968.4K | $484.3K | $457.7K | $654.1K | $300.6K | $261.9K | $119.7K | — |
| Total operating expenses | $10.1M | $8.7M | $11.3M | $11.7M | $10.8M | $15.0M | $9.5M | $7.7M | — |
| Operating income | $547.9K | $3.7M | -$997.2K | -$1.4M | $814.5K | -$5.7M | -$1.2M | -$1.1M | — |
| Interest expense | $2.6M | $3.0M | $3.5M | $3.6M | $5.5M | $4.0M | $2.5M | $1.9M | — |
| Pre-tax income | -$2.1M | $711.8K | -$4.5M | -$5.0M | -$4.7M | -$9.7M | -$3.7M | -$2.9M | — |
| Income tax | — | $0 | — | — | $0 | — | $0 | $53.2K | — |
| Net income | -$2.4M | $27.5K | -$4.6M | -$4.8M | -$4.4M | -$8.2M | -$3.0M | -$2.7M | — |
| EPS, basic | -1.90 | 0.02 | -4.12 | -2.23 | -0.33 | -1.74 | — | — | — |
| EPS, diluted | -1.90 | 0.03 | -4.12 | -2.23 | -0.33 | -1.74 | -0.82 | -1.39 | — |
| Shares, diluted (wtd. avg.) | $1.3M | $1.1M | $1.1M | $2.1M | $13.1M | $4.7M | $3.8M | $2.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.6M | $4.8M | $3.8M | $5.7M | $7.4M | $5.1M | $2.1M | $4.1M | $3.3M |
| Other intangibles | $1.3M | $2.2M | $2.7M | $3.7M | $4.2M | $3.3M | $4.5M | $2.6M | — |
| Total assets | $77.7M | $75.1M | $82.7M | $87.9M | $92.5M | $79.3M | $83.2M | $53.1M | — |
| Short-term debt | — | — | $1.0M | — | — | — | — | — | — |
| Long-term debt | $51.4M | — | $60.4M | — | $62.1M | $61.2M | $59.5M | — | — |
| Total liabilities | $53.6M | $54.1M | $69.0M | $69.2M | $69.5M | $67.6M | $62.4M | $34.5M | — |
| Retained earnings | -$38.8M | -$36.0M | -$35.9M | -$30.9M | -$25.0M | -$19.3M | -$10.6M | -$5.2M | — |
| Total equity | $9.4M | $15.0M | $13.7M | $18.7M | $23.0M | $11.7M | $20.9M | $18.6M | $12.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.5M | $1.8M | $104.0K | $1.2M | $832.6K | -$1.7M | $805.7K | -$420.7K | — |
| Depreciation and amortisation | $2.9M | $3.3M | $3.7M | $3.4M | $2.4M | $3.1M | $2.0M | $1.5M | — |
| Capital expenditure | $1.5M | $902.4K | $1.5M | $1.0M | $536.7K | $414.4K | $2.1M | $986.5K | — |
| Investing cash flow | -$7.0M | $2.1M | -$1.5M | -$9.3M | -$19.1M | -$414.4K | -$34.9M | -$5.4M | — |
| Financing cash flow | $3.5M | -$1.6M | -$474.1K | $6.4M | $20.6M | $5.1M | $32.1M | $6.7M | — |
| Dividends paid | — | — | $383.7K | $1.3M | $1.2M | $917.7K | $2.4M | $1.2M | — |
| Buybacks | $140.8K | $32.5K | — | $286.5K | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-061887.
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