$MDRR

Medalist Diversified, Inc.

CIK:0001654595|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
REVENUE
Total Revenue	$ 1,808,422	$ 2,465,173	$ 3,967,687	$ 4,786,813
OPERATING EXPENSES
Bad debt expense	12,991		12,991	1,321
Share based compensation expense			224,220	397,182
Legal, accounting and other professional fees	453,236	315,785	869,015	742,354
Corporate general and administrative expenses	231,661	357,377	579,850	772,933
Loss on impairment	0	5,700	0	67,503
Impairment of assets held for sale	465,327		465,327
Depreciation and amortization	330,677	933,292	819,447	1,898,503
Total Operating Expenses	2,137,232	2,196,601	4,478,350	5,123,597
(Loss) gain on disposal of investment properties	(65,207)		12,785,020
Loss on extinguishment of debt		(27,066)	(372,340)	(27,066)
Loss on redemption of mandatorily redeemable preferred stock				(9,375)
Operating (Loss) Income	(394,017)	241,506	11,902,017	(373,225)
Interest expense	297,732	558,840	753,827	1,131,856
Net (Loss) Income from Operations	(691,749)	(317,334)	11,148,190	(1,505,081)
Other income	548,404	7,161	824,219	134,035
Other expense	(60,388)	(20,990)	(132,015)	(49,216)
Net (Loss) Income before Income Taxes	(203,733)	(331,163)	11,840,394	(1,420,262)
Income tax (expense) benefit	(2,388)		2,076,254		$ 0
Net (Loss) Income	(206,121)	(331,163)	13,916,648	(1,420,262)
Less: Net income attributable to Operating Partnership noncontrolling interests	132,920	126,807	5,061,715	111,266
Net (Loss) Income Attributable to Medalist Common Stockholders	$ (418,684)	$ (456,444)	$ 8,548,125	$ (1,525,485)
Earnings (Loss) per common share - basic (in dollars per share)	$ (0.26)	$ (0.34)	$ 5.95	$ (1.13)
Earnings (Loss) per common share - diluted (in dollars per share)	$ (0.26)	$ (0.34)	$ 4.74	$ (1.13)
Weighted-average number of shares - basic (in shares)	1,592,944	1,353,132	1,436,234	1,355,091
Weighted-average number of shares - diluted (in shares)	1,592,944	1,353,132	1,804,846	1,355,091
Dividends paid per common share (in dollars per share)	$ 0.0675	$ 0.0675	$ 0.135	$ 0.1325
Parkway Property
OPERATING EXPENSES
Less: Net income (loss) attributable to noncontrolling interests	$ 1,652	$ (1,526)	$ 184,990	$ (6,043)
DST Entities
OPERATING EXPENSES
Less: Net income (loss) attributable to noncontrolling interests	77,991		121,818
Investment property
REVENUE
Total Revenue	1,342,630	2,465,173	3,501,895	4,786,813
OPERATING EXPENSES
Operating expenses	401,806	$ 584,447	1,043,070	$ 1,243,801
DST sponsorship program
REVENUE
Total Revenue	465,792		465,792
OPERATING EXPENSES
Operating expenses	$ 241,534		$ 464,430

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 13,916,648	$ (1,420,262)
Adjustments to reconcile consolidated net income (loss) to net cash flows from operating activities
Depreciation	709,854	1,635,354
Amortization	109,593	263,149
Deferred income taxes	(2,289,734)
Loan cost amortization	18,135	58,359
Mandatorily redeemable preferred stock issuance cost and discount amortization		2,404
Amortization of lease incentives		1,236
Below market lease amortization, net	(33,212)	(91,941)
Bad debt expense	12,991	1,321
Share-based compensation	224,220	397,182
Loss on impairment	0	67,503
Loss on extinguishment of debt	372,340	27,066
Loss on redemption of mandatorily redeemable preferred stock		9,375
Impairment of assets held for sale	465,327
Unrealized gain on marketable securities	(300,492)
Unrealized loss on crypto assets	132,015	1
Gain on disposal of investment property	(12,785,020)
DST sponsorship revenue recognized on deconsolidation	(464,291)
Changes in assets and liabilities
Rent and other receivables	263,146	169,257
Unbilled rent	(147,501)	(69,264)
Other assets	(300,077)	(459,259)
Accounts payable and accrued liabilities	(91,338)	112,618
Net cash flows from operating activities	(187,396)	704,098
CASH FLOWS FROM INVESTING ACTIVITIES
Sale of XXV DST interests	3,709,847
Investment property acquisitions		(89,875)
Capital expenditures	(359,197)	(563,219)
Cash received from disposal of investment property, net	19,221,077
Purchase of marketable securities	(20,420,257)
Purchase of crypto assets	(241,077)	(55,004)
Net cash flows from investing activities	1,910,393	(708,098)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends and distributions paid	(924,408)	(282,569)
Repayment of mortgages payable	(352,408)	(507,597)
Redemption of mandatorily redeemable preferred stock		(1,500,000)
Repurchases of common stock, including costs and fees		(140,788)
Proceeds from the sale of beneficial interests in DST entities, net of offering costs	2,847,522
Net cash flows from financing activities	1,570,706	(2,430,954)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	3,293,703	(2,434,954)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	4,134,070	6,072,736
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$ 7,427,773	$ 3,637,782

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Investment properties, net	$ 12,183,994	$ 41,187,188
Cash and cash equivalents	6,382,359	2,631,964
Restricted cash	1,045,414	1,502,106
Investment in marketable securities	20,720,749
Rent and other receivables, net of allowance of $0 as of June 30, 2026 and December 31, 2025	111,645	387,782
Assets held for sale	11,886,710	28,299,993
Equity investment	1,312,047
Unbilled rent	539,173	1,272,531
Intangible lease assets, net	194,050	1,259,021
Other intangible assets	402,964	293,902
Deferred tax assets, net	2,304,144
Other assets	733,607	905,124
Total Assets	57,816,856	77,739,611
LIABILITIES
Accounts payable and accrued liabilities	789,824	1,011,528
Liabilities associated with assets held for sale	10,372,233	19,002,311
Intangible lease liabilities, net	333,785	784,987
Mortgages payable, net	9,041,598	32,828,863
Total Liabilities	20,537,440	53,627,689
EQUITY
Common stock, $0.01 par value, 750,000,000 shares authorized, 1,628,500 and 1,110,000 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	16,285	11,100
Additional paid-in capital	58,182,979	51,957,534
Offering costs	(3,782,521)	(3,777,793)
Accumulated deficit	(30,384,954)	(38,761,731)
Total Stockholders' Equity	24,031,789	9,429,110
Noncontrolling interests - Operating Partnership	13,244,685	14,304,707
Total Equity	37,279,416	24,111,922
Total Liabilities and Equity	57,816,856	77,739,611
Parkway Property
EQUITY
Noncontrolling interests	$ 2,942	$ 378,105