MDRR · Medalist Diversified, Inc.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $10.09 to $11.25, 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.

Operating partnership units in the Company's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Company's common stock on a one-for-one basis.

Pursuant to a notice of exercise of common unit redemption rights, Mr. Kavanaugh tendered 200,000 operating partnership units for redemption on April 16, 2026. The Company elected to issue common stock for the redemption of the operating partnership units. This transaction represents solely a redemption of operating partnership units for common stock. No sale or monetization of securities has occurred.

No expiration date.

Pursuant to a notice of exercise of common unit redemption rights, Mr. Kavanaugh tendered 200,000 operating partnership units for redemption on April 16, 2026. The Company elected to issue common stock for the redemption of the operating partnership units. This transaction represents solely a redemption of operating partnership units for common stock. No sale or monetization of securities has occurred.

Pursuant to a Stock Purchase Agreement dated March 13, 2026, Frank Kavanaugh purchased 40,000 shares of common stock for $15.00 per share from the Kramerica Trust Dated July 24, 2015.

Operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Company's common stock on a one-for-one basis.

Pursuant to a notice of exercise of common unit redemption rights, Mr. Kavanaugh tendered 300,000 operating partnership units for redemption on February 12, 2026. The Company elected to issue common stock for the redemption of the operating partnership units. This transaction represents solely a redemption of operating partnership units for common stock. No sale or monetization of securities has occurred.

No expiration date.

Pursuant to a notice of exercise of common unit redemption rights, Mr. Kavanaugh tendered 300,000 operating partnership units for redemption on February 12, 2026. The Company elected to issue common stock for the redemption of the operating partnership units. This transaction represents solely a redemption of operating partnership units for common stock. No sale or monetization of securities has occurred.

Operating partnership units in the Issuer's operating partnership, Medalist Diversified Holdings, LP, are redeemable for cash or, at the operating partnership's option, shares of the Company's common stock on a one-for-one basis.

Pursuant to a notice of exercise of common unit redemption rights, Mr. Kavanaugh tendered 300,000 operating partnership units for redemption on February 12, 2026. The Company elected to issue common stock for the redemption of the operating partnership units. This transaction represents solely a redemption of operating partnership units for common stock. No sale or monetization of securities has occurred.

No expiration date.

Pursuant to a Stock Purchase Agreement dated December 10, 2025, Frank Kavanaugh purchased 60,000 shares of common stock for $15.00 per share from Alfred L. Finley, a member of the Board of Directors of Medalist Diversified REIT, Inc., and Susan J. Finley.

Pursuant to a Stock Purchase Agreement dated December 10, 2025, Alfred Lee Finley and Susan Finley sold 40,000 shares of common stock for $15.00 per share to BRP Investments, LLC.

Shares are owned by Alfred Lee Finley and his wife, Susan Finley, as joint tenants.

Pursuant to a Stock Purchase Agreement dated December 10, 2025, Alfred Lee Finley and Susan Finley sold 60,000 shares of common stock for $15.00 per share to Frank Kavanaugh, the Chairman, CEO and President of Medalist Diversified REIT, Inc.

Shares are owned by Alfred Lee Finley and his wife, Susan Finley, as joint tenants.

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.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.489 to $13.50, 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.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.21 to $13.50, 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.

Represents shares exchanged under an Exchange Agreement dated November 14, 2025 (the "Exchange Agreement") pursuant to which Mr. Kavanaugh exchanged 2,405 shares of common stock, par value $0.01 per share (the "Common Stock") of Medalist Diversified REIT, Inc. (the "Company"), on a one-for-one basis for 2,405 units of limited partnership interest (the "OP Units") in the Company's operating partnership, Medalist Diversified Holdings, LP (the "Operating Partnership").

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.

Pursuant to a Stock Purchase Agreement dated November 14, 2025, Marc Carlson sold 20,000 shares of common stock for $13.50 per share to Frank Kavanaugh, the Chairman, CEO and President of Medalist Diversified REIT, Inc.

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.

On November 14, 2025, the Reporting Person exchanged 2,405 shares of Common Stock for 2,405 OP Units.

No expiration date.

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.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.00 to $13.70, 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.

Pursuant to a Stock Purchase Agreement dated August 29, 2025, Frank Kavanaugh purchased 60,000 shares of common stock for $12.50 per share from Kory Kramer, a member of the Board of Directors of Medalist Diversified REIT, Inc.

Pursuant to a Stock Purchase Agreement dated August 29, 2025, Frank Kavanaugh purchased 80,000 shares of common stock for $12.50 per share from Marc Carlson, a member of the Board of Directors of Medalist Diversified REIT, Inc.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.30 to $12.50, 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.

Pursuant to a Stock Purchase Agreement dated August 29, 2025, Marc Carlson sold 80,000 shares of common stock for $12.50 per share to Frank Kavanaugh, the Chairman, CEO and President of Medalist Diversified REIT, Inc.

Pursuant to a Stock Purchase Agreement dated August 29, 2025, the Kramerica Trust, Dated July 24, 2015 (the "Trust") sold 60,000 shares of common stock for $12.50 per share to Frank Kavanaugh, the Chairman, CEO and President of Medalist Diversified REIT, Inc.

The shares are held by the Trust, of which the Reporting Person is the sole trustee.