KAVANAUGH FRANK 4

What Happened

• Frank Kavanaugh, listed as a 10% owner of Medalist Diversified, converted/redeemed operating partnership units into 200,000 shares of Medalist common stock on April 16, 2026. One conversion line shows 200,000 shares acquired at $11.36 per share (total value ≈ $2,272,000). The filing also records a related derivative conversion entry for 200,000 units with no price/monetization.
• According to the filing, this transaction was a redemption of operating partnership units for common stock; no sale or other monetization of the securities occurred.

Key Details

• Transaction date: April 16, 2026; Form 4 filed April 17, 2026 (timely).
• Shares received: 200,000 common shares recorded as acquired at $11.36/share (≈ $2,272,000).
• Transaction code: listed as conversion of derivative security (C); one conversion entry shows N/A price because it reflects the derivative/partnership unit conversion.
• Shares owned after transaction: not specified in the provided filing summary.
• Footnotes: F1–F3 explain this was a tender/redemption of operating partnership units for common stock on a one-for-one basis, no expiration date, and that the company elected to issue stock rather than cash.
• Insider status: Kavanaugh is a 10% owner (institutional/ownership disclosure), not necessarily an executive trade.

Context

• This was not an open-market sale or purchase; it was a conversion/redemption of partnership units into common shares. Such conversions are typically structural (unit-for-share) and do not by themselves indicate buying or selling sentiment.
• For retail investors, note that no proceeds were received from a sale and there was no immediate monetization recorded in this filing.