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Medalist Diversified (MDRR) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Medalist Diversified (MDRR) Q2 2026 earnings results →

Q2 2026 Revenue down 27% year over year to $1.8M · 11¢ of every $1 of revenue lost · operating margin -21.8%

Medalist Diversified made $1.8M in Q2 2026 (-27% Y/Y): Investment Properties $1.3M, DST sponsorship program $466K. Operating margin -21.8%, net loss $206K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.

Revenue$1.8M
Year over year-27%
Operating margin-21.8%
Net earnings−$206K
Operating cash flow$321K

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $1.8M in Q2 2026, down 27% year over year and down 16% from the previous quarter. Investment Properties was the largest line at 74% of revenue. Investment Properties lost $1.1M year over year (down 46%), 171% of the total change.

Operating costs exceeded revenue by $394K, an operating margin of -21.8%. Total costs fell 1% while revenue fell 27%. The quarter ended with a net loss of $206K, after a profit of $14.1M the previous quarter. Non-operating items added $190K, -93% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $321K (up 31% year over year). Non-cash charges added back $331K of depreciation and amortization. Working capital and other items added $196K. Capital expenditures of $239K left free cash flow of $82K.

Quarterly history

Medalist Diversified revenue by quarterMedalist Diversified revenue by quarter$2.5MQ4 2024$2.3MQ1 2025$2.5MQ2 2025$2.8MQ3 2025$2.8MQ4 2025$2.2MQ1 2026$1.8MQ2 2026
Medalist Diversified net earnings by quarterMedalist Diversified net earnings by quarter−$172KQ4 2024−$1.0MQ1 2025−$331KQ2 2025−$167KQ3 2025−$349KQ4 2025$9.0MQ1 2026−$206KQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 13, 2026$1.8M-27%-21.8%−$206K$321K
Q1 202610-QMay 13, 2026$2.2M-7%569.5%$9.0M−$508K
Q4 202510-KMar 2, 2026$2.8M+12%17.0%−$349K−$741K
Q3 202510-QNov 6, 2025$2.8M+19%15.8%−$167K$1.6M
Q2 202510-QAug 7, 2025$2.5M+7%9.8%−$331K$244K
Q1 202510-QMay 8, 2025$2.3M-10%-23.8%−$1.0M$460K
Q4 202410-KFeb 27, 2025$2.5M-7%17.7%−$172K$385K

Charts

Medalist Diversified: revenue growth, year over year and quarter over quarterMedalist Diversified: revenue growth, year over year and quarter over quarterY/YQ/Q-7%Q4 2024-10%-8%Q1 2025+7%+6%Q2 2025+19%+13%Q3 2025+12%+1%Q4 2025-7%-24%Q1 2026-27%-16%Q2 2026
Latest (Q2 2026): Y/Y -27%, Q/Q -16%.
Medalist Diversified: where the cash came from (+) and went (−), TTM to Q2 2026Medalist Diversified: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$8.5MCash drawn (+) / kept (−)−$3.8MOther investing−$3.1MCapital spending−$1.2MNet borrowing (+) / repaid (−)−$979KOperating cash flow$639K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Medalist Diversified: profit against cash, quarter by quarterMedalist Diversified: profit against cash, quarter by quarterNet incomeOperating cash flow−$518K$140KQ3 2024−$172K$385KQ4 2024−$1.0M$460KQ1 2025−$331K$244KQ2 2025−$167K$1.6MQ3 2025−$349K−$741KQ4 2025$14.1M−$508KQ1 2026−$206K$321KQ2 2026
Latest (Q2 2026): Net income −$206K, Operating cash flow $321K.
Medalist Diversified: diluted shares by fiscal year (split-adjusted)Medalist Diversified: diluted shares by fiscal year (split-adjusted)14MFY202013MFY20212MFY20221MFY20231MFY20241MFY2025
-91.1% since FY2020: buybacks shrank the count; earlier years scaled for the 3-for-1 split before FY2021.
Medalist Diversified: long-term debt falling due (FY2025)Medalist Diversified: long-term debt falling due (FY2025)$1.4M2026$11.9M2027$742K2028$13.9M2029$8.1M2030$15.9MLater
Cash $2.6M, short-term investments —, long-term debt $51.4M at 2025-12-31.
Medalist Diversified in its industry: growth against margin (213 companies, SIC 6798)Medalist Diversified in its industry: growth against margin (213 companies, SIC 6798)revenue growth, year over year →↑ operating marginmedian +5%median 23%WELLAMTEQIXPLDIRMDLRWYVTRSPGBSTTRITMOPSALINEHSTVici Properties L.P.VICIHoward Hughes CorpCCIBoston Properties Ltd PartnershipEXRDOCAvalonbay Communities IncCXWAHRSBACCOLDARERHPHHHLAMRRayonier, L.P.Mid-America Apartments, L.P.SUIMAAKIMKimco Realty OP, LLCSTWDOUTEssex Portfolio LPWPCVornado Realty LPGLPIUDRREGELSPEBSVCAPLESWDRRYNDHCBrixmor Operating Partnership LPRLJStore Capital LLCOHIFederal Realty OP LPFRTDRHCubeSmart, L.P.HRCUBEAHTSL Green Operating Partnership, L.P.SLGKilroy Realty, L.P.KRCJANDEIMACCUZMPT Operating Partnership, L.P.MPTNNNSBRAREXRSTAGADCCDPEPREGPFirst Industrial LPESRTKRGPECOESBAKite Realty Group, L.P.INNCTREIRTEPRTAres Industrial Real Estate Income Trust Inc.SKTZARECBLJBGSHGITBrandywine Operating Partnership, L.P.JLL Income Property Trust, Inc.BNLNHISAFELTCAmerican Assets Trust, L.P.GNLCMRFAATNHPBHRAKRABRDEACLDTLXPBRSPIVTFCPTSMAVinebrook Homes Trust, Inc.Fortress Net Lease REITBFSFBRTUMHALXNTSTFortress Credit Realty Income TrustNXRTCSRNuveen Global Cities REIT, Inc.North Haven Net REITKBSRCottonwood Communities, Inc.CTOSterling Real Estate TrustARIBrookfield Real Estate Income Trust Inc.CLPRXRNSTRWINREPMTNew Mountain Net Lease TrustTRTXJ.P. Morgan Real Estate Income Trust, Inc.ONLCHCTExchangeRight Income FundPSTLCMCTUHTRCFSPCFTR-PAInvesco Real Estate Income Trust Inc.BRTStarwood Credit Real Estate Income TrustWHLRGTJ REIT, Inc.ACRPINEApollo Realty Income Solutions, Inc.NXDTBHMFVRBlackRock Monticello Debt Real Estate Investment TrustLightstone Value Plus REIT I, Inc.Rise Companies CorpSculptor Diversified Real Estate Income Trust, Inc.Lightstone Value Plus REIT II, Inc.Cohen & Steers Income Opportunities REIT, Inc.ACRETCILANDLightstone Value Plus REIT V, Inc.NLCPSACHModiv Industrial, Inc.Fidelity Core Real Estate FundEQT Exeter Real Estate Income Trust, Inc.STSRFPIHighlands REIT, Inc.PRXASITCRreef Property Trust, Inc.LTSVSEVNLightstone Value Plus REIT III, Inc.SGSTFREVSFranklin BSP Real Estate Debt, Inc.BMNMFundrise eREIT, LLCCDR-PBCHMIPrincipal Credit Real Estate Income TrustICR-PANLOPSUNSMKZRGBCSSTLYCPTSQFTSummit Healthcare REIT, IncSELFTPTSGIPRLOANIHTStratCap Digital Infrastructure REIT, Inc.PWMDRR (-27%, -22%)
Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Medalist Diversified

As used in this Annual Report, unless the context otherwise requires, references to “we,” “our,” “us,” and “our company” refer to Medalist Diversified, Inc., a Maryland corporation, together with our consolidated subsidiaries, including Medalist Diversified Holdings, LP, a Delaware limited partnership of which we are the sole general partner, except where it is clear from the context that the term only means Medalist Diversified, Inc. 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.

In its own words, from its 10-K, filed Mar 2, 2026.

Medalist Diversified against its Real Estate Investment Trusts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -27% against the peers' median +11%. Operating margin: -21.8% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
MDRR Medalist DiversifiedQ2 2026$1.8M-27%-21.8%
WELL WelltowerQ3 2026$3.7B+38%9.1%
AMT American TowerQ3 2026$2.8B+2%45.6%
EQIX EquinixQ3 2026$2.6B+11%23.3%
PLD PrologisQ1 2026$2.3B+7%52.7%
IRM Iron MountainQ3 2026$2.0B+14%20.6%
DLR Digital Realty TrustQ3 2026$1.9B+21%15.9%
WY WeyerhaeuserQ3 2026$1.9B+8%5.4%
VTR VentasQ3 2026$1.8B+23%2.9%

Source: Medalist Diversified 10-Q on SEC EDGAR · CIK 1654595 · Real Estate Investment Trusts

13F: who owns MDRR and who is buying

Largest holders of MDRR (13F)Largest holders of MDRR (13F)Vanguard Capital Management LLC$140KVanguard Fiduciary Trust$70KTower Research Capital LLC$8KCWM, LLC$3KBFC Planning$1KUBS Group AG$1KCitigroup$12
Funds' net buying of MDRR by quarter (13F)Funds' net buying of MDRR by quarter (13F)$67K2024-12$63K2025-03$1.1M2025-06−$57K2025-09−$790K2025-12−$57K2026-03−$346K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MDRR

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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