SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Medalist Diversified REIT, Inc.

(Name of Issuer)

Common Stock, $.01 Par Value

(Title of Class of Securities)

58403P402

(CUSIP Number)

Calvin M. Jackson
201 Main Street, Suite 2500,
Fort Worth, TX, 76102
817-332-2500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

12/10/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No.

58403P402

Name of reporting person

Finley Alfred Lee

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 8,849.00
8	Shared Voting Power 56,250.00
9	Sole Dispositive Power 8,849.00
10	Shared Dispositive Power 56,250.00

Aggregate amount beneficially owned by each reporting person

65,099.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

5.9 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

7,810 shares are held by ALF Operating Partners, Ltd. Alfred Lee Finley, in his capacity as the sole member and President of ALF Acquisitions Company, LLC, which is the general partner of ALF Operating Partners, Ltd., exercises sole voting and dispositive power over such shares. 1,039 shares are held by Alfred Lee Finley individually. 56,250 shares are held by Alfred Lee Finley and his spouse, Susan Finley, as joint tenants.

SCHEDULE 13D

CUSIP No.

58403P402

Name of reporting person

Finley Susan

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,560.00
8	Shared Voting Power 56,250.00
9	Sole Dispositive Power 1,560.00
10	Shared Dispositive Power 56,250.00

Aggregate amount beneficially owned by each reporting person

57,810.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

5.2 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

1,560 shares are held by Susan Finley individually. 56,250 shares are held by Susan Finley and her spouse, Alfred Lee Finley, as joint tenants.

SCHEDULE 13D

CUSIP No.

58403P402

Name of reporting person

ALF Operating Partners, Ltd.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 7,810.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 7,810.00
10	Shared Dispositive Power 0.00

Aggregate amount beneficially owned by each reporting person

7,810.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

0.7 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

Power is exercised by Alfred Lee Finley in his capacity as sole member and President of ALF Acquisitions Company, LLC, the general partner of ALF Operating Partners, Ltd.

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Stock, $.01 Par Value

(b)

Name of Issuer:

Medalist Diversified REIT, Inc.

(c)

Address of Issuer's Principal Executive Offices:

P.O. Box 8436, Richmond, VIRGINIA , 23226.

Item 1 Comment:

Pursuant to Rule 13d-2(a) of Regulation D-G of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended, the undersigned hereby amend their Schedule 13D Statement dated January 29, 2025, as amended by Amendment No. 1 dated March 17, 2025 (the "Schedule 13D"), relating to the Common Stock of the Issuer. Unless otherwise indicated, all defined terms used herein shall have the same meanings as those set forth in the Schedule 13D.

Item 5.

Interest in Securities of the Issuer

(a)

Lee Finley In his capacity as the sole member and President of ALF Acquisitions, general partner of ALF Operating, pursuant to his ownership of shares held by himself and his spouse, Susan Finley, as joint tenants, and pursuant to his individual ownership of shares, Lee Finley may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of an aggregate of 65,099 shares of the Common Stock, which constitutes approximately 5.9% of the outstanding shares of the Common Stock. Susan Finley Pursuant to her individual ownership of shares and her ownership of shares held by herself and her spouse, Lee Finley, as joint tenants, Susan Finley may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of an aggregate of 57,810 shares of the Common Stock, which constitutes approximately 5.2% of the outstanding shares of the Common Stock. ALF Operating The aggregate number of shares of the Common Stock that ALF Operating owns beneficially, pursuant to Rule 13d-3 of the Act, is 7,810, which constitutes approximately 0.7% of the outstanding shares of the Common Stock. ALF Acquisitions Because of its position as the general partner of ALF Operating, ALF Acquisitions may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 7,810 shares of the Common Stock, which constitutes approximately 0.7% of the outstanding shares of the Common Stock. To the best of the knowledge of the Reporting Persons, other than as set forth above, none of the persons named in Item 2 herein is the beneficial owner of any shares of the Common Stock.

(b)

Lee Finley Pursuant to his individual ownership of shares and in his capacity as the sole member and President of ALF Acquisitions, the general partner of ALF Operating, Lee Finley has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 8,849 shares of the Common Stock. In addition, pursuant to his ownership of shares held as joint tenants by himself and his spouse, Susan Finley, Lee Finley has the shared power to vote or to direct the vote and to dispose or to direct the disposition of 56,250 shares of the Common Stock. Susan Finley Pursuant to her individual ownership of shares, Susan Finley has the sole power to vote or direct the vote and to dispose or direct the disposition of 1,560 shares of the Common Stock. In addition, pursuant to her ownership of shares held as joint tenants by herself and her spouse, Lee Finley, Susan Finley has the shared power to vote or to direct the vote and to dispose or to direct the disposition of 56,250 shares of the Common Stock. ALF Operating Acting through its general partner, ALF Acquisitions, the sole member and President of which is Lee Finley, ALF Operating has the sole power to vote or to direct the vote and to dispose or to direct the disposition of 7,810 shares of the Common Stock. ALF Acquisitions In its capacity as the general partner of ALF Operating, ALF Acquisitions, acting through its sole member and President, Lee Finley, has the sole power to vote or to direct the vote and to dispose or to direct the disposition of an aggregate of 7,810 shares of the Common Stock owned by ALF Operating.

(c)

During the last 60 days, Lee Finley and Susan Finley sold shares of Common Stock owned by them as joint tenants in private transactions as follows: Date Number of Shares Sold Price Per Share December 10, 2025 40,000 $15.00 December 10, 2025 60,000 $15.00 Except as set forth in this paragraph (c), to the best knowledge of the Reporting Persons, none of the Item 2 Persons have effected any transactions in the shares of the Common Stock during the past 60 days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Finley Alfred Lee

Signature:	Alfred Lee Finley
Name/Title:	Individual
Date:	12/12/2025

Finley Susan

Signature:	Susan Finley
Name/Title:	Individual
Date:	12/12/2025

ALF Operating Partners, Ltd.

Signature:	Alfred Lee Finley
Name/Title:	Alfred Lee Finley, President of ALF Acquisitions Company, LLC, General Partner
Date:	12/12/2025

Amendment: SEC Form SCHEDULE 13D/A filed by Medalist Diversified REIT Inc.