Medalist Diversified is a small Richmond, Virginia-based real estate company that owns a legacy portfolio of ten commercial properties — spanning retail centers, flex/industrial properties, and single-tenant net lease assets — while transitioning its core business to sponsoring Delaware Statutory Trusts (DSTs). A DST is a structure that allows multiple investors to co-own real estate through a trust, commonly used by investors seeking to defer capital gains taxes via 1031 exchanges. Under this new model, Medalist Diversified acquires net lease properties, contributes them to DST vehicles, and sells beneficial interests to private investors, earning fee income from sponsorship, structuring, and ongoing management rather than holding assets on its own balance sheet long-term. Growth in assets under management (AUM) is the primary driver of fee income. The company launched its first DST in 2025, holding a Tesla sales and service facility in Pensacola, Florida. Target properties are net lease assets with nationally recognized or investment-grade tenants in retail, medical, and single-tenant industrial sectors, with a geographic focus on the Southeast, Mountain States, and California. To support this shift, Medalist Diversified revoked its REIT election effective January 1, 2026, and plans to recycle capital from legacy property sales into new DST-eligible acquisitions. The company is internally managed through a staffing arrangement with Gunston Consulting and uses third-party property managers to keep overhead lean.