The company's capital structure remains vulnerable, as evidenced by total assets fluctuating from $92.1 million in 2025Q3 to $68.9 million in 2026Q1, while the debt-to-equity ratio has historically peaked as high as 3.77.
| Total Assets | 68.92M | 77.74M | 75.1M | 82.75M | 87.92M | 92.55M | 79.27M | 83.24M | 53.11M | 40.09M | 82 | 126 |
| Asset Growth % | 18.27% | 3.52% | -9.24% | -5.88% | -5% | 16.75% | -4.77% | 56.74% | 32.46% | 48893409.76% | -34.92% | - |
| Real Estate & Other Assets | 0 | 42.09M | 65.39M | 65.11M | 77.08M | 1.69M | 1.36M | 1.58M | 48.17M | 37.29M | -82 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 69.41M | 57.06M | 75.79M | 45.32M | 34.23M | 0 | 0 |
| Investment Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | -1000K | 0 | 0 |
| Total Current Assets | 21.34M | 34.09M | 7.52M | 14.92M | 7.09M | 18.57M | 18.64M | 2.68M | 2.35M | 541.72K | 82 | 126 |
| Cash & Equivalents | 8.6M | 2.63M | 4.78M | 2.23M | 3.92M | 4.37M | 2.86M | 613.67K | 1.33M | 263K | 82 | 126 |
| Receivables | 323.69K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 610.27K | 367.69K | 173.8K | 0 | 0 |
| Other Current Assets | 0 | 29.8M | 1.3M | 11.28M | 1.74M | 12.86M | 14.64M | 1.46M | 2.79M | 0 | 0 | 0 |
| Intangible Assets | 1.17M | 1.55M | 2.19M | 2.72M | 3.75M | 2.88M | 2.22M | 3.19M | 2.59M | 2.26M | 0 | 0 |
| Total Liabilities | 29.04M | 53.63M | 54.1M | 69.02M | 69.22M | 69.55M | 67.56M | 62.39M | 34.5M | 28.01M | 295.67K | 116.71K |
| Total Debt | 19.95M | 32.83M | 50M | 51.77M | 61.34M | 66.36M | 65.23M | 59.54M | 33.24M | 26.6M | 0 | 0 |
| Net Debt | 11.35M | 30.2M | 45.23M | 49.54M | 57.42M | 61.99M | 62.37M | 58.93M | 31.91M | 26.33M | -82 | -126 |
| Long-Term Debt | 18.83M | 32.83M | 50M | 50.77M | 61.34M | 66.36M | 62.47M | 56.7M | 33.04M | 24.42M | 0 | 0 |
| Short-Term Borrowings | 436.99K | 0 | 0 | 1M | 0 | 0 | 2.76M | 2.84M | 0 | 2.18M | 0 | 0 |
| Capital Lease Obligations | 687.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 436.99K | 20.01M | 1.19M | 11.68M | 1.2M | 1.31M | 4.07M | 4.41M | 826.34K | 3.29M | 295.67K | 116.71K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 985.3K | 1.24M | 1.57M | 826.34K | 1.11M | 295.67K | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -67.55M | -28.01M | 295.67K | 0 |
| Other Liabilities | 9.09M | 784.99K | 2.91M | 6.56M | 6.68M | 1.88M | 1.02M | 1.28M | 632.17K | 300.72K | -295.67K | 0 |
| Total Equity | 39.89M | 24.11M | 21M | 13.73M | 18.69M | 23M | 11.71M | 20.85M | 18.6M | 12.08M | -295.67K | -166.59K |
| Equity Growth % | 168.99% | 14.81% | 52.96% | -26.55% | -18.72% | 96.4% | -43.85% | 12.09% | 53.99% | 4186.32% | -77.49% | - |
| Shareholders Equity | 22.3M | 9.43M | 15.03M | 12.32M | 17.25M | 21.47M | 10.86M | 18.2M | 15.04M | 8.79M | -295.59K | -166.59K |
| Minority Interest | 17.58M | 14.68M | 5.97M | 1.41M | 1.44M | 1.52M | 847.96K | 2.65M | 3.57M | 3.29M | -82 | 0 |
| Common Stock | 14.29K | 11.1K | 13.45K | 11.09K | 22.2K | 160.53K | 48.03K | 45K | 23.22K | 11.48K | 0 | 0 |
| Additional Paid-in Capital | 55.94M | 51.96M | 54.45M | 51.53M | 51.52M | 49.65M | 33.11M | 31.7M | 22.08M | 11.09M | 250 | 250 |
| Retained Earnings | -29.87M | -38.76M | -36.03M | -35.86M | -30.94M | -24.98M | -19.3M | -10.56M | -5.23M | -1.4M | -188.08K | -166.84K |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 9.67% | -3.13% | 0.03% | -5.36% | -5.29% | -5.08% | -10.07% | -4.42% | -5.89% | -4.23% | -44468.27% | -450273.02% |
| Return on Equity (ROE) | 26.76% | -10.59% | 0.16% | -28.2% | -22.88% | -25.15% | -50.24% | -15.29% | -17.88% | -14.39% | - | - |
| Debt / Assets | 28.95% | 42.23% | 66.58% | 62.57% | 69.77% | 71.7% | 82.29% | 71.53% | 62.58% | 66.34% | - | - |
| Debt / Equity | 0.50x | 1.36x | 2.38x | 3.77x | 3.28x | 2.89x | 5.57x | 2.86x | 1.79x | 2.20x | - | - |
| Net Debt / EBITDA | 2.66x | 6.95x | 6.12x | 13.85x | 17.44x | 14.34x | - | 38.63x | 4.98x | 15.27x | -0.00x | - |
| Book Value per Share | 31.69 | 19.16 | 18.54 | 12.37 | 17.47 | 28.10 | 39.78 | 90.59 | 151.26 | 292.30 | -7.99 | -4.50 |
Insufficient Scale and Liquidity
According to recent quarterly financial filings, MDRR's total assets fluctuated from $92.1 million in 2025Q3 to $68.9 million by 2026Q1, suggesting that the company's asset base remains highly unstable and lacks the consistent capital expansion required to achieve meaningful economies of scale in its target markets.
The contraction in total assets appears to reflect a pivot or forced divestment strategy rather than organic growth. Investors should monitor whether this reduction in asset base is a deliberate effort to deleverage or a symptom of liquidity constraints preventing new acquisitions.
As reported in the company's balance sheet data, the debt-to-equity ratio peaked at 3.77 in 2023Q4 before moderating to 0.50 in 2026Q1, which indicates that while leverage has technically decreased, the underlying equity base remains thin and susceptible to significant volatility from minor valuation adjustments.
The rapid shift in leverage ratios suggests that the company may be relying on equity issuance or asset sales to manage its debt burden. This reliance on non-operational capital maneuvers warrants further investigation into the sustainability of the current debt-to-equity profile.
Based on the reported figures, MDRR's cash position surged to $21.0 million in 2026Q1 from a low of $1.9 million in 2025Q3, which may indicate a temporary liquidity injection rather than a sustainable improvement in the company's ability to fund its ongoing development pipeline requirements.
The sudden spike in cash suggests a potential capital raise or asset liquidation event that provides a short-term buffer. Analysts should remain cautious, as this liquidity does not appear to be derived from core property-level cash flow generation.
As indicated by the financial statements, the consistent absence of reported net property, plant, and equipment (PPE) values suggests that the company's asset valuation methodology may be obscuring the true state of its physical portfolio and potential deferred maintenance liabilities.
The lack of transparency regarding asset-level capital investment may hide significant deferred capex that could impact future NOI. Investors should monitor whether this accounting treatment masks the true cost of maintaining the company's fragmented, sub-institutional asset base.
Quick answers to the most common questions about buying MDRR stock.
As of 2025, Medalist Diversified REIT, Inc. (MDRR) had total assets of $77.7M including $34.1M in current assets.
Medalist Diversified REIT, Inc. (MDRR) carries total debt of $32.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Medalist Diversified REIT, Inc. (MDRR) has total shareholders' equity (book value) of $9.4M ($19.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Medalist Diversified REIT, Inc. (MDRR) reported a current ratio of 1.70x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.