Francis P. Kavanaugh

Frank Kavanaugh brings more than three decades of senior executive leadership and business restructuring experience across technology, manufacturing, defense, and real estate. Over the course of his career, he has played a principal leadership role in the successful turnaround or restructuring of more than 20 companies in both the public and private markets. His work is characterized by disciplined execution, capital alignment, and a consistent focus on restoring operational performance and long-term value creation.

Kavanaugh is widely regarded for his ability to step into complex, underperforming situations, identify the core drivers of value, and implement practical, results-oriented strategies. His leadership style emphasizes accountability, clarity of incentives, and thoughtful capital deployment—qualities that have repeatedly helped organizations move from instability to sustainable growth.

Notable Entrepreneurial and Turnaround Successes

Throughout his career, Kavanaugh has founded, scaled, and restructured multiple operating companies, including several that achieved Inc. 500 recognition. One of his most notable achievements occurred at Force Protection, Inc., where he helped guide the transformation of a struggling niche manufacturer into a leading defense supplier during a period of urgent national demand.

Following the September 11 attacks, Kavanaugh played a key role in repositioning the company from a failing speedboat business into a manufacturer of Mine-Resistant Ambush Protected (MRAP) vehicles designed to enhance troop safety in active combat environments. Under this leadership period, Force Protection scaled from under $1 million in revenue to more than $1.3 billion in cumulative sales within six years, ultimately exceeding a $1 billion valuation. The turnaround generated substantial shareholder value while contributing meaningfully to the protection of U.S. service members deployed overseas.

Beyond Force Protection, Kavanaugh has led and advised numerous technology and industrial ventures. Early in his career, he co-founded QuickStart Computer Training, later serving in executive roles at Hewlett-Packard and Microsoft. He went on to lead software and systems businesses such as Planning Systems (later licensed to Microsoft) and NewGen Systems (subsequently sold to a public company). Across these ventures, he developed a reputation for applying systems-based thinking to improve scalability, margins, and operational discipline.

In 2004, Kavanaugh co-founded Fort Ashford Funds, LLC, a private investment firm focused on real estate and operating company investments. Through Fort Ashford and related initiatives, he further refined his expertise in capital structuring, asset management, and long-term value creation across multiple economic cycles.

Leadership with Broad Investor Appeal

Frank Kavanaugh’s experience spans startups, public companies, and asset-based businesses, giving him a uniquely balanced perspective that resonates with both institutional and individual investors. He combines entrepreneurial decisiveness with public-company governance discipline, emphasizing transparency, capital preservation, and alignment of interests.

A defining characteristic of Kavanaugh’s leadership is his consistent practice of investing alongside shareholders. In his current role, he has committed substantial personal capital to Medalist Diversified REIT, reinforcing alignment with investors and demonstrating confidence in the long-term strategy. This approach reflects a core principle that has guided his career: leadership credibility is strengthened when decision-makers share directly in outcomes.

His contributions have been formally recognized over time, including his induction into the UC Irvine Engineering and Information & Computer Sciences Hall of Fame. He is also active in mentoring entrepreneurs and supporting educational and community-focused initiatives, further reflecting a leadership profile grounded in both performance and stewardship.

Transforming Medalist Diversified REIT

Since becoming President and Chief Executive Officer of Medalist Diversified REIT in 2023, Frank Kavanaugh has applied the same disciplined turnaround framework that defined his earlier successes. Upon assuming leadership, Medalist faced operational inefficiencies, elevated costs, and balance-sheet constraints. Kavanaugh moved quickly to stabilize the platform and establish a clear path forward.

Key initiatives included the internalization of management to reduce expenses, the sale of non-core assets to strengthen liquidity and reduce leverage, and a renewed focus on operational execution. These actions supported the reinstatement of the company’s common stock dividend and marked a return to positive funds from operations—an important inflection point signaling restored cash-flow stability.

Operational performance improved meaningfully under this framework, with higher occupancy, growing net operating income, and tighter cost controls. Collectively, these changes reflected a decisive shift from recovery to sustainability and positioned Medalist for disciplined growth.

A Disciplined, Investor-Aligned DST Strategy

Equally important has been Kavanaugh’s role in repositioning Medalist as a thoughtful and disciplined sponsor of Delaware Statutory Trust (DST) investments. Under his leadership, Medalist has moved beyond a transactional mindset toward a long-term, investor-aligned capital platform.

Recognizing that many real estate owners and exchangers seek predictable income, tax efficiency, and simplicity without sacrificing future flexibility, Kavanaugh structured Medalist’s DST offerings around institutional-grade, single-tenant, net-lease assets backed by creditworthy tenants. These structures are designed to deliver stable cash flow today while preserving optionality over time.

DSTs at Medalist are not viewed as isolated products, but as foundational components within a broader, permanent-capital philosophy. The focus remains on durable assets, conservative underwriting, and repeatable outcomes, principles intended to support investors across multiple stages of their wealth journey.

Inspiring Confidence for Investors

Frank Kavanaugh’s career reflects a consistent ability to identify opportunity, restore performance, and build enduring value across industries and market cycles. From scaling operating companies to leading complex restructurings and revitalizing a public REIT, his results demonstrate disciplined execution rather than reliance on market momentum.

For investors evaluating Medalist’s DST offerings or long-term REIT strategy, Kavanaugh’s leadership provides a strong measure of confidence. His approach emphasizes alignment, prudence, and clarity, creating structures where investors can participate with confidence, understanding, and conviction in the long-term direction of the platform.

Under his stewardship, Medalist Diversified REIT reflects the same core philosophy that has defined Kavanaugh’s career: build durable platforms, align interests, and focus on long-term value rather than short-term transactions.