Power REIT (NYSE: PW) preferred holders seek election of two trustees

Rhea-AI Filing Summary

Power REIT investors led by Bradley & Daytona Railway and Land Co. LLC and Alexander Kachmar filed Amendment No. 5 to their Schedule 13D for the Series A preferred stock. They may be deemed to beneficially own 38,717 Series A preferred shares, about 11.5% of the class based on 336,944 shares outstanding as of March 31, 2026.

The group reports shared voting power over these shares on limited matters tied to the Series A Articles Supplementary, while each holder keeps sole dispositive power over its own holdings. Exhibits include detailed recent trading activity and a second notification asking the board to initiate a preferred stockholder election of two trustees.

Insights

Governance and activism analyst

Holders with 11.5% of Power REIT preferred are coordinating on governance rights.

A group of investors in Power REIT Series A preferred stock reports aggregate beneficial ownership of 38,717 shares, or about 11.5% of the class based on 336,944 shares outstanding as of March 31, 2026. Voting coordination is limited to specific issues under the Series A Articles Supplementary.

The filing notes that each reporting person retains sole dispositive power, meaning they decide individually whether to sell their own shares. However, the exhibits include a second notification asking the board to start a preferred stockholder election of two trustees, signaling an organized effort to use the class’s protective rights.

Future governance dynamics around the Series A preferred will depend on how the board responds to the requested trustee election and any subsequent disclosures in company filings about preferred stockholder voting outcomes.

Key Figures

Aggregate Series A preferred owned: 38,717 shares Ownership percentage of Series A: 11.5% Series A shares outstanding: 336,944 shares +5 more

8 metrics

Aggregate Series A preferred owned 38,717 shares Beneficially owned by reporting persons for voting-rights purposes

Ownership percentage of Series A 11.5% Portion of outstanding Series A preferred represented by 38,717 shares

Series A shares outstanding 336,944 shares Outstanding as of March 31, 2026 for Series A preferred

Bradley & Daytona and Kachmar holdings 25,406 shares Series A preferred directly beneficially owned by Bradley & Daytona and Alexander Kachmar together

Cacciapaglia trusts holdings 13,311 shares Series A preferred beneficially owned by D & C Cacciapaglia and David Cacciapaglia Family Trusts together

Bradley & Daytona individual ownership 15,508 shares Aggregate amount beneficially owned by Bradley & Daytona Railway and Land Co. LLC

Kachmar individual ownership 9,898 shares Aggregate amount beneficially owned by Alexander Kachmar

Cacciapaglia individual ownership 13,311 shares Aggregate amount beneficially owned by David Cacciapaglia personally

Key Terms

Series A Cumulative Redeemable Perpetual Preferred Stock, beneficially own, Articles Supplementary, Schedule 13D, +2 more

6 terms

Series A Cumulative Redeemable Perpetual Preferred Stock financial

"Title of Class of Securities: Series A Cumulative Redeemable Perpetual Preferred Stock Liquidation Preference $25 per Share"

beneficially own financial

"the Reporting Persons may be deemed to beneficially own an aggregate of 38,717 shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Articles Supplementary regulatory

"matters arising under Section 8 of the Articles Supplementary"

Additional provisions added to a company’s formal rulebook that change or expand how the company is governed, how shares behave, or how decisions are made. Think of them as extra house rules that can alter voting power, dividend rights, or how shares are issued and transferred; investors care because these changes can affect ownership control, potential returns, and the value or liquidity of their holdings.

Schedule 13D regulatory

"originally filed with the U.S. Securities and Exchange Commission on February 25, 2026"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Joint Filing Agreement regulatory

"Exhibit 99.B - Joint Filing Agreement"

Preferred Stockholder Election financial

"Second Notification by Reporting Persons to the Board of Trustees to Initiate a Preferred Stockholder Election of Two Trustees"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 06/15/2026 - 04:53 PM Accepted by SEC EDGAR 06/15/2026 - 04:53 PM Learn about SEC filing dates

FAQ

What stake in Power REIT (PW) preferred stock do the reporting holders disclose?

They report beneficial ownership of 38,717 Series A preferred shares, representing about 11.5% of that class. This percentage is based on 336,944 Series A preferred shares outstanding as of March 31, 2026, as disclosed in Power REIT’s Form 10-Q.

Which Power REIT (PW) security is covered by this Schedule 13D/A amendment?

The filing covers Power REIT’s Series A Cumulative Redeemable Perpetual Preferred Stock with a liquidation preference of $25 per share. It focuses on ownership, voting rights, and related governance matters for this specific preferred stock class, not the common equity.

How much Series A preferred stock do Bradley & Daytona and Alexander Kachmar hold in Power REIT (PW)?

Bradley & Daytona Railway and Land Co. LLC and Alexander Kachmar together directly beneficially own 25,406 Series A preferred shares. Their holdings form a significant portion of the 38,717 shares that the reporting group may be deemed to beneficially own in aggregate.

What is the role of the Cacciapaglia trusts in Power REIT (PW) preferred ownership?

The D & C Cacciapaglia Living Trust and the David Cacciapaglia Family Trust beneficially own 13,311 Series A preferred shares in total. David Cacciapaglia is reported as indirectly beneficially owning these 13,311 shares through the two named trusts taken together.

What governance action do the reporting persons request from Power REIT (PW)?

One exhibit is a “Second Notification” asking the board of trustees to initiate a preferred stockholder election of two trustees. This reflects an effort by the Series A preferred holders to exercise class-based governance rights tied to their preferred stock position.

How is voting and dispositive power structured for these Power REIT (PW) preferred holders?

The group may be deemed to share voting power over 38,717 Series A preferred shares for limited matters described in prior amendments. Each reporting person, however, retains sole dispositive power over the specific shares that person or entity beneficially owns.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Power REIT

(Name of Issuer)

Series A Cumulative Redeemable Perpetual Preferred Stock Liquidation Preference $25 per Share

(Title of Class of Securities)

73933H200

(CUSIP Number)

Alexander Kachmar
Bradley & Daytona Railway and Land Co., LLC, 5753 Highway, 65 N PNM 5974
Crestview, FL, 32536
973-979-1329

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

06/15/2026

(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.

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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 73933H200

1

Name of reporting person

Bradley & Daytona Railway and Land Co. LLC

2

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

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

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

6

Citizenship or place of organization

WYOMING

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 15,508.00
8	Shared Voting Power 38,717.00
9	Sole Dispositive Power 15,508.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

15,508.00

12

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

13

Percent of class represented by amount in Row (11)

4.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 73933H200

1

Name of reporting person

Alexander Kachmar

2

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

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

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

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 9,898.00
8	Shared Voting Power 38,717.00
9	Sole Dispositive Power 9,898.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

9,898.00

12

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

13

Percent of class represented by amount in Row (11)

2.9 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 73933H200

1

Name of reporting person

D & C Cacciapaglia Living Trust, U/A DTD 02/01/2013

2

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

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

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

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 9,439.00
8	Shared Voting Power 38,717.00
9	Sole Dispositive Power 9,439.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

9,439.00

12

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

13

Percent of class represented by amount in Row (11)

2.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 73933H200

1

Name of reporting person

David Cacciapaglia Family Trust, U/A DTD 11/25/2020

2

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

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

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

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,872.00
8	Shared Voting Power 38,717.00
9	Sole Dispositive Power 3,872.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,872.00

12

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

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 73933H200

1

Name of reporting person

David Cacciapaglia

2

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

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

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

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 13,311.00
8	Shared Voting Power 38,717.00
9	Sole Dispositive Power 13,311.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

13,311.00

12

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

13

Percent of class represented by amount in Row (11)

4.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Series A Cumulative Redeemable Perpetual Preferred Stock Liquidation Preference $25 per Share
(b)	Name of Issuer: Power REIT
(c)	Address of Issuer's Principal Executive Offices: 301 WINDING ROAD, 301 WINDING ROAD, OLD BETHPAGE, NEW YORK , 11804.
Item 1 Comment: This Amendment No. 5 to Schedule 13D ("Amendment No. 5") amends and supplements the Schedule 13D originally filed with the U.S. Securities and Exchange Commission (the "SEC") on February 25, 2026 (as amended and supplemented, the "Schedule 13D"), and amends and supplements Amendment No. 1 filed on April 24, 2026, Amendment No. 2 filed on April 24, 2026, Amendment No. 3 filed on May 15, 2026, and Amendment No. 4 filed on May 26, 2026. Unless otherwise indicated, all capitalized terms used but not defined herein shall have the meanings ascribed to them in the Schedule 13D. This Amendment No. 5 is being filed to make amendments to Item 5 and Item 7 of the Schedule 13D as follows:
Item 5.	Interest in Securities of the Issuer
(a)	Relating solely to the exercise of voting rights with respect to the Series A Preferred Stock and matters arising under Section 8 of the Articles Supplementary, the Reporting Persons may be deemed to beneficially own an aggregate of 38,717 shares of the Issuer's Series A Preferred Stock, representing approximately 11.5% of the Issuer's outstanding Series A Preferred Stock, which percentage is calculated based upon 336,944 shares of Series A Preferred Stock outstanding as of March 31, 2026, as disclosed by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 15, 2026. Bradley & Daytona and Alexander Kachmar directly beneficially own 25,406 shares of Series A Preferred Stock. D & C Cacciapaglia Living Trust, U/A DTD 02/01/2013 and David Cacciapaglia Family Trust, U/A DTD 11/25/2020 beneficially owns 13,311 shares of Series A Preferred Stock; David Cacciapaglia indirectly beneficially owns said 13,311 shares of Series A Preferred Stock through the above named trusts together.
(b)	The Reporting Persons may be deemed to share voting power with respect to the aggregate 38,717 shares of Series A Preferred Stock solely with respect to matters previously described in Item 4 of Amendment 4 filed on May 26, 2026. Each Reporting Person retains sole dispositive power over the shares beneficially owned by such Reporting Person.
(c)	The transactions in the Series A Preferred Stock by Bradley & Daytona and Alexander Kachmar since Amendment No. 4 was filed on May 26, 2026, are included in Exhibit 99.A.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.A - Transactions in the Issuer's Securities by the Reporting Persons Exhibit 99.B - Joint Filing Agreement Exhibit 99.C - Second Notification by Reporting Persons to the Board of Trustees to Initiate a Preferred Stockholder Election of Two Trustees to the Board

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.

Bradley & Daytona Railway and Land Co. LLC

Signature:	/s/ Alex Kachmar
Name/Title:	Managing Member of Bradley & Daytona Railway and Land Co. LLC
Date:	06/15/2026

Alexander Kachmar

Signature:	/s/ Alexander Kachmar
Name/Title:	Alexander Kachmar
Date:	06/15/2026

D & C Cacciapaglia Living Trust, U/A DTD 02/01/2013

Signature:	/s/ David Cacciapaglia
Name/Title:	Trustee
Date:	06/15/2026

David Cacciapaglia Family Trust, U/A DTD 11/25/2020

Signature:	/s/ David Cacciapaglia
Name/Title:	Trustee
Date:	06/15/2026

David Cacciapaglia

Signature:	/s/ David Cacciapaglia
Name/Title:	David Cacciapaglia
Date:	06/15/2026