Power REIT: ~12% preferred votes may be shared on limited matters

The reported voting position represents approximately 12.0% of Power REIT’s Series A preferred class, based on 336,944 shares outstanding as of June 30, 2026.

Rhea-AI Filing Summary

For Power REIT, the reporting persons state that they may be deemed to beneficially own 40,487 Series A preferred shares, approximately 12.0% of the class, solely for voting rights and matters arising under Section 8 of the Articles Supplementary. The percentage is based on 336,944 shares outstanding as of June 30, 2026. Bradley & Daytona Railway and Land Co. LLC and its managing member, Alexander Kachmar, are reported to directly beneficially own 29,084 shares. The D & C Cacciapaglia Living Trust and David Cacciapaglia Family Trust are reported to beneficially own 11,403 shares collectively; David Cacciapaglia, a trustee, is reported to beneficially own those shares indirectly. Each reporting person retains sole dispositive power over the shares they beneficially own.

Key Figures

Series A preferred shares subject to reported voting power: 40,487 shares Reported ownership percentage: Approximately 12.0% Series A preferred shares outstanding: 336,944 shares +3 more

6 metrics

Series A preferred shares subject to reported voting power 40,487 shares May be deemed shared voting power for the specified voting matters

Reported ownership percentage Approximately 12.0% Series A preferred stock

Series A preferred shares outstanding 336,944 shares As of June 30, 2026

Direct beneficial ownership 29,084 shares Bradley & Daytona Railway and Land Co. LLC and Alexander Kachmar

Beneficial ownership through trusts 11,403 shares Reported for the two Cacciapaglia trusts and indirectly for David Cacciapaglia

Liquidation preference $25 per share Series A Cumulative Redeemable Perpetual Preferred Stock

Key Terms

beneficially own, shared voting power, sole dispositive power, Liquidation Preference

4 terms

beneficially own financial

"may be deemed to beneficially own an aggregate of 40,487 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.

shared voting power financial

"share voting power with respect to the aggregate 40,487 shares"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

sole dispositive power financial

"retains sole dispositive power over the shares beneficially owned"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Liquidation Preference financial

"Liquidation Preference $25 per Share"

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many PW Series A preferred shares are included in the reported voting position?

The reporting persons may be deemed to share voting power over 40,487 Series A preferred shares, approximately 12.0% of the class. This voting position relates solely to voting rights and matters arising under Section 8 of the Articles Supplementary, and the percentage is based on 336,944 shares outstanding as of June 30, 2026.

Does the PW amendment also report common stock holdings?

Yes. Bradley & Daytona Railway and Land Co. LLC and its managing member, Alexander Kachmar, are reported to beneficially own 7,298 common shares. The D & C Cacciapaglia Living Trust is reported to beneficially own 8,000 common shares; common stock is a separate security and is not the subject of the amendment.

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

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Available on EDGAR 10/28/2026 - 05:25 PM EDT Accepted by SEC EDGAR 10/28/2026 - 05:25 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

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 85 N Suite 5974
Crestview, FL, 32536
973-979-1329

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

10/28/2026

(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 17,566.00
8	Shared Voting Power 40,487.00
9	Sole Dispositive Power 17,566.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

17,566.00

12

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

13

Percent of class represented by amount in Row (11)

5.2 %

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 11,518.00
8	Shared Voting Power 40,487.00
9	Sole Dispositive Power 11,518.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

11,518.00

12

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

13

Percent of class represented by amount in Row (11)

3.4 %

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 10,403.00
8	Shared Voting Power 40,487.00
9	Sole Dispositive Power 10,403.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,403.00

12

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

13

Percent of class represented by amount in Row (11)

3.1 %

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 1,000.00
8	Shared Voting Power 40,487.00
9	Sole Dispositive Power 1,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,000.00

12

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

13

Percent of class represented by amount in Row (11)

0.3 %

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 11,403.00
8	Shared Voting Power 40,487.00
9	Sole Dispositive Power 11,403.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

11,403.00

12

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

13

Percent of class represented by amount in Row (11)

3.4 %

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, OLD BETHPAGE, NEW YORK , 11804.
Item 1 Comment: This Amendment No. 9 to Schedule 13D 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, Amendment No. 4 filed on May 26, 2026, Amendment No. 5 filed on June 15, 2026, Amendment No. 6 filed on June 26, 2026, Amendment No. 7 filed on August 27, 2026, and Amendment No. 8 filed on October 7, 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. 9 is being filed to make amendments to Item 4, Item 5, and Item 7 of the Schedule 13D as follows:
Item 4.	Purpose of Transaction
	On October 28, 2026, the Reporting Persons commenced litigation against the Issuer in the Circuit Court for Baltimore County, Maryland, to compel the Issuer to call, notice and hold a special meeting of holders of the Series A Preferred Stock to elect two additional trustees pursuant to Section 8(a) of the Articles Supplementary. The Reporting Persons' nominees are Alexander Kachmar and David Cacciapaglia. The Reporting Persons delivered their initial written demand on May 26, 2026, and reiterated their demand, as holders of record of more than 10% of the Series A Preferred Stock, on October 16, 2026. The Reporting Persons believe that the Trust's failure to set a record date or meeting date for the exercise of the Series A Preferred Stockholders' election rights under Section 8(a) raises serious questions concerning the Board's discharge of its responsibilities under the Trust's governing documents. This failure to honor the preferred stockholders' contractual governance rights is further indicative of the broader governance concerns surrounding Power REIT, which were reflected in Institutional Shareholder Services (ISS), the leading independent proxy advisory firm, recommending that shareholders WITHHOLD their votes for David H. Lesser, Dionisio D'Aguilar, Patrick R. Haynes III, and William S. Susman, citing continued concerns regarding the Board's governance practices. The Reporting Persons urge the independent trustees to exercise their independent judgment and take prompt action to ensure that the Trust honors the rights afforded to Series A Preferred Stockholders under the Articles Supplementary. Continued inaction is not a neutral posture.
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 40,487 shares of the Issuer's Series A Preferred Stock, representing approximately 12.0% 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 June 30, 2026, as disclosed by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 12, 2026. Bradley & Daytona and Alexander Kachmar directly beneficially own 29,084 shares of Series A Preferred Stock. Bradley & Daytona and Alexander Kachmar also beneficially own 7,298 shares of the Issuer's Common Stock, which is a separate security and not the subject of this filing. D & C Cacciapaglia Living Trust, U/A DTD 02/01/2013 and David Cacciapaglia Family Trust, U/A DTD 11/25/2020 beneficially owns 11,403 shares of Series A Preferred Stock; David Cacciapaglia indirectly beneficially owns said 11,403 shares of Series A Preferred Stock through the above named trusts together. D & C Cacciapaglia Living Trust, U/A DTD 02/01/2013 also beneficially owns 8,000 shares of the Issuer's Common Stock, which is a separate security and not the subject of this filing.
(b)	The Reporting Persons may be deemed to share voting power with respect to the aggregate 40,487 shares of Series A Preferred Stock solely with respect to matters previously described in Item 4 of Amendment No. 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. 8 was filed on October 7, 2026, are included in Exhibit 99.A.
(d)	Not applicable.
(e)	Not applicable.
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

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/ Alexander Kachmar
Name/Title:	Managing Member of Bradley & Daytona Railway and Land Co. LLC
Date:	10/28/2026

Alexander Kachmar

Signature:	/s/ Alexander Kachmar
Name/Title:	Alexander Kachmar
Date:	10/28/2026

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

Signature:	/s/ David Cacciapaglia
Name/Title:	David Cacciapaglia, Trustee
Date:	10/28/2026

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

Signature:	/s/ David Cacciapaglia
Name/Title:	David Cacciapaglia, Trustee
Date:	10/28/2026

David Cacciapaglia

Signature:	/s/ David Cacciapaglia
Name/Title:	David Cacciapaglia
Date:	10/28/2026