New 5.01% Power REIT (PW) preferred holder signals potential activism

Rhea-AI Filing Summary

Bradley & Daytona Railway and Land Co. LLC, managed by Alexander Kachmar, has disclosed a new 5.01% beneficial ownership stake in Power REIT's Series A Cumulative Redeemable Perpetual Preferred Stock. They hold 16,884 shares, based on 336,944 preferred shares outstanding as of September 30, 2025.

The investors state they bought the preferred shares because they viewed them as undervalued and an attractive opportunity. They may engage with Power REIT’s management and Board on ways to enhance shareholder value, including potential asset sales, balance sheet recapitalizations, governance changes, board or management additions, and other strategic alternatives.

The filing notes they have sole voting and dispositive power over their shares and may increase or decrease their position in either the preferred or common stock over time, depending on Power REIT’s performance, governance and market conditions.

Insights

Activist & REIT governance analyst

New 5.01% preferred holder signals potential activist engagement at Power REIT.

Bradley & Daytona Railway and Land Co. LLC has accumulated 16,884 shares, or 5.01%, of Power REIT's Series A preferred, using a base of 336,944 shares outstanding as of September 30, 2025. They state the preferred appeared undervalued when purchased.

The investors explicitly reserve the right to discuss multiple strategic paths with management and the Board, including asset sales, recapitalizations via new securities, governance changes, and board or management appointments. This language is typical of an activist-style posture, even though no specific plan or proposal is committed.

They indicate they may buy more preferred or common stock, or sell some or all of their holdings, depending on governance, financial position, strategic direction and market conditions. Subsequent company filings may clarify whether any of the contemplated strategic alternatives advance beyond exploratory discussions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

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. L, 5753 Highway, 85 N PMB 5974
Crestview, FL, 32536
973-979-1329

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

02/25/2026

(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).

SCHEDULE 13D

CUSIP No. 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 16,884.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 16,884.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

16,884.00

12

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

13

Percent of class represented by amount in Row (11)

5.01 %

14

Type of Reporting Person (See Instructions)

OO

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 2.	Identity and Background
(a)	i. Bradley & Daytona Railway and Land Co. LLC, a Wyoming limited liability company ("Bradley & Daytona); and ii. Alexander Kachmar, as the managing member of Bradley & Daytona.
(b)	The principal business address of the Reporting Persons is 5753 Highway 85N PMB 5974, Crestview, FL 32536
(c)	Bradley & Daytona is a private investment entity. Mr. Kachmar serves as the managing member of Bradley & Daytona.
(d)	During the last five years, neither of the Reporting Persons has been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, neither of the Reporting Persons has been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Mr. Kachmar is a citizen of the United States. Bradley & Daytona is organized under the laws of the state of Wyoming.
Item 3.	Source and Amount of Funds or Other Consideration
	See Exhibit 99a
Item 4.	Purpose of Transaction
	The Reporting Persons purchased the Series A Preferred Stock of the Issuer based on the Reporting Persons' belief that the Preferred Stock, when purchased, was undervalued and represented an attractive investment opportunity. The Reporting Persons beneficially own 5.01% of the outstanding Preferred Stock. The Reporting Persons may elect to engage in discussions with the Issuer, including the management or Board of Trustees of the Issuer (the "Board"), and its representatives concerning the enhancement of shareholder value, which may include, but not be limited to: (1) sale of all or some of the Issuer's assets (including, but not limited to, sales of the Issuer's assets to the Reporting Persons, affiliates of the Reporting Persons or other third parties); (2) improvements to the Issuer's balance sheets through strategies including but not limited to recapitalization (including through the issuance or issuances of new securities of the Issuer); (3) improvements to the Issuer's corporate governance practices; (4) proposing appointments of new members to the Issuer's Board or management team in connection with a repositioning of the Issuer's operations and business strategy; and/or (5) pursuit of other strategic alternatives. The Reporting Persons may desire to, and, if the Issuer agrees, enter into, confidentiality or similar agreements with the Issuer to facilitate such discussions. There can be no certainty as to whether discussions will occur, or, if they do, the outcome of such discussions. The Reporting Persons may determine to accelerate or terminate discussions with the Issuer concerning topics related to the enhancement of shareholder value or change the Reporting Persons' intentions with respect to any such matters, in each case, at any time and without prior notice. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and depending on various factors, including without limitation, the Issuer's governance, compliance with its responsibilities to its shareholders, its financial position and strategic direction, the outcome of any discussions referenced above, overall market conditions, other available investment opportunities, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable. The Reporting Persons may in the future take such actions with respect to their investment in the Issuer on terms and at such times as they deem appropriate. These actions may include, without limitation, acquiring additional shares of the Series A Preferred Stock, or of the common stock par value $0.001 per share of the Issuer ("Common Stock"), or disposing of some or all of his holdings of securities of the Issuer, including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. In addition, the Reporting Persons may, at any time and from time to time, (i) review or reconsider their position and/or change the purpose and/or formulate plans or proposals with respect thereto, and (ii) propose or consider one or more the actions described in subparagraphs (a)-(j) of Item 4 of Schedule 13D. 4.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons may be deemed to beneficially own 16,884 shares of the Issuer's Series A Preferred Stock, representing 5.01% of the Issuer's outstanding Series A Preferred Stock, which is calculated based on 336,944 shares of Series A Preferred Stock outstanding as of September 30, 2025, as disclosed by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on October 24, 2025.
(b)	The Reporting Persons has sole voting and dispositive power of 16,884 shares of Series A Preferred Stock. The Reporting Person does not share any voting or dispositive power with respect to his ownership of the Series A Preferred Stock.
(c)	The transactions in the Series A Preferred Stock by the Reporting Person during the past sixty days are set forth in Schedule A below and are incorporated herein by reference.
(d)	Not applicable.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not applicable.

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:	02/25/2026

FAQ

What stake did Bradley & Daytona disclose in Power REIT (PW) preferred stock?

Bradley & Daytona reported beneficial ownership of 16,884 shares of Power REIT’s Series A preferred, representing 5.01% of the class. This percentage is calculated using 336,944 preferred shares outstanding as of September 30, 2025, based on Power REIT’s Form 10-Q disclosure.

Which Power REIT (PW) security is covered by this Schedule 13D filing?

The filing concerns Power REIT’s Series A Cumulative Redeemable Perpetual Preferred Stock with a $25 per share liquidation preference. It does not directly cover the company’s common stock, although the reporting persons may later trade common shares as part of their investment strategy.

Why did Bradley & Daytona invest in Power REIT (PW) preferred shares?

Bradley & Daytona state they purchased Power REIT’s Series A preferred because they believed it was undervalued and an attractive investment opportunity at the time. Their disclosure frames the position as value-driven, while also leaving room for active engagement on strategic and governance matters.

What strategic actions might the new 5.01% holder seek at Power REIT (PW)?

The investors may discuss several options with Power REIT, including asset sales, balance sheet recapitalizations through new securities, corporate governance improvements, and changes to the Board or management. They also mention considering other strategic alternatives aimed at enhancing shareholder value.

Does Bradley & Daytona have control over its Power REIT (PW) preferred position?

Yes. The filing states the reporting persons have sole voting and dispositive power over 16,884 Series A preferred shares and no shared power. This means they alone decide how these shares are voted and when they might be sold or otherwise disposed of.

Can Bradley & Daytona change its Power REIT (PW) investment over time?

The investors indicate they may acquire additional preferred or common shares of Power REIT or dispose of some or all holdings. Their decisions will depend on governance, financial position, strategic direction, market conditions, and the availability of securities at desirable prices.