A group of reporting persons led by Alexander Kachmar and Bradley & Daytona Railway and Land Co. LLC filed Amendment No. 10 to their Schedule 13D on November 12, 2026, disclosing updated positions and a demand letter sent to Power REIT regarding potential issuance of additional Series A Preferred Stock.

Key Highlights

  • Aggregate group position: The reporting persons collectively may be deemed to beneficially own 40,805 shares of Power REIT's Series A Cumulative Redeemable Perpetual Preferred Stock, representing approximately 12.1% of the 336,944 shares outstanding as of September 30, 2026.
  • Individual holdings: Bradley & Daytona Railway and Land Co. LLC holds 17,566 shares (5.2% of class); Alexander Kachmar holds 11,836 shares (3.5%); David Cacciapaglia holds 11,403 shares (3.4%); D & C Cacciapaglia Living Trust holds 10,403 shares (3.1%); David Cacciapaglia Family Trust holds 1,000 shares (0.3%).
  • Conversion concern: According to the filing, Power REIT's preliminary proxy proposes converting Series A Preferred Stock into common shares at a ratio of 0.50, implying a conversion value of $3.34 per share based on the November 11, 2026, common stock closing price of $6.68, compared to a liquidation preference plus accrued dividends of $32.75 per share as of September 30, 2026.
  • Demand letter: On November 12, 2026, the reporting persons delivered a letter to Power REIT's Corporate Secretary and Board of Trustees demanding that no additional shares of Series A Preferred Stock be issued.
  • Ongoing litigation: As previously disclosed, on October 28, 2026, the reporting persons commenced litigation in the Circuit Court for Baltimore County, Maryland, case number C-03-CV-26-005096, to compel Power REIT to call a special meeting of Series A holders to elect two additional trustees.

Reporting Persons Demand Halt to New Preferred Issuance Amid Conversion Dispute

The Schedule 13D Amendment No. 10, filed with the SEC on November 12, 2026, relates to Power REIT's Series A Cumulative Redeemable Perpetual Preferred Stock (CUSIP 73933H200). The five reporting persons - Bradley & Daytona Railway and Land Co. LLC (a Wyoming entity), Alexander Kachmar, D & C Cacciapaglia Living Trust, David Cacciapaglia Family Trust, and David Cacciapaglia - disclose positions across separate cover pages and note that their aggregate beneficial ownership figure of 40,805 shares applies "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," according to the filing.

The filing states that Power REIT's September 3, 2026, preliminary proxy seeks approval from preferred stockholders to convert Series A Preferred Stock into common shares at a conversion ratio of 0.50. The reporting persons calculate this implies a conversion value of $3.34 per share, against what the filing describes as a liquidation preference plus accrued but unpaid dividends of $32.75 per share as of September 30, 2026 ($25 liquidation preference plus $7.75 in accrued but unpaid dividends, as disclosed by the issuer in its Form 10-Q). The filing further notes the preliminary proxy disclosed the trust "may pursue the sale of additional shares of Series A Preferred Stock" to "obtain the votes necessary to approve the Preferred Stock Proposal."

The reporting persons state in the filing that they believe "issuing additional Series A shares to influence the outcome of the conversion vote or the Section 8(a) trustee election would be in violation of the Board's fiduciary duties." They indicate that if Power REIT proceeds with additional issuances, they will seek relief from the court, "including injunctive relief," and will pursue "all other available remedies." The reporting persons' nominees for trustee positions are Alexander Kachmar and David Cacciapaglia. The original Schedule 13D was first filed on February 25, 2026, and this is the tenth amendment.

What Was Disclosed

Five reporting persons filed Amendment No. 10 to their Schedule 13D on November 12, 2026, updating beneficial ownership of Power REIT Series A Preferred Stock, disclosing a demand letter opposing new share issuances, and noting ongoing litigation in Baltimore County, Maryland.