A group of reporting persons filed Amendment No. 9 to Schedule 13D with the SEC on October 28, 2026, disclosing that they commenced litigation against Power REIT in the Circuit Court for Baltimore County, Maryland, to compel the company to hold a special meeting of Series A Preferred Stock holders.

Key Highlights

  • Litigation commenced: On October 28, 2026, the reporting persons filed suit in the Circuit Court for Baltimore County, Maryland, to compel Power REIT to call, notice, and hold a special meeting of Series A Preferred Stock holders to elect two additional trustees under Section 8(a) of the Articles Supplementary.
  • Nominees named: The reporting persons' nominees for the two additional trustee seats are Alexander Kachmar and David Cacciapaglia, according to the filing.
  • Aggregate ownership: The reporting persons collectively may be deemed to beneficially own 40,487 shares of Series A Preferred Stock, representing approximately 12.0% of the outstanding shares, based on 336,944 shares outstanding as of June 30, 2026.
  • Initial demand dated May 26, 2026: The reporting persons delivered their initial written demand on May 26, 2026, and reiterated it on October 16, 2026, as holders of record of more than 10% of the Series A Preferred Stock.
  • ISS recommendation cited: The filing references Institutional Shareholder Services (ISS) as having recommended that shareholders withhold votes for four named Power REIT board members, citing governance concerns.
  • Security covered: The filing covers Series A Cumulative Redeemable Perpetual Preferred Stock with a liquidation preference of $25 per share (CUSIP 73933H200).

Reporting Persons Sue Power REIT Over Preferred Stockholder Meeting Rights

According to the filing, five reporting persons - Bradley and Daytona Railway and Land Co. LLC, Alexander Kachmar, D and C Cacciapaglia Living Trust (U/A DTD 02/01/2013), David Cacciapaglia Family Trust (U/A DTD 11/25/2020), and David Cacciapaglia - jointly filed this Amendment No. 9, which amends a Schedule 13D originally filed on February 25, 2026. The amendment updates Items 4, 5, and 7 to reflect the new litigation and current ownership positions in the Series A Preferred Stock of Power REIT, whose principal executive offices are located at 301 Winding Road, Old Bethpage, New York 11804.

The filing states that the reporting persons commenced litigation on October 28, 2026, in the Circuit Court for Baltimore County, Maryland, asserting that the Trust has failed to set a record date or meeting date for the exercise of Series A Preferred Stockholders' election rights under Section 8(a) of the Articles Supplementary. The reporting persons characterize this failure as raising "serious questions concerning the Board's discharge of its responsibilities under the Trust's governing documents." The filing also states that ISS recommended shareholders withhold votes for David H. Lesser, Dionisio D'Aguilar, Patrick R. Haynes III, and William S. Susman, citing continued governance concerns.

On an individual basis, Bradley and Daytona Railway and Land Co. LLC reports sole voting and dispositive power over 17,566 shares (5.2% of the class), while Alexander Kachmar reports sole voting and dispositive power over 11,518 shares (3.4%). David Cacciapaglia reports sole voting and dispositive power over 11,403 shares (3.4%), held indirectly through the two Cacciapaglia trusts. The filing also notes that Bradley and Daytona and Kachmar beneficially own 7,298 shares of the issuer's common stock, and the D and C Cacciapaglia Living Trust beneficially owns 8,000 shares of common stock, though those common shares are described as "a separate security and not the subject of this filing."

What Was Disclosed

The reporting persons disclosed the commencement of litigation against Power REIT to compel a special preferred stockholder meeting, updated their beneficial ownership positions in the Series A Preferred Stock, and named Alexander Kachmar and David Cacciapaglia as their trustee nominees.