Bradley & Daytona Railway & Land Co. LLC has taken significant steps to assert its influence within Power REIT by filing an amendment to its Schedule 13D. The filing, made on October 28, 2026, reveals that Bradley & Daytona has initiated litigation against Power REIT in the Circuit Court for Baltimore County, Maryland. This legal action seeks to compel Power REIT to call a special meeting of holders of Series A Preferred Stock to elect two additional trustees. The move highlights ongoing governance concerns within Power REIT and the rights of its shareholders.

Bradley & Daytona Railway & Land Co. LLC, incorporated in Wyoming, is involved in the real estate sector. The company has been actively participating in the governance of Power REIT, which is classified under the Real Estate Investment Trusts SIC code. This recent filing is part of a series of amendments to their Schedule 13D, with the initial filing occurring on February 25, 2026. The recent filings indicate a growing concern over Power REIT's governance practices and the rights of preferred stockholders.

The filing outlines that Bradley & Daytona, along with its associates, holds approximately 12% of Power REIT's outstanding Series A Preferred Stock. Specifically, they have beneficial ownership of 40,487 shares, which gives them significant voting power in the upcoming trustee elections. The amendment states, "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 statement reflects the concerns raised by shareholders regarding the board's governance practices.

In addition to Bradley & Daytona, the filing also lists Alexander Kachmar and the Cacciapaglia family trusts among the reporting persons. Their collective ownership further strengthens the call for governance changes within Power REIT. The litigation initiated by Bradley & Daytona is seen as a necessary step to ensure that the rights of preferred stockholders are honored and that the board is held accountable for its actions.

The filing indicates that the reporting persons have made repeated demands for a special meeting since May 26, 2026, but their requests have not been met. This ongoing situation has raised alarms about the governance practices at Power REIT, prompting the involvement of Institutional Shareholder Services (ISS), which has recommended that shareholders withhold their votes for certain board members due to these concerns.

The implications of this filing are significant not only for Bradley & Daytona but also for Power REIT and its shareholders. The outcome of the litigation could set a precedent for how governance issues are handled within the real estate investment trust sector. It also highlights the importance of shareholder rights and the need for transparency and accountability from corporate boards.

As the situation unfolds, stakeholders will be watching closely to see how Power REIT responds to the litigation and whether it will take steps to address the concerns raised by its shareholders. The filing does not specify what actions Power REIT may take in response to this legal challenge, leaving the future of its governance structure uncertain.