PW

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.50 to $7.00, inclusive.

The 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock Liquidation Preference $25.00 per Share ("Series A Preferred Stock") may be convertible into shares of the common stock of Power REIT ("Issuer") only upon the occurrence of certain material events outside the control of the reporting person, including a "Change of Control" and a "Delisting Event" (each as defined in the Series A Preferred Stock Articles Supplementary), provided that the Issuer has not earlier delivered notice of the Issuer's election to redeem such shares of Series A Preferred Stock.

If it becomes convertible as noted in footnote (1), one share of Series A Preferred Stock may be converted into a number of shares of common stock equal to the lesser of: (i) the quotient obtained by dividing the sum of $25 plus any accrued and unpaid dividends by (x) the cash consideration per share of common stock received in the Change of Control if cash is the sole consideration received or (y) the average of the closing price per share of common stock on the 10 consecutive trading days immediately preceding the effective date of the Change of Control (if any consideration other than cash is received by holders of common stock) or the effective date of the Delisting Event, as applicable; or (ii) 5. The trading symbol for the Series A Preferred Stock is PW.A.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transaction at prices ranging from $5.49 to $6.45, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnotes (3) and (4) of this Form 4.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.35 to $8.50, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth herein.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $7.70 to $7.75, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth herein.

The 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock Liquidation Preference $25 per Share ("Series A Preferred Stock") may be convertible into shares of the common stock of Power REIT (the "Issuer") only upon the occurrence of certain material events outside the control of the reporting person, including a "Change of Control" and a "Delisting Event" (each as defined in the Series A Preferred Stock Articles Supplementary), provided that the Issuer has not earlier delivered notice of the Issuer's election to redeem such shares of Series A Preferred Stock.

If it becomes convertible as noted in footnote (1), one share of Series A Preferred Stock may be converted into a number of shares of common stock equal to the lesser of: (i) the quotient obtained by dividing the sum of $25 plus any accrued and unpaid dividends by (x) the cash consideration per share of common stock received in the Change of Control if cash is the sole consideration received or (y) the average of the closing price per share of common stock on the 10 consecutive trading days immediately preceding the effective date of the Change of Control (if any consideration other than cash is received by holders of common stock) or the effective date of the Delisting Event, as applicable; or (ii) 5. The trading symbol for the Series A Preferred Stock is PW.A.

This amendment has been filed to include footnotes (1) and (2) explaining the conversion feature of the Series A Preferred Stock. The reporting person's Form 4 reports filed on 01/16/2026, 01/30/2026 and 02/04/2026 did not include footnotes (1) and (2).

The transaction represents the distribution of all shares to the owners of PW RO Holdings 2 LLC.

Hudson Bay Partner, LP, which is owned 100% by David H. Lesser received 24,261 shares from the full distribution of PW RO Holdings LLC (7,729 shares), PW RO Holdings 2 LLC (9,328 shares) and PW RO Holdings 3 LLC (7,204 shares).

The transaction represents the distribution of all shares to the owners of PW RO Holdings LLC.

On July 15, 2022, Mr. Susman was granted 600 shares of restricted common stock as compensation pursuant to the Power REIT 2020 Equity Incentive Plan which vests in equal 25% installments on each of 9/30/22, 12/31/22, 3/31/23 and 6/30/23.

On July 15, 2022 Mr. Wenger was granted an option to purchase 10,000 shares of common stock as compensation pursuant to Power REIT 2020 Equity Incentive Plan which vests monthly pro rata over 36 months starting on August 1, 2022.

On July 15, 2022, Ms. Hollander was granted an option to purchase 7,500 shares of common stock as compensation pursuant to the Power REIT 2020 Equity Incentive Plan which vests monthly pro rata over 36 months starting on August 1, 2022.

On July 15, 2022 Mr. Haynes was granted an option to purchase 10,000 shares of common stock as compensation pursuant to Power REIT 2020 Equity Incentive Plan which vests monthly pro rata over 36 months starting in August, 2022.

On July 15, 2022, Mr. Haynes was granted 600 shares of restricted common stock as compensation pursuant to the Power REIT 2020 Equity Incentive Plan which vests in equal 25% installments on each of 9/30/22, 12/31/22, 3/31/23 and 6/30/23.

On July 15, 2022, Mr. Lesser was granted an option to purchase 20,000 shares of restricted common stock as compensation pursuant to the Power REIT 2020 Equity Incentive Plan which vests monthly over 36 months.

On July 15, 2022, Mr. Wenger was granted 600 shares of restricted common stock as compensation pursuant to the Power REIT 2020 Equity Incentive Plan which vests in equal 25% installments on each of 9/30/22, 12/31/22, 3/31/23 and 6/30/23.

On July 15, 2022, Mr. D'Aguilar was granted 600 shares of restricted common stock as compensation pursuant to the Power REIT 2020 Equity Incentive Plan which vests in equal 25% installments on each of 9/30/22, 12/31/22, 3/31/23 and 6/30/23.

On July 15, 2022 Mr. Lesser was granted an option to purchase 150,000 shares of common stock as compensation pursuant to Power REIT 2020 Equity Incentive Plan which vests monthly pro rata over 36 months starting on August 1, 2022.

On July 15, 2022 Mr. Susman was granted an option to purchase 10,000 shares of common stock as compensation pursuant to Power REIT 2020 Equity Incentive Plan which vests monthly pro rata over 36 months starting on August 1, 2022.

On July 15, 2022 Mr. D'Aguilar was granted an option to purchase 10,000 shares of common stock as compensation pursuant to Power REIT 2020 Equity Incentive Plan which vests monthly pro rata over 36 months starting in August, 2022.

Represents issuance of shares related to the exercise of options net of contribution of options to cover the exercise price and tax withholding.

Represents issuance of shares related to the exercise of options net of contribution of options to cover the exercise price and tax withholding.

Represents issuance of shares related to the exercise of options net of contribution of options to cover the exercise price and tax withholding.

Represents issuance of shares related to the exercise of options net of contribution of options to cover the exercise price and tax withholding.

The transaction represents the distribution of shares to investors in PW RO Holdings LLC. Hudson Bay Partners, LP which is owned 100% by David H. Lesser acts as the Managing Member of PW RO Holdings LLC and owns a 50% interest upon completion of the distribution of shares to the investors.

The transaction represents the distribution of shares to investors in PW RO Holdings LLC. Hudson Bay Partners, LP which is owned 100% by David H. Lesser acts as the Managing Member of PW RO Holdings LLC and owns a 50% interest upon completion of the distribution of shares to the investors.

The transaction represents the distribution of shares to the owners of PW RO Holdings 3 LLC.

Distribution of shares to the equity holders of PW RO Holdings 2 LLC.

Hudson Bay Partners, LP, which is owned 100% by David H. Lesser acts as the Managing Member of PW RO Holdings 2 LLC but disclaims beneficial ownership of all shares except to the extent of any pecuniary interest therein.

On May 12, 2021, Mr. Susman was granted 600 shares pursuant to Power REIT's 2020 Equity Incentive Plan which vests in equal 25% installments on each of 9/30/21, 12/31/21, 3/31/22 and 6/30/22.

On May 12, 2021, Mr. Wenger was granted 600 shares pursuant to the Power REIT's 2020 Equity Incentive Plan which vests in equal 25% installment on each of 9/30/21, 12/31/21, 3/31/22 and 6/30/22.

On May 12, 2021, Mr. Lesser was granted 20,000 shares pursuant to Power REIT's 2020 Equity Incentive Plan which vests monthly in equal amounts over three years, with the first vesting to occur on 6/1/21.

On May 12, 2021 Ms. Poskon was granted 600 shares pursuant to Power REIT's 2020 Equity Incentive Plan which vests in equal 25% installments on each of 9/30/21, 12/31/21, 3/31/22 and 6/30/22.

On May 12, 2021, Ms. Hollander was granted 500 shares pursuant to Power REIT's 2020 Equity Incentive Plan which vests monthly in equal amounts over 3 years, with the first vesting to occur on 9/30/21.

On May 12, 2021 Mr. Haynes was granted 600 shares as compensation pursuant to Power REIT's 2020 Equity Incentive Plan which vests in equal 25% installments on each of 9/30/21, 12/31/21, 3/31/22 and 6/30/22.

David H. Lesser is the Co-Managing Member of 13310 LMR2A LLC

David H. Lesser is the Managing Member of PW RO Holdings LLC.

Patrick R. Haynes III is the Managing Member of JRC Management LLC.

David H. Lesser is the Managing Member of PW RO Holdings 2 LLC.

After giving effect to the reported transaction, Mr. Wenger has beneficial ownership of 11,060 shares including a non-qualified option to acquire 2,000 shares of common stock that was granted on 8/13/12 and has a 10 year term.

David H. Lesser is the Managing Member of PW RO Holdings 3 LLC.

On 7/28/20 Mr. Wenger was granted 700 shares as compensation which vests 25% on 9/30/20, 12/31/20, 3/31/21 and 6/30/21.

After giving effect to the reported transaction(s), Mr. Wenger has beneficial ownership of 6,700 shares including a non-qualified option to acquire 2,000 shares of common stock that was granted on 8/13/12 and has a 10 year term.

On 7/28/20 Mr. Haynes was granted 700 shares as compensation which vests 25% on 9/30/20, 12/31/20, 3/31/21 and 6/30/21.

After giving effect to the reported transaction(s), Mr. Haynes has beneficial ownership of 8,637 shares including a non-qualified option to acquire 2,000 shares of common stock that was granted on 8/13/12 and has a 10 year term.

On 7/28/20 Mr. Susman was granted 700 shares as compensation which vests 25% on 9/30/20, 12/31/20, 3/31/21 and 6/30/21.

After giving effect to the reported transaction(s), Mr. Susman has beneficial ownership of 7,100 shares including a non-qualified option to acquire 2,000 shares of common stock that was granted on 8/13/12 and has a 10 year term.