PW — what changed in the latest 10-Q
A section-by-section comparison of PW's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-12 vs the prior 10-Q · 2026-05-15
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +38 | −32 | ~41 | 47 |
| Market risk (Item 3) | Text added/removed | +38 | −32 | ~40 | 47 |
| Controls & procedures | Text added/removed | +38 | −32 | ~40 | 47 |
| Legal proceedings | Text added/removed | +38 | −32 | ~40 | 47 |
| Risk factors | Text added/removed | +38 | −32 | ~40 | 47 |
| Other information | Text added/removed | +38 | −32 | ~39 | 47 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-12
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48 0.97 0.97
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 Common Shares* Additional Paid-in Accumulated Total Shareholders’
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Lease income from direct financing lease – railroad $228,750 $228,750
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00
Net decrease in cash and cash equivalents and restricted cash (199,221) (198,375)
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-08-12
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48 0.97 0.97
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 Common Shares* Additional Paid-in Accumulated Total Shareholders’
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Lease income from direct financing lease – railroad $228,750 $228,750
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00
Net decrease in cash and cash equivalents and restricted cash (199,221) (198,375)
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-08-12
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48 0.97 0.97
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 Common Shares* Additional Paid-in Accumulated Total Shareholders’
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Lease income from direct financing lease – railroad $228,750 $228,750
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00
Net decrease in cash and cash equivalents and restricted cash (199,221) (198,375)
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-08-12
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48 0.97 0.97
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 Common Shares* Additional Paid-in Accumulated Total Shareholders’
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Lease income from direct financing lease – railroad $228,750 $228,750
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00
Net decrease in cash and cash equivalents and restricted cash (199,221) (198,375)
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-12
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48 0.97 0.97
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 Common Shares* Additional Paid-in Accumulated Total Shareholders’
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Lease income from direct financing lease – railroad $228,750 $228,750
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00
Net decrease in cash and cash equivalents and restricted cash (199,221) (198,375)
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-12
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48 0.97 0.97
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 Common Shares* Additional Paid-in Accumulated Total Shareholders’
*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Lease income from direct financing lease – railroad $228,750 $228,750
Accumulated undeclared dividend per Series A Preferred Shares: 0.48 0.48
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00
Net decrease in cash and cash equivalents and restricted cash (199,221) (198,375)
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice