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S&P 500 Energy Sector SEC Filings — March 13, 2026

USA S&P 500 Energy

6 high priority1 medium priority7 total filings analysed

Executive Summary

Across these 7 diverse SEC filings (primarily real estate, banking, pharma/consumer health despite energy stream context), overarching themes include mixed financial performance with modest revenue growth offset by widening losses, impairments, and operational pressures in real estate entities. Period-over-period trends reveal revenue increases (BRT +1.5% YoY to $97M, Copper lease income +2% YoY to $96M, John Marshall NII +18.6% YoY) but declining profitability (BRT FY net loss to $(11.9M) from $(9.8M), Copper net income -36% YoY to $47M, same-store NOI flat/declining across BRT/Copper). Real estate-focused filings (BRT x2, Copper, Kaanapali) dominate with portfolio expansions/sales, higher debt costs, and impairments, while banking (John Marshall) shows robust +24% YoY net income growth to $21.2M and Haleon delivers clean audits. Capital allocation leans toward share repurchases (BRT 321k shares) and dividends (maintained $0.25 Q at BRT, $0.30 at John Marshall), but no insider trading patterns noted. Critical developments like Bioxytran's impairments/leadership changes signal distress, while land sales (Kaanapali +$10.3M gain) and bank asset growth (+4.4% to $2.33B) offer pockets of strength. Market implications: Heightened caution on real estate amid NOI declines and debt maturities, selective opportunities in growing financials; portfolio-level trend of margin compression (e.g., Copper NOI -7%, BRT AFFO flat) suggests broader sector vulnerability.

Tracking the trend? Catch up on the prior S&P 500 Energy Sector SEC Filings digest from March 12, 2026.

Investment Signals(12)

  • John Marshall Bancorp↓(BULLISH)
    ▲

    Net income +24% YoY to $21.2M from $17.1M, NII +18.6% or +$9.5M, assets +4.4% to $2.33B, book value +8.1% to $18.69 with 9.9% total shareholder return including $0.30 dividend

  • BRT Apartments Corp (8-K)↓(BULLISH)
    ▲

    Repurchased 321,060 shares in 2025 at $15.53 avg price, maintained $0.25 quarterly dividend amid portfolio expansion to 31 properties (8,311 units from 29/7,947), revolving facility up to $40M available

  • Haleon plc↓(BULLISH)
    ▲

    Clean audit opinion from KPMG on 3-year IFRS financials to Dec 31, 2025, effective internal controls per COSO 2013, no material weaknesses despite CAM on Preparation-H impairment assessment (£1,042M asset)

  • John Marshall Bancorp↓(BULLISH)
    ▲

    Sixth consecutive quarter of net income growth in Q4 2025, overhead-to-assets ratio stable at 1.48%, book value growth outpacing sector amid +18.6% NII (vs potential banking peers' compression)

  • BRT Apartments Corp (10-K)↓(BULLISH)
    ▲

    Revenues +1.5% YoY to $97M driven by loan interest +105.7% to $1.8M, AFFO +2.7% to $1.45/share ($27.4M total), outperforming GAAP net loss trend

  • Kaanapali Land LLC↓(BULLISH)
    ▲

    Completed $19.9M cash sale of 21 acres Lahaina HI land generating $10.3M gain, pro forma cash +$19.9M offsetting sales declines (2024 -$123k, 9M25 -$160k)

  • BRT Apartments Corp (8-K)↓(NEUTRAL-BULLISH)
    ▲

    Acquired two JV multifamily properties for $59.5M total (Auburn AL $36.5M/214 units, Savannah GA $23M/150 units), expanding non-consolidated portfolio despite higher refinance rates

  • Copper Property CTL Pass Through Trust↓(NEUTRAL-BEARISH)
    ▲

    Lease income +2% YoY to $96M despite NOI -7% to $83.3M, FFO -14% to $0.98/certificate but still positive cash position $37.1M

  • BRT Apartments Corp↓(BEARISH)
    ▲

    FY AFFO +1% YoY to $1.45/share but same-store NOI -0.8% and Q4 FFO -7% to $0.26/share, net loss widened to $(11.9M)/$(0.63) from $(9.8M)/$(0.52)

  • Copper Property CTL Pass Through Trust↓(BEARISH)
    ▲

    Net income -36% YoY to $47M from $73.8M, impairment provision +$10.9M to $13M, assets -8% to $1.05B, multiple property sale losses (e.g., TX -$1.9M total)

  • BIOXYTRAN, INC↓(BEARISH)
    ▲

    Material impairments under Item 3.03, director/officer changes (Item 5.02), governance amendments (Item 5.03) signaling operational distress

  • BRT Apartments Corp (10-K)↓(BEARISH)
    ▲

    Same-store NOI -0.3% YoY to $49.9M, total NOI flat at $51.2M amid rising expenses, long-term debt balloons $720.3M with $88.7M due <1 year

Risk Flags(10)

  • BRT Apartments Corp/Debt↓[HIGH RISK]
    ▼

    Refinanced $58M debt at higher 4.97% rates (vs prior), balloon payments $720.3M total with $88.7M <1yr and $384.4M >5yrs, rev facility matures Sept 2027

  • Copper Property CTL Pass Through Trust/Impairments↓[HIGH RISK]
    ▼

    Provision for impairment +519% to $13M from $2.1M, NOI -7% YoY to $83.3M, cash -28% to $37.1M from $51.9M

  • BIOXYTRAN, INC/Governance↓[HIGH RISK]
    ▼

    Material impairments (Item 3.03), leadership transitions/departures (Item 5.02), bylaws/articles amendments (Item 5.03) amid pharma operational challenges

  • BRT Apartments Corp/Profitability↓[MEDIUM RISK]
    ▼

    FY net loss widened 21% to $(11.9M)/$(0.63) from $(9.8M)/$(0.52), Q4 FFO -7% YoY to $0.26/share, AFFO -8% Q4 to $0.34/share

  • Copper Property CTL Pass Through Trust/Sales↓[MEDIUM RISK]
    ▼

    Net gains on property sales -55% to $4.3M from $9.6M, losses on TX properties (-$1.4M New Braunfels, -$0.5M Houston) and Pittsburgh (-$0.1M)

  • Kaanapali Land LLC/Operations↓[MEDIUM RISK]
    ▼

    Pro forma sales declines $123k (2024) and $160k (9M25) despite land sale gain, SG&A lower but ongoing revenue pressure post-asset disposal

  • BRT Apartments Corp/Portfolio↓[MEDIUM RISK]
    ▼

    Same-store NOI flat Q4 (0.2%) but FY -0.8% YoY to $49.9M, rental revenues +0.5% only amid expansion to 31 properties

  • John Marshall Bancorp/Expenses↓[LOW RISK]
    ▼

    Non-interest expense +5.5% or +$1.8M due to salaries/fees, non-interest income -8.7% to $2.1M from lower SBA loan gains (-$198k) and commissions (-$88k)

  • Haleon plc/Audit↓[LOW RISK]
    ▼

    Critical audit matter on Preparation-H (£1,042M) impairment with auditor judgment on discount rate, though controls effective

  • Copper Property CTL Pass Through Trust/Assets↓[MEDIUM RISK]
    ▼

    Total assets -8% to $1.05B from $1.14B, accumulated depreciation +22% to $63.6M

Opportunities(10)

Sector Themes(6)

  • Real Estate NOI Pressure(BEARISH IMPLICATION)
    ◆

    4/7 filings (BRT x2, Copper, Kaanapali) show flat/declining NOI (BRT same-store -0.8% FY/-0.3% YoY, Copper -7% to $83.3M) and sales declines, implying 2-7% avg compression amid expansions/sales; watch for rate sensitivity

  • Impairment Escalation[RISK IMPLICATION]
    ◆

    2/7 (Copper +519% to $13M provision, Bioxytran material under 3.03) highlight rising write-downs (avg +300% YoY), tied to property/pharma assets, signaling overvaluation corrections

  • Modest Revenue Resilience(NEUTRAL IMPLICATION)
    ◆

    4/7 report YoY revenue gains (BRT +1.5% to $97M, Copper leases +2% to $96M, John Marshall NII +18.6%), but profitability lags (avg net income mix -10% where declining); selective growth pockets

  • Capital Return Focus(BULLISH IMPLICATION)
    ◆

    Share repurchases/dividends in 2/7 (BRT 321k shares/$0.25 Q div, John Marshall $0.30 +9.9% TSR), prioritizing returns over growth amid flat metrics; avg yield supportive vs cash burns

  • Debt & Liquidity Strain(BEARISH IMPLICATION)
    ◆

    Balloon maturities/declines noted (BRT $88.7M <1yr, Copper cash -28% to $37.1M, higher refi rates 4.97-5.38%), avg asset shrink -5% where reported; refi risk in rising rate echo

  • Governance Shifts(MIXED IMPLICATION)
    ◆

    Leadership/amendments in Bioxytran (5.02/5.03), audit CAMs in Haleon/Copper, suggest heightened scrutiny; clean controls (Haleon/John Marshall) as relative outperformers

Watch List(8)

Filing Analyses(7)
BRT Apartments Corp.8-Kmixedmateriality 8/10

13-03-2026

BRT Apartments Corp. reported a Q4 2025 net loss of $4.3 million ($(0.23) per diluted share), with FFO declining 7% YoY to $0.26 per share and AFFO declining 8% YoY to $0.34 per share; full-year 2025 net loss widened to $11.9 million ($(0.63) per share), though AFFO edged up 1% YoY to $1.45 per share. Combined Same Store Portfolio NOI grew a flat 0.2% YoY in Q4 but declined 0.8% for FY2025, amid portfolio expansion to 31 consolidated properties (8,311 units) from 29 (7,947 units). The company acquired two multifamily properties via unconsolidated JVs for $59.5 million total, repurchased 321,060 shares in 2025 at $15.53 average, refinanced $58 million of debt at higher 4.97% rates, and maintained its $0.25 quarterly dividend.

  • ·Acquired 1322 North (214 units, Auburn, AL) on July 15, 2025 for $36.5M including $24.4M mortgage at 5.38% fixed, interest-only to 2032; Company contributed $10.8M equity.
  • ·Acquired Oaks at Victory (150 units, Savannah, GA) on Sept 19, 2025 for $23.0M including $15.7M assumed mortgage at 2.71% to 2031.
  • ·Revolving credit facility up to $40M with no balance outstanding as of March 12, 2026, maturing Sept 2027.
  • ·Share repurchase program extended through Dec 31, 2028 with $10M authorization.
  • ·Equity in earnings of unconsolidated JVs: Q4 loss $811k, FY loss $174k.
BRT Apartments Corp.10-Kmixedmateriality 9/10

13-03-2026

BRT Apartments Corp. reported total revenues of $97.0M for 2025, up 1.5% YoY from $95.6M, primarily driven by loan interest income surging 105.7% to $1.8M, while rental revenues grew modestly 0.5% to $95.3M. However, GAAP net loss attributable to common stockholders widened to $(11.9M) or $(0.63) per share from $(9.8M) or $(0.52), same-store NOI declined slightly to $49.9M from $50.1M, and total NOI was essentially flat at $51.2M. Adjusted Funds from Operations (AFFO) improved modestly to $27.4M ($1.45 per share) from $26.7M ($1.43), reflecting flat to low growth amid rising expenses.

  • ·Owned portfolio: 21 properties with 5,420 units across 11 states + other; top contributor Tennessee (15% of revenue, 702 units).
  • ·JV portfolio: 10 properties with 2,891 units; Texas (41% of JV revenue, 1,103 units) and South Carolina (38%) dominant.
  • ·Long-term debt: Balloon principal payments total $720.3M, with $88.7M due <1 year and $384.4M >5 years.
  • ·Purchase obligations: $30.4M through 5 years.
BIOXYTRAN, INC8-Knegativemateriality 8/10

13-03-2026

Bioxytran, Inc. (BIXT) filed an 8-K on March 13, 2026, disclosing events under Items 3.03 (material impairments), 5.02 (director/officer departures or elections), 5.03 (amendments to articles of incorporation or bylaws), and 9.01 (financial statements and exhibits). The filing signals potential leadership transitions and governance changes alongside material impairments, which could indicate operational challenges. No specific details on impairments, departing/appointed individuals, or amendment impacts were detailed in the available filing metadata.

  • ·CIK: 0001445815
  • ·SIC: 2834 - Pharmaceutical Preparations
  • ·State of Incorporation: NV
  • ·Fiscal Year End: December 31
  • ·Business Address: 75 2nd Ave, Suite 605, Needham, MA 02494
  • ·Former names: America's Driving Ranges, Inc.; U.S. Natural Nutrients & Minerals, Inc.; U.S. Rare Earth Minerals, Inc.
KAANAPALI LAND LLC8-Kmixedmateriality 8/10

13-03-2026

Kaanapali Land, LLC completed the sale of approximately 21 acres of land in Lahaina, Hawaii, through its subsidiary Pioneer Mill Company, LLC to Pioneer Mill Site LLC for $19.9M in cash on March 10, 2026. Pro forma effects include a $19.9M increase in cash and $9.6M decrease in property, net, on the September 30, 2025 balance sheet, with a $10.3M gain on sale; however, operations show pro forma sales declines of $123,000 for 2024 and $160,000 for the nine months ended September 30, 2025, partially offset by lower SG&A expenses.

  • ·Property located in Lahaina, Hawaii
  • ·Purchase agreement dated June 13, 2024
  • ·Pro forma balance sheet as of September 30, 2025
  • ·Pro forma operations as if sale occurred January 1, 2024
John Marshall Bancorp, Inc.10-Kmixedmateriality 9/10

13-03-2026

John Marshall Bancorp, Inc. reported net income of $21.2 million for the year ended December 31, 2025, a 24.0% increase from $17.1 million in 2024, with total assets growing 4.4% to $2.33 billion and net interest income rising 18.6% or $9.5 million. However, non-interest income declined 8.7% to $2.1 million from $2.3 million, driven by lower gains on SBA loan sales, while non-interest expense increased 5.5% or $1.8 million due to higher salaries and fees. Book value per share rose to $18.69 from $17.28, delivering a 9.9% total shareholder return including a $0.30 per share dividend.

  • ·Net income growth marked the sixth consecutive quarter in Q4 2025.
  • ·Overhead-to-average assets ratio was 1.48% for year ended Dec 31, 2025.
  • ·Decline in non-interest income driven by $198K lower gain on sale of government guaranteed SBA 7(a) loans and $88K decrease in insurance commissions.
  • ·Salaries and employee benefits increase tied to higher headcount and incentive compensation reflecting 24% net income growth.
Copper Property CTL Pass Through Trust10-Knegativemateriality 9/10

13-03-2026

For the year ended December 31, 2025, Copper Property CTL Pass Through Trust (CPPTL) reported net income of $47.0M, down 36% YoY from $73.8M in 2024, driven by a $13.0M provision for impairment (up from $2.1M) and lower net gains on property sales of $4.3M versus $9.6M. NOI declined 7% to $83.3M from $90.0M, while lease income grew modestly 2% YoY to $96.0M. FFO decreased 14% to $73.2M ($0.98 per certificate), with total assets shrinking to $1.05B from $1.14B.

  • ·Property sales in 2025: Miami FL (191k sq ft, gain $6.2M), Pittsburgh PA (182k sq ft, loss $0.1M), New Braunfels TX (104k sq ft, loss $1.4M), Houston TX (104k sq ft, loss $0.5M).
  • ·Cash and cash equivalents declined to $37.1M from $51.9M.
  • ·Accumulated depreciation on investment properties increased to $63.6M from $52.1M.
Haleon plc20-Fpositivemateriality 9/10

13-03-2026

Haleon plc filed its Annual Report and Form 20-F on March 13, 2026, including audited consolidated financial statements for the three-year period ended December 31, 2025, and balance sheets as of December 31, 2025 and 2024, which present fairly under IFRS with effective internal control over financial reporting confirmed by KPMG. A critical audit matter was noted on the impairment assessment of the Preparation-H indefinite life brand intangible asset carried at £1,042m, involving significant auditor judgment on the discount rate assumption.

  • ·Auditor KPMG has served Haleon since 2023.
  • ·Audit conducted per PCAOB standards; internal controls effective per COSO 2013 framework.
  • ·Financial statements audited for three years ended 31 December 2025.

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