[Form 4] Orion Properties Inc. Insider Trading Activity

Rhea-AI Filing Summary

Orion Properties Inc. (ONL) director Reginald Harold Gilyard purchased 55,000 shares on 08/27/2025 at a weighted-average price of $2.9092 per share. After the transaction he beneficially owns 227,778 shares, reported as direct ownership. The filing notes the purchase occurred in multiple trades with prices ranging from $2.84 to $2.92 and that trade-level detail is available on request. The Form 4 was signed by an attorney on behalf of the reporting person.

Positive

• Director purchase: 55,000 shares acquired, indicating insider accumulation
• Increased direct ownership: Beneficial holdings rose to 227,778 shares
• Transparent pricing: Weighted-average purchase price disclosed ($2.9092) and price range ($2.84–$2.92)

Negative

• None.

Insights

Securities Analyst

TL;DR: A company director made a direct purchase of 55,000 shares at about $2.91, increasing his stake to 227,778 shares.

The purchase by a director is a routine Section 16 disclosure showing insider accumulation at a modest price point. The weighted-average price and disclosed range indicate execution over multiple trades rather than a single block trade. For investors, an insider buy can signal confidence but this filing alone does not quantify materiality relative to total outstanding shares or provide intent. No derivative transactions or dispositions are reported.

Corporate Governance Expert

TL;DR: Director-level share purchases reinforce alignment with shareholders but lack broader context on size or strategic intent.

The Form 4 properly discloses a direct acquisition under the reporting obligations. The filing includes the required weighted-average price disclosure and an explanatory remark about multiple trades. Absent additional information—such as percentage ownership of outstanding shares or linkage to a trading plan—this is a transparent but informational disclosure rather than a material corporate governance event.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GILYARD REGINALD HAROLD

(Last) (First) (Middle)

C/O ORION PROPERTIES INC.

2398 E. CAMELBACK ROAD, SUITE 1060

(Street)

PHOENIX AZ 85016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Orion Properties Inc. [ ONL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/27/2025		P		55,000	A	$2.9092(1)	227,778	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was executed in multiple trades. The price above reflects the weighted-average purchase price of trades ranging from $2.84 per share to $2.92 per share. Detailed information regarding the number of shares purchased at each separate price will be provided upon request by the Securities and Exchange Commission, the Issuer or a security holder of the Issuer.

Remarks:

	/s/ Paul C. Hughes, by power of attorney	08/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did ONL director Reginald G. Gilyard report on Form 4?

He reported a direct purchase of 55,000 shares on 08/27/2025, bringing his beneficial ownership to 227,778 shares.

At what price were the ONL shares purchased?

The filing shows a weighted-average purchase price of $2.9092 per share, with trade prices ranging from $2.84 to $2.92.

Was the Form 4 purchase part of a derivative or option transaction?

No. The filing reports a non-derivative purchase of common stock; Table II (derivatives) shows no transactions.

Is the reported ownership direct or indirect?

The filing lists the ownership form as Direct (D) following the transaction.

Who signed the Form 4 filing for the reporting person?

The form was signed by Paul C. Hughes by power of attorney on 08/28/2025.