Orion Properties Inc. (ONL) officer receives 62,762-share restricted stock grant

Rhea-AI Filing Summary

Schmidt Revea Lynn reported acquisition or exercise transactions in this Form 4 filing.

Orion Properties Inc. reported that officer Schmidt Revea Lynn received an award of 62,762 shares of common stock in the form of restricted stock units on March 12, 2026. These units were granted at no cash cost and increase her direct holdings to 174,270 shares.

The restricted stock units vest in three equal installments on the first, second and third anniversaries of March 4, 2026, as long as she continues to serve with the company through each vesting date. This is a compensation-related equity grant rather than an open-market purchase.

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

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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^*

Schmidt Revea Lynn

(Last) (First) (Middle)

C/O ORION PROPERTIES INC.

3200 E. CAMELBACK ROAD, SUITE 100

(Street)

PHOENIX AZ 85018

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

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	03/12/2026		A		62,762(1)	A	$0	174,270	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. Reflects restricted stock units awarded March 12, 2026, to the Reporting Person pursuant to the Issuer's Equity Plan. Such restricted stock units vest ratably on each of the first, second and third anniversaries of March 4, 2026, subject to the Reporting Person's continued service with the Issuer through such applicable vesting date.

Remarks:

Senior Vice President, Chief Accounting Officer

	/s/ Paul C. Hughes, by power of attorney	03/16/2026
	** 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 insider transaction did Orion Properties Inc. (ONL) report for Schmidt Revea Lynn?

Orion Properties reported that officer Schmidt Revea Lynn received 62,762 restricted stock units of common stock as an equity award. The grant was made on March 12, 2026 at no cash cost as part of the company’s compensation program.

Is the Orion Properties Inc. (ONL) Form 4 transaction a stock purchase or a compensation grant?

The Form 4 transaction is a compensation-related grant, not an open-market stock purchase. Schmidt Revea Lynn received restricted stock units under the company’s equity plan, reflecting a non-cash award tied to continued service with Orion Properties.

How many Orion Properties Inc. (ONL) shares does Schmidt Revea Lynn hold after this Form 4 grant?

After the grant, Schmidt Revea Lynn directly holds 174,270 shares of Orion Properties common stock. This amount includes the newly awarded 62,762 restricted stock units, which will settle in shares as they vest over the three-year schedule.

What is the vesting schedule for the Orion Properties (ONL) restricted stock units granted to Schmidt Revea Lynn?

The 62,762 restricted stock units vest in three equal installments on the first, second and third anniversaries of March 4, 2026. Vesting requires Schmidt Revea Lynn to continue serving with Orion Properties through each respective vesting date.

Did Schmidt Revea Lynn pay a price per share for the Orion Properties (ONL) restricted stock units?

No, the restricted stock units were granted at a stated price of $0.0000 per share, meaning there was no cash paid. This structure is typical for equity-based compensation awards provided under a company’s stock or equity incentive plan.