Private Management Group files 9.6% stake in Orion Properties (ONL)

Rhea-AI Filing Summary

Private Management Group, Inc. filed an amendment to a Schedule 13G disclosing beneficial ownership of 5,395,475 shares of Orion Properties Inc. common stock (CUSIP 68629Y103), representing 9.6% of the class. The filing lists separately managed accounts as the underlying beneficiaries and is signed by Robert T. Summers, CFA on 05/08/2026.

Insights

Corporate Governance Analyst

9.6% position by an investment advisor disclosed; ownership noted as held for managed accounts.

Private Management Group, Inc. reports 5,395,475 shares beneficially owned, with sole voting and dispositive power. The filing states the shares are held for "various separately managed accounts" for which the firm acts as investment advisor.

Disclosure is routine under Schedule 13G/A; subsequent filings may show changes in percentage or holdings. The signature date is 05/08/2026, while the cover lists 03/31/2026 as an identifying date.

Key Figures

Shares beneficially owned: 5,395,475 shares Percent of class: 9.6% CUSIP: 68629Y103 +1 more

4 metrics

Shares beneficially owned 5,395,475 shares reported on Schedule 13G/A

Percent of class 9.6% percent of class as stated in filing

CUSIP 68629Y103 Orion Properties Inc. common stock identifier

Filing signature date 05/08/2026 signature by Robert T. Summers, CFA

Key Terms

Schedule 13G/A, beneficially owned, separately managed accounts

3 terms

Schedule 13G/A regulatory

"filed an amendment to a Schedule 13G disclosing beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"Amount beneficially owned: 5,395,475 (b) Percent of class: 9.6%"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

separately managed accounts financial

"Various separately managed accounts for whom the reporting person acts as investment advisor"

A separately managed account is an investment portfolio owned by a single investor but professionally managed to that investor’s specific goals and preferences, rather than pooled with other clients’ money. It matters to investors because it offers greater customization, tax control and transparency—like hiring a personal chef instead of eating from a shared buffet—though it often requires higher minimums and can have different fee and liquidity implications.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 05/08/2026 - 12:02 PM Learn about SEC filing dates

FAQ

What does ONL Schedule 13G/A by Private Management Group mean?

It discloses that Private Management Group, Inc. beneficially owns 5,395,475 shares of Orion Properties Inc., equal to 9.6% of the class. The filing states holdings are for separately managed accounts for which the firm is investment advisor.

Does the Schedule 13G/A indicate control of Orion Properties (ONL)?

The filing shows sole voting and dispositive power over 5,395,475 shares, but it reports holdings as advisory accounts rather than a controlling intent. Schedule 13G/A typically signals passive or reporting ownership, not a change in control strategy.

What date and signature appear on the ONL ownership amendment?

The document references 03/31/2026 on the cover and is signed by Robert T. Summers, CFA as Co‑President on 05/08/2026. These dates identify the filing and the signature certifying the reported ownership.

Who ultimately benefits from the shares reported by Private Management Group?

The filing states the shares are held for "various separately managed accounts" for which the reporting person acts as investment advisor. Those managed accounts, not the advisory firm itself, are identified as the parties with rights to dividends and sale proceeds.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Orion Properties Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

68629Y103

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 68629Y103

1

Names of Reporting Persons

PRIVATE MANAGEMENT GROUP INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,395,475.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,395,475.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,395,475.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Orion Properties Inc.
(b)	Address of issuer's principal executive offices: 3200 E. CAMELBACK ROAD, SUITE 100, PHOENIX, ARIZONA, 85018.
Item 2.
(a)	Name of person filing: Private Management Group, Inc.
(b)	Address or principal business office or, if none, residence: 15635 Alton Parkway, Suite 400 Irvine, CA 92618
(c)	Citizenship: State of California
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 68629Y103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5,395,475
(b)	Percent of class: 9.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,395,475
	(ii) Shared power to vote or to direct the vote: n/a
	(iii) Sole power to dispose or to direct the disposition of: 5,395,475
	(iv) Shared power to dispose or to direct the disposition of: n/a
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various separately managed accounts for whom the reporting person acts as investment advisor have the right to receive dividends from, and the proceeds of the sale of, the shares reported by the reporting person.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRIVATE MANAGEMENT GROUP INC

Signature:	Robert T. Summers, CFA
Name/Title:	Co-President
Date:	05/08/2026