# EDGAR Filing Document

**Accession Number:** 0001534242
**File Stem:** 0001534242-25-000013
**Filing Date:** 2025-7
**Character Count:** 6637
**Document Hash:** 76b7c4b1f0040c0e82cd25f9865cd11b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001534242-25-000013.hdr.sgml**: 20250717

**ACCESSION NUMBER**: 0001534242-25-000013

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250717

**DATE AS OF CHANGE**: 20250717

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Orion Properties Inc.
- **CENTRAL INDEX KEY:** 0001873923
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93118
- **FILM NUMBER:** 251129777

**BUSINESS ADDRESS:**
- **STREET 1:** 2398 E. CAMELBACK ROAD, SUITE 1060
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016
- **BUSINESS PHONE:** (602) 698-1002

**MAIL ADDRESS:**
- **STREET 1:** 2398 E. CAMELBACK ROAD, SUITE 1060
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Orion Office REIT Inc.
- **DATE OF NAME CHANGE:** 20210720
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kawa Capital Management, Inc
- **CENTRAL INDEX KEY:** 0001534242

**ORGANIZATION NAME:**
- **EIN:** 260260248
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1010 SOUTH FEDERAL HIGHWAY
- **STREET 2:** SUITE 2900
- **CITY:** HALLANDALE BEACH
- **STATE:** FL
- **ZIP:** 33009
- **BUSINESS PHONE:** 1 (305) 560-5247

**MAIL ADDRESS:**
- **STREET 1:** 1010 SOUTH FEDERAL HIGHWAY
- **STREET 2:** SUITE 2900
- **CITY:** HALLANDALE BEACH
- **STATE:** FL
- **ZIP:** 33009

### Attached PDF Documents

**Attachment 1:** `Proposal2.pdf`

_No text found in this document._

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Orion Properties Inc.**

*(Name of Issuer)*

**Common Stock of Beneficial Interest, $0.001 par value per share**

*(Title of Class of Securities)*

**68629Y103**

*(CUSIP Number)*

**Jeremy M. Traster**<br>1010 S Federal Highway<br>Suite 2900<br>Hallandale Beach FL 33009<br>3055605236

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/17/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **68629Y103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kawa Capital Management, Inc** | Name of reporting person<br>**Kawa Capital Management, Inc** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**FLORIDA** | Citizenship or place of organization<br>**FLORIDA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5474027.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5474027.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5474027.00** | Aggregate amount beneficially owned by each reporting person<br>**5474027.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.7%** | Percent of class represented by amount in Row (11)<br>**9.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock of Beneficial Interest, $0.001 par value per share

**(b) Name of Issuer:**
Orion Properties Inc.

**(c) Address of Issuer's Principal Executive Offices:**
2398 E. CAMELBACK ROAD, SUITE 1060, 2398 E. CAMELBACK ROAD, SUITE 1060, PHOENIX, AZ, 85016

This statement constitutes Amendment No. I to the Schedule 13D relating to the common shares of beneficial interest, $0.001 par value per share (the "Common Shares"), of Orion Properties Inc., a Maryland real estate investment trust (the "Issuer"), and hereby amends the Schedule 13D filed with the Securities and Exchange Commission on June 20, 2025 (the "Schedule 13D"). Except as specifically amended and supplemented by this Amendment No. 1, the Schedule 13D remains in full force and effect.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended to add the following:

On July 17, 2025, Kawa Capital Management, Inc. ("Kawa") sent a letter to the Board of the Issuer pursuant to which Kawa increased its proposal to acquire all of the outstanding Common Shares of the Issuer, including all of the outstanding common partnership interests in Orion Properties Inc., to a price of $2.75 per share (the "Revised Proposal"). Prior to the Revised Proposal and following delivery by Kawa of its previously disclosed Proposal, the Board informed Kawa of the Issuer's Board's decision to reject the Proposal. Following this decision and communication, Kawa has engaged in discussions with Issuer's Board regarding a potential transaction.

The foregoing description of the Revised Proposal does not purport to be complete and is qualified in its entirety by reference to the full text of the Revised Proposal, which is attached hereto as Exhibit 7.02, and is incorporated herein by reference.

### 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.

**Reporting Person:** Kawa Capital Management, Inc

**Signature:** /s/Daniel Ades

**Name/Title:** Daniel Ades, Director

**Date:** 07/17/2025