SCHEDULE 13D/A 0001534242-25-000010 0001534242 XXXXXXXX LIVE 1 Common Stock of Beneficial Interest, $0.001 par value per share 07/17/2025 false 0001873923 68629Y103 Orion Properties Inc.

2398 E. CAMELBACK ROAD, SUITE 1060 2398 E. CAMELBACK ROAD, SUITE 1060 PHOENIX AZ 85016

Jeremy M. Traster 3055605236 1010 S Federal Highway Suite 2900 Hallandale Beach FL 33009 0001534242 N Kawa Capital Management, Inc b OO N FL 0.00 5474027.00 5474027.00 5474027.00 N 9.7 IA Common Stock of Beneficial Interest, $0.001 par value per share Orion Properties Inc. 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 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. Exhibit 7.02 The Revised Proposal from Kawa Capital Management, Inc. to the Board of the Issuer, dated as of July 17, 2025 Kawa Capital Management, Inc /s/Daniel Ades 07/17/2025