---
schema_version: "secwatch.filing_event.v1"
accession: "0001873923-26-000017"
form_type: "8-K"
ticker: "ONL"
cik: "0001873923"
company_name: "Orion Properties Inc."
filed_at: "2026-01-26T23:59:59+00:00"
generated_at: "2026-05-16T08:03:58.809201+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Orion Properties enters cooperation with Kawa, launches strategic options review

## Summary
- Kawa withdrew its nomination of five directors and agreed to standstill and voting commitments through September 1, 2026.
- Orion will evaluate potential strategic alternatives including acquisition, merger, sale, or continuing as independent.
- No timetable set; no assurance any transaction will result from the strategic options review.
- Kawa may participate in the strategic review process on substantially the same terms as other participants.
- Cooperation agreement enables Orion to conduct strategic review with Wells Fargo and J.P. Morgan as financial advisors.

## SEC filing metadata
- accession: 0001873923-26-000017
- form_type: 8-K
- ticker: ONL
- cik: 0001873923
- company_name: Orion Properties Inc.
- filed_at: 2026-01-26T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1873923/000187392326000017/0001873923-26-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1873923/000187392326000017/onl-20260126.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001873923-26-000017
- JSON: https://secwatch.observer/filing/0001873923-26-000017.json
- Plain text: https://secwatch.observer/filing/0001873923-26-000017.txt

## Key facts
- Material Agreements
  Orion Properties Inc. entered into Cooperation Agreement with The Kawa Fund Limited and Kawa Capital Management, Inc. (collectively, Kawa) (effective 2026-01-26).
  - Action: entry
  - Counterparty: The Kawa Fund Limited and Kawa Capital Management, Inc. (collectively, Kawa)
  - Effective: 2026-01-26
  source text: On January 26, 2026, Orion Properties Inc. (the “ Company ”) entered into a cooperation agreement (the “ Cooperation Agreement ”) with The Kawa Fund Limited and Kawa Capital Management, Inc. (collectively, “ Kawa ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1873923/000187392326000017/0001873923-26-000017-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.