---
schema_version: "secwatch.filing_event.v1"
accession: "0001873923-26-000023"
form_type: "8-K"
ticker: "ONL"
cik: "0001873923"
company_name: "Orion Properties Inc."
filed_at: "2026-02-19T23:59:59+00:00"
generated_at: "2026-05-16T01:48:58.857599+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Orion Properties extends $355M CMBS loan to Aug 2030, enters new $215M revolver

## Summary
- $355M CMBS loan extended from Feb 2027 to Aug 2030 (incl. options); fixed rate 4.971% unchanged.
- New $215M senior secured revolver replaces $350M facility; interest margin reduced 50bps to SOFR+2.75%.
- Revolver matures Feb 2028 (two 6-month extensions); $113M drawn as of Feb 19, 2026.
- All-purpose reserve of $37.7M funded; $2.05M partial prepayment; excess cash swept for principal/reserves.
- Total liquidity ~$119.9M; management states near-term maturity risk eliminated.

## SEC filing metadata
- accession: 0001873923-26-000023
- form_type: 8-K
- ticker: ONL
- cik: 0001873923
- company_name: Orion Properties Inc.
- filed_at: 2026-02-19T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1873923/000187392326000023/0001873923-26-000023-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1873923/000187392326000023/onl-20260217.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001873923-26-000023
- JSON: https://secwatch.observer/filing/0001873923-26-000023.json
- Plain text: https://secwatch.observer/filing/0001873923-26-000023.txt

## Source-grounded claims
- claim_id: 185aa67eb0c72f01198d6d10a1a104ea4925ac2a
  claim: Orion Properties Inc. incurred revolving credit of $215.0 million with Wells Fargo Bank, National Association, as Administrative Agent at SOFR plus 2.75% or base rate plus 1.75% maturing February 18, 2028.
  evidence_excerpt: On February 18, 2026, the Company, as parent, and Orion Properties LP, as borrower (“Orion OP”), entered into a credit agreement for a new $215.0 million senior secured revolving credit facility (the “New Revolving Facility”), with the financial institutions party thereto, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1873923/000187392326000023/0001873923-26-000023-index.htm
- claim_id: 19da5b276f2991d4489664ec016614dcd7a93791
  claim: Orion Properties Inc. amended loan of $355.0 million with Computershare Trust Company, National Association, as Trustee at fixed annual interest rate on the CMBS Loan of 4.971% maturing extended two years from February 11, 2027 until February 11, 2029.
  evidence_excerpt: Fargo Commercial Mortgage Trust 2022-ONL, Commercial Mortgage Pass-Through Certificates, Series 2022-ONL (the "Lender"). The Loan Modification Agreement relates to that certain $355.0 million fixed rate securitized mortgage loan dated February 10, 2022 (the “CMBS Loan”). The Loan Modification Agreement includes the following terms and conditions, among others: • The
  evidence_url: https://www.sec.gov/Archives/edgar/data/1873923/000187392326000023/0001873923-26-000023-index.htm
- claim_id: a107217d2c066561f8107e84bdefb5fc91df57b9
  claim: Orion Properties Inc. entered into Credit Agreement for New Revolving Facility with Wells Fargo Bank, National Association, as Administrative Agent valued at $215.0 million senior secured revolving credit facility (effective 2026-02-18).
  evidence_excerpt: On February 18, 2026, the Company, as parent, and Orion Properties LP, as borrower (“Orion OP”), entered into a credit agreement for a new $215.0 million senior secured revolving credit facility (the “New Revolving Facility”), with the financial institutions party thereto, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1873923/000187392326000023/0001873923-26-000023-index.htm
- claim_id: f0785a39bcd0cbcf68b11627cc8f5ce6a0f96f9f
  claim: Orion Properties Inc. entered into Loan Modification Agreement with Computershare Trust Company, National Association, as Trustee valued at $355.0 million fixed rate securitized mortgage loan (effective 2026-02-17).
  evidence_excerpt: On February 17, 2026, Orion Properties Inc. (the “Company”), through certain of its subsidiaries (the “Mortgage Borrowers”), entered into a loan extension and modification agreement (“Loan Modification Agreement”) with Computershare Trust Company, National Association, as Trustee, for the benefit of the holders of Wells Fargo Commercial Mortgage Trust 2022-ONL, Commercial Mortgage Pass-Through Certificates, Series 2022-ONL (the "Lender").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1873923/000187392326000023/0001873923-26-000023-index.htm

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