SCHEDULE: Sanda and Sand Capital Disclose 6.0% Stake in Orion Properties

Par Olof Sanda and Sand Capital Associates, LLC have reported beneficial ownership of 6.0% of Orion Properties Inc.'s common stock as of December 31, 2025.

Summary

• Par Olof Sanda beneficially owns 3,380,546 shares of Orion Properties Inc. common stock, representing 6.0% of the class.
• Sand Capital Associates, LLC beneficially owns 2,795,533 shares of Orion Properties Inc. common stock, representing 5.0% of the class.
• Par Sanda, as the Managing Member of Sand Capital Associates, LLC, is deemed to beneficially own all shares held by Sand Capital.
• The reported ownership percentages are based on the total number of common stock shares outstanding as reported in Orion Properties Inc.'s Form 10-Q filed on November 6, 2025.
• The reporting persons certify that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, except for activities related to a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it is a standard disclosure of beneficial ownership and does not contain information that would inherently sway sentiment positively or negatively regarding the issuer's performance or prospects.

Positives

• NA

Negatives

• NA

Risks

• The filing indicates that the shares were not acquired or held for the purpose of changing or influencing control of the issuer, which mitigates the risk of activist investor intervention for the company's current management, other than potential nomination activities under Rule 14a-11.

Future Outlook

NA

Management Comments

• "To the best of my knowledge and belief, the securities referred to above 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."

Industry Context

StockSavvy.ai notes that this filing is a routine disclosure of significant passive ownership and does not provide specific insights into broader industry trends or competitive dynamics for Orion Properties Inc.

Stakeholder Impact

• Shareholders: The disclosure of a significant 6.0% stake by Par Olof Sanda and Sand Capital Associates, LLC provides transparency regarding the ownership structure, which can be a factor in investor confidence and market perception.
• Management: The certification that the stake is not for control influence, except for potential nomination activities, suggests a generally passive investment approach, which may reduce immediate pressure on current management.

Key Dates

Keywords

Orion Properties Inc., beneficial ownership, Schedule 13G, common stock, Sand Capital Associates, Par Sanda, equity stake, SEC filing