ORION OFFICE REIT INC ONL
COM · REIT · CUSIP 68629Y103
- SectorReal estate
- IndustryReal Estate Investment Trusts
- HeadquartersPhoenix, AZ
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($39 this quarter). Holder counts are more reliable. Shares outstanding: 56.3m as of 2025-10-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $2.27. Options: 2 managers hold calls ($60.8k notional), 0 hold puts (—).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 293 |
| Q4 2022 | 298 |
| Q1 2023 | 294 |
| Q2 2023 | 269 |
| Q3 2023 | 269 |
| Q4 2023 | 256 |
| Q1 2024 | 240 |
| Q2 2024 | 243 |
| Q3 2024 | 244 |
| Q4 2024 | 253 |
| Q1 2025 | 231 |
| Q2 2025 | 213 |
| Q3 2025 | 199 |
| Q4 2025 | 196 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 71 | 133 |
| Q2 2024 | 102 | 91 |
| Q3 2024 | 99 | 85 |
| Q4 2024 | 85 | 103 |
| Q1 2025 | 70 | 105 |
| Q2 2025 | 79 | 114 |
| Q3 2025 | 54 | 96 |
| Q4 2025 | 55 | 87 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $59.7k | $11.6k | 0.19 |
| Q2 2025 | $27.0k | $213 | 0.01 |
| Q3 2025 | $35.9k | $0 | 0.00 |
| Q4 2025 | $60.8k | $0 | 0.00 |
Biggest buyers
| J. Goldman & Co LP | Added | +1.3m |
| RBF Capital, LLC | Added | +1.0m |
| 683 Capital Management, LLC | New | +208.1k |
| PRIVATE MANAGEMENT GROUP INC | Added | +163.7k |
| TWO SIGMA INVESTMENTS, LP | Added | +149.1k |
| D. E. Shaw & Co., Inc. | Added | +143.1k |
| MARSHALL WACE, LLP | Added | +137.7k |
| TWO SIGMA ADVISERS, LP | Added | +116.3k |
| JANE STREET GROUP, LLC | Added | +72.0k |
| BARCLAYS PLC | Added | +62.6k |
Biggest sellers
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -896.4k |
| Glendon Capital Management LP | Sold out | -359.6k |
| MORGAN STANLEY | Reduced | -263.9k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -253.0k |
| ALPS ADVISORS INC | Sold out | -104.4k |
| Mariner, LLC | Reduced | -96.6k |
| Invesco Ltd. | Reduced | -92.0k |
| CITADEL ADVISORS LLC | Reduced | -81.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -76.4k |
| ROYAL BANK OF CANADA | Reduced | -72.8k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $36.2k16.0k shares |
| JANE STREET GROUP, LLC | New | $24.6k10.9k shares |
Biggest puts
| None |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
Kawa Capital Management, Inc
13D · may seek influence
no change · filed 2026-01-26
Stated purposeItem 4 of the Schedule 13D is hereby amended and supplemented to add the following: On January 26, 2026, the Reporting Person and The Kawa Fund Limited (the "Fund" and, together with the Reporting Person, "Kawa") entered into a cooperation agreement with the Issuer (the "Cooperation Agreement"). Pursuant to the Cooperation Agreement, the Issuer is commencing a review of strategic options (the "Strategic Review Process"), which review may include, without limitation, the consideration of potential acquisition and merger targets, the potential sale of the Issuer and continuing to operate as an independent publicly traded entity. The Cooperation Agreement does not obligate the Issuer to pursue or consummate any such transaction or require the Issuer's Board of Directors (the "Board") to take… Full filing |
9.7% |
| PRIVATE MANAGEMENT GROUP INC 13G · institution filed 2026-05-08 | 9.6% |
| BlackRock, Inc. 13G · institution +3.5 pts · filed 2026-07-29 | 6.6% |
| Sanda Par Olof 13G · exempt (held before listing) -1.5 pts · filed 2026-02-10 | 6.0% |
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 3 | $150.0k | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 1 | $160.1k | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| Kawa Capital Management, Inc 28.99% of their portfolio | 5.5m $12.5m | Unchanged |
| PRIVATE MANAGEMENT GROUP INC 0.35% of their portfolio | 5.4m $12.1m | Added +163.7k |
| VANGUARD GROUP INC 0.00% of their portfolio | 2.7m $6.2m | Added +3 |
| J. Goldman & Co LP 0.19% of their portfolio | 2.2m $4.9m | Added +1.3m |
| RBF Capital, LLC 0.10% of their portfolio | 2.0m $4.5m | Added +1.0m |
| Parkwood LLC 0.37% of their portfolio | 1.9m $4.4m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 1.8m $4.1m | Added +8.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 1.7m $3.8m | Added +14.2k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 909.2k $2.1m | Added +72.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 613.1k $1.4m | Added +4.7k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 592.0k $1.3m | Added +143.1k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 571.8k $1.3m | Unchanged |
| GSA CAPITAL PARTNERS LLP 0.11% of their portfolio | 551.2k $1.2m | Added +7.8k |
| MORGAN STANLEY 0.00% of their portfolio | 515.5k $1.2m | Reduced -263.9k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 427.3k $965.6k | Reduced -253.0k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 385.9k $872.2k | Added +149.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 342.6k $774.3k | Reduced -76.4k |
| Cambria Investment Management, L.P. 0.04% of their portfolio | 318.5k $719.7k | Added +106 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 313.4k $708.2k | Reduced -417 |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 277.3k $626.8k | Reduced -5.0k |
| State of Alaska, Department of Revenue 0.01% of their portfolio | 261.5k $589.0k | Unchanged |
| STATE STREET CORP 0.00% of their portfolio | 255.2k $581.9k | Reduced -9.2k |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 243.0k $549.2k | Added +116.3k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 238.7k $539.4k | Added +137.7k |
| Samalin Investment Counsel, LLC 0.17% of their portfolio | 212.3k $479.7k | Added +1.1k |
| 683 Capital Management, LLC 0.04% of their portfolio | 208.1k $470.4k | New |
| Mariner, LLC 0.00% of their portfolio | 131.8k $297.9k | Reduced -96.6k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 111.1k $251.2k | Added +9.1k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 106.6k $240.8k | Reduced -22.4k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 95.2k $215.2k | Reduced -81.5k |
| NOMURA ASSET MANAGEMENT CO LTD 0.00% of their portfolio | 92.2k $208.4k | Added +27.0k |
| Quinn Opportunity Partners LLC 0.01% of their portfolio | 90.8k $205.1k | Unchanged |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio | 85.4k $193.1k | Reduced -3.2k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 84.4k $190.7k | Reduced -9.1k |
| Asset Management One Co., Ltd. 0.00% of their portfolio | 81.5k $185.9k | Unchanged |
| Invesco Ltd. 0.00% of their portfolio | 65.1k $147.1k | Reduced -92.0k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio | 63.2k $143.0k | First filing |
| MACQUARIE GROUP LTD 0.00% of their portfolio | 63.2k $142.8k | Unchanged |
| BARCLAYS PLC 0.00% of their portfolio | 62.6k $141.6k | Added +62.6k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 61.0k $137.9k | Reduced -3.7k |
| Sumitomo Mitsui Trust Group, Inc. 0.00% of their portfolio | 59.0k $133.2k | Unchanged |
| OMERS ADMINISTRATION Corp 0.00% of their portfolio | 58.4k $132.0k | New |
| FMR LLC 0.00% of their portfolio | 57.0k $128.9k | Reduced -11.5k |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 44.7k $101.0k | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 43.9k $99.1k | Reduced -51.3k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 40.6k $91.7k | Added +18.1k |
| MEEDER ASSET MANAGEMENT INC 0.00% of their portfolio | 39.9k $90.1k | Unchanged |
| Squarepoint Ops LLC 0.00% of their portfolio | 38.8k $87.7k | Reduced -6.8k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio | 37.9k $85.6k | Unchanged |
| PenderFund Capital Management Ltd. 0.01% of their portfolio | 37.0k $83.6k | Unchanged |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 33.7k $76.2k | Reduced -900 |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 32.0k $72.4k | Reduced -15.7k |
| BFSG, LLC 0.01% of their portfolio | 30.9k $69.8k | Added +1.2k |
| ALGERT GLOBAL LLC 0.00% of their portfolio | 30.3k $68.4k | Added +5.6k |
| Engineers Gate Manager LP 0.00% of their portfolio | 27.7k $62.6k | Reduced -12.5k |
| Dupree Financial Group, LLC 0.02% of their portfolio | 27.1k $61.2k | Added +80 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 26.4k $59.6k | Reduced -896.4k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 22.8k $51.6k | Reduced -7.9k |
| Jain Global LLC 0.00% of their portfolio | 21.9k $49.5k | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 21.8k $49.2k | Unchanged |
| LPL Financial LLC 0.00% of their portfolio | 20.8k $47.0k | Reduced -15.3k |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 19.7k $44.0k | Reduced -2.4k |
| Resona Asset Management Co.,Ltd. 0.00% of their portfolio | 19.7k $44.8k | Unchanged |
| HB Wealth Management, LLC 0.00% of their portfolio | 19.2k $43.3k | Added +145 |
| Daiwa Securities Group Inc. 0.00% of their portfolio | 18.8k $42.0k | Unchanged |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 16.7k $37.7k | Reduced -20.5k |
| UBS Group AG 0.00% of their portfolio | 16.3k $36.9k | Added +10.6k |
| TWO SIGMA SECURITIES, LLC 0.00% of their portfolio | 16.0k $36.1k | Added +3.8k |
| SmartHarvest Portfolios, LLC 0.01% of their portfolio | 15.6k $35.3k | First filing |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 14.6k $33.0k | Reduced -711 |
| XTX Topco Ltd 0.00% of their portfolio | 14.3k $32.4k | Reduced -7.8k |
| CWM, LLC 0.00% of their portfolio | 13.9k $32.0k | Reduced -1.4k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 13.5k $30.0k | Reduced -72.8k |
| Private Advisor Group, LLC 0.00% of their portfolio | 13.5k $30.5k | Reduced -6.0k |
| EVOKE WEALTH, LLC 0.00% of their portfolio | 13.2k $30.0k | New |
| AXQ CAPITAL, LP 0.01% of their portfolio | 13.2k $29.7k | New |
| GABELLI FUNDS LLC 0.00% of their portfolio | 12.0k $27.1k | Unchanged |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 11.8k $26.7k | Added +7.6k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 10.8k $24.4k | Reduced -8.2k |
| Quantinno Capital Management LP 0.00% of their portfolio | 10.4k $23.5k | New |
| NISSAY ASSET MANAGEMENT CORP /JAPAN 0.00% of their portfolio | 10.2k $23.1k | Added +122 |
| Kestra Advisory Services, LLC 0.00% of their portfolio | 9.0k $20.4k | Reduced -3.7k |
| NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio | 8.2k $18.7k | Reduced -1.6k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 8.2k $18.5k | Reduced -1.0k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 6.6k $15.0k | Reduced -200 |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 6.5k $14.6k | Reduced -1.7k |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 5.3k $11.9k | Reduced -7.0k |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 3.1k $7.1k | Reduced -417 |
| Spire Wealth Management 0.00% of their portfolio | 2.8k $6.4k | Reduced -6.6k |
| COMERICA BANK 0.00% of their portfolio | 2.7k $6.0k | Reduced -2.9k |
| Larson Financial Group LLC 0.00% of their portfolio | 2.5k $5.7k | Added +5 |
| Cullen/Frost Bankers, Inc. 0.00% of their portfolio | 1.6k $3.7k | Added +8 |
| MetLife Investment Management, LLC 0.00% of their portfolio | 1.4k $3.3k | Reduced -9 |
| Allworth Financial LP 0.00% of their portfolio | 1.3k $2.9k | Added +2 |
| North Star Investment Management Corp. 0.00% of their portfolio | 1.2k $2.6k | Added +200 |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1.1k $2.5k | Reduced -717 |
| Optiver Holding B.V. 0.00% of their portfolio | 836 $1.9k | Unchanged |
| MassMutual Private Wealth & Trust, FSB 0.00% of their portfolio | 727 $1.6k | Reduced -10 |
| GROUP ONE TRADING LLC 0.00% of their portfolio | 530 $1.2k | New |
| LRI Investments, LLC 0.00% of their portfolio | 513 $1.2k | Reduced -70 |