CEO Paul McDowell was paid $2,080,319 in fiscal year 2025, ↓ down 47.4% from fiscal year 2024, the 10th percentile of its disclosed peer group (SEC filing 0001873923-26-000073 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$2,080,319 ↓ Paul McDowell total, FY2025 | 10th CEO pay percentile vs peers | — CEO-to-median pay ratio | — Say-on-pay support, latest vote |
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ONL's next annual pay disclosure, estimated March 19, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Paul McDowell | $584,000 | $0 | $659,906 | $0 | $746,936 | $0 | $89,477 | $2,080,319 |
| Chief Executive Officer, President and Director | ||||||||
| Gavin Brandon | 477,000 | 0 | 266,933 | 0 | 610,083 | 0 | 39,922 | 1,393,938 |
| Executive Vice President, Chief Financial Officer and Treasurer | ||||||||
| Paul Hughes | 439,058 | 0 | 169,866 | 0 | 480,520 | 0 | 25,220 | 1,114,664 |
| General Counsel and Secretary | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Paul McDowell | $2,080,319 | $3,952,248 | — | ↓ −1,871,929 |
| Gavin Brandon | 1,393,938 | 1,954,029 | — | ↓ −560,091 |
| Paul Hughes | 1,114,664 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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$2,080,319 Paul McDowell total, FY2025
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Data as of June 15, 2026 · Source: 0001873923-26-000073 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).
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Each company listed discloses ONL in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ONL in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
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One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Gregory J. Whyte | Independent Director | $188,556 |
| Kathleen R. Allen | Independent Director | $173,556 |
| Reginald H. Gilyard | Chair of the Board | $238,195 |
| Richard J. Lieb | Independent Director | $193,556 |
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Reginald H. Gilyard | Director | 2026-05-13 | A | 43,103 | $0 | $0 | Common | Form 4 ↗ |
| Gregory J. Whyte | Director | 2026-05-13 | A | 34,483 | 0 | 0 | Common | Form 4 ↗ |
| Richard J. Lieb | Director | 2026-05-13 | A | 34,483 | 0 | 0 | Common | Form 4 ↗ |
| Kathleen R. Allen | Director | 2026-05-13 | A | 34,483 | 0 | 0 | Common | Form 4 ↗ |
| Kathleen R. Allen | Director | 2026-06-12 | A | 77,243 | 0 | 0 | Common | Form 4 ↗ |
| Kathleen R. Allen | Director | 2026-06-12 | D | 77,243 | 0 | 0 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Paul McDowell | PSU | 2025-03-03 | — | — | — | 763,666 | — |
| Gavin Brandon | PRSU | — | — | — | — | — | 266,933 |
| Gavin Brandon | PSU | 2025-03-03 | — | — | — | 218,758 | — |
| Paul McDowell | PRSU | — | — | — | — | — | 659,906 |
| Paul Hughes | PRSU | — | — | — | — | — | 169,866 |
Grant-level vehicle detail not disclosed.
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Paul McDowell | PSU | 1,561,632 | — | $3,529,288 |
| Gavin Brandon | PSU | 447,342 | — | 1,010,993 |
| Paul Hughes | PSU | 263,894 | — | 596,400 |
| Gavin Brandon | RSU | 185,555 | — | 419,354 |
| Paul Hughes | RSU | 111,940 | — | 252,984 |
| Paul McDowell | RSU | 431,836 | — | 975,949 |
The compensation framework of the Company for its executive officers is designed to foster a performance-driven, pay-for-performance culture that is intended to align our executive officers interests with those of our stockholders while also rewarding our executive officers for superior individual achievements that promote the long-term value of the Company.
| CEO STI target (% of salary) | 100% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Ferguson Partners Consulting L.P. |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Reginald H. GilyardIndependent · Board Chair · Nominating and Corporate Governance (Chair) · Compensation | $102,500 | $125,000 | $0 | $0 | $10,695 | $238,195 |
| Richard J. LiebIndependent · Audit (Chair) | 85,000 | 100,000 | 0 | 0 | 8,556 | 193,556 |
| Gregory J. WhyteIndependent · Audit · Compensation (Chair) · Nominating and Corporate Governance | 80,000 | 100,000 | 0 | 0 | 8,556 | 188,556 |
| Kathleen R. AllenIndependent · Audit · Compensation · Nominating and Corporate Governance | 65,000 | 100,000 | 0 | 0 | 8,556 | 173,556 |
| Paul H. McDowellEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | — |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 15,000 / 12,500 |
| Stock ownership guideline | Each non-employee director of the Company is required to own common stock of the Company with a value of at least five times the individual’s annual cash retainer. |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $332,500 |
| Equity awards (grant-date value) | $425,000 |
| All other compensation | $36,363 |
| Total cost of the board | $793,863 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Orion Properties Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Orion Properties Inc..
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Easterly Government Properties, Inc. | 2025 | Darrell Crate | $825,000 | $8,508,519 | $0 | $930,000 | $10,277,519 |
| 2 | Brandywine Realty Trust | 2025 | Gerard Sweeney | 800,000 | 3,472,940 | 0 | 1,520,000 | 5,812,631 |
| 3 | Summit Hotel Properties, Inc. | 2025 | Jonathan Stanner | 800,000 | 3,747,700 | 0 | 900,000 | 5,461,700 |
| 4 | NETSTREIT Corp. | 2025 | Mark Manheimer | 700,000 | 3,194,416 | 0 | 1,253,175 | 5,165,527 |
| 5 | LTC Properties, Inc. | 2025 | Pamela Shelley-Kessler | 650,000 | 2,250,000 | 0 | 1,117,188 | 4,027,538 |
| 6 | Postal Realty Trust, Inc. | 2025 | Andrew Spodek | 383,838 | 2,096,781 | 0 | 0 | 3,692,254 |
| 7 | Getty Realty Corp. | 2025 | Christopher Constant | 643,125 | 1,875,808 | 0 | 0 | 3,163,755 |
| 8 | Plymouth Industrial REIT, Inc. | 2024 | Jeffrey Witherell | 643,750 | 1,799,980 | 0 | 620,000 | 3,108,503 |
| 9 | City Office REIT, Inc. | 2024 | James Farrar | 525,000 | 1,054,368 | 0 | 0 | 2,326,635 |
| 10 | Orion Properties Inc. | 2025 | Paul McDowell | 584,000 | 659,906 | 0 | 746,936 | 2,080,319 |
| 11 | One Liberty Properties, Inc. | 2025 | Patrick Callan | 1,061,330 | 776,200 | 0 | 0 | 2,009,253 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Orion Properties Inc. | not disclosed | PSU 60 · RSU 40 | Yes — absolute TSR performance | Ferguson Partners Consulting L.P. |
| Brandywine Realty Trust | 95% | RSU 50 · PSU 50 | No | Pay Governance LLC |
| City Office REIT, Inc. | not disclosed | PRSU 60 · RSU 40 | No | not disclosed |
| Easterly Government Properties, Inc. | 78% | LTIP Units 100 | Yes — Absolute TSR | FTI Consulting |
| Getty Realty Corp. | not disclosed | RSU 100 | not disclosed | not disclosed |
| LTC Properties, Inc. | 137.5% | RSU 50 · PSU 50 | Yes — Absolute TSR | Frederic W. Cook & Co., Inc. |
| NETSTREIT Corp. | 179.0% | PSU 60 · RSU 40 | Yes — Absolute TSR | Ferguson Partners Consulting L.P. |
| One Liberty Properties, Inc. | not disclosed | RSU 100 | Yes — Total Stockholder Return (TSR) | Ferguson Partners Consulting L.P. |
| Plymouth Industrial REIT, Inc. | not disclosed | RSU 50 · PSU 50 | Yes — 3-Year Relative TSR vs. MSCI US REIT Index | Ferguson Partners Consulting L.P. |
| Postal Realty Trust, Inc. | not disclosed | RSU 55 · LTIP Units 45 | Yes | Ferguson |
| Summit Hotel Properties, Inc. | 75% | PSU 60 · RSU 40 | Yes — Relative Total Shareholder Return (TSR) percentile rank vs. Dow Jones U.S. Hotel Index | FW Cook |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Paul McDowell | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “SUMMARY COMPENSATION TABLE”. As printed: 2,080,319. Filing ↗machine: r4 · c39 · span 433823–433832 |
| 2 | Section 01, Gavin Brandon | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “SUMMARY COMPENSATION TABLE”. As printed: 1,393,938. Filing ↗machine: r7 · c39 · span 439131–439140 |
| 3 | Section 01, Paul Hughes | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “Summary Compensation Table”. As printed: 1,114,664. Filing ↗machine: r12 · c39 · span 445396–445405 |
| 4 | Section 03, Paul McDowell PSU | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “EQUITY COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t104 · r4 · c6 · span 534533–534540 |
| 5 | Section 03, Gavin Brandon PRSU | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t91 · r7 · c9 · span 438465–438472 |
| 6 | Section 03, Gavin Brandon PSU | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “EQUITY COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t104 · r5 · c6 · span 536458–536465 |
| 7 | Section 03, Paul McDowell PRSU | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t91 · r4 · c10 · span 432941–432948 |
| 8 | Section 03, Paul Hughes PRSU | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t91 · r12 · c9 · span 444630–444637 |
| 9 | Section 07, pay ratio | 10-K | 2026-03-05 | 0001873923-26-000038 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 10 | Section 08, Reginald H. Gilyard | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “Director Compensation”. As printed: 238,195. Filing ↗machine: t118 · r4 · c13 · span 646625–646755 |
| 11 | Section 08, Richard J. Lieb | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “Director Compensation”. As printed: 193,556. Filing ↗machine: t118 · r6 · c13 · span 650861–650991 |
| 12 | Section 08, Gregory J. Whyte | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “Director Compensation”. As printed: 188,556. Filing ↗machine: t118 · r7 · c13 · span 653366–653496 |
| 13 | Section 08, Kathleen R. Allen | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “Director Compensation”. As printed: 173,556. Filing ↗machine: t118 · r5 · c13 · span 648773–648903 |
| 14 | Section 08, Paul H. McDowell | DEF 14A | 2026-03-20 | 0001873923-26-000073 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 15 | Section 02, Reginald H. Gilyard 2026-05-13 | Form 4 | 2026-05-15 | 0001873923-26-000087 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 16 | Section 02, Gregory J. Whyte 2026-05-13 | Form 4 | 2026-05-15 | 0001873923-26-000091 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 17 | Section 02, Richard J. Lieb 2026-05-13 | Form 4 | 2026-05-15 | 0001873923-26-000089 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 18 | Section 02, Kathleen R. Allen 2026-05-13 | Form 4 | 2026-05-15 | 0001873923-26-000093 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 19 | Section 02, Kathleen R. Allen 2026-06-12 | Form 4 | 2026-06-15 | 0001873923-26-000095 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 20 | Section 02, Kathleen R. Allen 2026-06-12 | Form 4 | 2026-06-15 | 0001873923-26-000095 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 21 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 22 | Section 09b board cost (computed) | Computed | — | — | Cash 332,500 + equity 425,000 + all other 36,363 = 793,863, summed across the director compensation table rows.machine: formula: Σ = 793,863 |
| 23 | Easterly Government Properties, Inc., Section 10b CEO total | DEF 14A | 2026-03-23 | 0001622194-26-000008 | CEO total compensation as printed in Easterly Government Properties, Inc.'s own proxy. As printed: 10,277,519. Filing ↗machine: t32 · r4 · c14 · span 1314670–1314680 |
| 24 | Brandywine Realty Trust, Section 10b CEO total | DEF 14A | 2026-04-07 | 0001193125-26-145566 | CEO total compensation as printed in Brandywine Realty Trust's own proxy. As printed: 5,812,631. Filing ↗machine: t214 · r4 · c24 · span 3086750–3086759 |
| 25 | Summit Hotel Properties, Inc., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001497645-26-000031 | CEO total compensation as printed in Summit Hotel Properties, Inc.'s own proxy. As printed: 5,461,700. Filing ↗machine: r2 · c36 · span 470625–470634 |
| 26 | NETSTREIT Corp., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001628280-26-022557 | CEO total compensation as printed in NETSTREIT Corp.'s own proxy. As printed: 5,165,527. Filing ↗machine: r2 · c13 · span 1458631–1458640 |
| 27 | LTC Properties, Inc., Section 10b CEO total | DEF 14A | 2026-04-08 | 0001104659-26-040921 | CEO total compensation as printed in LTC Properties, Inc.'s own proxy. As printed: 4,027,538. Filing ↗machine: r7 · c20 · span 1255138–1255147 |
| 28 | Postal Realty Trust, Inc., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001140361-26-012804 | CEO total compensation as printed in Postal Realty Trust, Inc.'s own proxy. As printed: 3,692,254. Filing ↗machine: t185 · r3 · c24 · span 619237–619246 |
| 29 | Getty Realty Corp., Section 10b CEO total | DEF 14A | 2026-03-12 | 0001140361-26-009218 | CEO total compensation as printed in Getty Realty Corp.'s own proxy. As printed: 3,163,755. Filing ↗machine: r2 · c28 · span 750236–750245 |
| 30 | Plymouth Industrial REIT, Inc., Section 10b CEO total | DEF 14A | 2025-04-28 | 0001171520-25-000158 | CEO total compensation as printed in Plymouth Industrial REIT, Inc.'s own proxy. As printed: 3,108,503. Filing ↗machine: r1 · c12 · span 469279–469288 |
| 31 | City Office REIT, Inc., Section 10b CEO total | DEF 14A | 2025-03-12 | 0001193125-25-052437 | CEO total compensation as printed in City Office REIT, Inc.'s own proxy. As printed: 2,326,635. Filing ↗machine: r2 · c22 · span 458462–458471 |
| 32 | Orion Properties Inc. (subject), Section 10b CEO total | DEF 14A | 2026-03-20 | 0001873923-26-000073 | CEO total compensation as printed in Orion Properties Inc.'s own proxy. As printed: 2,080,319. Filing ↗machine: r4 · c39 · span 433823–433832 |
| 33 | One Liberty Properties, Inc., Section 10b CEO total | DEF 14A | 2026-04-20 | 0001140361-26-015499 | CEO total compensation as printed in One Liberty Properties, Inc.'s own proxy. As printed: 2,009,253. Filing ↗machine: r2 · c18 · span 461230–461239 |
| 34 | Section 10a, Brandywine Realty Trust reciprocity | DEF 14A | — | 0001193125-26-145566 | Brandywine Realty Trust names Orion Properties Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 35 | Section 10a, City Office REIT, Inc. reciprocity | DEF 14A | — | 0001193125-24-066345 | City Office REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include Orion Properties Inc.. Filing ↗ |
| 36 | Section 10a, LTC Properties, Inc. reciprocity | DEF 14A | — | 0001104659-26-040921 | LTC Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Orion Properties Inc.. Filing ↗ |
| 37 | Section 10a, One Liberty Properties, Inc. reciprocity | DEF 14A | — | 0001140361-26-015499 | One Liberty Properties, Inc. names Orion Properties Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 38 | Section 10a, Postal Realty Trust, Inc. reciprocity | DEF 14A | — | 0001140361-26-012804 | Postal Realty Trust, Inc. names Orion Properties Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 39 | Section 10a, Easterly Government Properties, Inc. reciprocity | DEF 14A | — | 0001622194-26-000008 | Easterly Government Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Orion Properties Inc.. Filing ↗ |
| 40 | Section 10a, Plymouth Industrial REIT, Inc. reciprocity | DEF 14A | — | 0001171520-25-000158 | Plymouth Industrial REIT, Inc. names Orion Properties Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 41 | Section 10a, Summit Hotel Properties, Inc. reciprocity | DEF 14A | — | 0001497645-26-000031 | Summit Hotel Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Orion Properties Inc.. Filing ↗ |
| 42 | Section 10a, Getty Realty Corp. reciprocity | DEF 14A | — | 0001140361-26-009218 | Getty Realty Corp.'s most recent proxy was read; its disclosed peer group does not include Orion Properties Inc.. Filing ↗ |
| 43 | Section 10a, NETSTREIT Corp. reciprocity | DEF 14A | — | 0001628280-26-022557 | NETSTREIT Corp.'s most recent proxy was read; its disclosed peer group does not include Orion Properties Inc.. Filing ↗ |
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