Franklin Street Properties: 6.3% stake disclosed; new director named

Rhea-AI Filing Summary

Converium Capital Inc. filed Amendment No. 2 to its Schedule 13D regarding Franklin Street Properties Corp. (FSP). Converium reports beneficial ownership of 6,506,414 shares of common stock, representing 6.3% of the class, with shared voting and dispositive power and no sole power.

The filing notes a governance update: following the resignation of Bruce Schanzer from the Board, Converium and the company agreed to appoint Jennifer Bitterman as a Replacement Director under an existing Cooperation Agreement. A Letter Agreement dated October 15, 2025 sets forth the terms of her appointment and is incorporated by reference as Exhibit 99.3.

Insights

Governance & Activism Analyst

Neutral update: ownership reaffirmed; board seat filled per agreement.

Converium discloses beneficial ownership of 6,506,414 shares, or 6.3%, with shared voting and dispositive power. This maintains visibility into a significant holder in FSP without changing the reported percentage.

The board change—appointing Jennifer Bitterman after Bruce Schanzer's resignation—follows a Cooperation Agreement, formalized via a Letter Agreement dated October 15, 2025. The filing lists the agreement as an exhibit, indicating a structured transition.

Actual impact depends on board dynamics and any future disclosures tied to the Cooperation Agreement’s terms. Subsequent company filings may provide detail on committees or governance scope.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

FRANKLIN STREET PROPERTIES CORP /MA/

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

35471R106

(CUSIP Number)

Converium Capital Inc.
1250, boul. Rene-Levesque Ouest, Suite 4030
Montreal, A8, H3B 4W8
(514) 418-0201

Ele Klein & Brandon Gold
McDermott Will & Schulte LLP, 919 Third Avenue
New York, NY, 10022
(212) 756-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/15/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 35471R106

1

Name of reporting person

Converium Capital Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,506,414.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,506,414.00

11

Aggregate amount beneficially owned by each reporting person

6,506,414.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.3 %

14

Type of Reporting Person (See Instructions)

CO, IA

SCHEDULE 13D

CUSIP No. 35471R106

1

Name of reporting person

Aaron Stern

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,506,414.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,506,414.00

11

Aggregate amount beneficially owned by each reporting person

6,506,414.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.3 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: FRANKLIN STREET PROPERTIES CORP /MA/
(c)	Address of Issuer's Principal Executive Offices: 401 EDGEWATER PLACE, STE 200, WAKEFIELD, MASSACHUSETTS , 01880.
Item 1 Comment: The following constitutes Amendment No. 2 ("Amendment No. 2") to the Schedule 13D filed with the Securities and Exchange Commission on March 26, 2025 (as amended, the "Schedule 13D"). This Amendment No. 2 supplements Items 4 and 7 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 2 have the meanings set forth in the Schedule 13D.
Item 4.	Purpose of Transaction
	Following the resignation of Bruce Schanzer from the Board and pursuant to the terms of the Cooperation Agreement, Converium and the Issuer agreed to appoint Jennifer Bitterman ("Ms. Bitterman") to the Board as a Replacement Director (as defined in the Cooperation Agreement). In connection therewith, Converium and the Converium Funds entered into a letter agreement with the Issuer on October 15, 2025 (the "Letter Agreement"), setting forth the terms of Ms. Bitterman's appointment to the Board. The full text of the Letter Agreement is included as Exhibit 99.3 and is incorporated by reference herein.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.3: Letter Agreement, dated October 15, 2025 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Issuer with the SEC on October 15, 2025).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Converium Capital Inc.

Signature:	/s/ Michael Rapps
Name/Title:	Michael Rapps, Managing Partner
Date:	10/15/2025

Aaron Stern

Signature:	/s/ Aaron Stern
Name/Title:	Aaron Stern, individually
Date:	10/15/2025

FAQ

What ownership did Converium Capital report in FSP?

Converium reported beneficial ownership of 6,506,414 FSP shares, representing 6.3% of the common stock.

Does Converium have sole or shared voting power over FSP shares?

Converium reported 0 sole voting power and 6,506,414 shares with shared voting and dispositive power.

What governance change at FSP is disclosed?

Following Bruce Schanzer's resignation, Jennifer Bitterman was appointed to the Board as a Replacement Director under a Cooperation Agreement.

What agreement covers the new director appointment at FSP (FSP)?

A Letter Agreement dated October 15, 2025 sets the terms of Ms. Bitterman’s appointment and is incorporated as Exhibit 99.3.

Who are the reporting persons on this Schedule 13D/A for FSP?

Converium Capital Inc. and Aaron Stern are reporting persons; both report the same 6,506,414 shares at 6.3%.

What is the class of securities involved for FSP?

The filing covers Common Stock, par value $0.0001 per share of Franklin Street Properties Corp.