[SCHEDULE 13D/A] Franklin Street Properties Corp SEC Filing

Rhea-AI Filing Summary

Foundations Investment Advisors, LLC (FIA) has filed Amendment No. 5 to its Schedule 13G for the Hypatia Women CEO ETF (CUSIP 90214Q527), a series of the Two Roads Shared Trust. The filing, triggered as of 30 June 2025 and signed on 8 July 2025, discloses that FIA now reports zero shares beneficially owned, representing 0% of the outstanding class. FIA also reports no sole or shared voting or dispositive power over any shares.

Because beneficial ownership has fallen below the 5 % reporting threshold, FIA checks the box for “Ownership of 5 percent or less of a class” and lists itself under Item 3(e) as an investment adviser registered under Rule 13d-1(b)(1)(ii)(E).

The absence of any remaining position suggests a complete exit or reclassification of shares previously held. No other entities are listed, and there is no indication of group activity, subsidiary involvement, or pending transactions. Certifications are routine and the document contains no financial statements or earnings data.

Positive

• None.

Negative

• Former 5%-plus holder now reports 0% ownership, implying a complete divestiture that could be interpreted as reduced confidence or shift in allocation.

Insights

Securities Analyst

TL;DR: Large 13G filer reports 0% stake—signals full exit, modest negative sentiment but limited fundamental impact on ETF.

FIA’s move below 5% eliminates its reporting obligation and indicates a full divestiture. While a complete exit by a once-significant holder may marginally pressure short-term liquidity or reflect shifting conviction, ETFs typically have diversified ownership and in-kind creation/redemption mechanics. Therefore, the impact on WCEO fundamentals is likely limited, though sentiment could weaken if other advisors follow suit.

Corporate Governance Expert

TL;DR: Governance impact minimal—stakeholder with no voting power exits; board dynamics unchanged.

Because ETFs lack traditional corporate governance structures, FIA’s departure removes no meaningful voting influence. Disclosure simply cleans the register. Investors should note, however, that concentrated advisory ownership shifting to zero can foreshadow broader allocation changes within the wealth-management channel.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

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
1 (514) 418-0201

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

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

07/07/2025

(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. 1 to the Schedule 13D ("Amendment No. 1"). This Amendment No. 1 amends and restates Items 3 and 5(a)-(c) as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 1 have the meanings set forth in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	The Reporting Persons used approximately $13,211,898.75 (including commissions) of the working capital of the Converium Funds in the aggregate to purchase the shares of Common Stock reported in this Schedule 13D as beneficially owned by the Reporting Persons. Positions in the shares of Common Stock may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Because other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase the shares of Common Stock.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock and percentage of shares of Common Stock beneficially owned by the Reporting Persons. The aggregate percentage of shares of Common Stock reported beneficially owned by the Reporting Persons is based upon 103,566,715 shares of Common Stock outstanding as of April 24, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission (the "SEC") on April 29, 2025.
(b)	See rows (7) through (10) of the cover pages to this Schedule 13D for the shares of Common Stock as to which the Reporting Persons have the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the shares of Common Stock effected by the Reporting Persons during the past sixty (60) days, which were all in the open market, are set forth on Annex B attached hereto and incorporated by reference herein.

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:	07/08/2025

Aaron Stern

Signature:	/s/ Aaron Stern
Name/Title:	Aaron Stern, individually
Date:	07/08/2025

FAQ

Why did Foundations Investment Advisors file Amendment No. 5 to Schedule 13G for WCEO?

Because its beneficial ownership fell below the 5% threshold, requiring an update to disclose a 0% stake.

How many WCEO shares does Foundations Investment Advisors now own?

The filing reports 0 shares with no voting or dispositive power.

What percentage of the Hypatia Women CEO ETF does FIA control after this filing?

FIA controls 0 % of the outstanding shares.

Does the filing indicate any group activity or subsidiaries involved?

No. Items 6–9 state “Not Applicable,” indicating no group or subsidiary participation.

What is the significance of Item 5 stating “ownership of 5 percent or less”?

It confirms FIA’s holdings have dropped below the mandatory 5 % reporting level, explaining the amended filing.