Office Properties Income Trust reported that a group of Liberty Mutual entities now holds a significant passive position in its Common Shares of Beneficial Interest.
Liberty Mutual Holding Company Inc., together with its insurance subsidiaries, is shown as beneficially owning 1,311,341 Common Shares, representing 6.0% of the outstanding class, based on 21,953,577 Common Shares outstanding. All of these shares are reported with shared voting and dispositive power; none are held with sole power. Individual subsidiaries hold portions of the stake directly, and Liberty Mutual Holding Company Inc. states that it may be deemed to beneficially own those shares through its indirect wholly owned subsidiaries but disclaims beneficial ownership. The Liberty entities have entered into a Joint Filing Agreement and are reporting this position on a Schedule 13G, which is typically used for passive ownership.
Positive
None.
Negative
None.
Key Figures
Shares outstanding:21,953,577 Common SharesLiberty Mutual group beneficial ownership:1,311,341 Common SharesLiberty Mutual ownership percentage:6.0%+5 more
8 metrics
Shares outstanding21,953,577 Common SharesCommon Shares of Office Properties Income Trust outstanding used for ownership calculations
Liberty Mutual group beneficial ownership1,311,341 Common SharesTotal Common Shares beneficially owned by Liberty Mutual entities
Liberty Mutual ownership percentage6.0%Percentage of Office Properties Income Trust Common Shares beneficially owned by Liberty Mutual entities
Liberty Mutual Insurance Company holdings379,055 Common SharesPortion of OPI Common Shares held directly by Liberty Mutual Insurance Company
Peerless Insurance Company holdings404,928 Common SharesPortion of OPI Common Shares held directly by Peerless Insurance Company
Safeco Insurance Company of America holdings71,512 Common SharesPortion of OPI Common Shares held directly by Safeco Insurance Company of America
The Ohio Casualty Insurance Company holdings170,787 Common SharesPortion of OPI Common Shares held directly by The Ohio Casualty Insurance Company
Employers Insurance Company of Wausau holdings122,963 Common SharesPortion of OPI Common Shares held directly by Employers Insurance Company of Wausau
"Amount beneficially owned: See the responses to Item 9 on the attached cover pages."
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powerfinancial
"6 | Shared Voting Power 1,311,341.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"8 | Shared Dispositive Power 1,311,341.00"
Schedule 13Gregulatory
"information that would otherwise be disclosed in a Schedule 13D."
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Joint Filing Agreementregulatory
"The Reporting Persons have entered into a Joint Filing Agreement, dated July 9, 2026"
parent holding companyfinancial
"If a parent holding company has filed this schedule, pursuant to (ii)(G)"
What ownership stake in OPI does Liberty Mutual report on this Schedule 13G?
Liberty Mutual-related entities report beneficial ownership of 1,311,341 Common Shares of Office Properties Income Trust (OPI), representing 6.0% of the outstanding Common Shares based on 21,953,577 shares outstanding.
How many Office Properties Income Trust (OPI) shares are outstanding?
The document states there are 21,953,577 Common Shares of Office Properties Income Trust (OPI) outstanding, which is used as the basis for calculating the 6.0% ownership reported by the Liberty Mutual entities.
Which Liberty Mutual subsidiary holds the largest number of OPI shares?
Among Liberty Mutual subsidiaries, Peerless Insurance Company holds the largest portion with 404,928 Common Shares of Office Properties Income Trust (OPI), corresponding to 1.8% of the outstanding class, held with shared voting and dispositive power.
Does Liberty Mutual have sole or shared voting power over its OPI stake?
The Liberty Mutual entities report 0 shares with sole voting power and 1,311,341 shares with shared voting power in Office Properties Income Trust (OPI), mirroring their shared dispositive power over the same amount.
What is Liberty Mutual Holding Company Inc.’s role in the OPI share ownership?
Liberty Mutual Holding Company Inc. is listed as a reporting person and may be deemed to beneficially own OPI shares held by its indirect wholly owned subsidiaries, but it expressly disclaims beneficial ownership of those securities.
Which Liberty Mutual entities are included in the joint Schedule 13G for OPI?
The joint Schedule 13G for Office Properties Income Trust (OPI) covers Liberty Mutual Holding Company Inc. and seven subsidiaries, including Liberty Mutual Insurance Company, Peerless Insurance Company, Safeco Insurance Company of America, and others listed in the joint filing agreement.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Office Properties Income Trust
(Name of Issuer)
Common Shares of Beneficial Interest, $.01 par value per share ("Common Shares")
(Title of Class of Securities)
67623C307
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
67623C307
1
Names of Reporting Persons
Liberty Mutual Holding Company Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MASSACHUSETTS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,311,341.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,311,341.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,311,341.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.0 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
67623C307
1
Names of Reporting Persons
Liberty Mutual Insurance Company
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MASSACHUSETTS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
379,055.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
379,055.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
379,055.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.7 %
12
Type of Reporting Person (See Instructions)
IC
SCHEDULE 13G
CUSIP Number(s):
67623C307
1
Names of Reporting Persons
Peerless Insurance Company
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW HAMPSHIRE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
404,928.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
404,928.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
404,928.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.8 %
12
Type of Reporting Person (See Instructions)
IC
SCHEDULE 13G
CUSIP Number(s):
67623C307
1
Names of Reporting Persons
Safeco Insurance Company of America
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW HAMPSHIRE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
71,512.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
71,512.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
71,512.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.3 %
12
Type of Reporting Person (See Instructions)
IC
SCHEDULE 13G
CUSIP Number(s):
67623C307
1
Names of Reporting Persons
The Ohio Casualty Insurance Company
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW HAMPSHIRE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
170,787.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
170,787.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
170,787.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.8 %
12
Type of Reporting Person (See Instructions)
IC
SCHEDULE 13G
CUSIP Number(s):
67623C307
1
Names of Reporting Persons
Employers Insurance Company of Wausau
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
WISCONSIN
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
122,963.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
122,963.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
122,963.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.6 %
12
Type of Reporting Person (See Instructions)
IC
SCHEDULE 13G
CUSIP Number(s):
67623C307
1
Names of Reporting Persons
Liberty Mutual Fire Insurance Company
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
WISCONSIN
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
132,281.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
132,281.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
132,281.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.6 %
12
Type of Reporting Person (See Instructions)
IC
SCHEDULE 13G
CUSIP Number(s):
67623C307
1
Names of Reporting Persons
Liberty Specialty Markets Bermuda Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
BERMUDA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
29,815.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
29,815.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,815.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.1 %
12
Type of Reporting Person (See Instructions)
FI
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Office Properties Income Trust
(b)
Address of issuer's principal executive offices:
Two Newton Place, 255 Washington Street, Suite 300, Newton, MA, 02458
Item 2.
(a)
Name of person filing:
This statement is filed on behalf of the following persons (collectively, the "Reporting Persons"):
(i) Liberty Mutual Holding Company Inc.
(ii) Liberty Mutual Insurance Company
(iii) Peerless Insurance Company
(iv) The Ohio Casualty Insurance Company
(v) Safeco Insurance Company of America
(vi) Employers Insurance Company of Wausau
(vii) Liberty Mutual Fire Insurance Company
(viii) Liberty Specialty Markets Bermuda Limited
The Reporting Persons have entered into a Joint Filing Agreement, dated July 9, 2026, which is attached as Exhibit A to this Schedule 13G, pursuant to which such Reporting Persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.
(b)
Address or principal business office or, if none, residence:
The principal business office of each Reporting Person, other than Liberty Specialty Markets Bermuda Limited, is:
175 Berkeley Street, Boston, MA 02116
The principal business office of Liberty Specialty Markets Bermuda Limited is: 141 Front Street, Hamilton, HM 19 Bermuda
(c)
Citizenship:
(i) Liberty Mutual Holding Company Inc. - Massachusetts; (ii) Liberty Mutual Insurance Company - Massachusetts; (iii) Peerless Insurance Company - New Hampshire; (iv) The Ohio Casualty Insurance Company - New Hampshire; (v) Safeco Insurance Company of America - New Hampshire; (vi) Employers Insurance Company of Wausau - Wisconsin; (vii) Liberty Mutual Fire Insurance Company - Wisconsin; (viii) Liberty Specialty Markets Bermuda Limited - Bermuda
(d)
Title of class of securities:
Common Shares of Beneficial Interest, $.01 par value per share ("Common Shares")
(e)
CUSIP Number(s):
67623C307
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See the responses to Item 9 on the attached cover pages.
(b)
Percent of class:
See the responses to Item 11 of the attached cover pages. The percentages reported in Item 11 are based on 21,953,577 shares of Common Shares outstanding.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See the responses to Item 5 on the attached cover pages.
(ii) Shared power to vote or to direct the vote:
See the responses to Item 6 on the attached cover pages.
(iii) Sole power to dispose or to direct the disposition of:
See the responses to Item 7 on the attached cover pages.
(iv) Shared power to dispose or to direct the disposition of:
See the responses to Item 8 on the attached cover pages.
379,055 Common Shares are held directly by Liberty Mutual Insurance Company ("LMIC") and may be deemed to be beneficially owned by Liberty Mutual Holding Company Inc. ("LMHC") because LMIC is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these securities.
404,928 Common Shares are held directly by Peerless Insurance Company ("Peerless") and may be deemed to be beneficially owned by LMHC because Peerless is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these securities.
71,512 Common Shares are held directly by Safeco Insurance Company of America ("SICA") and may be deemed to be beneficially owned by LMHC because SICA is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these securities.
170,787 Common Shares are held directly by The Ohio Casualty Insurance Company ("OCIC") and may be deemed to be beneficially owned by LMHC because OCIC is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these securities.
122,963 Common Shares are held directly by Employers Insurance Company of Wausau ("EICOW") and may be deemed to be beneficially owned by LMHC because EICOW is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these securities.
132,281 Common Shares are held directly by Liberty Mutual Fire Insurance Company ("LMFIC") and may be deemed to be beneficially owned by LMHC because LMFIC is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these securities.
29,815 Common Shares are held directly by Liberty Specialty Markets Bermuda Limited ("Specialty") and may be deemed to be beneficially owned by LMHC because Specialty is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these securities.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
The identification and classification of each Reporting Person is set forth in the responses to Item 12 of the attached cover pages.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.
By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Liberty Specialty Markets Bermuda Limited is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.
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.
