SCHEDULE: Fairfax Reduces BlackBerry Stake to 6.1%

Sentiment:

Schedule 13D Amendment 30 September 2025 9:49 PM

Fairfax Financial Holdings and its affiliates have reduced their beneficial ownership in BlackBerry Ltd. to 6.1% through recent open market sales.

Worse than expectedFairfax Financial Holdings Limited and its subsidiary TIG Insurance Company sold a substantial number of BlackBerry shares (over 5.3 million shares).This reduction in stake by a major, long-term investor like Fairfax typically signals a less favorable outlook on the company's future performance or valuation.The sales occurred at a specific price point ($5.0077 and $5.0015), which could indicate a perceived ceiling or a strategic exit price for the investor.

Summary

V. Prem Watsa and affiliated entities collectively beneficially own 35,820,891 shares of BlackBerry Ltd., representing 6.1% of the outstanding common stock.
Fairfax Financial Holdings Limited and TIG Insurance Company recently sold a total of 5,389,380 BlackBerry shares in open market transactions.
Fairfax Financial Holdings Limited sold 768,100 shares on September 26, 2025, at $5.0077 per share.
TIG Insurance Company sold 1,213,420 shares on September 26, 2025, at $5.0077 per share.
TIG Insurance Company further sold 3,407,860 shares on September 29, 2025, at a weighted average price of $5.0015 per share.
The percentage of shares beneficially owned by Fairfax Financial Holdings Limited and its subsidiaries is 6.0%.
The calculation is based on 590,361,084 shares of BlackBerry Ltd. issued and outstanding as of September 22, 2025.

Sentiment

Score: 3

Explanation: The sentiment is negative due to the significant reduction in beneficial ownership by a major institutional investor, Fairfax Financial Holdings, through open market sales. This divestment suggests a less optimistic view on BlackBerry's future prospects from a key shareholder.

Negatives

Fairfax Financial Holdings Limited and its subsidiary TIG Insurance Company sold a combined 5,389,380 shares of BlackBerry Ltd. common stock.
The sales occurred at prices around $5.00 per share, indicating a specific valuation point for the divestment.
The reduction in beneficial ownership by a significant institutional investor like Fairfax could be perceived negatively by the market.

Future Outlook

No forward-looking statements or guidance provided in this filing.

Industry Context

This filing reflects a strategic adjustment in a significant institutional investor's portfolio. Fairfax Financial Holdings is a well-known insurance and investment conglomerate, and its investment decisions in companies like BlackBerry are closely watched. The divestment of a portion of its stake could signal a re-evaluation of BlackBerry's long-term prospects or a reallocation of capital within Fairfax's diverse portfolio.

Stakeholder Impact

Shareholders: Existing shareholders may view the reduction in stake by a major investor as a negative signal, potentially leading to downward pressure on the stock price.
Company Management: The divestment by a significant shareholder could prompt management to address investor concerns or re-evaluate strategic directions.

Key Dates

Date	Description
2012-07-23	Original Schedule 13D filed by Fairfax Financial Holdings Limited and affiliates.
2020-03-09	Date of Power of Attorney referenced in Exhibit 99.24.
2023-06-21	Date of Power of Attorney referenced in Exhibit 99.25.
2023-11-15	Date of Schedule 13D filing where Power of Attorney (Exhibit 99.18) was incorporated by reference.
2025-09-22	Date as of which 590,361,084 BlackBerry shares were issued and outstanding.
2025-09-26	Date of event requiring filing of this statement; Fairfax Financial Holdings Limited and TIG Insurance Company sold shares.
2025-09-29	TIG Insurance Company sold additional shares.
2025-09-30	Date of Joint Filing Agreement and signatures for the Schedule 13D/A.

Recommendation

sell

The significant reduction in beneficial ownership by Fairfax Financial Holdings, a prominent institutional investor, through open market sales, signals a potential loss of confidence or a strategic re-evaluation of BlackBerry's value. Such a move by a major shareholder often precedes or accompanies further downward pressure on the stock price, making a 'sell' recommendation prudent for investors looking to mitigate risk or reallocate capital.

Keywords

BlackBerry, Fairfax Financial Holdings, V. Prem Watsa, Schedule 13D, Beneficial Ownership, Share Sale, Institutional Investor, Common Stock, SEC Filing, Investment Holding

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