SCHEDULE: Heard Capital Discloses 10.4% Stake in Telesat Corp

Heard Capital LLC and its affiliates have reported a 10.4% beneficial ownership stake in Telesat Corp's Class B Variable Voting Shares.

Summary

• Heard Capital LLC, Heard Investment Manager LLC, William E. Heard Declaration of Trust, and William Heard collectively reported beneficial ownership of 1,519,410 Class B Variable Voting Shares of Telesat Corp.
• This ownership represents 10.4% of the total outstanding Class A common and Class B variable voting shares of Telesat Corp, which aggregated 14,682,322 shares as of June 30, 2025.
• The reporting persons share both sole voting power and sole dispositive power over these 1,519,410 shares.
• The shares are held in the name of Heard High Conviction Long Only Fund LLC and separate accounts (SMAs) for which Heard Capital serves as the investment manager.
• This filing is an Amendment No. 6 to a previously filed Schedule 13G/A, indicating an update to an existing beneficial ownership disclosure.

Sentiment

Score: 5

Explanation: This is a factual disclosure of beneficial ownership, which is neutral in sentiment. It indicates a significant stake by an investment firm but does not provide operational or financial performance details.

Positives

• A significant institutional investor, Heard Capital LLC, maintains a substantial 10.4% stake in Telesat Corp, indicating continued confidence in the company's long-term prospects.

Negatives

• No negative information is disclosed in this beneficial ownership report, as it primarily serves to update ownership percentages.

Risks

• No specific risks related to Telesat Corp's operations or financial health are disclosed in this beneficial ownership filing, as its purpose is solely to report an ownership stake.

Future Outlook

This beneficial ownership filing does not contain any forward-looking statements or guidance regarding Telesat Corp's future performance or strategic direction.

Industry Context

This filing is a standard regulatory disclosure of a significant ownership stake by an investment firm in a publicly traded company within the satellite communications industry. It does not provide broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, potentially signaling confidence from a large investor.
• Management: Awareness of a large, active shareholder and their reported ownership position.

Key Dates

Keywords

Telesat Corp, Heard Capital, Beneficial Ownership, SEC Filing, Schedule 13G, Satellite Communications, Investment, Shareholding, Class B Shares, Variable Voting Shares