SCHEDULE: Heard Capital Discloses 8.37% Stake in Telesat Corp

Heard Capital LLC and William Heard report a beneficial ownership of 8.37% in Telesat Corp's Class B Variable Voting Shares as of December 31, 2025.

Summary

• Heard Capital LLC and William Heard (collectively, the "Reporting Persons") have filed an Amendment No. 7 to Schedule 13G for Telesat Corp.
• The Reporting Persons beneficially own 1,227,343.00 Class B Variable Voting Shares of Telesat Corp.
• This ownership represents 8.37% of the total Class A common shares and Class B variable voting shares outstanding.
• The percentage is calculated based on 14,685,375 total shares outstanding as of September 30, 2025, as reported in Telesat Corp's Form 6-K filed on November 4, 2025.
• Heard Capital LLC, a Delaware-organized investment adviser, manages these shares through Heard High Conviction Long Only Fund LLC and separate accounts (SMAs), holding sole voting and dispositive power.
• The shares were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing the control of Telesat Corp.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive disclosure, as it confirms a significant institutional holding in Telesat Corp, indicating continued investor interest and conviction, without implying any immediate operational changes.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

This filing, a Schedule 13G amendment, does not contain any forward-looking statements or guidance regarding Telesat Corp's future performance or operations.

Management Comments

• NA

Industry Context

StockSavvy.ai notes that this filing is a routine disclosure of beneficial ownership by an institutional investor. It does not provide specific insights into Telesat Corp's operational performance or strategic direction, nor does it directly relate to broader industry trends in the satellite communications sector. It primarily signals an investment firm's continued or adjusted conviction in the company's equity.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional holder (Heard Capital LLC) may provide a degree of confidence or signal institutional interest in Telesat Corp's stock.

Next Steps

• NA

Key Dates

Recommendation

This Schedule 13G filing primarily reports a beneficial ownership stake and does not contain new financial or operational information that would warrant a change in investment recommendation. The continued significant holding by an investment advisor suggests a 'hold' stance, as it indicates ongoing institutional interest without providing catalysts for a 'buy' or 'sell' decision based solely on this filing.

Keywords

Telesat Corp, Heard Capital LLC, William Heard, Schedule 13G, Beneficial Ownership, Class B Variable Voting Shares, Investment Adviser, Satellite Communications