Silver Heights takes 5.01% passive stake in Iridium (NASDAQ: IRDM)

Rhea-AI Filing Summary

Silver Heights Capital Management Inc. has disclosed a significant passive stake in Iridium Communications Inc. common stock. The firm reports beneficial ownership of 5,251,133 shares, representing 5.01% of Iridium’s outstanding common stock.

Silver Heights has sole voting power over 3,966,012 shares and shared voting power over 1,285,121 shares

02/13/2026 - 12:08 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Iridium Communications Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46269C102

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 46269C102

1

Names of Reporting Persons

Silver Heights Capital Management 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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,966,012.00
6	Shared Voting Power 1,285,121.00
7	Sole Dispositive Power 5,251,133.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,251,133.00

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)

5.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Iridium Communications Inc.
(b)	Address of issuer's principal executive offices: 1750 TYSONS BOULEVARD, SUITE 1400, MCLEAN, VIRGINIA, 22102.
Item 2.
(a)	Name of person filing: Silver Height Capital Management Inc.
(b)	Address or principal business office or, if none, residence: 333 Bay Street, Suite 1140, Toronto, Ontario, M5H 2R2
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 46269C102
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: 5,251,133
(b)	Percent of class: 5.01%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,966,012
	(ii) Shared power to vote or to direct the vote: 1,285,121
	(iii) Sole power to dispose or to direct the disposition of: 3,966,012
	(iv) Shared power to dispose or to direct the disposition of: 1,285,121
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.
	Not Applicable
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.

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.

Silver Heights Capital Management Inc

Signature:	/s/Trish Campbell
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

FAQ

What stake does Silver Heights hold in Iridium Communications (IRDM)?

Silver Heights Capital Management Inc. reports beneficial ownership of 5,251,133 Iridium Communications common shares, representing 5.01% of the company’s outstanding common stock. This makes Silver Heights a significant shareholder under U.S. disclosure rules.

Is Silver Heights a passive or activist investor in Iridium Communications (IRDM)?

Silver Heights describes its Iridium position as held in the ordinary course of business and states it was not acquired to change or influence control of Iridium. This language indicates a passive investment reported on Schedule 13G.

How many Iridium (IRDM) shares can Silver Heights vote and dispose of?

Silver Heights reports sole voting power over 3,966,012 shares and shared voting power over 1,285,121 shares. The same share amounts apply to its sole and shared power to dispose of Iridium common stock.

What type of security does Silver Heights own in Iridium Communications (IRDM)?

Silver Heights holds common stock of Iridium Communications Inc., identified by CUSIP 46269C102. The Schedule 13G filing relates specifically to this class of securities, not to preferred stock, debt, or other instruments.

Where is Silver Heights Capital Management, the Iridium (IRDM) reporting holder, based?

Silver Heights Capital Management Inc. lists its principal business office at 333 Bay Street, Suite 1140, Toronto, Ontario, M5H 2R2. It is organized under Canadian federal law, according to the ownership disclosure.

What certification does Silver Heights give about its Iridium (IRDM) holdings?

Silver Heights certifies the Iridium securities were acquired and are held in the ordinary course of business and not for changing or influencing control, nor in connection with any transaction having that control-related purpose or effect.