Heard Capital LLC and William Heard report beneficial ownership of 1,227,343 Class B Variable Voting Shares of Telesat Corp, representing 8.37% of the class. The shares are held through Heard High Conviction Long Only Fund LLC and separate managed accounts for which Heard Capital acts as investment manager.
Heard Capital has shared voting and dispositive power over all 1,227,343 shares, with no sole voting or dispositive authority reported for either reporting person. The ownership percentage is based on 14,685,375 total Class A common shares and Class B variable voting shares outstanding as of September 30, 2025, as disclosed by Telesat.
The reporting persons state that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Telesat Corp, other than activities solely in connection with a nomination under Rule 14a-11.
Positive
None.
Negative
None.
Insights
Heard Capital discloses an 8.37% Telesat stake as a passive holding.
Heard Capital LLC and William Heard report beneficial ownership of 1,227,343 Telesat Class B Variable Voting Shares, or 8.37% of the class. The shares sit in the Heard High Conviction Long Only Fund LLC and separate accounts where Heard Capital is investment manager.
The filing shows shared, not sole, voting and dispositive power over all 1,227,343 shares, indicating centralized control at the manager level rather than personal ownership by Mr. Heard alone. The stake size is calculated against 14,685,375 total Class A and Class B shares outstanding as of September 30, 2025.
The certification states the position is held in the ordinary course of business and not with the purpose or effect of changing or influencing control of Telesat Corp, except for potential activity tied to a nomination under Rule 14a-11. Actual future influence depends on how actively the manager votes and engages within this passive framework.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 7)
Telesat Corp
(Name of Issuer)
Class B Variable Voting Shares
(Title of Class of Securities)
879512309
(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.
879512309
1
Names of Reporting Persons
Heard Capital LLC
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,227,343.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,227,343.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,227,343.00
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)
8.37 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
879512309
1
Names of Reporting Persons
William Heard
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,227,343.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,227,343.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,227,343.00
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)
8.37 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Telesat Corp
(b)
Address of issuer's principal executive offices:
160 Elgin Street, Suite 2100, Ottawa, Ontario, Canada, K2P 2P7
Item 2.
(a)
Name of person filing:
This Schedule 13G is being filed by
(i) Heard Capital LLC ("Heard Capital"),
(ii) William Heard ("Mr. Heard")
The foregoing persons are hereinafter collectively referred to as the "Reporting Persons."
The Reporting Persons have entered into a Joint Filing Agreement, dated as of May 15, 2025, a copy of which was previously filed as Exhibit 99.1 to Schedule 13G/A filed with the Securities and Exchange Commission on May 15, 2025 by the Reporting Persons. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13G/A.
(b)
Address or principal business office or, if none, residence:
The address of each of the Reporting Persons is 1 N. Wacker Dr., Ste. 3650, Chicago, IL 60606.
(c)
Citizenship:
The citizenship of each of the Reporting Persons is set forth in Row 4 of the cover page for such Reporting Person, which is incorporated herein by reference.
(d)
Title of class of securities:
Class B Variable Voting Shares
(e)
CUSIP No.:
879512309
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:
The information set forth in Row 9 of each of the cover pages to this Schedule 13G filing is incorporated herein by reference.
As of December 31,2025, there were 1,227,343.00 shares of Class B variable voting shares of Telesat Corporation ("Issuer"), no par value (collectively, the "Shares"), held in the name of Heard High Conviction Long Only Fund LLC (the "Long Only Fund") and separate accounts ("SMAs") for which Heard Capital serves as the investment manager with sole voting, disposition and investment power over the Shares.
(b)
Percent of class:
The information set forth in Row 11 of each of the cover pages to this Schedule 13G filing is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 14,685,375 total Class A common shares and Class B variable voting shares of Telesat Corporation outstanding as of September 30, 2025, as reported in the Issuer's Quarterly Report on Form 6-K, filed with the Securities and Exchange Commission on November 4, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information set forth in Row 5 of the cover page for each Reporting Person is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information set forth in Row 6 of the cover page for each Reporting Person is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information set forth in Row 7 of the cover page for each Reporting Person is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information set forth in Row 8 of the cover page for each Reporting Person is incorporated herein by reference.
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 4(a). The Long Only Fund and the SMAs have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares.
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.
Heard Capital LLC
Signature:
/s/ William Heard
Name/Title:
Chief Executive Officer and Chief Investment Officer
How much of Telesat Corp (TSAT) does Heard Capital own?
Heard Capital LLC and William Heard report beneficial ownership of 1,227,343 Class B Variable Voting Shares of Telesat Corp, representing 8.37% of the class. The stake is held via a long-only fund and separate managed accounts.
Through which vehicles does Heard Capital hold its Telesat (TSAT) shares?
The 1,227,343 Telesat shares are held in Heard High Conviction Long Only Fund LLC and in separate accounts for which Heard Capital serves as investment manager, with voting, disposition and investment power over the shares.
Is Heard Capital’s Telesat (TSAT) position intended to influence control?
The reporting persons certify the Telesat securities were acquired and are held in the ordinary course of business and not for changing or influencing control, other than activities solely connected with a nomination under Rule 14a-11.
What ownership powers does Heard Capital report over Telesat (TSAT) shares?
For 1,227,343 shares, Heard Capital and William Heard report shared voting power and shared dispositive power, with no sole voting or dispositive power. This reflects control exercised at the investment manager level across fund and separate accounts.
How was Heard Capital’s 8.37% Telesat (TSAT) ownership percentage calculated?
The 8.37% ownership figure is based on an aggregate of 14,685,375 total Class A common shares and Class B variable voting shares of Telesat Corporation outstanding as of September 30, 2025, as reported in the company’s Form 6-K.
Who are the reporting persons in this Telesat (TSAT) Schedule 13G/A?
The Schedule 13G/A is filed jointly by Heard Capital LLC and William Heard. They have a joint filing agreement and collectively are referred to as the Reporting Persons, with a shared 8.37% beneficial stake in Telesat Corp’s Class B shares.
