Telesat Corp ownership update: Heard Capital LLC and William Heard report beneficial ownership of 610,570 Class B Variable Voting Shares, representing 4.16% of the combined Class A and Class B shares. The percentage is calculated on March 31, 2026 using an aggregate outstanding total of 14,666,890 shares.
The shares are held in the name of Heard High Conviction Long Only Fund LLC and separate managed accounts for which Heard Capital serves as investment manager with shared voting and dispositive power.
Positive
None.
Negative
None.
Insights
13G amendment shows a passive stake of 4.16% at quarter end.
The filing states Heard Capital and William Heard beneficially own 610,570 Class B shares as of March 31, 2026, calculated against 14,666,890 total Class A and Class B shares outstanding. The position is reported via a Schedule 13G/A amendment.
Because the stake is below typical activist thresholds and is reported on a 13G/A, the filing reads as passive disclosure; subsequent filings would be needed to indicate any change in intent or voting arrangements.
Voting and dispositive power is held through managed vehicles.
The shares are held in the Heard High Conviction Long Only Fund LLC and separate managed accounts for which Heard Capital is the investment manager, with shared voting and dispositive power recorded on the cover pages. The joint filing agreement governs combined reporting.
Investors should note the filing documents the manager's control over voting/disposition in its role as investment manager; any changes to that arrangement would appear in future amendments.
Key Figures
Shares beneficially owned:610,570 sharesPercent of class:4.16%Outstanding shares used:14,666,890 shares
3 metrics
Shares beneficially owned610,570 sharesheld by Heard High Conviction Long Only Fund LLC and SMAs
Percent of class4.16%calculated on aggregate 14,666,890 shares outstanding
Outstanding shares used14,666,890 sharesaggregate Class A and Class B outstanding as of March 31, 2026
Key Terms
Schedule 13G/A, Class B Variable Voting Shares, Beneficially owned
3 terms
Schedule 13G/Aregulatory
"This is being filed by (i) Heard Capital LLC ... joint /A."
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Class B Variable Voting Sharesfinancial
"Title of class of securities: Class B Variable Voting Shares"
Beneficially ownedregulatory
"As of March 31,2026, there were 610,570 shares ... held in the name of Heard High Conviction Long Only Fund LLC"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 8)
Telesat Corp
(Name of Issuer)
Class B Variable Voting Shares
(Title of Class of Securities)
879512309
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
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
610,570.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
610,570.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
610,570.00
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)
4.16 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
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
610,570.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
610,570.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
610,570.00
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)
4.16 %
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 March 31,2026, there were 610,570 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 14,666,890 total Class A common shares and Class B variable voting shares of Telesat Corporation outstanding as of March 31, 2026.
(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.
Ownership of 5 percent or less of a class
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
What stake does Heard Capital report in Telesat (TSAT)?
Heard Capital reports beneficial ownership of 610,570 Class B Variable Voting Shares, equal to 4.16% of combined Class A and Class B shares. The percentage is calculated using 14,666,890 total shares outstanding as of March 31, 2026.
Are the shares held directly by William Heard or through funds?
The shares are held in the name of Heard High Conviction Long Only Fund LLC and separate managed accounts for which Heard Capital is the investment manager. William Heard and Heard Capital filed jointly under a Joint Filing Agreement dated May 15, 2025.
What voting and disposition powers are reported by the filing?
The cover pages report shared voting power and shared dispositive power of 610,570 shares. Heard Capital serves as investment manager with voting and disposition authority over the reported shares held by the fund and managed accounts.
Does this 13G/A filing indicate active or passive intent?
The amendment is a Schedule 13G/A, which typically reports passive holdings. The filing does not state an intent to influence control; any change toward active intentions would require a different disclosure or future amendments.
