Vault-13

ECHOSTAR CORP ECHO 3.875 11.30.30

NOTE 3.875%11/3 · GLOBAL · CUSIP 278768AB2

49 institutional holders -11 vs Q1 2025
56,420,91656.4m shares reported held*
$1.9bnreported value*
5 new 27 added 15 reduced 16 sold out net sold ≈ $95.3m (+29.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $33.39.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q4 24: 58Q1 25: 60Q2 25: 4949Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q4 202458
Q1 202560
Q2 202549

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q1 25: 27 bought or addedQ1 25: 27 cut or sold outQ1 25Q2 25: 32 bought or addedQ2 25: 31 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q1 20252727
Q2 20253231

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2m$4m$6m$8mQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $6.9mQ4 24 puts: $1.7mQ4 24P/C 0.25Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$6.9m$1.7m0.25
Q1 2025$0$0—
Q2 2025$0$0—

Biggest buyers

Silver Point Capital L.P. Added +118,197,375+118.2m
Apollo Management Holdings, L.P. Added +89,307,329+89.3m
First Pacific Advisors, LP New +40,000,000+40.0m
LMR Partners LLP Added +39,424,406+39.4m
Graham Capital Management, L.P. New +27,423,468+27.4m
Monarch Alternative Capital LP Added +19,977,601+20.0m
Nut Tree Capital Management, LP Added +15,434,022+15.4m
Silver Rock Financial LP Added +13,487,522+13.5m
OAKTREE CAPITAL MANAGEMENT LP Added +5,447,560+5.4m
SCOGGIN MANAGEMENT LP New +5,000,000+5.0m

Biggest sellers

WHITEBOX ADVISORS LLC Reduced -80,028,303-80.0m
Hudson Bay Capital Management LP Reduced -54,732,113-54.7m
SONA ASSET MANAGEMENT (US) LLC Sold out -45,000,000-45.0m
GOLDMAN SACHS GROUP INC Reduced -34,050,759-34.1m
Graham Capital Management, L.P. Sold out -33,000,000-33.0m
DLD Asset Management, LP Sold out -27,500,000-27.5m
MILLENNIUM MANAGEMENT LLC Sold out -26,969,548-27.0m
REDWOOD CAPITAL MANAGEMENT, LLC Reduced -20,904,642-20.9m
Jefferies Financial Group Inc. Sold out -20,075,399-20.1m
BNP PARIBAS FINANCIAL MARKETS Reduced -17,136,960-17.1m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Apollo Management Holdings, L.P. 4.60% of their portfolio New York, NY 250,019,711250.0m $293.6m $293.6m 4.60% Added +89.3m +89,307,329
2 Silver Point Capital L.P. 19.32% of their portfolio Greenwich, CT 237,641,824237.6m $275.3m $275.3m 19.32% Added +118.2m +118,197,375
3 FMR LLC 0.01% of their portfolio BOSTON, MA 203,802,047203.8m $240.0m $240.0m 0.01% Added +2.9m +2,891,549
4 Monarch Alternative Capital LP 60.29% of their portfolio New York, NY 110,325,538110.3m $129.5m $129.5m 60.29% Added +20.0m +19,977,601
5 LMR Partners LLP 1.86% of their portfolio LONDON, X0 101,258,686101.3m $119.1m $119.1m 1.86% Added +39.4m +39,424,406
6 REDWOOD CAPITAL MANAGEMENT, LLC 11.35% of their portfolio New York, NY 53,950,90654.0m $62.5m $62.5m 11.35% Reduced -20.9m -20,904,642
7 CYRUS CAPITAL PARTNERS, L.P. 16.74% of their portfolio New York, NY 52,477,70752.5m $61.8m $61.8m 16.74% Added +3.6m +3,598,787
8 First Pacific Advisors, LP 0.67% of their portfolio EL SEGUNDO, CA 40,000,00040.0m $47.1m $47.1m 0.67% New
9 WHITEBOX ADVISORS LLC 1.27% of their portfolio MINNEAPOLIS, MN 39,605,08639.6m $46.6m $46.6m 1.27% Reduced -80.0m -80,028,303
10 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 39,294,77239.3m $44.0m $44.0m 0.00% Added +2.3m +2,260,855
11 SHENKMAN CAPITAL MANAGEMENT INC 4.79% of their portfolio NEW YORK, NY 37,704,26737.7m $48.1m $48.1m 4.79% Added +238.6k +238,633
12 Graham Capital Management, L.P. 0.98% of their portfolio ROWAYTON, CT 27,423,46827.4m $32.2m $32.2m 0.98% New
13 Brandywine Global Investment Management, LLC 0.22% of their portfolio PHILADELPHIA, PA 26,371,71426.4m $31.1m $31.1m 0.22% Added +380.3k +380,313
14 Nut Tree Capital Management, LP 8.96% of their portfolio NEW YORK, NY 25,798,70725.8m $30.4m $30.4m 8.96% Added +15.4m +15,434,022
15 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 24,000,00024.0m $28.3m $28.3m 0.01% Reduced -1.9m -1,892,000
16 Silver Rock Financial LP 33.86% of their portfolio Los Angeles, CA 23,362,52223.4m $27.5m $27.5m 33.86% Added +13.5m +13,487,522
17 CARRONADE CAPITAL MANAGEMENT, LP 3.69% of their portfolio DARIEN, CT 22,728,49622.7m $26.6m $26.6m 3.69% Added +474.3k +474,292
18 OAKTREE CAPITAL MANAGEMENT LP 0.50% of their portfolio LOS ANGELES, CA 21,447,56021.4m $25.3m $25.3m 0.50% Added +5.4m +5,447,560
19 Hudson Bay Capital Management LP 0.16% of their portfolio STAMFORD, CT 20,689,62720.7m $24.3m $24.3m 0.16% Reduced -54.7m -54,732,113
20 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 19,745,82919.7m $23.3m $23.3m 0.00% Added +482.0k +482,048
21 EdgePoint Investment Group Inc. 0.15% of their portfolio TORONTO, A6 17,597,31417.6m $19.7m $19.7m 0.15% Added +367.2k +367,215
22 Columbus Hill Capital Management, L.P. 2.62% of their portfolio Short Hills, NJ 15,403,37915.4m $18.2m $18.2m 2.62% Added +321.4k +321,433
23 BlackRock, Inc. 0.00% of their portfolio New York, NY 11,669,25911.7m $13.7m $13.7m 0.00% Reduced -14.4m -14,358,741
24 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,489,76511.5m $13.5m $13.5m 0.00% Added +739.8k +739,765
25 Polar Asset Management Partners Inc. 0.29% of their portfolio TORONTO, A6 10,035,01210.0m $11.8m $11.8m 0.29% Added +1.7m +1,732,858
26 SILVERBACK ASSET MANAGEMENT LLC 1.77% of their portfolio DURHAM, NC 9,814,8319.8m $11.6m $11.6m 1.77% Reduced -10.7m -10,746,671
27 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 8,002,5008.0m $9.5m $9.5m 0.01% Reduced -17.1m -17,136,960
28 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 6,069,8456.1m $7.1m $7.1m 0.00% Reduced -34.1m -34,050,759
29 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 5,625,6955.6m $6.6m $6.6m 0.00% Added +561.6k +561,650
30 STONEHILL CAPITAL MANAGEMENT LLC 2.82% of their portfolio NEW YORK, NY 5,466,3785.5m $6.4m $6.4m 2.82% Reduced -4.0m -3,967,572
31 Western Asset Management Company, LLC 8.28% of their portfolio Pasadena, CA 5,358,8305.4m $6.3m $6.3m 8.28% Reduced -4.4m -4,411,256
32 SCOGGIN MANAGEMENT LP 2.72% of their portfolio NEW YORK, NY 5,000,0005.0m $5.9m $5.9m 2.72% New
33 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 4,725,8964.7m $5.6m $5.6m 0.00% Added +98.6k +98,616
34 TENOR CAPITAL MANAGEMENT Co., L.P. 0.07% of their portfolio NEW YORK, NY 4,092,3994.1m $4.8m $4.8m 0.07% Added +85.4k +85,399
35 LOOMIS SAYLES & CO L P 0.14% of their portfolio BOSTON, MA 3,970,3274.0m $110.0m $110.0m 0.14% Reduced -889.9k -889,886
36 Man Group plc 0.01% of their portfolio LONDON, X0 3,818,0703.8m $4.4m $4.4m 0.01% Reduced -1.5m -1,471,930
37 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 2,569,7132.6m $3.0m $3.0m 0.01% Added +119.6k +119,608
38 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 2,042,6252.0m $2.4m $2.4m 0.01% New
39 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,674,1811.7m $2.0m $2.0m 0.00% Added +34.9k +34,934
40 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 868,115868.1k $1.0m $1.0m 0.00% Added +118.1k +118,115
41 M&G PLC 0.00% of their portfolio London, X0 409,239409.2k $478.8k $478.8k 0.00% Added +8.5k +8,539
42 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 256,000256.0k $302.0k $302.0k 0.01% Not comparable
43 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 155,711155.7k $177.8k $177.8k 0.00% Added +3.7k +3,711
44 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 104,173104.2k $122.2k $122.2k 0.00% Reduced -447.8k -447,827
45 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 78,77778.8k $92.8k $92.8k 0.00% Reduced -3.6m -3,601,258
46 Iron Horse Wealth Management, LLC 0.00% of their portfolio JOHSTON, IA 9,8209.8k $11.5k $11.5k 0.00% Added +204 +204
47 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,5743.6k $4.0k $4.0k 0.00% New
48 Rokos Capital Management LLP 0.04% of their portfolio LONDON, X0 2,0002.0k $2.3m $2.3m 0.04% Reduced -30.3k -30,273
49 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged