Vault-13

ECHOSTAR CORP ECHO 3.875 11.30.30

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

49 institutional holders +0 vs Q2 2025
130,813,009130.8m shares reported held*
$4.8bnreported value*
14 new 13 added 16 reduced 12 sold out net bought ≈ $917.7m (+74.4m 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 ≈ $36.58.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q4 24: 58Q1 25: 60Q2 25: 49Q3 25: 4949Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q4 202458
Q1 202560
Q2 202549
Q3 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 25Q3 25: 27 bought or addedQ3 25: 28 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q1 20252727
Q2 20253231
Q3 20252728

Calls vs puts

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

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

Biggest buyers

Apollo Management Holdings, L.P. Added +179,867,426+179.9m
Context Capital Management, LLC New +105,127,217+105.1m
TWO SIGMA INVESTMENTS, LP New +86,600,000+86.6m
MILLENNIUM MANAGEMENT LLC New +57,679,032+57.7m
Hudson Bay Capital Management LP Added +49,540,000+49.5m
DLD Asset Management, LP New +32,500,000+32.5m
Monarch Alternative Capital LP Added +21,874,462+21.9m
Paloma Partners Management Co New +20,030,000+20.0m
LMR Partners LLP Added +19,500,000+19.5m
Aequim Alternative Investments LP New +17,500,000+17.5m

Biggest sellers

Silver Point Capital L.P. Reduced -91,619,000-91.6m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -32,435,379-32.4m
Graham Capital Management, L.P. Sold out -27,423,468-27.4m
Nuveen, LLC Sold out -24,000,000-24.0m
OAKTREE CAPITAL MANAGEMENT LP Sold out -21,447,560-21.4m
CYRUS CAPITAL PARTNERS, L.P. Reduced -20,049,471-20.0m
EdgePoint Investment Group Inc. Sold out -17,597,314-17.6m
Silver Rock Financial LP Reduced -17,000,000-17.0m
Polar Asset Management Partners Inc. Sold out -10,035,012-10.0m
FMR LLC Reduced -6,820,472-6.8m

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Apollo Management Holdings, L.P. 15.82% of their portfolio New York, NY 429,887,137429.9m $1.1bn $1.1bn 15.82% Added +179.9m +179,867,426
2 FMR LLC 0.03% of their portfolio BOSTON, MA 196,981,575197.0m $484.6m $484.6m 0.03% Reduced -6.8m -6,820,472
3 Silver Point Capital L.P. 18.67% of their portfolio Greenwich, CT 146,022,824146.0m $359.5m $359.5m 18.67% Reduced -91.6m -91,619,000
4 Monarch Alternative Capital LP 43.53% of their portfolio New York, NY 132,200,000132.2m $324.3m $324.3m 43.53% Added +21.9m +21,874,462
5 LMR Partners LLP 3.83% of their portfolio LONDON, X0 120,758,686120.8m $297.0m $297.0m 3.83% Added +19.5m +19,500,000
6 Context Capital Management, LLC 7.98% of their portfolio LAJOLLA, CA 105,127,217105.1m $258.9m $258.9m 7.98% New
7 TWO SIGMA INVESTMENTS, LP 0.33% of their portfolio NEW YORK, NY 86,600,00086.6m $213.0m $213.0m 0.33% New
8 Hudson Bay Capital Management LP 1.05% of their portfolio STAMFORD, CT 70,229,62770.2m $173.3m $173.3m 1.05% Added +49.5m +49,540,000
9 MILLENNIUM MANAGEMENT LLC 0.11% of their portfolio NEW YORK, NY 57,679,03257.7m $142.3m $142.3m 0.11% New
10 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 56,286,85256.3m $137.9m $137.9m 0.00% Added +17.0m +16,992,080
11 REDWOOD CAPITAL MANAGEMENT, LLC 12.87% of their portfolio New York, NY 53,950,90654.0m $132.8m $132.8m 12.87% Unchanged
12 WHITEBOX ADVISORS LLC 1.93% of their portfolio MINNEAPOLIS, MN 42,202,08642.2m $103.8m $103.8m 1.93% Added +2.6m +2,597,000
13 First Pacific Advisors, LP 1.36% of their portfolio EL SEGUNDO, CA 40,000,00040.0m $98.4m $98.4m 1.36% Unchanged
14 DLD Asset Management, LP 10.34% of their portfolio NEW YORK, NY 32,500,00032.5m $80.3m $80.3m 10.34% New
15 CYRUS CAPITAL PARTNERS, L.P. 19.13% of their portfolio New York, NY 32,428,23632.4m $79.8m $79.8m 19.13% Reduced -20.0m -20,049,471
16 Nut Tree Capital Management, LP 14.66% of their portfolio NEW YORK, NY 25,798,70725.8m $63.5m $63.5m 14.66% Unchanged
17 CARRONADE CAPITAL MANAGEMENT, LP 5.77% of their portfolio DARIEN, CT 23,728,49623.7m $58.4m $58.4m 5.77% Added +1.0m +1,000,000
18 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 22,945,72922.9m $56.5m $56.5m 0.01% Added +3.2m +3,199,900
19 Brandywine Global Investment Management, LLC 0.34% of their portfolio PHILADELPHIA, PA 20,141,00520.1m $49.6m $49.6m 0.34% Reduced -6.2m -6,230,709
20 Paloma Partners Management Co 9.81% of their portfolio GREENWICH, CT 20,030,00020.0m $49.3m $49.3m 9.81% New
21 Aequim Alternative Investments LP 0.96% of their portfolio MILL VALLEY, CA 17,500,00017.5m $43.1m $43.1m 0.96% New
22 Columbus Hill Capital Management, L.P. 5.00% of their portfolio Short Hills, NJ 15,403,37915.4m $37.9m $37.9m 5.00% Unchanged
23 CSS LLC/IL 2.11% of their portfolio CHICAGO, IL 14,408,70914.4m $35.4m $35.4m 2.11% New
24 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,989,76513.0m $31.7m $31.7m 0.00% Added +1.5m +1,500,000
25 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 12,000,00012.0m $29.5m $29.5m 0.02% Added +4.0m +3,997,500
26 Mint Tower Capital Management B.V. 3.38% of their portfolio AMSTERDAM, P7 11,000,00011.0m $27.0m $27.0m 3.38% New
27 STONEHILL CAPITAL MANAGEMENT LLC 9.03% of their portfolio NEW YORK, NY 10,466,37810.5m $25.3m $25.3m 9.03% Added +5.0m +5,000,000
28 BlackRock, Inc. 0.00% of their portfolio New York, NY 10,000,83310.0m $24.6m $24.6m 0.00% Reduced -1.7m -1,668,426
29 BlueCrest Capital Management Ltd 1.26% of their portfolio ST HELIER, Y9 8,375,0008.4m $20.6m $20.6m 1.26% New
30 SILVERBACK ASSET MANAGEMENT LLC 2.57% of their portfolio DURHAM, NC 8,038,4968.0m $19.8m $19.8m 2.57% Reduced -1.8m -1,776,335
31 Jefferies Financial Group Inc. 0.18% of their portfolio NEW YORK, NY 7,943,8917.9m $19.6m $19.6m 0.18% New
32 Silver Rock Financial LP 22.58% of their portfolio Los Angeles, CA 6,362,5226.4m $15.7m $15.7m 22.58% Reduced -17.0m -17,000,000
33 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 5,385,0865.4m $13.2m $13.2m 0.00% Added +5.3m +5,306,309
34 SHENKMAN CAPITAL MANAGEMENT INC 1.30% of their portfolio NEW YORK, NY 5,268,8885.3m $13.2m $13.2m 1.30% Reduced -32.4m -32,435,379
35 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,155,0504.2m $10.2m $10.2m 0.00% New
36 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 3,709,4873.7m $9.1m $9.1m 0.00% Reduced -2.4m -2,360,358
37 SCOGGIN MANAGEMENT LP 3.30% of their portfolio NEW YORK, NY 3,500,0003.5m $8.6m $8.6m 3.30% Reduced -1.5m -1,500,000
38 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 2,575,0002.6m $6.3m $6.3m 0.00% New
39 Walleye Capital LLC 0.05% of their portfolio NEW YORK, NY 2,500,0002.5m $6.2m $6.2m 0.05% New
40 LOOMIS SAYLES & CO L P 0.17% of their portfolio BOSTON, MA 1,901,2961.9m $145.2m $145.2m 0.17% Reduced -2.1m -2,069,031
41 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,674,1811.7m $4.1m $4.1m 0.00% Unchanged
42 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 1,500,0001.5m $3.7m $3.7m 0.01% New
43 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 1,197,9231.2m $3.0m $3.0m 0.00% Reduced -4.4m -4,427,772
44 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,191,5351.2m $2.9m $2.9m 0.00% Added +1.0m +1,035,824
45 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,079,4621.1m $2.7m $2.7m 0.00% Reduced -1.5m -1,490,251
46 Western Asset Management Company, LLC 5.45% of their portfolio Pasadena, CA 1,000,0001.0m $2.5m $2.5m 5.45% Reduced -4.4m -4,358,830
47 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 168,115168.1k $412.4k $412.4k 0.00% Reduced -700.0k -700,000
48 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 104,173104.2k $253.3k $253.3k 0.00% Unchanged
49 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 56,00056.0k $137.9k $137.9k 0.01% Reduced -200.0k -200,000