Vault-13

ECHOSTAR CORP ECHO 3.875 11.30.30

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

49 institutional holders +0 vs Q3 2025
203,483,202203.5m shares reported held*
$25.7bnreported value*
5 new 16 added 19 reduced 5 sold out net bought ≈ $512.5m (+72.7m 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 ≈ $126.20.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q4 24: 58Q1 25: 60Q2 25: 49Q3 25: 49Q4 25: 4949Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q4 202458
Q1 202560
Q2 202549
Q3 202549
Q4 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 25Q4 25: 21 bought or addedQ4 25: 24 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20252727
Q2 20253231
Q3 20252728
Q4 20252124

Biggest buyers

CAPSTONE INVESTMENT ADVISORS, LLC New +8,709,000,000+8.7bn
NOMURA HOLDINGS INC New +176,923,845+176.9m
Context Capital Management, LLC New +47,840,217+47.8m
FMR LLC Added +44,362,202+44.4m
Apollo Management Holdings, L.P. Added +43,288,664+43.3m
CSS LLC/IL Added +23,417,044+23.4m
OAKTREE CAPITAL MANAGEMENT LP New +18,000,000+18.0m
TWO SIGMA INVESTMENTS, LP Added +15,916,000+15.9m
WHITEBOX ADVISORS LLC Added +12,735,000+12.7m
Hudson Bay Capital Management LP Added +12,324,790+12.3m

Biggest sellers

Context Capital Management, LLC Sold out -105,127,217-105.1m
Silver Point Capital L.P. Reduced -41,372,000-41.4m
JPMORGAN CHASE & CO Reduced -38,649,163-38.6m
Monarch Alternative Capital LP Reduced -26,970,000-27.0m
MILLENNIUM MANAGEMENT LLC Reduced -20,419,032-20.4m
BNP PARIBAS FINANCIAL MARKETS Sold out -12,000,000-12.0m
Paloma Partners Management Co Reduced -12,000,000-12.0m
Jefferies Financial Group Inc. Sold out -7,943,891-7.9m
CYRUS CAPITAL PARTNERS, L.P. Reduced -7,896,209-7.9m
SILVERBACK ASSET MANAGEMENT LLC Reduced -6,352,999-6.4m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CAPSTONE INVESTMENT ADVISORS, LLC 0.24% of their portfolio NEW YORK, NY 8,709,000,0008.7bn $29.1m $29.1m 0.24% New
2 Apollo Management Holdings, L.P. 15.70% of their portfolio New York, NY 473,175,801473.2m $1.6bn $1.6bn 15.70% Added +43.3m +43,288,664
3 FMR LLC 0.04% of their portfolio BOSTON, MA 241,343,777241.3m $806.1m $806.1m 0.04% Added +44.4m +44,362,202
4 NOMURA HOLDINGS INC 54.89% of their portfolio TOKYO, M0 176,923,845176.9m $19.2bn $19.2bn 54.89% New
5 LMR Partners LLP 4.11% of their portfolio LONDON, X0 128,258,686128.3m $428.1m $428.1m 4.11% Added +7.5m +7,500,000
6 Monarch Alternative Capital LP 46.42% of their portfolio New York, NY 105,230,000105.2m $356.5m $356.5m 46.42% Reduced -27.0m -26,970,000
7 Silver Point Capital L.P. 15.79% of their portfolio Greenwich, CT 104,650,824104.7m $350.4m $350.4m 15.79% Reduced -41.4m -41,372,000
8 TWO SIGMA INVESTMENTS, LP 0.51% of their portfolio NEW YORK, NY 102,516,000102.5m $342.4m $342.4m 0.51% Added +15.9m +15,916,000
9 Hudson Bay Capital Management LP 1.59% of their portfolio STAMFORD, CT 82,554,41782.6m $276.5m $276.5m 1.59% Added +12.3m +12,324,790
10 WHITEBOX ADVISORS LLC 3.06% of their portfolio MINNEAPOLIS, MN 54,937,08654.9m $183.5m $183.5m 3.06% Added +12.7m +12,735,000
11 REDWOOD CAPITAL MANAGEMENT, LLC 19.34% of their portfolio New York, NY 53,950,90654.0m $180.7m $180.7m 19.34% Unchanged
12 Context Capital Management, LLC 4.12% of their portfolio LAJOLLA, CA 47,840,21747.8m $159.9m $159.9m 4.12% New
13 DLD Asset Management, LP 13.96% of their portfolio NEW YORK, NY 40,000,00040.0m $134.4m $134.4m 13.96% Added +7.5m +7,500,000
14 First Pacific Advisors, LP 1.73% of their portfolio EL SEGUNDO, CA 39,308,97439.3m $131.3m $131.3m 1.73% Reduced -691.0k -691,026
15 CSS LLC/IL 7.15% of their portfolio CHICAGO, IL 37,825,75337.8m $126.5m $126.5m 7.15% Added +23.4m +23,417,044
16 MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio NEW YORK, NY 37,260,00037.3m $124.8m $124.8m 0.09% Reduced -20.4m -20,419,032
17 Nut Tree Capital Management, LP 16.25% of their portfolio NEW YORK, NY 25,798,70725.8m $86.2m $86.2m 16.25% Unchanged
18 CARRONADE CAPITAL MANAGEMENT, LP 7.58% of their portfolio DARIEN, CT 24,638,49624.6m $82.5m $82.5m 7.58% Added +910.0k +910,000
19 CYRUS CAPITAL PARTNERS, L.P. 30.10% of their portfolio New York, NY 24,532,02724.5m $81.9m $81.9m 30.10% Reduced -7.9m -7,896,209
20 Aequim Alternative Investments LP 1.62% of their portfolio MILL VALLEY, CA 24,500,00024.5m $81.9m $81.9m 1.62% Added +7.0m +7,000,000
21 Brandywine Global Investment Management, LLC 0.54% of their portfolio PHILADELPHIA, PA 24,218,01124.2m $80.9m $80.9m 0.54% Added +4.1m +4,077,006
22 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 22,945,72922.9m $76.7m $76.7m 0.01% Unchanged
23 Mint Tower Capital Management B.V. 8.92% of their portfolio AMSTERDAM, P7 21,830,00021.8m $74.0m $74.0m 8.92% Added +10.8m +10,830,000
24 OAKTREE CAPITAL MANAGEMENT LP 0.98% of their portfolio LOS ANGELES, CA 18,000,00018.0m $60.2m $60.2m 0.98% New
25 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 17,637,68917.6m $59.8m $59.8m 0.00% Reduced -38.6m -38,649,163
26 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,039,76515.0m $50.9m $50.9m 0.00% Added +2.0m +2,050,000
27 Columbus Hill Capital Management, L.P. 5.79% of their portfolio Short Hills, NJ 12,315,00012.3m $41.2m $41.2m 5.79% Reduced -3.1m -3,088,379
28 Sculptor Capital LP 0.46% of their portfolio New York, NY 11,570,00011.6m $38.8m $38.8m 0.46% New
29 Walleye Capital LLC 0.18% of their portfolio NEW YORK, NY 9,500,0009.5m $31.8m $31.8m 0.18% Added +7.0m +7,000,000
30 BlueCrest Capital Management Ltd 1.09% of their portfolio ST HELIER, Y9 8,375,0008.4m $28.1m $28.1m 1.09% Unchanged
31 Paloma Partners Management Co 9.26% of their portfolio GREENWICH, CT 8,030,0008.0m $26.9m $26.9m 9.26% Reduced -12.0m -12,000,000
32 STONEHILL CAPITAL MANAGEMENT LLC 6.50% of their portfolio NEW YORK, NY 6,466,3786.5m $21.7m $21.7m 6.50% Reduced -4.0m -4,000,000
33 Silver Rock Financial LP 38.01% of their portfolio Los Angeles, CA 6,362,5226.4m $21.3m $21.3m 38.01% Unchanged
34 BlackRock, Inc. 0.00% of their portfolio New York, NY 6,000,0006.0m $20.0m $20.0m 0.00% Reduced -4.0m -4,000,833
35 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 5,497,4295.5m $18.6m $18.6m 0.00% Added +1.3m +1,342,379
36 SCOGGIN MANAGEMENT LP 2.48% of their portfolio NEW YORK, NY 2,000,0002.0m $6.7m $6.7m 2.48% Reduced -1.5m -1,500,000
37 LOOMIS SAYLES & CO L P 0.25% of their portfolio BOSTON, MA 1,920,8611.9m $208.8m $208.8m 0.25% Added +19.6k +19,565
38 Purpose Unlimited Inc. 0.28% of their portfolio TORONTO, A6 1,841,5771.8m $6.2m $6.2m 0.28% First filing
39 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,695,7631.7m $5.7m $5.7m 0.00% Reduced -2.0m -2,013,724
40 SILVERBACK ASSET MANAGEMENT LLC 0.84% of their portfolio DURHAM, NC 1,685,4971.7m $5.7m $5.7m 0.84% Reduced -6.4m -6,352,999
41 Benefit Street Partners LLC 5.02% of their portfolio NEW YORK, NY 1,360,0001.4m $4.6m $4.6m 5.02% First filing
42 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 1,047,3841.0m $3.5m $3.5m 0.01% Reduced -32.1k -32,078
43 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 1,029,7241.0m $3.4m $3.4m 0.00% Reduced -1.5m -1,545,276
44 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 921,155921.2k $3.1m $3.1m 0.00% Reduced -753.0k -753,026
45 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 393,711393.7k $1.3m $1.3m 0.00% Reduced -797.8k -797,824
46 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 168,115168.1k $569.6k $569.6k 0.00% Unchanged
47 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 135,086135.1k $451.2k $451.2k 0.00% Reduced -5.2m -5,250,000
48 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 128,923128.9k $432.8k $432.8k 0.00% Reduced -1.1m -1,069,000
49 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 104,173104.2k $352.1k $352.1k 0.00% Unchanged