SCHEDULE: EchoStar: Ergen Group Amends Schedule 13D Filing

An amendment to Schedule 13D details the beneficial ownership of EchoStar Corporation Class A and Class B common stock by Charles W. Ergen, Cantey M. Ergen, and related entities as of July 29, 2026.

Summary

• This filing is an amendment (Amendment No. 69) to Schedule 13D for EchoStar Corporation, reporting beneficial ownership of Class A and Class B common stock as of July 29, 2026.
• The reporting persons include Charles W. Ergen, Cantey M. Ergen, several GRATs (Ergen Two-Year May 2025 SATS GRAT, June 2025 SATS GRAT, July 2025 SATS GRAT, June 2026 SATS GRAT, July 2026 ECHO GRAT), and Telluray Holdings, LLC.
• Charles W. Ergen directly and indirectly beneficially owns 148,681,347 shares, representing 50.9% of the Class A Common Stock outstanding (assuming conversion of Class B shares and exercise of options).
• Cantey M. Ergen directly and indirectly beneficially owns 147,197,377 shares, representing 50.7% of the Class A Common Stock outstanding (assuming conversion of Class B shares and exercise of options).
• Telluray Holdings, LLC beneficially owns 78,807,979 shares, representing 33.5% of the Class A Common Stock outstanding (assuming conversion of Class B shares).
• The filing details the complex ownership structures, including shares held directly, indirectly, and through various trusts and entities.
• An annuity payment of 1,502,440 shares of Class B Common Stock was distributed from the 2025 July GRAT to Mr. Ergen on July 29, 2026.
• The 2025 July GRAT is scheduled to expire on July 29, 2027.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as having a neutral to slightly negative sentiment due to its focus on ownership structure and control rather than operational or financial performance, with potential complexities in trust agreements posing risks.

Positives

• Charles W. Ergen and Cantey M. Ergen collectively hold significant beneficial ownership, indicating continued control and influence over EchoStar Corporation.
• The detailed breakdown of shareholdings across various entities and trusts provides transparency into the ownership structure.
• The filing confirms the existence of an Amended and Restated Support Agreement dated October 2, 2023, which may govern certain voting rights.
• The 2025 July GRAT, from which Mr. Ergen received an annuity payment, is scheduled to expire in July 2027, suggesting a defined timeline for its assets.

Negatives

• The complex web of trusts and entities holding shares can obscure the ultimate beneficial ownership and control, potentially making it difficult for external parties to fully assess.
• The significant voting power held by the Ergen group, particularly through Class B shares (10 votes per share), means minority shareholders have limited influence.
• The Amended Support Agreement restricts voting for Class A shares for three years post-merger with DISH, potentially limiting immediate strategic flexibility for some shareholders.

Risks

• The irrevocable provision in trust agreements for the GRATs restricts the disposition of EchoStar shares unless a 'Change of Control Event' occurs, potentially limiting liquidity for these holdings.
• A 'Change of Control Event' is defined with specific conditions related to ownership percentages, board composition, and Mr. Ergen's equity interest, creating a complex trigger for disposition discretion.
• The reliance on Mr. Ergen's personal control and the structure of the GRATs and Telluray Holdings could pose risks if his involvement or the entities' stability were to change.

Future Outlook

The filing does not contain specific forward-looking financial guidance. However, it notes that the 2025 July GRAT is scheduled to expire on July 29, 2027, and that annuity payments from this GRAT may include amounts generated from its holdings.

Management Comments

• Mr. Ergen's principal occupation is Chairman, President and Chief Executive Officer of EchoStar.
• Mrs. Ergen is a Senior Advisor and member of the Board of Directors of EchoStar.

Industry Context

StockSavvy.ai notes that this Schedule 13D filing update for EchoStar Corporation primarily concerns the beneficial ownership structure and control by the Ergen family and related entities. Such filings are crucial for understanding the concentration of power and potential strategic direction within a company, especially in the telecommunications and satellite services sector where significant capital investment and long-term planning are essential.

Corporate Governance

Related Party Transactions

• An annuity payment of 1,502,440 shares of Class B Common Stock was distributed from the 2025 July GRAT to Mr. Ergen on July 29, 2026.
• Mr. Ergen and Mrs. Ergen share dispositive power as managers of Telluray Holdings.
• Mrs. Ergen shares voting and dispositive power with Mr. Ergen for a charitable foundation.
• Mr. Ergen beneficially owns shares held by CONX Corp. through nXgen Opportunities, LLC.

Stakeholder Impact

• Shareholders: The concentration of voting power with the Ergen group, particularly through Class B shares, limits the influence of other shareholders.
• Management: Charles W. Ergen (Chairman, President, CEO) and Cantey M. Ergen (Senior Advisor, Board Member) maintain significant roles.
• Trust Beneficiaries: The terms of the GRATs and the 'Change of Control Event' definition dictate the disposition of EchoStar shares held by these trusts.

Next Steps

• The 2025 July GRAT is scheduled to expire on July 29, 2027.
• The Amended and Restated Support Agreement restricts voting for Class A shares for three years following the closing of the merger between EchoStar and DISH.

Key Dates

Keywords

EchoStar, Schedule 13D, Beneficial Ownership, Charles W. Ergen, Cantey M. Ergen, Class A Common Stock, Class B Common Stock, GRAT