ECHOSTAR CORP

CUSIP: 278768AB2 Class: NOTE

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (6)

NOMURA HOLDINGS INC

Value ($000) $19,231,622 Shares 176,923,845

Benefit Street Partners LLC

Value ($000) $4,554 Shares 1,360,000

OAKTREE CAPITAL MANAGEMENT LP

Value ($000) $60,165 Shares 18,000,000

Sculptor Capital LP

Value ($000) $38,801 Shares 11,570,000

CAPSTONE INVESTMENT ADVISORS, LLC

Value ($000) $29,110 Shares 8,709,000,000

BARCLAYS PLC

Value ($000) $1,334 Shares 393,711

Institution	Shares	Value ($000)
NOMURA HOLDINGS INC	176,923,845	$19,231,622
Benefit Street Partners LLC	1,360,000	$4,554
OAKTREE CAPITAL MANAGEMENT LP	18,000,000	$60,165
Sculptor Capital LP	11,570,000	$38,801
CAPSTONE INVESTMENT ADVISORS, LLC	8,709,000,000	$29,110
BARCLAYS PLC	393,711	$1,334

Increased Positions (16)

CSS LLC/IL

Value ($000) $126,549 (+257.9%) Shares 37,825,753 (+162.5%)

Mint Tower Capital Management B.V.

Value ($000) $74 (+174.4%) Shares 21,830,000 (+98.5%)

DLD Asset Management, LP

Value ($000) $134,377 (+67.3%) Shares 40,000,000 (+23.1%)

Apollo Management Holdings, L.P.

Value ($000) $1,584,229 (+49.5%) Shares 473,175,801 (+10.1%)

WHITEBOX ADVISORS LLC

Value ($000) $183,490 (+76.7%) Shares 54,937,086 (+30.2%)

Aequim Alternative Investments LP

Value ($000) $81,891 (+90.0%) Shares 24,500,000 (+40.0%)

Hudson Bay Capital Management LP

Value ($000) $276,526 (+59.5%) Shares 82,554,417 (+17.5%)

LMR Partners LLP

Value ($000) $428,143 (+44.2%) Shares 128,258,686 (+6.2%)

CARRONADE CAPITAL MANAGEMENT, LP

Value ($000) $82,505 (+41.2%) Shares 24,638,496 (+3.8%)

Brandywine Global Investment Management, LLC

Value ($000) $80,949 (+63.2%) Shares 24,218,011 (+20.2%)

TWO SIGMA INVESTMENTS, LP

Value ($000) $342,403 (+60.7%) Shares 102,516,000 (+18.4%)

Walleye Capital LLC

Value ($000) $31,754 (+415.8%) Shares 9,500,000 (+280.0%)

FMR LLC

Value ($000) $806,088 (+66.3%) Shares 241,343,777 (+22.5%)

LOOMIS SAYLES & CO L P

Value ($000) $208,798 (+43.8%) Shares 1,920,861 (+1.0%)

STATE STREET CORP

Value ($000) $50,891 (+60.3%) Shares 15,039,765 (+15.8%)

WELLS FARGO & COMPANY/MN

Value ($000) $18,625 (+82.9%) Shares 5,497,429 (+32.3%)

Institution	Prev Shares	Curr Shares	Change
CSS LLC/IL	14,408,709	37,825,753	+23,417,044 (+162.5%)
Mint Tower Capital Management B.V.	11,000,000	21,830,000	+10,830,000 (+98.5%)
DLD Asset Management, LP	32,500,000	40,000,000	+7,500,000 (+23.1%)
Apollo Management Holdings, L.P.	429,887,137	473,175,801	+43,288,664 (+10.1%)
WHITEBOX ADVISORS LLC	42,202,086	54,937,086	+12,735,000 (+30.2%)
Aequim Alternative Investments LP	17,500,000	24,500,000	+7,000,000 (+40.0%)
Hudson Bay Capital Management LP	70,229,627	82,554,417	+12,324,790 (+17.5%)
LMR Partners LLP	120,758,686	128,258,686	+7,500,000 (+6.2%)
CARRONADE CAPITAL MANAGEMENT, LP	23,728,496	24,638,496	+910,000 (+3.8%)
Brandywine Global Investment Management, LLC	20,141,005	24,218,011	+4,077,006 (+20.2%)
TWO SIGMA INVESTMENTS, LP	86,600,000	102,516,000	+15,916,000 (+18.4%)
Walleye Capital LLC	2,500,000	9,500,000	+7,000,000 (+280.0%)
FMR LLC	196,981,575	241,343,777	+44,362,202 (+22.5%)
LOOMIS SAYLES & CO L P	1,901,296	1,920,861	+19,565 (+1.0%)
STATE STREET CORP	12,989,765	15,039,765	+2,050,000 (+15.8%)
WELLS FARGO & COMPANY/MN	4,155,050	5,497,429	+1,342,379 (+32.3%)

Decreased Positions (19)

CYRUS CAPITAL PARTNERS, L.P.

Value ($000) $81,937 (+2.7%) Shares 24,532,027 (-24.3%)

Context Capital Management, LLC

Value ($000) $159,906 (-38.2%) Shares 47,840,217 (-54.5%)

Paloma Partners Management Co

Value ($000) $26,938 (-45.4%) Shares 8,030,000 (-59.9%)

Silver Point Capital L.P.

Value ($000) $350,434 (-2.5%) Shares 104,650,824 (-28.3%)

Monarch Alternative Capital LP

Value ($000) $356,510 (+9.9%) Shares 105,230,000 (-20.4%)

STONEHILL CAPITAL MANAGEMENT LLC

Value ($000) $22 (-14.3%) Shares 6,466,378 (-38.2%)

Columbus Hill Capital Management, L.P.

Value ($000) $41,164 (+8.6%) Shares 12,315,000 (-20.1%)

SILVERBACK ASSET MANAGEMENT LLC

Value ($000) $5,651 (-71.5%) Shares 1,685,497 (-79.0%)

SCOGGIN MANAGEMENT LP

Value ($000) $6,680 (-22.4%) Shares 2,000,000 (-42.9%)

First Pacific Advisors, LP

Value ($000) $131,292 (+33.4%) Shares 39,308,974 (-1.7%)

MILLENNIUM MANAGEMENT LLC

Value ($000) $124,850 (-12.3%) Shares 37,260,000 (-35.4%)

JPMORGAN CHASE & CO

Value ($000) $59,755 (-13.4%) Shares 17,637,689 (-37.3%)

MORGAN STANLEY

Value ($000) $451 (-96.6%) Shares 135,086 (-97.5%)

BlackRock, Inc.

Value ($000) $20,040 (-18.5%) Shares 6,000,000 (-40.0%)

Russell Investments Group, Ltd.

Value ($000) $3,093 (-24.8%) Shares 921,155 (-45.0%)

FRANKLIN RESOURCES INC

Value ($000) $3,442 (-45.7%) Shares 1,029,724 (-60.0%)

GOLDMAN SACHS GROUP INC

Value ($000) $5,664 (-37.9%) Shares 1,695,763 (-54.3%)

WELLINGTON MANAGEMENT GROUP LLP

Value ($000) $433 (-85.4%) Shares 128,923 (-89.2%)

Universal- Beteiligungs- und Servicegesellschaft mbH

Value ($000) $3,526 (+32.2%) Shares 1,047,384 (-3.0%)

Institution	Prev Shares	Curr Shares	Change
CYRUS CAPITAL PARTNERS, L.P.	32,428,236	24,532,027	-7,896,209 (-24.3%)
Context Capital Management, LLC	105,127,217	47,840,217	-57,287,000 (-54.5%)
Paloma Partners Management Co	20,030,000	8,030,000	-12,000,000 (-59.9%)
Silver Point Capital L.P.	146,022,824	104,650,824	-41,372,000 (-28.3%)
Monarch Alternative Capital LP	132,200,000	105,230,000	-26,970,000 (-20.4%)
STONEHILL CAPITAL MANAGEMENT LLC	10,466,378	6,466,378	-4,000,000 (-38.2%)
Columbus Hill Capital Management, L.P.	15,403,379	12,315,000	-3,088,379 (-20.1%)
SILVERBACK ASSET MANAGEMENT LLC	8,038,496	1,685,497	-6,352,999 (-79.0%)
SCOGGIN MANAGEMENT LP	3,500,000	2,000,000	-1,500,000 (-42.9%)
First Pacific Advisors, LP	40,000,000	39,308,974	-691,026 (-1.7%)
MILLENNIUM MANAGEMENT LLC	57,679,032	37,260,000	-20,419,032 (-35.4%)
JPMORGAN CHASE & CO	28,143,426	17,637,689	-10,505,737 (-37.3%)
MORGAN STANLEY	5,385,086	135,086	-5,250,000 (-97.5%)
BlackRock, Inc.	10,000,833	6,000,000	-4,000,833 (-40.0%)
Russell Investments Group, Ltd.	1,674,181	921,155	-753,026 (-45.0%)
FRANKLIN RESOURCES INC	2,575,000	1,029,724	-1,545,276 (-60.0%)
GOLDMAN SACHS GROUP INC	3,709,487	1,695,763	-2,013,724 (-54.3%)
WELLINGTON MANAGEMENT GROUP LLP	1,197,923	128,923	-1,069,000 (-89.2%)
Universal- Beteiligungs- und Servicegesellschaft mbH	1,079,462	1,047,384	-32,078 (-3.0%)

Exited Positions (5)

SHENKMAN CAPITAL MANAGEMENT INC

Value ($000) $13,231 Shares 5,268,888

Jefferies Financial Group Inc.

Value ($000) $19,591 Shares 7,943,891

BNP PARIBAS ARBITRAGE, SA

Value ($000) $29,520 Shares 12,000,000

BALYASNY ASSET MANAGEMENT L.P.

Value ($000) $3,690 Shares 1,500,000

ODDO BHF ASSET MANAGEMENT SAS

Value ($000) $138 Shares 56,000

Institution	Prev Shares	Prev Value ($000)
SHENKMAN CAPITAL MANAGEMENT INC	5,268,888	$13,231
Jefferies Financial Group Inc.	7,943,891	$19,591
BNP PARIBAS ARBITRAGE, SA	12,000,000	$29,520
BALYASNY ASSET MANAGEMENT L.P.	1,500,000	$3,690
ODDO BHF ASSET MANAGEMENT SAS	56,000	$138