[Form 3] EchoStar Corporation Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

EchoStar Corporation (SATS) – Insider Form 3 Filing

On 07/08/2025 the Ergen Two-Year June 2025 SATS Grantor Retained Annuity Trust (GRAT) submitted its initial Form 3, designating the trust as a 10% beneficial owner of EchoStar. The filing records ownership of 16,800,000 Class B common shares, each convertible 1-for-1 into Class A shares at no cost. The trust was created by Chairman Charles W. Ergen on 06/26/2025 and is administered by trustee Cantey M. Ergen.

The disclosure represents an internal transfer to an estate-planning vehicle; it does not involve open-market transactions, new share issuance, or a change in EchoStar’s outstanding share count. Voting and economic control remain within the Ergen family, so no near-term dilution or operational impact is indicated.

Insights

Financial Analyst

TL;DR: Insider Form 3 shows 16.8 M Class B shares moved to Ergen GRAT; estate planning move, neutral market impact.

The filing formalizes the GRAT—an estate-planning structure—as an insider entity owning 16.8 million Class B shares, equal to roughly 10% of EchoStar’s equity. Because Class B converts freely into Class A on a 1:1 basis, liquidity could increase if the trustee elects to convert, but no commitment or timetable is stated. There is neither purchase nor sale disclosure, so supply-demand dynamics and EPS are unaffected. Overall, the event is routine compliance under Section 16(a) with negligible immediate financial or strategic consequences for EchoStar.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Ergen Two-Year June 2025 SATS GRAT

(Last) (First) (Middle)

C/O ECHOSTAR CORPORATION

9601 S. MERIDIAN BLVD.

(Street)

ENGLEWOOD CO 80112

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/13/2025

3. Issuer Name and Ticker or Trading Symbol
EchoStar CORP [ SATS ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	(1)	Class A Common Stock	16,800,000	(1)	D(2)

Explanation of Responses:

1. The holder of the Class B shares may elect to convert any or all of its Class B shares into an equal number of Class A shares at any time for no additional consideration.

2. On June 26, 2025, Charles W. Ergen established the Ergen Two-Year June 2025 SATS GRAT (the "June 2025 GRAT") and contributed 16,800,000 Class B shares, resulting in the transfer of a total of 16,800,000 Class B shares to the June 2025 GRAT. Mrs. Cantey M. Ergen serves as the trustee of the June 2025 GRAT.

	/s/ Cantey M. Ergen, Trustee of the Ergen Two-Year June 2025 SATS GRAT, by Dean A. Manson, Attorney-in-Fact	07/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did EchoStar's (SATS) latest Form 3 reveal?

The filing shows the Ergen Two-Year June 2025 SATS GRAT now owns 16,800,000 Class B shares and is classified as a 10% owner.

How many EchoStar shares are held by the Ergen June 2025 GRAT?

The trust holds 16.8 million Class B common shares.

Can the Class B shares be converted to Class A?

Yes. The holder may convert any or all Class B shares into Class A shares on a 1-for-1 basis at any time for no additional consideration.

Does this Form 3 dilute SATS shareholders?

No. The filing records an internal transfer; no new shares were issued and the total share count remains unchanged.

Why was the Ergen GRAT established?

Charles W. Ergen created the GRAT on 06/26/2025 for estate-planning purposes and transferred 16.8 million shares into the trust.

Who signed the Form 3 for the GRAT?

Trustee Cantey M. Ergen, via attorney-in-fact Dean A. Manson, signed the document on 07/08/2025.