Ergens (SATS) disclose 51% EchoStar stake and about 90% voting control in 13D update

Rhea-AI Filing Summary

EchoStar Corporation’s controlling shareholders, Charles and Cantey Ergen, filed Amendment No. 64 to their Schedule 13D updating their ownership structure in EchoStar’s Class A Common Stock. As of May 11, 2026, Mr. Ergen beneficially owns 148,681,314 shares, representing 51.0% of the class, while Mrs. Ergen beneficially owns 147,197,344 shares, representing 50.8%.

The filing explains that these amounts include both Class A and Class B shares, with Class B convertible one-for-one into Class A and carrying 10 votes per share. Based on this structure, each of Mr. and Mrs. Ergen may be deemed to hold approximately 90.3% of EchoStar’s voting power, with effective voting power of about 89.4% due to an Amended Support Agreement limiting their voting of Class A shares. The amendment also details estate-planning moves on May 13, 2026, including the expiration of the Ergen Two-Year May 2024 SATS GRAT after distributing 381,135 Class B shares to Mr. Ergen and contributing 2,925,750 Class B shares to Telluray Holdings, as well as a 1,902,790-share Class B distribution from the 2025 May GRAT.

Insights

Equity ownership and governance analyst

Filing confirms very high insider ownership and voting control at EchoStar.

Charles and Cantey Ergen report beneficial ownership of about half of EchoStar’s Class A equity each, but much higher voting power through super-voting Class B shares. The filing shows 51.0% and 50.8% of the class, respectively, as of May 11, 2026.

Because Class B carries 10 votes per share, each may be deemed to control about 90.3% of EchoStar’s voting power, even though economic ownership is lower. An Amended Support Agreement limits how their Class A shares are voted for three years following the EchoStar–DISH merger.

The amendment also documents internal estate-planning transactions on May 13, 2026, including the expiration of the Ergen Two-Year May 2024 SATS GRAT and transfers of Class B shares to Telluray Holdings, LLC. These moves rearrange holdings among related entities but keep control within the Ergen group.

Key Figures

Mr. Ergen beneficial ownership: 148,681,314 shares (51.0% of class) Mrs. Ergen beneficial ownership: 147,197,344 shares (50.8% of class) Shares outstanding: 158,468,296 shares +5 more

8 metrics

Mr. Ergen beneficial ownership 148,681,314 shares (51.0% of class) Class A Common Stock beneficially owned as of May 11, 2026

Mrs. Ergen beneficial ownership 147,197,344 shares (50.8% of class) Class A Common Stock beneficially owned as of May 11, 2026

Shares outstanding 158,468,296 shares EchoStar Class A Common Stock outstanding on May 11, 2026

Mr. Ergen voting power approximately 90.3% voting power Assuming no Class B conversion and giving effect to options

Mrs. Ergen voting power approximately 90.3% voting power Assuming no Class B conversion and giving effect to options

Telluray Holdings stake 62,868,198 shares (28.7% of class) EchoStar Class A equivalent shares beneficially owned

2024 May GRAT distribution to Ergen 381,135 Class B shares Annuity payment on May 13, 2026 from 2024 May GRAT

2024 May GRAT contribution to Telluray 2,925,750 Class B shares Contributed to Telluray Holdings on May 13, 2026

Key Terms

Class B Common Stock, grantor retained annuity trust, Change of Control Event, Beneficially owned, +2 more

6 terms

Class B Common Stock financial

"The shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis at any time."

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

grantor retained annuity trust financial

"All of the GRATs listed in 2(a) were formed under the laws of the State of Colorado and their principal business is to hold a portion of the assets and estate of Mr. Ergen."

A grantor retained annuity trust (GRAT) is an estate-planning tool where the person who creates the trust transfers assets into it but receives fixed cash payments (an annuity) from the trust for a set number of years; whatever remains after that term passes to designated beneficiaries. It matters to investors because it can shift future appreciation of assets out of the creator’s taxable estate—like putting an asset into a timed vending machine that pays you fixed amounts while any extra value that grows inside the machine goes to heirs with reduced gift or estate tax consequences.

Change of Control Event financial

"Each of the trust agreements ... contains an irrevocable provision that provides that the trustee will not dispose of any shares of EchoStar ... unless a Change of Control Event occurs."

Beneficially owned financial

"Sole Voting Power and Sole Dispositive Power totals consist of: (i) 11,140,269 shares of Class A Common Stock beneficially owned directly by Mr. Ergen;"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Amended and Restated Support Agreement financial

"Pursuant to the Amended and Restated Support Agreement dated as of October 2, 2023 (the 'Amended Support Agreement', see Exhibit E), Mr. Ergen and certain other Reporting Persons have agreed not to vote..."

Registration Rights Agreement financial

"Exhibit F: Registration Rights Agreement, dated as of December 31, 2023, among EchoStar Corporation, Charles W. Ergen, Cantey M. Ergen and other signatories thereto"

A registration rights agreement is a contract that gives investors the option to have their ownership stakes officially registered with the government, making it easier to sell their shares later. This agreement matters because it provides investors with a clearer path to cash out their investments if they choose, offering more liquidity and confidence in their ability to sell their holdings when desired.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 64)

EchoStar CORP

(Name of Issuer)

Class A Common Stock, $0.001 par value per share

(Title of Class of Securities)

278768106

(CUSIP Number)

Dean A. Manson, CLO
9601 S. Meridian Blvd.,
Englewood, CO, 80112
303-723-1000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/13/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 278768106

1

Name of reporting person

Charles W. Ergen

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 18,572,420.00
8	Shared Voting Power 130,108,894.00
9	Sole Dispositive Power 18,572,420.00
10	Shared Dispositive Power 130,108,894.00

11

Aggregate amount beneficially owned by each reporting person

148,681,314.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

51.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) All share amounts include shares of Class A Common Stock, $0.001 par value per share ('Class A Common Stock') and Class B Common Stock, $0.001 par value per share ('Class B Common Stock') of EchoStar Corporation ('EchoStar'). The shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis at any time. (2) Sole Voting Power and Sole Dispositive Power totals consist of: (i) 11,140,269 shares of Class A Common Stock beneficially owned directly by Mr. Ergen; (ii) 11,404 shares of Class A Common Stock beneficially owned indirectly by Mr. Ergen in the DISH Network Corporation ('DISH Network') 401(k) Employee Savings Plan (the 'DISH Network 401(k) Plan'); (iii) 4,371,914 shares of Class B Common Stock beneficially owned directly by Mr. Ergen; (iv) 1,497,478 shares of Class A Common Stock deemed to be beneficially owned under Rule 13d-3(d)(1) because Mr. Ergen has the right to acquire beneficial ownership of such shares within 60 days after May 11, 2026; and (v) 1,551,355 shares of Class A Common Stock held by CONX Corp. ('CONX') and beneficially owned indirectly by Mr. Ergen through nXgen Opportunities, LLC ('nXgen'), which controls CONX. (3) Shared Voting Power and Shared Dispositive Power totals consist of: (i) 1,967 shares of Class A Common Stock beneficially owned directly by Mr. Ergen's spouse, Cantey M. Ergen; (ii) 1,313 shares of Class A Common Stock beneficially owned indirectly by Mrs. Ergen in the DISH Network 401(k) Plan; (iii) 11,921 shares of Class A Common Stock beneficially owned by one of Mr. Ergen's children; (iv) 766,443 shares of Class A Common Stock beneficially owned by a charitable foundation for which Mr. Ergen is an officer and for which he shares voting and dispositive power with Mrs. Ergen; (v) 2,350,696 shares of Class A Common Stock and 60,517,502 shares of Class B Common Stock held by Telluray Holdings, LLC ('Telluray Holdings'), for which Mrs. Ergen has sole voting power as a manager of Telluray Holdings and for which Mr. Ergen and Mrs. Ergen share dispositive power as the managers of Telluray Holdings; (vi) 18,561,842 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the Ergen Two-Year July 2024 SATS GRAT (the '2024 July GRAT'); (vii) 23,097,210 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the Ergen Two-Year May 2025 SATS GRAT (the "2025 May GRAT"); (viii) 16,800,000 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the Ergen Two-Year June 2025 SATS GRAT (the "2025 June GRAT"); and (ix) 8,000,000 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the Ergen Two-Year July 2025 SATS GRAT (the '2025 July GRAT'). (4) Percent of Class Represented is based on 158,468,296 shares of Class A Common Stock outstanding on May 11, 2026 and assuming the conversion of only the shares of Class B Common Stock beneficially owned by Mr. Ergen into Class A Common Stock and giving effect to the exercise of options held by Mr. Ergen that are either currently exercisable as of, or may become exercisable within 60 days after, May 11, 2026. Because each share of Class B Common Stock is entitled to 10 votes per share, Mr. Ergen may be deemed to beneficially own equity securities of EchoStar representing approximately 90.3 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock and giving effect to the exercise of options held by Mr. Ergen that are either currently exercisable as of, or may become exercisable within 60 days after, May 11, 2026). Pursuant to the Amended and Restated Support Agreement dated as of October 2, 2023 (the 'Amended Support Agreement', see Exhibit E), Mr. Ergen and certain other Reporting Persons have agreed not to vote, or cause or direct to be voted, the Class A Common Stock beneficially owned by them, other than with respect to any matter presented to the holders of Class A Common Stock on which holders of Class B Common Stock are not entitled to vote, for three years following the closing of the merger between EchoStar and DISH. As a result, Mr. Ergen's effective total voting power in such circumstances as of May 11, 2026 is approximately 89.4 percent.

SCHEDULE 13D

CUSIP Number(s): 278768106

1

Name of reporting person

Cantey M. Ergen

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 129,344,038.00
8	Shared Voting Power 17,853,306.00
9	Sole Dispositive Power 66,475,840.00
10	Shared Dispositive Power 80,721,504.00

11

Aggregate amount beneficially owned by each reporting person

147,197,344.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

50.8 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) All share amounts include shares of Class A Common Stock and Class B Common Stock. The shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis at any time. (2) Sole Voting Power shares consist of: (i) 1,967 shares of Class A Common Stock beneficially owned directly by Mrs. Ergen; (ii) 1,313 shares of Class A Common Stock beneficially owned indirectly by Mrs. Ergen in the DISH Network 401(k) Plan; (iii) 13,508 shares of Class A Common Stock deemed to be beneficially owned under Rule 13d-3(d)(1) because Mrs. Ergen has the right to acquire beneficial ownership of such shares within 60 days after May 11, 2026; (iv) 2,350,696 shares of Class A Common Stock and 60,517,502 shares of Class B Common Stock held by Telluray Holdings, for which Mrs. Ergen has sole voting power as a manager of Telluray Holdings; (v) 18,561,842 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2024 July GRAT; (vi) 23,097,210 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2025 May GRAT; (vii) 16,800,000 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2025 June GRAT; and (viii) 8,000,000 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the July 2025 GRAT. Mrs. Ergen exercises voting power with respect to Telluray Holdings and each of the 2024 July GRAT, the 2025 May GRAT, the 2025 June GRAT and the 2025 July GRAT independently and, with respect to the 2024 July GRAT, the 2025 May GRAT, the 2025 June GRAT and the 2025 July GRAT, in accordance with her fiduciary responsibilities to the beneficiaries of such trusts. (3) Shared Voting Power shares consist of: (i) 11,140,269 shares of Class A Common Stock beneficially owned directly by Mrs. Ergen's spouse, Mr. Ergen; (ii) 11,404 shares of Class A Common Stock beneficially owned indirectly by Mr. Ergen in the DISH Network 401(k) Plan; (iii) 4,371,914 shares of Class B Common Stock beneficially owned directly by Mr. Ergen; (iv) 11,921 shares of Class A Common Stock beneficially owned by one of Mrs. Ergen's children; (v) 766,443 shares of Class A Common Stock beneficially owned by a charitable foundation for which Mrs. Ergen is an officer and for which she shares voting and dispositive power with Mr. Ergen; and (vi) 1,551,355 shares of Class A Common Stock held by CONX and beneficially owned indirectly by Mr. Ergen through nXgen, which controls CONX. (4) Sole Dispositive Power shares consist of: (i) 1,967 shares of Class A Common Stock beneficially owned directly by Mrs. Ergen; (ii) 1,313 shares of Class A Common Stock beneficially owned indirectly by Mrs. Ergen in the DISH Network 401(k) Plan; (iii) 13,508 shares of Class A Common Stock deemed to be beneficially owned under Rule 13d-3(d)(1) because Mrs. Ergen has the right to acquire beneficial ownership of such shares within 60 days after May 11, 2026; (iv) 18,561,842 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2024 July GRAT; (v) 23,097,210 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2025 May GRAT; (vi) 16,800,000 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2025 June GRAT; and (vii) 8,000,000 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the July 2025 GRAT. Mrs. Ergen exercises dispositive power with respect to each of the 2024 July GRAT, the 2025 May GRAT, the 2025 June GRAT and the 2025 July GRAT independently and in accordance with her fiduciary responsibilities to the beneficiaries of such trusts. (5) Shared Dispositive Power shares consist of: (i) 11,140,269 shares of Class A Common Stock beneficially owned directly by Mrs. Ergen's spouse, Mr. Ergen; (ii) 11,404 shares of Class A Common Stock beneficially owned indirectly by Mr. Ergen in the DISH Network 401(k) Plan; (iii) 4,371,914 shares of Class B Common Stock beneficially owned directly by Mr. Ergen; (iv) 11,921 shares of Class A Common Stock beneficially owned by one of Mrs. Ergen's children; (v) 766,443 shares of Class A Common Stock beneficially owned by a charitable foundation for which Mrs. Ergen is an officer and for which she shares voting and dispositive power with Mr. Ergen; (vi) 2,350,696 shares of Class A Common Stock and 60,517,502 shares of Class B Common Stock held by Telluray Holdings, for which Mr. Ergen and Mrs. Ergen share dispositive power as the managers of Telluray Holdings; and (vii) 1,551,355 shares of Class A Common Stock held by CONX and beneficially owned indirectly by Mr. Ergen through nXgen, which controls CONX. (6) Percent of Class Represented is based on 158,468,296 of Class A Common Stock outstanding on May 11, 2026 and assuming the conversion of only the shares of Class B Common Stock beneficially owned by Mrs. Ergen into Class A Common Stock and giving effect to the exercise of options held by Mrs. Ergen that are either currently exercisable as of, or may become exercisable within 60 days after, May 11, 2026. Because each share of Class B Common Stock is entitled to 10 votes per share, Mrs. Ergen may be deemed to beneficially own equity securities of EchoStar representing approximately 90.3 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock and giving effect to the exercise of options held by Mrs. Ergen that are either exercisable as of, or may become exercisable within 60 days after, May 11, 2026). Pursuant to the Amended Support Agreement (see Exhibit E), Mrs. Ergen and certain other Reporting Persons have agreed not to vote, or cause or direct to be voted, the Class A Common Stock beneficially owned by them, other than with respect to any matter presented to the holders of Class A Common Stock on which holders of Class B Common Stock are not entitled to vote, for three years following the closing of the merger between EchoStar and DISH. As a result, Mrs. Ergen's effective total voting power in such circumstances as of May 11, 2026 is approximately 89.4 percent.

SCHEDULE 13D

CUSIP Number(s): 278768106

1

Name of reporting person

Ergen Two-Year May 2024 SATS GRAT

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.00 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 278768106

1

Name of reporting person

Ergen Two-Year July 2024 SATS GRAT

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 18,561,842.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 18,561,842.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

18,561,842.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) All share amounts include shares of Class B Common Stock. The shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis at any time. (2) Percent of Class Represented is based on 158,468,296 shares of Class A Common Stock outstanding on May 11, 2026 and assuming conversion of only the shares of Class B Common Stock beneficially owned by the 2024 July GRAT into Class A Common Stock. Because such Class B Common Stock is convertible on a one-for-one basis into Class A Common Stock, assuming conversion of all shares of outstanding Class B Common Stock into Class A Common Stock, the percentage of the Class A Common Stock that the 2024 July GRAT may be deemed to beneficially own would be approximately 6.4 percent. Because each share of Class B Common Stock is entitled to 10 votes per share, the 2024 July GRAT beneficially owns equity securities of EchoStar representing approximately 12.6 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock).

SCHEDULE 13D

CUSIP Number(s): 278768106

1

Name of reporting person

Ergen Two-Year May 2025 SATS GRAT

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 23,097,210.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 23,097,210.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

23,097,210.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) All share amounts include shares of Class B Common Stock. The shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis at any time. (2) Percent of Class Represented is based on 158,468,296 shares of Class A Common Stock outstanding on May 11, 2026 and assuming conversion of only the shares of Class B Common Stock beneficially owned by the 2025 May GRAT into Class A Common Stock. Because such Class B Common Stock is convertible on a one-for-one basis into Class A Common Stock, assuming conversion of all shares of outstanding Class B Common Stock into Class A Common Stock, the percentage of the Class A Common Stock that the 2025 May GRAT may be deemed to beneficially own would be approximately 8.0 percent. Because each share of Class B Common Stock is entitled to 10 votes per share, the 2025 May GRAT beneficially owns equity securities of EchoStar representing approximately 15.7 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock).

SCHEDULE 13D

CUSIP Number(s): 278768106

1

Name of reporting person

Ergen Two-Year June 2025 SATS GRAT

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 16,800,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 16,800,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

16,800,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.6 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) All share amounts include shares of Class B Common Stock. The shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis at any time. (2) Percent of Class Represented is based on 158,468,296 shares of Class A Common Stock outstanding on May 11, 2026 and assuming conversion of only the shares of Class B Common Stock beneficially owned by the 2025 June GRAT into Class A Common Stock. Because such Class B Common Stock is convertible on a one-for-one basis into Class A Common Stock, assuming conversion of all shares of outstanding Class B Common Stock into Class A Common Stock, the percentage of the Class A Common Stock that the 2025 June GRAT may be deemed to beneficially own would be approximately 5.8 percent. Because each share of Class B Common Stock is entitled to 10 votes per share, the 2025 June GRAT beneficially owns equity securities of EchoStar representing approximately 11.4 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock).

SCHEDULE 13D

CUSIP Number(s): 278768106

1

Name of reporting person

Ergen Two-Year July 2025 SATS GRAT

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 8,000,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 8,000,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

8,000,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) All share amounts include shares of Class B Common Stock. The shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis at any time. (2) Percent of Class Represented is based on 158,468,296 shares of Class A Common Stock outstanding on May 11, 2026 and assuming conversion of only the shares of Class B Common Stock beneficially owned by the 2025 July GRAT into Class A Common Stock. Because such Class B Common Stock is convertible on a one-for-one basis into Class A Common Stock, assuming conversion of all shares of outstanding Class B Common Stock into Class A Common Stock, the percentage of the Class A Common Stock that the 2025 July GRAT may be deemed to beneficially own would be approximately 2.8 percent. Because each share of Class B Common Stock is entitled to 10 votes per share, the 2025 July GRAT beneficially owns equity securities of EchoStar representing approximately 5.4 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock).

SCHEDULE 13D

CUSIP Number(s): 278768106

1

Name of reporting person

Telluray Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WYOMING

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 62,868,198.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 62,868,198.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

62,868,198.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) All share amounts include shares of Class A Common Stock and Class B Common Stock. The shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis at any time. Totals consist of: (i) 2,350,696 shares of Class A Common Stock; and (ii) 60,517,502 shares of Class B Common Stock, for which Mrs. Ergen has sole voting power as a manager of Telluray Holdings and for which Mr. Ergen and Mrs. Ergen share dispositive power as the managers of Telluray Holdings. (2) Percent of Class Represented is based on 158,468,296 shares of Class A Common Stock outstanding on May 11, 2026 and assuming conversion of only the shares of Class B Common Stock beneficially owned by Telluray Holdings into Class A Common Stock. Because such Class B Common Stock is convertible on a one-for-one basis into Class A Common Stock, assuming conversion of all shares of outstanding Class B Common Stock into Class A Common Stock, the percentage of the Class A Common Stock that Telluray Holdings may be deemed to beneficially own would be approximately 21.7 percent. Because each share of Class B Common Stock is entitled to 10 votes per share, Telluray Holdings beneficially owns equity securities of EchoStar representing approximately 41.3 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock). Pursuant to the Amended Support Agreement dated as of October 2, 2023 (see Exhibit E), Telluray Holdings and certain other Reporting Persons have agreed not to vote, or cause or direct to be voted, the Class A Common Stock beneficially owned by them, other than with respect to any matter presented to the holders of Class A Common Stock on which holders of Class B Common Stock are not entitled to vote, for three years following the closing of the merger between EchoStar and DISH. As a result, Telluray Holdings' effective total voting power in such circumstances as of May 11, 2026 is approximately 41.1 percent.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, $0.001 par value per share
(b)	Name of Issuer: EchoStar CORP
(c)	Address of Issuer's Principal Executive Offices: 9601 South Meridian Boulevard, Englewood, COLORADO , 80112.
Item 2.	Identity and Background
(a)	Items 2(a)-(f) are amended and restated as follows: Charles W. Ergen Cantey M. Ergen Ergen Two-Year May 2024 SATS GRAT (the "2024 May GRAT") 2024 July GRAT 2025 May GRAT 2025 June GRAT 2025 July GRAT Telluray Holdings
(b)	The principal address for all Reporting Persons except Telluray Holdings, LLC is 9601 S. Meridian Blvd., Englewood, Colorado 80112. The principal address for Telluray Holdings is 1623 Central Avenue, Suite 214, Cheyenne, Wyoming 82001.
(c)	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. All of the GRATs listed in 2(a) were formed under the laws of the State of Colorado and their principal business is to hold a portion of the assets and estate of Mr. Ergen. Telluray Holdings is a limited liability company organized under the laws of the State of Wyoming and its principal business is to hold a portion of the assets and estate of Mr. Ergen and to hold certain assets of certain trusts established for the benefit of his family.
(d)	During the last five years, none of the Reporting Persons in 2(a) have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons listed in 2(a) have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding been subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activity subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	United States
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and supplemented as follows: As described in Item 4 below, on May 13, 2026, the 2024 May GRAT contributed 2,925,750 shares of Class B Common Stock to Telluray Holdings in exchange for membership units in Telluray Holdings. Mr. Ergen and Mrs. Ergen are the managers of Telluray Holdings. As a manager of Telluray Holdings, Mrs. Ergen has sole voting power over the shares of Class B Common Stock held by Telluray Holdings. As managers of Telluray Holdings, Mr. Ergen and Mrs. Ergen share dispositive power over the shares of Class B Common Stock held by Telluray Holdings. The Reporting Persons may from time to time acquire shares of Class A Common Stock for investment purposes. Such Class A Common Stock may be acquired with personal funds or funds borrowed by the Reporting Persons.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented as follows: During the second quarter of each year, Mr. Ergen receives an annuity amount from the 2024 May GRAT, assuming that the 2024 May GRAT has not expired. The number of shares of Class B Common Stock to be distributed as an annuity payment is based in part on the price of the Class A Common Stock on the distribution date and therefore cannot be calculated until the date of distribution. In addition to shares of Class B Common Stock, the annuity payments (and their associated timing) may include, and be based upon, amounts generated from the holdings of the 2024 May GRAT including, among other things, stock recapitalizations or dividends paid or payable with respect to the shares of Class B Common Stock held by the 2024 May GRAT. On May 13, 2026, the 2024 May GRAT: (i) distributed 381,135 shares of Class B Common Stock held by the 2024 May GRAT to Mr. Ergen as an annuity payment; and (ii) contributed the remaining 2,925,750 shares of Class B Common Stock held by the 2024 May GRAT to Telluray Holdings, and the 2024 May GRAT expired in accordance with its terms. During the second quarter of each year, Mr. Ergen receives an annuity amount from the 2025 May GRAT, assuming that the 2025 May GRAT has not expired. The number of shares of Class B Common Stock to be distributed as an annuity payment is based in part on the price of the Class A Common Stock on the distribution date and therefore cannot be calculated until the date of distribution. In addition to shares of Class B Common Stock, the annuity payments (and their associated timing) may include, and be based upon, amounts generated from the holdings of the 2025 May GRAT including, among other things, stock recapitalizations or dividends paid or payable with respect to the shares of Class B Common Stock held by the 2025 May GRAT. On May 13, 2026, the 2025 May GRAT distributed 1,902,790 shares of Class B Common Stock held by the 2025 May GRAT to Mr. Ergen as an annuity payment. Therefore, the 2025 May GRAT has beneficial ownership of 23,097,210 shares of Class B Common Stock. The 2025 May GRAT is scheduled to expire in accordance with its terms on May 13, 2027.
Item 5.	Interest in Securities of the Issuer
(a)	Items 5(a)-(e) are hereby amended and supplemented as follows: This filing is for the cumulative share holdings of an affiliated group as of the close of business on May 13, 2026. See Items 11 and 13 of the cover pages to this Amendment No. 64 for the aggregate number of shares of Class A Common Stock and percentage of Class A Common Stock beneficially owned by each of the Reporting Persons. The Reporting Persons' beneficial ownership of shares of Class A Common Stock excludes 313,649 shares of Class A Common Stock held by certain trusts established by Mr. Ergen for the benefit of his family. Mr. Ergen and Mrs. Ergen disclaim beneficial ownership of the 2,350,696 shares of Class A Common Stock and 60,517,502 shares of Class B Common Stock held by Telluray Holdings, except to the extent of their pecuniary interest. Mr. Ergen disclaims beneficial ownership of the 1,551,355 shares of Class A Common Stock held by CONX, except to the extent of his pecuniary interest.
(b)	See Items 7 through 10 of the cover pages to this Amendment No. 64 for the number of shares of Class A Common Stock beneficially owned by each of the Reporting Persons as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The Reporting Persons have not effected any transactions in the Class A Common Stock of EchoStar in the last sixty days other than as described herein.
(d)	Not applicable
(e)	As described in Item 4 above, on May 13, 2026, the 2024 May GRAT: (i) distributed 381,135 of Class B Common Stock held by the 2024 May GRAT to Mr. Ergen as an annuity payment; and (ii) contributed the remaining 2,925,750 shares of Class B Common Stock held by the 2024 May GRAT to Telluray Holdings, and the 2024 May GRAT expired in accordance with its terms.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended and supplemented as follows: Except as disclosed below, none of Mr. Ergen, Mrs. Ergen, the 2024 July GRAT, the 2025 May GRAT, the 2025 June GRAT, the 2025 July GRAT or Telluray Holdings is a party to any contracts, arrangements, understandings or relationships, including but not limited to, transfer or voting of any of the securities, finders' fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies nor are any of the securities pledged or otherwise subject to a contingency the occurrence of which would give another person voting power or investment power over such securities. Each of the trust agreements for the 2024 July GRAT, the 2025 May GRAT, the 2025 June GRAT and the 2025 July GRAT contains an irrevocable provision that provides that the trustee will not dispose of any shares of EchoStar held by the 2024 July GRAT, the 2025 May GRAT, the 2025 June GRAT or the 2025 July GRAT, respectively, unless a Change of Control Event occurs. If a Change of Control Event occurs, the trustee of each of the 2024 July GRAT, the 2025 May GRAT, the 2025 June GRAT and the 2025 July GRAT will have sole discretion with respect to the disposition of any shares of EchoStar held by the 2024 July GRAT, the 2025 May GRAT, the 2025 June GRAT and the 2025 July GRAT, respectively. A 'Change of Control Event' will occur if: (i) as the result of a transaction or a series of transactions any person other than Charles W. Ergen (or a Related Party) individually owns more than fifty percent (50 percent) of the total equity interests of either (A) EchoStar or (B) the surviving entity in any such transaction(s) or a controlling affiliate of such surviving entity in such transaction(s); and (ii) a majority of the members of the Board of Directors of EchoStar are no longer Continuing Directors; and (iii) as the result of a transaction or a series of transactions any person other than Charles W. Ergen (or a Related Party) individually owns more than fifty percent (50 percent) of the total voting power of either (A) EchoStar or (B) the surviving entity in any such transaction(s) or a controlling affiliate of such surviving entity in such transaction(s); and (iv) Charles W. Ergen sells Equity Interests such that he owns beneficially less than 50 percent of the total equity interests that he owned beneficially immediately following the grant of shares to the 2024 July GRAT, the 2025 May GRAT, the 2025 June GRAT or the 2025 July GRAT, as applicable. For purposes of the definition of 'Change of Control Event' 'Continuing Director' means, as of any date of determination, any member of the Board of Directors of EchoStar who: (a) was a member of such Board of Directors on the date on which the applicable grantor retained annuity trust was established; or (b) was nominated for election or elected to such Board of Directors either (x) with the affirmative vote of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election or (y) by Charles W. Ergen and his Related Parties. 'Equity Interest' means any capital stock of EchoStar and all warrants, options or other rights to acquire capital stock of EchoStar (but excluding any debt security that is convertible into, or exchangeable for, capital stock of EchoStar). 'Related Party' means, (a) Charles W. Ergen's spouse and each of his immediate family members; (b) each trust, corporation, partnership or other entity of which Charles W. Ergen beneficially holds an eighty percent (80 percent) or more controlling interest or that was created for estate planning purposes including without limitation the grantor retained annuity trusts; and (c) the personal representatives, administrators, executor, guardians, or any person(s) or entit(ies) to which Charles W. Ergen's shares of EchoStar are transferred as a result of a transfer by will or the applicable laws of descent and distribution.
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Agreement of Joint Filing (incorporated by reference from Exhibit A to the Reporting Person's Schedule 13D dated July 29, 2025 and filed with the Securities and Exchange Commission on July 31, 2025) Exhibit B: Power of Attorney for Charles W. Ergen (incorporated by reference from Exhibit B to the Reporting Person's Schedule 13D dated November 30, 2020 and filed with the Securities and Exchange Commission on December 1, 2020). Exhibit C: Power of Attorney for Cantey M. Ergen (incorporated by reference from Exhibit C to the reporting person's Schedule 13D dated November 30, 2020 and filed with the Securities and Exchange Commission on December 1, 2020) Exhibit D: Power of Attorney for Telluray Holdings, LLC (incorporated by reference from Exhibit J to the reporting person's Schedule 13D dated November 30, 2020 and filed with the Securities and Exchange Commission on December 1, 2020) Exhibit E: Amended and Restated Support Agreement dated as of October 2, 2023 (incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K of EchoStar Corporation dated October 3, 2023 and filed with the Securities and Exchange Commission on October 3, 2023 (File No. 001-33807)) Exhibit F: Registration Rights Agreement, dated as of December 31, 2023, among EchoStar Corporation, Charles W. Ergen, Cantey M. Ergen and other signatories thereto (incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K of EchoStar Corporation dated December 31, 2023 and filed with the Securities and Exchange Commission on January 2, 2024 (File No. 001-33807)) Exhibit G: Power of Attorney for Two-Year May 2024 SATS GRAT (incorporated by reference from Exhibit M to the Reporting Person's Schedule 13D dated May 13, 2024 and filed with the Securities and Exchange Commission on May 15, 2024) Exhibit H: Power of Attorney for Two-Year July 2024 SATS GRAT (incorporated by reference from Exhibit M to the Reporting Person's Schedule 13D dated July 10, 2024 and filed with the Securities and Exchange Commission on July 12, 2024) Exhibit I: Power of Attorney for Two-Year May 2025 SATS GRAT (incorporated by reference from Exhibit L to the Reporting Person's Schedule 13D dated May 13, 2025 and filed with the Securities and Exchange Commission on May 15, 2025) Exhibit J: Power of Attorney for Two-Year June 2025 SATS GRAT (incorporated by reference from Exhibit L to the Reporting Person's Schedule 13D dated June 26, 2025 and filed with the Securities and Exchange Commission on June 30, 2025) Exhibit K: Power of Attorney for Two-Year July 2025 SATS GRAT (incorporated by reference from Exhibit L to the Reporting Person's Schedule 13D dated July 29, 2025 and filed with the Securities and Exchange Commission on July 31, 2025)

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Charles W. Ergen

Signature:	/s/ Robert J. Hooke
Name/Title:	Charles W. Ergen by Robert J. Hooke, attorney-in-fact
Date:	05/15/2026

Cantey M. Ergen

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen by Robert J. Hooke, attorney-in-fact
Date:	05/15/2026

Ergen Two-Year May 2024 SATS GRAT

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen, Trustee by Robert J. Hooke, attorney-in-fact
Date:	05/15/2026

Ergen Two-Year July 2024 SATS GRAT

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen, Trustee by Robert J. Hooke, attorney-in-fact
Date:	05/15/2026

Ergen Two-Year May 2025 SATS GRAT

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen, Trustee by Robert J. Hooke, attorney-in-fact
Date:	05/15/2026

Ergen Two-Year June 2025 SATS GRAT

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen, Trustee by Robert J. Hooke, attorney-in-fact
Date:	05/15/2026

Ergen Two-Year July 2025 SATS GRAT

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen, Trustee by Robert J. Hooke, attorney-in-fact
Date:	05/15/2026

Telluray Holdings, LLC

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen, Manager by Robert J. Hooke, attorney-in-fact
Date:	05/15/2026

FAQ

How much of EchoStar (SATS) does Charles W. Ergen beneficially own according to this filing?

Charles W. Ergen beneficially owns 148,681,314 EchoStar shares, or 51.0% of the Class A Common Stock. This total includes Class A and Class B shares, options exercisable within 60 days of May 11, 2026, and certain indirect holdings through entities like CONX and Telluray Holdings.

What is Cantey M. Ergen’s reported ownership stake in EchoStar (SATS)?

Cantey M. Ergen beneficially owns 147,197,344 EchoStar shares, representing 50.8% of the Class A Common Stock. Her stake includes shares held directly, through the DISH Network 401(k) Plan, stock options, Telluray Holdings, and several Ergen Two-Year SATS grantor retained annuity trusts established in 2024 and 2025.

What voting power do the Ergens hold over EchoStar (SATS) shares?

Each of Charles and Cantey Ergen may be deemed to hold about 90.3% of EchoStar’s voting power. This reflects the 10 votes per share carried by Class B stock, assuming no Class B conversion and giving effect to options exercisable within 60 days of May 11, 2026.

How many EchoStar shares are outstanding and how is the ownership percentage calculated?

The ownership percentages are based on 158,468,296 EchoStar Class A shares outstanding as of May 11, 2026. The filing assumes conversion of only the Class B shares beneficially owned by each reporting person and includes options exercisable within 60 days to compute their percentage of the class.

What transactions occurred involving the Ergen Two-Year May 2024 SATS GRAT in May 2026?

On May 13, 2026, the 2024 May GRAT distributed 381,135 Class B shares to Charles Ergen and contributed 2,925,750 Class B shares to Telluray Holdings. Following these transfers, the 2024 May GRAT expired in accordance with its terms and no longer held EchoStar shares.

What is Telluray Holdings’ stake and role in EchoStar (SATS)?

Telluray Holdings beneficially owns 62,868,198 EchoStar shares, or 28.7% of the Class A Common Stock. This includes 2,350,696 Class A and 60,517,502 Class B shares. Telluray’s Class B position represents about 41.3% of EchoStar’s voting power, with voting and dispositive authority shared by Charles and Cantey Ergen.