[SCHEDULE 13D/A] EchoStar Corporation SEC Filing

Rhea-AI Filing Summary

Prospect Capital Corporation (PSEC) intends to issue three new series of senior unsecured Prospect Capital InterNotes® under its shelf registration (File No. 333-269714):

• 7.500% Notes due 7/15/2028 (CUSIP 74348GWF3)
• 7.750% Notes due 7/15/2030 (CUSIP 74348GWG1)
• 8.000% Notes due 7/15/2032 (CUSIP 74348GWH9)

Each tranche will be sold in $1,000 denominations at modest discounts to par (selling concessions 1.125% / 1.700% / 1.950%) and will accrue interest from the 7/24/2025 settlement date, payable semi-annually on 1/15 and 7/15, commencing 1/15/2026. The notes are callable at 100% of principal beginning 1/15/2026 and daily thereafter. A Survivor’s Option allows early repayment upon the death of the beneficial owner, subject to annual volume caps.

The offering is being marketed by InspereX (purchasing agent) with Citigroup and RBC Capital Markets as agents. Net proceeds (after concessions) were not disclosed in dollar terms but will be used for general corporate purposes.

Capital structure implications: As of 2/8/2023, PSEC had $1.9 billion of unsecured senior debt and $0.7 billion of secured debt outstanding. The new issuance will add incremental fixed-rate leverage at coupons materially above the company’s prior 3.7%–6.4% public notes, signalling a higher cost of capital environment. Management recently refinanced its $342.9 million 3.706% 2026 notes—tendering $135.7 million and redeeming the remaining $207.2 million—thus eliminating that maturity but replacing it with higher-coupon paper.

Recent portfolio activity: Between May 29 and July 1, 2025, PSEC sold $324.6 million (cost basis) of subordinated structured notes for $74.6 million in gross proceeds, extended $39.6 million of first-lien financing to National Property REIT Corp. and received $19 million in repayments. On 6/30/2025 the company closed the acquisition of QC Holdings, Inc., investing $55 million in senior secured debt and $22.3 million in common equity.

Company profile: PSEC is an externally managed BDC with $7.9 billion in assets and 130 portfolio companies/CLO positions as of 12/31/2022. The performing interest-bearing portfolio yielded 12.9% (10.3% overall). The credit facility (outstanding $744.7 million on 2/8/2023) is secured and structurally senior to the new notes.

Key investor considerations:

• High coupons (7.5%-8.0%) increase interest expense but lock in fixed funding before the Federal Reserve’s next rate cycle shift.
• Notes rank pari passu with existing unsecured obligations and are effectively subordinated to secured debt.
• Indenture contains limited protective covenants; no change-of-control put or financial maintenance tests.
• Liquidity events—callable at par after 6 months—introduce reinvestment risk if rates fall.

Positive

• Extends debt maturities to 2028-2032, reducing near-term refinancing risk after retiring 2026 notes.
• Fixed coupons secure funding costs in a volatile rate environment, aiding interest-expense predictability.
• Active liability management—completed tender/redemption of older notes and opportunistic asset sales to generate liquidity.

Negative

• Higher interest expense (7.5%-8.0% coupons) increases leverage cost versus prior 3.7% notes.
• Limited covenants provide minimal protection for noteholders; notes are effectively subordinated to $0.7 billion secured debt.
• Significant realized losses on structured-note disposals ($74.6 million proceeds vs $324.6 million cost) indicate asset-valuation pressure.

Insights

Fixed-Income Analyst

TL;DR — PSEC replaces low-cost 2026 notes with 7.5-8.0% paper, boosting liquidity but raising funding costs.

The three-tranche InterNotes issuance totals an undetermined principal but will likely match or exceed the $342.9 million recently retired 3.706% 2026 notes. While the transaction smooths the maturity schedule and extends duration to 2028-2032, the coupons are more than double the retired notes, implying annual pre-tax interest outlays could rise by ~$12-14 million per $200 million issued. Given PSEC’s 12.9% loan yield and floating-rate asset mix, spread capture remains positive, yet incremental leverage tightens asset-coverage cushions. From a bondholder’s view, the call at par after only six months and the limited covenant package dilute long-term upside; however, yield-hungry investors receive investment-grade–rated senior notes from one of the largest BDCs.

BDC Sector Specialist

TL;DR — Higher coupons reflect sector-wide funding repricing; leverage and asset sales warrant monitoring.

PSEC continues to actively manage liabilities—tendering and redeeming low-coupon notes, tapping retail demand for high-yield fixed-rate debt and downsizing structured-note exposure. The QC Holdings acquisition and fresh lending to NPRC suggest management still sees attractive risk-adjusted opportunities, but the 77% realized loss on subordinated structured note sales highlights mark-to-market pressure. Net leverage will rise unless proceeds are used to pay down the revolver. Given the BDC’s scale, diversified book and statutory asset-coverage limits, the issuance is not alarming, yet the elevated coupon signals more expensive capital across the sector.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 61)

EchoStar Corporation

(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)

07/10/2025

(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).

SCHEDULE 13D

CUSIP No. 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 22,360,059.00
8	Shared Voting Power 121,028,165.00
9	Sole Dispositive Power 22,360,059.00
10	Shared Dispositive Power 121,028,165.00

11

Aggregate amount beneficially owned by each reporting person

143,388,224.00

12

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

13

Percent of class represented by amount in Row (11)

50.5 %

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) 11,272,090 shares of Class A Common Stock beneficially owned directly by Mr. Ergen; (ii) 11,367 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) 8,027,769 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 July 8, 2025; 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) 213 shares of Class A Common Stock beneficially owned directly by Mr. Ergen's spouse, Cantey M. Ergen; (ii) 1,276 shares of Class A Common Stock beneficially owned indirectly by Mrs. Ergen in the DISH Network 401(k) Plan; (iii) 11,566 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 35,190,866 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) 19,038,378 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the Ergen Two-Year December 2023 SATS GRAT (the '2023 December GRAT'); (vii) 3,306,885 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 2024 SATS GRAT (the '2024 May GRAT'); (viii) 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'); (ix) 25,000,000 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the Ergen Two-Year May 2025 SATS GRAT (the "2025 May GRAT"); and (x) 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"). (4) Percent of Class Represented is based on 156,326,180 shares of Class A Common Stock outstanding on July 8, 2025 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, July 8, 2025. 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 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 July 8, 2025, the percentage of the Class A Common Stock that Mr. Ergen may be deemed to beneficially own would be approximately 49.6 percent. 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 86.8 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, July 8, 2025). 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 July 8, 2025 is approximately 85.8 percent.

SCHEDULE 13D

CUSIP No. 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 120,260,418.00
8	Shared Voting Power 21,640,590.00
9	Sole Dispositive Power 82,718,856.00
10	Shared Dispositive Power 59,182,152.00

11

Aggregate amount beneficially owned by each reporting person

141,901,008.00

12

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

13

Percent of class represented by amount in Row (11)

50.3 %

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) 213 shares of Class A Common Stock beneficially owned directly by Mrs. Ergen; (ii) 1,276 shares of Class A Common Stock beneficially owned indirectly by Mrs. Ergen in the DISH Network 401(k) Plan; (iii) 10,262 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 July 8, 2025; (iv) 2,350,696 shares of Class A Common Stock and 35,190,866 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) 19,038,378 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2023 December GRAT; (vi) 3,306,885 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2024 May GRAT; (vii) 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; (viii) 25,000,000 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2025 May GRAT; and (ix) 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. Mrs. Ergen exercises voting power with respect to Telluray Holdings and each of the 2023 December GRAT, the 2024 May GRAT, the 2024 July GRAT, the 2025 May GRAT and the 2025 June GRAT independently and, with respect to the 2023 December GRAT, the 2024 May GRAT, the 2024 July GRAT, the 2025 May GRAT and the 2025 June GRAT, in accordance with her fiduciary responsibilities to the beneficiaries of such trusts. (3) Shared Voting Power shares consist of: (i) 11,272,090 shares of Class A Common Stock beneficially owned directly by Mrs. Ergen's spouse, Mr. Ergen; (ii) 11,367 shares of Class A Common Stock beneficially owned indirectly by Mr. Ergen in the DISH Network 401(k) Plan; (iii) 8,027,769 shares of Class B Common Stock beneficially owned directly by Mr. Ergen; (iv) 11,566 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) 213 shares of Class A Common Stock beneficially owned directly by Mrs. Ergen; (ii) 1,276 shares of Class A Common Stock beneficially owned indirectly by Mrs. Ergen in the DISH Network 401(k) Plan; (iii) 10,262 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 July 8, 2025; (iv) 19,038,378 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2023 December GRAT; (v) 3,306,885 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2024 May GRAT; (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 2024 July GRAT; (vii) 25,000,000 shares of Class B Common Stock owned beneficially by Mrs. Ergen solely by virtue of her position as trustee of the 2025 May GRAT; and (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 2025 June GRAT. Mrs. Ergen exercises dispositive power with respect to each of the 2023 December GRAT, the 2024 May GRAT, the 2024 July GRAT, the 2025 May GRAT and the 2025 June GRAT independently and in accordance with her fiduciary responsibilities to the beneficiaries of such trusts. (5) Shared Dispositive Power shares consist of: (i) 11,272,090 shares of Class A Common Stock beneficially owned directly by Mrs. Ergen's spouse, Mr. Ergen; (ii) 11,367 shares of Class A Common Stock beneficially owned indirectly by Mr. Ergen in the DISH Network 401(k) Plan; (iii) 8,027,769 shares of Class B Common Stock beneficially owned directly by Mr. Ergen; (iv) 11,566 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 35,190,866 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 156,326,180 of Class A Common Stock outstanding on July 8, 2025 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, July 8, 2025. 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 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, July 8, 2025, the percentage of the Class A Common Stock that Mr. Ergen may be deemed to beneficially own would be approximately 49.3 percent. 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 86.8 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, July 8, 2025). 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 July 8, 2025 is approximately 85.8 percent.

SCHEDULE 13D

CUSIP No. 278768106

1

Name of reporting person

Ergen Two-Year December 2023 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 19,038,378.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 19,038,378.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

19,038,378.00

12

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

13

Percent of class represented by amount in Row (11)

10.9 %

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 156,326,180 shares of Class A Common Stock outstanding on July 8, 2025 and assuming conversion of only the shares of Class B Common Stock beneficially owned by the 2023 December 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 2023 December GRAT may be deemed to beneficially own would be approximately 6.6 percent. Because each share of Class B Common Stock is entitled to 10 votes per share, the 2023 December GRAT beneficially owns equity securities of EchoStar representing approximately 13.0 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock).

SCHEDULE 13D

CUSIP No. 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 3,306,885.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,306,885.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,306,885.00

12

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

13

Percent of class represented by amount in Row (11)

2.1 %

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 156,326,180 shares of Class A Common Stock outstanding on July 8, 2025 and assuming conversion of only the shares of Class B Common Stock beneficially owned by the 2024 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 2024 May GRAT may be deemed to beneficially own would be approximately 1.2 percent. Because each share of Class B Common Stock is entitled to 10 votes per share, the 2024 May GRAT beneficially owns equity securities of EchoStar representing approximately 2.3 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock).

SCHEDULE 13D

CUSIP No. 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)

10.6 %

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 156,326,180 shares of Class A Common Stock outstanding on July 8, 2025 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 6.5 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 No. 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 25,000,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 25,000,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

25,000,000.00

12

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

13

Percent of class represented by amount in Row (11)

13.8 %

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 156,326,180 shares of Class A Common Stock outstanding on July 8, 2025 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 8.7 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 17.0 percent of the voting power of EchoStar (assuming no conversion of any Class B Common Stock).

SCHEDULE 13D

CUSIP No. 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)

9.7 %

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 156,326,180 shares of Class A Common Stock outstanding on July 8, 2025 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 No. 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 37,541,562.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 37,541,562.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

37,541,562.00

12

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

13

Percent of class represented by amount in Row (11)

19.6 %

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) 35,190,866 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 156,326,180 shares of Class A Common Stock outstanding on July 8, 2025 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 13.1 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 24.1 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 July 8, 2025 is approximately 23.9 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 Corporation
(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 2023 December GRAT 2024 May GRAT 2024 July GRAT 2025 May GRAT 2025 June 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 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 not applicable to the transaction described in this Amendment No. 61.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented as follows: During the third quarter of each year, Mr. Ergen receives an annuity amount from the 2024 July GRAT, assuming that the 2024 July 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 July 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 July GRAT. On July 10, 2025, the 2024 July GRAT distributed 7,938,158 shares of Class B Common Stock held by the 2024 July GRAT to Mr. Ergen as an annuity payment. Therefore, the 2024 July GRAT has beneficial ownership of 18,561,842 shares of Class B Common Stock. The 2024 July GRAT is scheduled to expire in accordance with its terms on July 10, 2026.
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 July 10, 2025. See Items 11 and 13 of the cover pages to this Amendment No. 61 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: (i) 313,649 shares of Class A Common Stock held by certain trusts established by Mr. Ergen for the benefit of his family; and (ii) 5,422,728 shares of Class A Common Stock issuable upon conversion of shares of Class B 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 35,190,866 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. 61 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: (i) as described herein; and (ii) as reflected in Amendment No. 57, Amendment No. 58, Amendment No. 59 and Amendment No. 60 to this Schedule 13D.
(d)	Not applicable
(e)	Not applicable.
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 2023 December GRAT, the 2024 May GRAT, the 2024 July GRAT, the 2025 May GRAT, the 2025 June 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 2023 December GRAT, the 2024 May GRAT, the 2024 July GRAT, the 2025 May GRAT and the 2025 June GRAT contains an irrevocable provision that provides that the trustee will not dispose of any shares of EchoStar held by the 2023 December GRAT, the 2024 May GRAT, the 2024 July GRAT, the 2025 May GRAT or the 2025 June GRAT, respectively, unless a Change of Control Event occurs. If a Change of Control Event occurs, the trustee of each of the 2023 December GRAT, the 2024 May GRAT, the 2024 July GRAT, the 2025 May GRAT and the 2025 June GRAT will have sole discretion with respect to the disposition of any shares of EchoStar held by the 2023 December GRAT, the 2024 May GRAT, the 2024 July GRAT, the 2025 May GRAT and the 2025 June 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 2023 December GRAT, the 2024 May GRAT, the 2024 July GRAT, the 2025 May GRAT or the 2025 June 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 June 26, 2025 and filed with the Securities and Exchange Commission on June 30, 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: Power of Attorney for Two-Year December 2023 SATS GRAT (incorporated by reference from Exhibit K to the Reporting Person's Schedule 13D dated December 22, 2023 and filed with the Securities and Exchange Commission on December 27, 2023) Exhibit G: 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 H: 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 I: 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 J: 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 K: 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)

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:	07/14/2025

Cantey M. Ergen

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen by Robert J. Hooke, attorney-in-fact
Date:	07/14/2025

Ergen Two-Year December 2023 SATS GRAT

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen, Trustee by Robert J. Hooke, attorney-in-fact
Date:	07/14/2025

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:	07/14/2025

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:	07/14/2025

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:	07/14/2025

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:	07/14/2025

Telluray Holdings, LLC

Signature:	/s/ Robert J. Hooke
Name/Title:	Cantey M. Ergen, Manager by Robert J. Hooke, attorney-in-fact
Date:	07/14/2025

FAQ

What are the key terms of PSEC’s new 7.5%–8.0% InterNotes?

Coupons: 7.500% (2028), 7.750% (2030), 8.000% (2032); Denomination: $1,000; Pay: semi-annual; Callable: at 100% starting 1/15/2026.

How does the new debt rank within Prospect Capital’s capital structure?

The notes are senior unsecured obligations, ranking pari passu with existing unsecured notes and subordinate to $0.7 bn secured borrowings under the credit facility.

Why is Prospect Capital issuing higher-coupon notes now?

Proceeds bolster liquidity and refinance 2026 notes already redeemed; market yields have risen, so new debt prices at 7.5%–8.0%.

Does the issuance affect dividends for PSEC shareholders?

Dividend policy isn’t directly addressed; however, higher interest expense could pressure distributable income if asset yields don’t offset costs.

What recent portfolio actions were disclosed?

PSEC sold $324.6 mn (cost) of structured notes for $74.6 mn, funded $39.6 mn to NPRC, received $19 mn repayments, and acquired QC Holdings with $77.3 mn invested.

Is there an early-repayment feature for heirs?

Yes. A Survivor’s Option allows heirs to redeem notes at par, subject to annual issuer caps of the greater of $2 mn or 2% of outstanding notes.

Who are the agents on this offering?

InspereX is purchasing agent; Citigroup Global Markets and RBC Capital Markets act as agents under the Selling Agent Agreement.