SCHEDULE: EchoStar Ownership Update: Ergen Group Maintains Control

Sentiment:

Ownership Filing (Schedule 13D Amendment) 17 June 2026 4:15 PM

An amended Schedule 13D filing reveals the consolidated beneficial ownership of EchoStar Corporation shares by Charles W. Ergen, Cantey M. Ergen, and related entities as of June 15, 2026.

Summary

This filing is an amendment to a Schedule 13D, reporting beneficial ownership of EchoStar Corporation securities.
The reporting persons include Charles W. Ergen, Cantey M. Ergen, various GRATs (Grantor Retained Annuity Trusts), and Telluray Holdings, LLC.
As of June 15, 2026, the aggregate beneficial ownership of Class A Common Stock and Class B Common Stock by these reporting persons is substantial.
Charles W. Ergen directly and indirectly holds a significant portion of shares, with combined sole and shared voting and dispositive power.
Cantey M. Ergen also holds a substantial number of shares through direct ownership, trusts, and Telluray Holdings, with significant voting and dispositive power.
The filing details the ownership structure across multiple entities and trusts, including the 2024 July GRAT, 2025 May GRAT, 2025 June GRAT, 2025 July GRAT, and 2026 June GRAT.
Telluray Holdings, LLC holds a significant block of both Class A and Class B common stock.
The filing notes that Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis.
The aggregate beneficial ownership for all reporting persons represents a significant percentage of the class of securities.
The filing also references an Amended and Restated Support Agreement dated October 2, 2023, which may impact voting rights for a period following a merger.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral; it's a routine disclosure of ownership and control, not indicative of immediate positive or negative performance changes.

Positives

The consolidated reporting indicates a stable and significant ownership block by the Ergen group, suggesting continued control and strategic alignment.
The establishment of trusts for estate planning purposes (e.g., 2026 June GRAT) demonstrates long-term financial planning.
The filing confirms the convertible nature of Class B shares into Class A shares, offering flexibility.

Negatives

The complex ownership structure involving multiple trusts and entities could indicate potential complexities in governance or decision-making, although this is not explicitly stated as a negative.
The Amended Support Agreement imposes voting restrictions on Class A shares for three years following a merger, potentially limiting immediate shareholder influence on certain matters.

Risks

The Amended Support Agreement restricts the voting of Class A common stock for three years following the closing of the merger between EchoStar and DISH, limiting the ability of certain reporting persons to vote their Class A shares on matters not affecting Class B shareholders.
The trust agreements for the GRATs contain irrevocable provisions preventing the disposition of EchoStar shares unless a 'Change of Control Event' occurs, which is defined with specific conditions related to ownership percentages and board composition.

Future Outlook

The filing does not contain specific forward-looking statements or guidance. However, the structure of the trusts and the Amended Support Agreement suggest a long-term strategic view and potential future events related to control and mergers.

Management Comments

Mr. Ergen's principal occupation is Chairman, President and Chief Executive Officer of EchoStar.
Mrs. Ergen is a Senior Advisor and member of the Board of Directors of EchoStar.
The establishment of the 2026 June GRAT was for estate planning purposes.
Mr. Ergen receives an annual annuity amount from the 2026 June GRAT.
Members of Mr. and Mrs. Ergen's family are the beneficiaries of the 2026 June GRAT.

Industry Context

StockSavvy.ai notes that this Schedule 13D filing is typical for significant beneficial owners of public companies, particularly in industries like telecommunications and technology where founder control and strategic consolidation (like the mentioned merger with DISH) are common. The detailed breakdown of ownership across individuals, trusts, and holding companies reflects the complex capital structures often seen in these sectors.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Voting Agreement	Pursuant to the Amended and Restated Support Agreement, 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.	October 2, 2023 (Agreement Date)	Limits the immediate voting power of Class A shares for specific matters, potentially consolidating decision-making power with Class B shareholders or management during the specified period.
Disposition Restrictions	Each trust agreement for the GRATs contains an irrevocable provision that the trustee will not dispose of any shares of EchoStar held by the trust unless a Change of Control Event occurs.	Varies by Trust (e.g., June 15, 2026 for 2026 June GRAT contribution)	Restricts the ability to sell shares from these trusts, tying disposition to specific corporate control events and potentially impacting liquidity for these holdings.

Related Party Transactions

Mr. Ergen contributed 4,300,000 shares of Class B Common Stock to the 2026 June GRAT on June 15, 2026, for estate planning purposes.
Mr. Ergen receives an annual annuity amount from the 2026 June GRAT.
Members of Mr. and Mrs. Ergen's family are beneficiaries of the 2026 June GRAT.
Mrs. Ergen serves as trustee for several GRATs and as manager for Telluray Holdings, indicating related party roles in managing these entities.
Shares held by Telluray Holdings are subject to shared dispositive power between Mr. and Mrs. Ergen as managers.
Mr. Ergen disclaims beneficial ownership of shares held by CONX, except to the extent of his pecuniary interest, indicating a potential related party holding.

Stakeholder Impact

Shareholders: The significant ownership by the Ergen group and related entities suggests continued control and potential influence over corporate strategy and decisions, including any future mergers or acquisitions.
Beneficiaries of GRATs: These individuals are beneficiaries of trusts holding EchoStar shares, with disposition tied to specific corporate events.
Management: Charles W. Ergen's role as Chairman, President, and CEO, and Cantey M. Ergen's role as Senior Advisor and Board member, highlight their continued influence.
Creditors/Lenders: The stability of control indicated by this filing may be viewed positively by creditors, suggesting a consistent management approach.

Next Steps

The 2026 June GRAT is scheduled to expire on June 15, 2028.
The Amended Support Agreement imposes voting restrictions for three years following the closing of the merger between EchoStar and DISH.
The reporting persons may from time to time acquire shares of Class A Common Stock for investment purposes.

Key Dates

Date	Description
2023-10-02	Date of the Amended and Restated Support Agreement.
2023-10-03	Filing date of EchoStar Corporation's Current Report on Form 8-K referencing the Amended and Restated Support Agreement.
2024-01-02	Filing date of EchoStar Corporation's Current Report on Form 8-K referencing the Registration Rights Agreement.
2024-07-12	Filing date of the Reporting Person's Schedule 13D amendment referencing the Power of Attorney for Two-Year July 2024 SATS GRAT.
2025-05-15	Filing date of the Reporting Person's Schedule 13D amendment referencing the Power of Attorney for Two-Year May 2025 SATS GRAT.
2025-06-30	Filing date of the Reporting Person's Schedule 13D amendment referencing the Power of Attorney for Two-Year June 2025 SATS GRAT.
2025-07-31	Filing date of the Reporting Person's Schedule 13D amendment referencing the Power of Attorney for Two-Year July 2025 SATS GRAT.
2026-06-15	The date as of which the information in the Schedule 13D amendment is reported, including share amounts and percentages.
2026-06-17	Date of the signatures on the Schedule 13D amendment and related exhibits, indicating the filing date.

Keywords

EchoStar, Schedule 13D, Beneficial Ownership, Charles W. Ergen, Cantey M. Ergen, Telluray Holdings, Class A Common Stock, Class B Common Stock, GRAT, SEC Filing, Ownership Structure

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