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Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments | 6 Months Ended
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Jun. 30, 2026
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments |
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments | ​ ​
6. | Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
​ Our marketable investment securities, restricted cash and cash equivalents, and other investments consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | June 30, | ​ | December 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | (In thousands)
Marketable investment securities: | ​ | ​ | ​ | ​ | ​ | ​
Current marketable investment securities: | ​ | ​ | ​ | ​ | ​ | ​
Strategic - available-for-sale | ​ | $ | 51 | ​ | $ | 51
Strategic - trading/equity | ​ | ​ | 48,272 | ​ | ​ | 37,378
Other | ​ | ​ | 7,882 | ​ | ​ | 1,063,462
Total current marketable investment securities | ​ | ​ | 56,205 | ​ | ​ | 1,100,891
Restricted marketable investment securities (1) | ​ | ​ | 107,429 | ​ | ​ | 52,960
Total marketable investment securities | ​ | ​ | 163,634 | ​ | ​ | 1,153,851
​ | ​ | ​ | ​ | ​ | ​ | ​
Restricted cash and cash equivalents (1) | ​ | ​ | 1,003,330 | ​ | ​ | 299,081
​ | ​ | ​ | ​ | ​ | ​ | ​
Other investments, net: | ​ | ​ | ​ | ​ | ​ | ​
Equity method investments | ​ | ​ | 67,547 | ​ | ​ | 85,014
Other investments | ​ | ​ | 145,015 | ​ | ​ | 109,032
Total other investments, net | ​ | ​ | 212,562 | ​ | ​ | 194,046
​ | ​ | ​ | ​ | ​ | ​ | ​
Total marketable investment securities, restricted cash and cash equivalents, and other investments, net | (2) | $ | 1,379,526 | ​ | $ | 1,646,978
(1) | Restricted marketable investment securities and restricted cash and cash equivalents are included in “Current restricted cash, cash equivalents and marketable investment securities” and “Restricted cash, cash equivalents and marketable investment securities” on our Condensed Consolidated Balance Sheets and discussed below.
(2) | The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.
​ Marketable Investment Securities ​ Our marketable investment securities portfolio may consist of debt and equity instruments. All equity securities are carried at fair value, with changes in fair value recognized in “Other, net” within “Other Income (Expense)” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All debt securities are classified as available-for-sale and are recorded at fair value. We report the temporary unrealized gains and losses related to changes in market conditions of marketable debt securities as a separate component of “Accumulated other comprehensive income (loss)” within “Stockholders’ Equity (Deficit),” net of related deferred income tax on our Condensed Consolidated Balance Sheets. The corresponding changes in the fair value of marketable debt securities, which are determined to be company specific credit losses are recorded in “Other, net” within “Other Income (Expense)” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). ​ ​ Current Marketable Investment Securities – Strategic ​ Our current strategic marketable investment securities portfolio includes and may include strategic and financial debt and/or equity investments in private and public companies that are highly speculative and have experienced and continue to experience volatility. As of June 30, 2026, this portfolio consisted of securities of a small number of issuers, and as a result the value of that portfolio depends, among other things, on the performance of those issuers. The fair value of certain of the debt and equity securities in this portfolio can be adversely impacted by, among other things, the issuers’ respective performance and ability to obtain any necessary additional financing on acceptable terms, or at all. ​ Current Marketable Investment Securities – Other ​ Our current other marketable investment securities portfolio includes investments in various debt instruments including, among others, commercial paper, corporate securities and United States treasury and/or agency securities. Commercial paper consists mainly of unsecured short-term, promissory notes issued primarily by corporations with maturities ranging up to 365 days. Corporate securities consist of debt instruments issued by corporations with various maturities normally less than 18 months. U.S. Treasury and agency securities consist of debt instruments issued by the federal government and other government agencies. ​ Restricted Cash, Cash Equivalents and Marketable Investment Securities ​ As of June 30, 2026 and December 31, 2025, our restricted marketable investment securities, together with our restricted cash and cash equivalents, included amounts required as collateral for our letters of credit, surety bonds and trusts. ​ Current restricted cash, cash equivalents and marketable investment securities. As of June 30, 2026 and December 31, 2025, we had $1.056 billion and $176 million, respectively, included in “Current restricted cash, cash equivalents and marketable investment securities” on our Condensed Consolidated Balance Sheets. ​ As of June 30, 2026, our current restricted cash, cash equivalents and marketable investment securities of $1.056 billion consisted of the Advances from the Filing Entities for Vendor Disbursements, representing amounts the Filing Entities advanced us for the sole designated purpose of settling third-party obligations on the Filing Entities' behalf. ​ As of December 31, 2025, our current restricted cash, cash equivalents and marketable investment securities of $176 million primarily consisted of amounts required as collateral for our letters of credit and funds received by our subsidiary, DISH DBS Issuer LLC (“DBS SubscriberCo”), from subscriber payments and certain other revenue, which were required to be restricted per the terms of the debt issued by DBS SubscriberCo. DBS SubscriberCo previously held certain DISH TV subscribers and their related subscription and equipment agreements which collateralized certain debt obligations. The Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029 issued by DBS SubscriberCo were redeemed on March 16, 2026 and therefore we no longer have amounts required to be restricted per the terms of the debt. ​ ​ Other Investments, net ​ We have strategic investments in certain debt and/or equity securities, as well as loan receivables, that are included in noncurrent “Other investments, net” on our Condensed Consolidated Balance Sheets. Our debt securities are classified as available-for-sale and are recorded at fair value. Generally, our debt investments in non-publicly traded debt instruments without a readily determinable fair value are recorded at amortized cost. Our equity investments where we have the ability to exercise significant influence over the investee are accounted for using the equity method of accounting. Certain of our equity method investments are detailed below. We have the ability and intent to hold our loan receivables to maturity and as such, these instruments are recorded at amortized cost. ​ NagraStar L.L.C. The DISH DBS Deconsolidated Subsidiaries own a 50% interest in NagraStar L.L.C. (“NagraStar”), a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming. The three main technologies NagraStar provides to its customers are microchips, set-top box software and uplink computer systems. NagraStar also provides end-to-end platform security testing services. Effective June 30, 2026, we have deconsolidated our investment in NagraStar. ​ Invidi Technologies Corporation. The DISH DBS Deconsolidated Subsidiaries own a 35% interest in Invidi Technologies Corporation (“Invidi”), an entity that provides proprietary software for the addressable advertising market. Invidi contracts with multichannel video programming distributers to include its software in their respective set-top boxes and DVRs in order to deliver targeted advertisements based on a variety of demographic attributes selected by the advertisers. Invidi has also developed a cloud-based solution for internet protocol-based platforms. Effective June 30, 2026, we have deconsolidated our investment in Invidi. ​ TerreStar Solutions, Inc. We own a 33% interest in TerreStar Solutions, Inc. (“TSI”), an entity that provides wireless mobile communication coverage in Canada using a satellite user terminal. TSI’s wireless communications system is based on a satellite and ground-based technology, which provides communication services in hard-to-reach areas and provides a nationwide interoperable, survivable and critical communications infrastructure. TSI also holds and leases certain 2 GHz wireless spectrum licenses in Canada. ​ Deluxe/EchoStar LLC. We own 50% of Deluxe/EchoStar LLC (“Deluxe”), a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada. ​ Broadband Connectivity Solutions (Restricted) Limited. We own 20% of Broadband Connectivity Solutions (Restricted) Limited (together with its subsidiaries, “BCS”), a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 satellite. ​ We also hold investments that are not accounted for using the equity method of accounting, which are measured at fair value if a readily determinable fair value is available. Investments in equity securities without readily determinable fair values are accounted for at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer. ​ Our ability to realize value from our strategic investments in securities that are not publicly traded depends on, among other things, the success of the issuers’ businesses and their ability to obtain sufficient capital, on acceptable terms or at all, and to execute their business plans. Because private markets are not as liquid as public markets, there is also increased risk that we will not be able to sell these investments, or that when we desire to sell them we will not be able to obtain fair value for them. ​ Fair Value Measurements ​ Our investments measured at fair value on a recurring basis were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | June 30, 2026 | ​ | December 31, 2025
​ | ​ ​ ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total | ​ ​ ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total
​ | ​ | (In thousands)
Cash and cash equivalents (including restricted): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 405,271 | ​ | $ | — | ​ | $ | — | ​ | $ | 405,271 | ​ | $ | 420,971 | ​ | $ | — | ​ | $ | — | ​ | $ | 420,971
Cash equivalents | ​ | ​ | 286,148 | ​ | ​ | 751,899 | ​ | ​ | — | ​ | ​ | 1,038,047 | ​ | ​ | 407,354 | ​ | ​ | 1,353,830 | ​ | ​ | — | ​ | ​ | 1,761,184
Total | ​ | $ | 691,419 | ​ | $ | 751,899 | ​ | $ | — | ​ | $ | 1,443,318 | ​ | $ | 828,325 | ​ | $ | 1,353,830 | ​ | $ | — | ​ | $ | 2,182,155
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities (including restricted): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury and agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Commercial paper | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 370,755 | ​ | ​ | — | ​ | ​ | 370,755
Corporate securities | ​ | ​ | — | ​ | ​ | 106,994 | ​ | ​ | — | ​ | ​ | 106,994 | ​ | ​ | — | ​ | ​ | 731,195 | ​ | ​ | — | ​ | ​ | 731,195
Other | ​ | ​ | — | ​ | ​ | 8,317 | ​ | ​ | 51 | ​ | ​ | 8,368 | ​ | ​ | — | ​ | ​ | 14,472 | ​ | ​ | 51 | ​ | ​ | 14,523
Equity securities | ​ | ​ | 48,272 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 48,272 | ​ | ​ | 37,378 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 37,378
Total | ​ | $ | 48,272 | ​ | $ | 115,311 | ​ | $ | 51 | ​ | $ | 163,634 | ​ | $ | 37,378 | ​ | $ | 1,116,422 | ​ | $ | 51 | ​ | $ | 1,153,851
​ As of June 30, 2026, restricted and non-restricted marketable investment securities included debt securities of $107 million with contractual maturities within one year and $8 million with contractual maturities extending longer than one year through and including five years. Actual maturities may differ from contractual maturities as a result of our ability to sell these securities prior to maturity. ​ Our loan receivables are included in “Other investments, net” on our Condensed Consolidated Balance Sheets and are non-publicly traded and therefore categorized within Level 3 of the fair value hierarchy ​ Derivative and/or Financial Liability Instruments ​ We may purchase and hold derivative and/or financial liability instruments for, among other reasons, strategic or speculative purposes. As of June 30, 2026 and December 31, 2025, we held certain financial liability instruments with a fair value of $72 million and $56 million, respectively, which is included in “Other accrued expenses and liabilities” on our Condensed Consolidated Balance Sheets and is categorized within Level 1 of the fair value hierarchy. All changes in fair value of the financial liability instruments were recorded in “Other, net” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). ​ ​ Gains and Losses on Sales and Changes in Carrying Amounts of Investments and Other ​ “Other, net” within “Other Income (Expense)” included on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended
​ | ​ | June 30, | ​ | June 30,
Other, net: | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
| ​ | (In thousands)
Realized and unrealized gains (losses) and impairments on investments and other | ​ | $ | 11,209 | ​ | $ | (8,377) | ​ | $ | 8,472 | ​ | $ | 15,925
Early debt redemption gains (losses) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,465
Foreign currency transaction gains (losses) | ​ | ​ | 932 | ​ | ​ | 3,429 | ​ | ​ | 2,792 | ​ | ​ | 5,678
Equity in earnings (losses) of affiliates | ​ | ​ | 3,251 | ​ | ​ | 2,539 | ​ | ​ | 6,101 | ​ | ​ | 4,183
Asset sales and other gains (losses) | ​ | ​ | — | ​ | ​ | 37,441 | ​ | ​ | — | ​ | ​ | 37,441
Other | ​ | ​ | 1,060 | ​ | ​ | 105 | ​ | ​ | 1,271 | ​ | ​ | 1,835
Total | ​ | $ | 16,452 | ​ | $ | 35,137 | ​ | $ | 18,636 | ​ | $ | 76,527
​ Other Investments- Variable Interest Entity ​ On May 22, 2026, pursuant to the Amended and Restated License Purchase Agreement, we completed the Spectrum Transfer Closing, whereby we transferred to the Trust the SpaceX Spectrum Assets. ​ We hold a variable interest in the Trust, but management has determined we are not the primary beneficiary; accordingly, the Trust’s accounts are not consolidated within our financial statements. However, because the transfer of the SpaceX Spectrum Assets did not meet the criteria for derecognition under ASC 610-20 Gains and Losses from the Derecognition of Nonfinancial Assets, the SpaceX Spectrum Assets continue to be recognized on our Condensed Consolidated Balance Sheets. Our maximum exposure to loss resulting from our involvement with the Trust is mathematically limited to the carrying value of the SpaceX Spectrum Assets, totaling $8.667 billion as of June 30, 2026. In the hypothetical event of a total loss of value or a termination of the arrangement, the legal rights to the SpaceX Spectrum Assets would revert to EchoStar, and our maximum economic loss would be inherently mitigated by the residual market value of the underlying spectrum. ​ The Trust is providing a guarantee on the SpaceX Spectrum Assets and the Seller Notes. As of June 30, 2026, the aggregate principal amount outstanding of the Seller Notes was $9.821 billion and is secured by the AWS-4 and AWS-3 Licenses held by the Trust, and the Trust. In addition, the Trust will continue the Interim Debt Service payments on our behalf through the Spectrum Acquisition Closing, which is secured on a junior lien basis by the AWS-4 and H-Block Licenses. The Interim Debt Service payments are dependent upon SpaceX funding these interest payments via the Trust. See Note 1 for further information.

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