Core Insights - Jackson Peak Capital achieved a net return of +14.0% in Q4 2025, significantly outperforming the All-Country World Index (ACWI) which rose by 3.3% and the HFRX Equity Hedge Index which increased by 1.6% [1] - The firm's strategy focuses on a concentrated long/short equity approach, aiming for strong absolute returns while minimizing correlation with broader equity markets [1] - The portfolio's net exposure decreased from 55% in Q3 to 25% at the end of Q4 2025, indicating a shift in investment strategy [1] Company Focus: EchoStar Corporation - EchoStar Corporation (NASDAQ:SATS) is highlighted as a significant investment, with a market capitalization of $31.77 billion [2] - The stock closed at $110.36 per share on February 20, 2026, with a one-month return of -8.45% but a substantial 52-week gain of 277.93% [2] - Jackson Peak Capital has initiated a significant new event-driven position in EchoStar Corporation, reflecting the firm's focus on long exposure primarily in the US and Europe [3]

Company Overview - EchoStar Corporation, along with its subsidiaries, provides networking technologies and services [3] Recent Developments - On May 12, 2025, The Wall Street Journal reported that the Federal Communications Commission (FCC) would investigate EchoStar's compliance with federal requirements for building a nationwide 5G network, leading to a stock price drop of over 16% [4] - On May 30, 2025, EchoStar announced it would not make a cash interest payment of approximately $326 million to allow time for the FCC to provide requested relief, resulting in an additional 12% decline in stock price [5] - On June 2, 2025, EchoStar disclosed it would similarly not make approximately $183 million in cash interest payments due to uncertainty from the FCC review, causing a further stock price drop of more than 11% [6] Legal Investigation - Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving EchoStar, focusing on whether the company and its executives made false or misleading statements or failed to disclose material information to investors [1]