MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

3 Months Ended

Mar. 31, 2025

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

NOTE 4. 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
		March 31, 2025			December 31, 2024

		(In thousands)
Marketable investment securities:
Current marketable investment securities:
Corporate bonds		$	15,501		$	—
Commercial paper			3,787			—
Other debt securities			179			—
Total current marketable investment securities			19,467			—

Restricted cash and cash equivalents (1)			3,028			1,615

Other investments
Equity method investments			10,835			12,238
Cost method investments			11,278			11,278
Total other investments			22,113			23,516

Total marketable investment securities, restricted cash and cash equivalents, and other investments		$	44,608		$	25,131

(1)	Restricted cash and cash equivalents are included in “Other noncurrent assets” on our Condensed Consolidated Balance Sheets.

Equity Method Investments

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 and Al Yah 3 Ka-band satellites.

Fair Value Measurements

The following table presents our marketable investment securities categorized by the fair value hierarchy, certain of which have historically experienced volatility:


		As of
		March 31, 2025								--	December 31, 2024
		Level 1		__	Level 2		__	Total		__	Level 1		__	Level 2		__	Total

		(In thousands)
Cash and cash equivalents (including restricted):
Cash			89,539			—			89,539			115,409			—			115,409
Cash equivalents			10,372			57,186			67,558			1,819			88,585			90,404
Total		$	99,911		$	57,186		$	157,097		$	117,228		$	88,585		$	205,813

Available-for-sale debt securities:
Corporate bonds		$	—		$	15,501		$	15,501		$	—		$	—		$	—
Commercial paper			—			3,787			3,787			—			—			—
Other debt securities			—			179			179			—			—			—
Total		$	—		$	19,467		$	19,467		$	—		$	—		$	—

As of March 31, 2025, marketable investment securities included debt securities of $4 million with contractual maturities within one year and $15 million with contractual maturities extending longer than one year through and including five years.

As of March 31, 2025 and December 31, 2024, we did not have any investments that were categorized within, or transferred into or out of, Level 3 of the fair value hierarchy.

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 March 31,
Other, net:		2025			2024

		(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)		$	3		$	200
Equity in earnings (losses) of unconsolidated affiliates			(403)			(1,333)
Foreign currency transaction gains (losses)			2,135			(286)
Other			15			(5)
Total		$	1,750		$	(1,424)