v3.25.3

Debt and Finance Lease Obligations (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt and Finance Lease Obligations |
Schedule of carrying amount and fair value of our debt facilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | As of
​ | ​ | ​ | September 30, 2025 | ​ | December 31, 2024
​ | Issuer |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
​ | ​ | ​ | (In thousands)
0% Convertible Notes due 2025 | DISH | ​ | $ | 138,403 | ​ | $ | 136,766 | ​ | $ | 138,403 | ​ | $ | 124,916
Term Loan due 2025 (1) | DBS SubscriberCo | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 500,000 | ​ | ​ | 500,000
7 3/4% Senior Notes due 2026 (2) | DDBS | ​ | ​ | 2,000,000 | ​ | ​ | 1,985,900 | ​ | ​ | 2,000,000 | ​ | ​ | 1,678,640
5 1/4% Senior Secured Notes due 2026 (2)(3) | HSSC | ​ | ​ | 627,283 | ​ | ​ | 615,979 | ​ | ​ | 750,000 | ​ | ​ | 686,475
6 5/8% Senior Notes due 2026 (2) | HSSC | ​ | ​ | 750,000 | ​ | ​ | 715,380 | ​ | ​ | 750,000 | ​ | ​ | 595,725
3 3/8% Convertible Notes due 2026 (2) | DISH | ​ | ​ | 45,209 | ​ | ​ | 43,708 | ​ | ​ | 45,209 | ​ | ​ | 38,495
5 1/4% Senior Secured Notes due 2026 | DDBS | ​ | ​ | 2,750,000 | ​ | ​ | 2,702,315 | ​ | ​ | 2,750,000 | ​ | ​ | 2,507,780
11 3/4% Senior Secured Notes due 2027 | DISH | ​ | ​ | 3,500,000 | ​ | ​ | 3,653,755 | ​ | ​ | 3,500,000 | ​ | ​ | 3,708,460
7 3/8% Senior Notes due 2028 | DDBS | ​ | ​ | 1,000,000 | ​ | ​ | 922,180 | ​ | ​ | 1,000,000 | ​ | ​ | 715,680
5 3/4% Senior Secured Notes due 2028 | DDBS | ​ | ​ | 2,500,000 | ​ | ​ | 2,399,625 | ​ | ​ | 2,500,000 | ​ | ​ | 2,143,350
5 1/8% Senior Notes due 2029 | DDBS | ​ | ​ | 1,500,000 | ​ | ​ | 1,287,825 | ​ | ​ | 1,500,000 | ​ | ​ | 959,610
Term Loan due 2029 (4) | DBS SubscriberCo | ​ | ​ | 1,800,000 | ​ | ​ | 1,770,922 | ​ | ​ | 1,800,000 | ​ | ​ | 1,800,000
Mandatorily Redeemable Preferred Shares due 2029 (4)(5) | DBS SubscriberCo | ​ | ​ | 200,000 | ​ | ​ | 196,211 | ​ | ​ | 200,000 | ​ | ​ | 200,000
10 3/4% Senior Secured Notes due 2029 (6) | SATS | ​ | ​ | 5,506,000 | ​ | ​ | 6,063,813 | ​ | ​ | 5,356,000 | ​ | ​ | 5,763,110
3 7/8% Convertible Secured Notes due 2030 (7)(8) | SATS | ​ | ​ | 1,946,856 | ​ | ​ | 4,775,424 | ​ | ​ | 1,906,229 | ​ | ​ | 2,029,715
6 3/4% Senior Secured Notes due 2030 (9) | SATS | ​ | ​ | 2,372,670 | ​ | ​ | 2,448,548 | ​ | ​ | 2,287,738 | ​ | ​ | 2,070,952
Other notes payable | ​ | ​ | ​ | 76,794 | ​ | ​ | 76,794 | ​ | ​ | 108,072 | ​ | ​ | 108,072
Subtotal | ​ | ​ | ​ | 26,713,215 | ​ | $ | 29,795,145 | ​ | ​ | 27,091,651 | ​ | $ | 25,630,980
Unamortized deferred financing costs and other debt discounts, net | ​ | ​ | ​ | (451,056) | ​ | ​ | ​ | ​ | ​ | (555,533) | ​ | ​ | ​
Finance lease obligations (10) | ​ | ​ | ​ | 48,711 | ​ | ​ | ​ | ​ | ​ | 67,199 | ​ | ​ | ​
Total | ​ | ​ | ​ | 26,310,870 | ​ | ​ | ​ | ​ | ​ | 26,603,317 | ​ | ​ | ​
Less: current portion (4) | ​ | ​ | ​ | (4,519,619) | ​ | ​ | ​ | ​ | ​ | (943,029) | ​ | ​ | ​
Total debt, finance lease and other obligations, net of current portion | ​ | ​ | $ | 21,791,251 | ​ | ​ | ​ | ​ | $ | 25,660,288 | ​ | ​ | ​
(1) | We redeemed the principal balance of our Term Loan due 2025 as of September 30, 2025, the instrument’s maturity date.
(2) | These notes have been reclassified to “Current portion of debt, finance lease and other obligations” on our Condensed Consolidated Balance Sheets as of September 30, 2025.
(3) | During the nine months ended September 30, 2025, we repurchased approximately $123 million of our 5 1/4% Senior Secured Notes due 2026 in open market trades. The remaining balance of approximately $627 million matures on August 1, 2026.
(4) | A portion of the principal balance of these instruments is classified as “Current portion of debt, finance lease and other obligations” due to payment terms upon which we will pay a portion of principal balance based on the variable cash flows for certain Pay-TV business metrics which are an estimate and could change significantly based on actual performance.
(5) | Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument.
(6) | On May 8, 2025, we issued an additional $150 million aggregate principal amount of our 10 3/4% Senior Secured Notes due November 30, 2029.
(7) | Beginning on October 1, 2025, and ending at the close of business on December 31, 2025, o ur 3 7/8% Convertible Secured Notes due 2030 are convertible, at the option of the holders. These notes are convertible, at our election, into cash, approximately 58 million shares of our Class A common stock or a combination thereof. See the description of our 3 7/8% Convertible Secured Notes due 2030 below for further information.
(8) | During the nine months ended September 30, 2025, we elected to make our semi-annual interest payment of approximately $41 million in kind.
(9) | During the nine months ended September 30, 2025, we elected to make our semi-annual interest payment of approximately $85 million in kind.
(10) | Disclosure regarding fair value of finance leases is not required.
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