| 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, our 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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