| Debt, Finance Lease and Other Obligations |
7. | Debt and Finance Lease Obligations |
Fair Value of our Debt The following table summarizes the carrying amount and fair value of our debt facilities as of March 31, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | As of | | | | March 31, 2025 | | December 31, 2024 | | Issuer | | Carrying
Amount | | Fair Value | | Carrying
Amount | | Fair Value | | | | | (In thousands) | Term Loan due 2025 (1) | DBS SubscriberCo | | $ | 333,333 | | $ | 333,333 | | $ | 500,000 | | $ | 500,000 | 7 3/4% Senior Notes due 2026 | DDBS | | | 2,000,000 | | | 1,745,000 | | | 2,000,000 | | | 1,678,640 | 5 1/4% Senior Secured Notes due 2026 | DDBS | | | 2,750,000 | | | 2,530,000 | | | 2,750,000 | | | 2,507,780 | 7 3/8% Senior Notes due 2028 | DDBS | | | 1,000,000 | | | 714,160 | | | 1,000,000 | | | 715,680 | 5 3/4% Senior Secured Notes due 2028 | DDBS | | | 2,500,000 | | | 2,122,900 | | | 2,500,000 | | | 2,143,350 | 5 1/8% Senior Notes due 2029 | DDBS | | | 1,500,000 | | | 976,050 | | | 1,500,000 | | | 959,610 | Term Loan due 2029 (2) | DBS SubscriberCo | | | 1,800,000 | | | 1,800,000 | | | 1,800,000 | | | 1,800,000 | Mandatorily Redeemable Preferred Shares due 2029 (2)(3) | DBS SubscriberCo | | | 200,000 | | | 200,000 | | | 200,000 | | | 200,000 | Other notes payable | | | | 32,350 | | | 32,350 | | | 32,350 | | | 32,350 | Subtotal | | | | 12,115,683 | | $ | 10,453,793 | | | 12,282,350 | | $ | 10,537,410 | Unamortized deferred financing costs and other debt discounts, net | | | | (111,070) | | | | | | (134,900) | | | | Total | | | | 12,004,613 | | | | | | 12,147,450 | | | | Less: current portion (2) | | | | (811,569) | | | | | | (744,556) | | | | Total debt, finance lease and other obligations, net of current portion | | | $ | 11,193,044 | | | | | $ | 11,402,894 | | | |
| (1) | During the three months ended March 31, 2025, we redeemed approximately $167 million of our Term Loan due 2025. The remaining balance of approximately $333 million is paid monthly and the final payment is due September 30, 2025. |
| (2) | 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 may pay a portion of principal balance based on estimated variable cash flows for certain Pay-TV business metrics which could change significantly based on actual performance. |
| (3) | Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument. |
We estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2).
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