| Schedule of carrying amount and fair value of our debt facilities |
| | | | | | | | | | | | | | | | | As of | | | | June 30, 2025 | | December 31, 2024 | | Issuer | | Carrying
Amount | | Fair Value | | Carrying
Amount | | Fair Value | | | | | (In thousands) | 0% Convertible Notes due 2025 | DISH | | $ | 138,403 | | $ | 125,717 | | $ | 138,403 | | $ | 124,916 | Term Loan due 2025 (1) | DBS SubscriberCo | | | 166,667 | | | 166,667 | | | 500,000 | | | 500,000 | 7 3/4% Senior Notes due 2026 | DDBS | | | 2,000,000 | | | 1,779,660 | | | 2,000,000 | | | 1,678,640 | 5 1/4% Senior Secured Notes due 2026 (2) | HSSC | | | 627,283 | | | 560,063 | | | 750,000 | | | 686,475 | 6 5/8% Senior Notes due 2026 | HSSC | | | 750,000 | | | 548,625 | | | 750,000 | | | 595,725 | 3 3/8% Convertible Notes due 2026 | DISH | | | 45,209 | | | 37,987 | | | 45,209 | | | 38,495 | 5 1/4% Senior Secured Notes due 2026 | DDBS | | | 2,750,000 | | | 2,502,500 | | | 2,750,000 | | | 2,507,780 | 11 3/4% Senior Secured Notes due 2027 | DISH | | | 3,500,000 | | | 3,605,000 | | | 3,500,000 | | | 3,708,460 | 7 3/8% Senior Notes due 2028 | DDBS | | | 1,000,000 | | | 722,500 | | | 1,000,000 | | | 715,680 | 5 3/4% Senior Secured Notes due 2028 | DDBS | | | 2,500,000 | | | 2,175,000 | | | 2,500,000 | | | 2,143,350 | 5 1/8% Senior Notes due 2029 | DDBS | | | 1,500,000 | | | 987,480 | | | 1,500,000 | | | 959,610 | Term Loan due 2029 (3) | DBS SubscriberCo | | | 1,800,000 | | | 1,761,313 | | | 1,800,000 | | | 1,800,000 | Mandatorily Redeemable Preferred Shares due 2029 (3)(4) | DBS SubscriberCo | | | 200,000 | | | 193,519 | | | 200,000 | | | 200,000 | 10 3/4% Senior Secured Notes due 2029 (5) | SATS | | | 5,506,000 | | | 5,664,298 | | | 5,356,000 | | | 5,763,110 | 3 7/8% Convertible Secured Notes due 2030 (6) | SATS | | | 1,946,856 | | | 2,297,290 | | | 1,906,229 | | | 2,029,715 | 6 3/4% Senior Secured Notes due 2030 (7) | SATS | | | 2,372,670 | | | 2,185,229 | | | 2,287,738 | | | 2,070,952 | Other notes payable | | | | 80,201 | | | 80,201 | | | 108,072 | | | 108,072 | Subtotal | | | | 26,883,289 | | $ | 25,393,049 | | | 27,091,651 | | $ | 25,630,980 | Unamortized deferred financing costs and other debt discounts, net | | | | (484,164) | | | | | | (555,533) | | | | Finance lease obligations (8) | | | | 55,793 | | | | | | 67,199 | | | | Total | | | | 26,454,918 | | | | | | 26,603,317 | | | | Less: current portion (3) | | | | (1,053,230) | | | | | | (943,029) | | | | Total debt, finance lease and other obligations, net of current portion | | | $ | 25,401,688 | | | | | $ | 25,660,288 | | | |
| (1) | During the three and six months ended June 30, 2025, we redeemed approximately $166 million and $333 million, respectively, of our Term Loan due 2025. The remaining balance of approximately $167 million is paid monthly and the final payment is due September 30, 2025. |
| (2) | During the six months ended June 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. See Note 5 for further information. |
| (3) | 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. |
| (4) | Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument. |
| (5) | 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. |
| (6) | During the three months ended June 30, 2025, we elected to make our semi-annual interest payment of approximately $41 million in kind. |
| (7) | During the three months ended June 30, 2025, we elected to make our semi-annual interest payment of approximately $85 million in kind. |
| (8) | Disclosure regarding fair value of finance leases is not required. |
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