Debt, Finance Lease and Other Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Debt, Finance Lease and Other Obligations

Schedule of carrying amount and fair value of our debt facilities

		As of December 31,
		2024				2023
	Issuer	Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
2 3/8% Convertible Notes due 2024 (1)	DISH	$	—	$	—	$	951,168	$	944,034
5 7/8% Senior Notes due 2024 (2)	DDBS		—		—		1,982,544		1,872,275
0% Convertible Notes due 2025 (3)(4)	DISH		138,403		124,916		1,957,197		1,228,141
Term Loan due 2025 (5)	DBS SubscriberCo		500,000		500,000		—		—
7 3/4% Senior Notes due 2026	DDBS		2,000,000		1,678,640		2,000,000		1,388,060
3 3/8% Convertible Notes due 2026 (4)	DISH		45,209		38,495		2,908,801		1,570,753
5 1/4% Senior Secured Notes due 2026	DDBS		2,750,000		2,507,780		2,750,000		2,366,073
11 3/4% Senior Secured Notes due 2027	DISH		3,500,000		3,708,460		3,500,000		3,668,980
7 3/8% Senior Notes due 2028	DDBS		1,000,000		715,680		1,000,000		600,160
5 3/4% Senior Secured Notes due 2028	DDBS		2,500,000		2,143,350		2,500,000		2,013,125
5 1/8% Senior Notes due 2029	DDBS		1,500,000		959,610		1,500,000		774,600
Term Loan due 2029 (5)(6)	DBS SubscriberCo		1,800,000		1,800,000		—		—
Mandatorily Redeemable Preferred Shares due 2029 (5)(6)(7)	DBS SubscriberCo		200,000		200,000		—		—
DISH 2021 Intercompany Loan 2026 Tranche (8)	Intercompany		4,767,289		4,767,289		—		—
EchoStar 2024 Intercompany Loan (9)	Intercompany		1,014,522		1,014,522		—		—
Other notes payable			63,297		63,297		113,564		113,564
Subtotal			21,778,720	$	20,222,039		21,163,274	$	16,539,765
Unamortized deferred financing costs and other debt discounts, net			(157,662)				(67,215)
Finance lease obligations (10)			67,199				123,658
Total			21,688,257				21,219,717
Less: current portion (6)			(933,481)				(3,041,429)
Total debt, finance lease and other obligations, net of current portion		$	20,754,776			$	18,178,288

(1) We repurchased or redeemed the principal balance of our 2 3/8% Convertible Notes due 2024 as of March 15, 2024, the instrument’s maturity date.

(2) We repurchased or redeemed the principal balance of our 5 7/8% Senior Notes due 2024 as of November 15, 2024, the instrument’s maturity date.

(3) Our 0% Convertible Notes due 2025 have been reclassified to “Current portion of debt, finance lease and other obligations” on our Consolidated Balance Sheets as of December 31, 2024

(4) See “EchoStar Exchange Offers” below for further information.

(5) See “New DISH DBS Financing” below for further information.

(6) 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.

(7) Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument.

(8) In January 2024, DISH DBS assigned the DISH 2021 Intercompany Loan 2026 Tranche of $4.7 billion to EchoStar Intercompany Receivable Company L.L.C., our parent, EchoStar’s, direct wholly-owned subsidiary, such that amounts owed in respect of the DISH 2021 Intercompany Loan 2026 Tranche will now be paid by us to EchoStar Intercompany Receivable L.L.C. The DISH 2021 Intercompany Loan 2026 Tranche was previously eliminated in consolidation and held by DISH DBS. The DISH 2021 Intercompany Loan 2026 Tranche is not publicly traded and therefore the carrying value is the fair value.

(9) See “EchoStar 2024 Intercompany Loan” below for further information. The EchoStar 2024 Intercompany Loan is not publicly traded and therefore the carrying value is the fair value.

(10) Disclosure regarding fair value of finance leases is not required.

Schedule of interest on long-term debt

			Annual
		Semi-Annual	Debt Service
	Issuer	Payment Dates	Requirements (1)
			(In thousands)
7 3/4% Senior Notes due 2026	DDBS	January 1 and July 1	$	155,000
3 3/8% Convertible Notes due 2026 (2)	DISH	February 15 and August 15	$	1,526
5 1/4% Senior Secured Notes due 2026	DDBS	June 1 and December 1	$	144,375
11 3/4% Senior Secured Notes due 2027	DISH	May 15 and November 15	$	411,250
7 3/8% Senior Notes due 2028	DDBS	January 1 and July 1	$	73,750
5 3/4% Senior Secured Notes due 2028	DDBS	June 1 and December 1	$	143,750
5 1/8% Senior Notes due 2029	DDBS	June 1 and December 1	$	76,875
DISH 2021 Intercompany Loan 2026 Tranche	DISH	June 1 and December 1	$	262,201

(1) Annual debt service requirements exclude the interest on the New DISH DBS Financing and the EchoStar 2024 Intercompany Loan, discussed below.

(2) As of December 31, 2024, a total of $45 million aggregate principal amount of 3 3/8% Convertible Notes due 2026 remain outstanding following the consummation of the EchoStar Exchange Offers. See above for further information.

Schedule of other long term debt and capital lease obligations

	As of December 31,
	2024		2023
	(In thousands)
Satellites and other finance lease obligations	$	67,199	$	123,658
Notes payable related to satellite vendor financing and other debt payable in installments through 2032 with interest rates ranging from approximately 4% to 6%		63,297		113,564
Total		130,496		237,222
Less: current portion		(59,947)		(107,717)
Other long-term debt, finance lease and other obligations, net of current portion	$	70,549	$	129,505