Debt and Finance Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2025

Debt and Finance Lease Obligations

Schedule of carrying amount and fair value of our debt facilities

		As of
		March 31, 2025				December 31, 2024
	Issuer	Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
0% Convertible Notes due 2025	DISH	$	138,403	$	126,493	$	138,403	$	124,916
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
3 3/8% Convertible Notes due 2026	DISH		45,209		38,953		45,209		38,495
5 1/4% Senior Secured Notes due 2026	DDBS		2,750,000		2,530,000		2,750,000		2,507,780
11 3/4% Senior Secured Notes due 2027	DISH		3,500,000		3,690,645		3,500,000		3,708,460
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)(6)	DBS SubscriberCo		200,000		200,000		200,000		200,000
DISH 2021 Intercompany Loan 2026 Tranche (3)	Intercompany		4,767,289		4,767,289		4,767,289		4,767,289
EchoStar 2024 Intercompany Loan (4)(5)	Intercompany		1,760,081		1,760,081		1,014,522		1,014,522
Other notes payable			47,981		47,981		63,297		63,297
Subtotal			22,342,296	$	20,852,885		21,778,720	$	20,222,039
Unamortized deferred financing costs and other debt discounts, net			(128,541)				(157,662)
Finance lease obligations (7)			62,524				67,199
Total			22,276,279				21,688,257
Less: current portion (2)			(990,064)				(933,481)
Total debt, finance lease and other obligations, net of current portion		$	21,286,215			$	20,754,776

(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) The DISH 2021 Intercompany Loan 2026 Tranche is not publicly traded and therefore the carrying value is deemed to be the fair value.

(4) The EchoStar 2024 Intercompany Loan is not publicly traded and therefore the carrying value is deemed to be the fair value.

(5) During the three months ended March 31, 2025, we borrowed an addition principal amount of $710 million under the EchoStar 2024 Intercompany Loan.

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

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