| 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 | 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 (2) | DBS SubscriberCo | | | 1,800,000 | | | 1,761,313 | | | 1,800,000 | | | 1,800,000 | Mandatorily Redeemable Preferred Shares due 2029 (2)(5) | DBS SubscriberCo | | | 200,000 | | | 193,519 | | | 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) | Intercompany | | | 2,666,444 | | | 2,625,370 | | | 1,014,522 | | | 1,014,522 | Other notes payable | | | | 38,402 | | | 38,402 | | | 63,297 | | | 63,297 | Subtotal | | | | 23,072,414 | | $ | 21,488,404 | | | 21,778,720 | | $ | 20,222,039 | Unamortized deferred financing costs and other debt discounts, net | | | | (106,442) | | | | | | (157,662) | | | | Finance lease obligations (6) | | | | 55,793 | | | | | | 67,199 | | | | Total | | | | 23,021,765 | | | | | | 21,688,257 | | | | Less: current portion (2) | | | | (1,042,012) | | | | | | (933,481) | | | | Total debt, finance lease and other obligations, net of current portion | | | $ | 21,979,753 | | | | | $ | 20,754,776 | | | |
| (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) | 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. |
| (3) | The DISH 2021 Intercompany Loan 2026 Tranche is not publicly traded and the estimated fair value of the assets associated with the underlying collateral are greater than or equal to carrying value, therefore the carrying value is deemed to be the fair value. |
| (4) | During the three and six months ended June 30, 2025, we borrowed an addition principal amount of $847 million and $1.557 billion, respectively, under the EchoStar 2024 Intercompany Loan. In addition, during the three and six months ended June 30, 2025, we made interest payments in kind of $59 million and $95 million, respectively. |
| (5) | Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument. |
| (6) | Disclosure regarding fair value of finance leases is not required. |
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