FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Carrying Value and Fair Value of Notes and Debentures

The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions):


	As of March 31, 2026				As of December 31, 2025
	Face Value		Fair Value		Face Value		Fair Value
Level 1:
Investments in equity securities	N/A		$	34	N/A		$	40
Money market funds	N/A		522		N/A		678

Level 2:
Investments in equity securities (a)	N/A		105		N/A		181

Deferred compensation assets	N/A		50		N/A		52
Deferred compensation liabilities	N/A		45		N/A		48
STG (b):
9.750% Second Lien Senior Secured Notes due 2033	$	432	477		$	432	474
8.125% First-Out First Lien Secured Notes due 2033	1,430		1,454		1,430		1,496
5.500% Senior Notes due 2030	485		420		485		440
4.375% Second-Out First Lien Secured Notes due 2032	238		184		238		189
4.125% Unsecured Notes due 2030	4		3		4		3
Term Loan B-3, due April 1, 2028	3		2		3		2
Term Loan B-6, due December 31, 2029	704		630		706		642
Term Loan B-7, due December 31, 2030	724		554		726		653
A/R Facility	375		375		375		375
Debt of variable interest entities (b)	2		2		6		6


Level 3:
Investments in equity securities	N/A		2		N/A		2

N/A - Not applicable

(a)Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price.

(b)Amounts are carried in our consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $53 million and $55 million as of March 31, 2026 and December 31, 2025, respectively.

Sinclair Broadcast Group, LLC

FAIR VALUE MEASUREMENTS:

Schedule of Carrying Value and Fair Value of Notes and Debentures

The following table sets forth the face value and fair value of SBG’s financial assets and liabilities for the periods presented (in millions):


	As of March 31, 2026				As of December 31, 2025
	Face Value		Fair Value		Face Value		Fair Value
Level 1:
Money market funds	N/A		$	252	N/A		$	352

Level 2:

STG (a):
9.750% Second Lien Senior Secured Notes due 2033	$	432	477		$	432	474
8.125% First-Out First Lien Secured Notes due 2033	1,430		1,454		1,430		1,496
5.500% Senior Notes due 2030	485		420		485		440
4.375% Second-Out First Lien Secured Notes due 2032	238		184		238		189
4.125% Unsecured Notes due 2030	4		3		4		3
Term Loan B-3, due April 1, 2028	3		2		3		2
Term Loan B-6, due December 31, 2029	704		630		706		642
Term Loan B-7, due December 31, 2030	724		554		726		653
A/R Facility	375		375		375		375
Debt of variable interest entities (a)	2		2		6		6

N/A - Not applicable

(a)Amounts are carried in SBG’s consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $53 million and $55 million as of March 31, 2026 and December 31, 2025, respectively.