| Schedule of carrying amount and fair value of our debt facilities |
| | | | | | | | | | | | | | | | | As of | | | | March 31, 2026 | | December 31, 2025 | | Issuer | | Carrying
Amount | | Fair Value | | Carrying
Amount | | Fair Value | | | | | (In thousands) | 7 3/4% Senior Notes due 2026 | DDBS | | $ | 2,000,000 | | $ | 2,000,000 | | $ | 2,000,000 | | $ | 1,977,500 | 5 1/4% Senior Secured Notes due 2026 | HSSC | | | 627,283 | | | 569,247 | | | 627,283 | | | 604,776 | 6 5/8% Senior Notes due 2026 | HSSC | | | 750,000 | | | 555,000 | | | 750,000 | | | 691,313 | 3 3/8% Convertible Notes due 2026 | DISH | | | 45,209 | | | 44,535 | | | 45,209 | | | 44,564 | 5 1/4% Senior Secured Notes due 2026 | DDBS | | | 2,750,000 | | | 2,729,375 | | | 2,750,000 | | | 2,673,440 | 11 3/4% Senior Secured Notes due 2027 | DISH | | | 3,500,000 | | | 3,613,295 | | | 3,500,000 | | | 3,646,440 | 7 3/8% Senior Notes due 2028 | DDBS | | | 1,000,000 | | | 969,140 | | | 1,000,000 | | | 970,280 | 5 3/4% Senior Secured Notes due 2028 | DDBS | | | 2,500,000 | | | 2,418,750 | | | 2,500,000 | | | 2,450,000 | 5 1/8% Senior Notes due 2029 | DDBS | | | 1,500,000 | | | 1,340,625 | | | 1,500,000 | | | 1,331,430 | Term Loan due 2029 (1) | DBS SubscriberCo | | | — | | | — | | | 1,608,374 | | | 1,608,374 | Mandatorily Redeemable Preferred Shares due 2029 (1) | DBS SubscriberCo | | | — | | | — | | | 178,708 | | | 178,708 | 10 3/4% Senior Secured Notes due 2029 | SATS | | | 5,506,000 | | | 5,949,343 | | | 5,506,000 | | | 6,144,476 | 3 7/8% Convertible Secured Notes due 2030 (2) | SATS | | | 1,942,594 | | | 7,108,690 | | | 1,942,594 | | | 6,581,334 | 6 3/4% Senior Secured Notes due 2030 | SATS | | | 2,372,670 | | | 2,402,328 | | | 2,372,670 | | | 2,436,447 | Other notes payable | | | | 67,712 | | | 67,712 | | | 71,719 | | | 71,719 | Subtotal | | | | 24,561,468 | | $ | 29,768,040 | | | 26,352,557 | | $ | 31,410,801 | Unamortized deferred financing costs and other debt discounts, net | | | | (352,936) | | | | | | (416,734) | | | | Finance lease obligations (3) | | | | 44,048 | | | | | | 44,048 | | | | Total | | | | 24,252,580 | | | | | | 25,979,871 | | | | Less: current portion | | | | (6,237,306) | | | | | | (7,321,269) | | | | Total debt, finance lease and other obligations, net of current portion | | | $ | 18,015,274 | | | | | $ | 18,658,602 | | | |
| (1) | During the three months ended March 31, 2026, we repaid approximately $202 million of our Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029. On March 16, 2026, we prepaid without penalty, the remaining balance of our Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029 totaling approximately $1.6 billion. |
| (2) | Beginning on October 1, 2025, and ending at the close of business on June 30, 2026, our 3 7/8% Convertible Secured Notes due 2030 are convertible, at the option of the holders. These notes are convertible, at our election, into cash, a total of approximately 58 million shares of our Class A common stock, or a combination thereof. These notes may continue to be convertible in future periods and determination of convertibility is calculated quarterly based on, among other things, the trading price of our Class A common stock. See below for the description of our 3 7/8% Convertible Secured Notes due 2030 and further information on the quarterly calculation to determine convertibility. |
| (3) | Disclosure regarding fair value of finance leases is not required. |
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