Sirius XM Holdings Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Measured at Fair Value

Our assets and liabilities measured at fair value were as follows:


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents	$	1	$	—	$	—	$	1	$	—	$	—	$	—	$	—
Financial instruments(a)	$	50	$	—	$	—	$	50	$	56	$	—	$	—	$	56
Debt (b)	$	—	$	597	$	—	$	597	$	—	$	579	$	—	$	579

(a)Level 1 financial instrument assets are comprised of our deferred compensation plan assets. Refer to Note 13 for additional discussion.

(b)The fair values of the Convertible Notes (as defined in Note 11) are based on quoted market prices but are not considered to be traded on “active markets,” as defined by GAAP. Refer to Note 11 for additional discussion related to our debt.

Schedule of Unrealized Gain (Loss) on Investments

Realized and unrealized gains (losses) on financial instruments, net, are comprised of changes in the fair value of the following and are included in Other income, net, on the unaudited consolidated statements of operations:


	Three Months Ended March 31,
		2026		2025

Debt measured at fair value (a)		(21)		(3)


Total		$	(21)	$	(3)

(a)We elected to account for the Convertible Notes using the fair value option. The Convertible Notes are the obligations of Sirius XM Holdings. SiriusXM is not an obligor or guarantor of the Convertible Notes. Changes in the fair value of the Convertible Notes recognized in the unaudited consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is convertible. We isolate the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognize such amount in other comprehensive earnings (loss). The change in the fair value of the Convertible Notes attributable to changes in the instrument specific credit risk was a gain of $2 and a gain of $1 for the three months ended March 31, 2026 and 2025, respectively. The cumulative change in fair value since issuance was a loss of $17 as of March 31, 2026, net of the recognition of previously unrecognized gains and losses.