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14. Related Party Transactions
A summary of the Company’s related party transactions during the three months ended March 31, 2022 is presented below:
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Amount Due to Related Party as of |
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March 31, |
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December 31, |
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2022 |
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2021 |
| Name |
Nature of Relationship |
Description of the Transactions |
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(in thousands) |
| Seahawk |
Debt Issuer |
In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. |
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$ |
19,977 |
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$ |
19,977 |
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| Intelsat |
Debt Issuer |
In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. |
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54,149 |
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54,149 |
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Amount Due to Related Party as of |
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Total Payments in the three months ended March 31, |
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March 31, |
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December 31, |
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Nature of Relationship |
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2022 |
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2021 |
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2022 |
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2021 |
| Name |
Description of the Transactions |
(in thousands) |
| LeoStella |
Joint Venture |
Design, development and manufacture of multiple satellites |
$ |
9,697 |
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$ |
7,362 |
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$ |
3,951 |
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$ |
8,381 |
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| X-Bow |
Equity Method Investee |
In 2017, the Company received stock in X-Bow. As of March 31, 2022, the Company had a 15.1% investment in X-Bow and had one Board seat. As described in Note 7, the Company has engaged X-Bow to develop a rocket for the Company. |
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1,115 |
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— |
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| Palantir Technologies |
Strategic Partner |
Multi-year software subscription agreement for $8.0 million |
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— |
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375 |
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— |
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| Ursa Space Systems |
Strategic Partner |
The chairman of the Company’s board of directors, Will Porteous, is also an investor and member of the board of directors of Ursa Space Systems. |
167 |
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— |
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42 |
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83 |
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Interest on the term loan facility is accrued and compounded annually. No significant interest payments were made in the three months ended March 31, 2022 or 2021. The Company had interest due to related parties in the amount of $1.2 million as of March 31, 2022, which has been recorded as accrued interest.
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