Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions
12. Related Party Transactions
A summary of the Company’s related party transactions during the three months ended March 31, 2024 and 2023 is presented below:
Amount Due to Related Party as of
Total Payments in the Three Months Ended March 31, March 31, December 31,
Nature of Relationship 2024 2023 2024 2023
Name Description of the Transactions (in thousands)
LeoStella Joint Venture with Thales Alenia Space The Company owns 50% of LeoStella, its joint venture with Thales. The Company contracts with LeoStella for the design, development and manufacture of satellites to operate its business. $ 11,893  $ 5,519  $ 164  $ 10,843 
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. The Company has a non-cancelable operational commitment with Ursa Space Systems. 125  83  42  42 
Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 750  3,464  —  750 
Seahawk Debt Issuer and subsidiary of Thales Alenia Space
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.
 —  —  22,793  22,793 
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.
 —  —  61,785  61,785 
The Company recorded revenue from related parties of $2.0 million and $0 for the three months ended March 31, 2024 and 2023, respectively. Accounts receivable from related parties was $0 as of March 31, 2024 and December 31, 2023.
Interest on the term loan facility is accrued and is due semi-annually. The Company did not make any interest payments during the three months ended March 31, 2024 or 2023. As of March 31, 2024, the Company had interest due to related parties of $4.3 million, of which $0.9 million is to be paid as cash interest on a semi-annual basis and was included in other current liabilities and $3.4 million is paid in kind as principal due on the maturity date and was included in other liabilities. As of December 31, 2023, the Company had interest due to related parties of $1.7 million, of which $0.3 million was included in other current liabilities and $1.4 million was included in other liabilities.