| Related Party Transactions |
19. Related Party Transactions
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Amount Due to Related Party as of |
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September 30, |
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December 31, |
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2021 |
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2020 |
| Name |
Nature of Relationship |
Description of the Transactions |
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(in thousands) |
| Seahawk |
Debt Issuer |
In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. |
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$ |
19,198 |
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$ |
19,198 |
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| Intelsat |
Debt Issuer |
In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. |
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$ |
52,039 |
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$ |
52,039 |
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| Jason and Marian Joh Andrews |
The former co-founders and employees of Legacy BlackSky |
In 2018, the Company executed the notes totaling $12.5 million to repurchase an aggregate 11.5 million of Legacy BlackSky common stock shares. |
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$ |
10,000 |
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$ |
12,500 |
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Amount Due to Related Party as of |
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Total payments in Nine Months Ended September 30, |
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September 30, |
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December 31, |
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2021 |
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2020 |
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2021 |
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2020 |
| Name |
Nature of Relationship |
Description of the Transactions |
(in thousands) |
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(in thousands) |
| LeoStella |
Joint Venture |
Design, development and manufacture of multiple satellites |
$ |
15,060 |
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$ |
8,205 |
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$ |
— |
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$ |
8,012 |
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| Palantir Technologies |
Strategic Partner |
Multi-year software subscription agreement for $8.0 million |
$ |
375 |
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$ |
— |
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$ |
— |
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$ |
— |
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| X-Bow |
Equity Method Investee |
In 2017, the Company received stock in X-Bow. As of September 30, 2021, the Company had a 17.9% 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. |
$ |
1,865 |
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$ |
3,079 |
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$ |
— |
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$ |
750 |
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Interest on the term loan facility is accrued and compounded annually. No significant interest payments were made in the nine months ended September 30, 2021 or 2020. The Company has interest due to related parties in the amount of $4.7 million as of September 30, 2021, which has been recorded as accrued interest. In February 2021, in connection with the Bridge Notes, the Company agreed to pay Consent Fees of $2.5 million that were due to Intelsat and Seahawk. These Consent Fees were settled for cash at the closing of the Merger (Note 13).
In the nine months ended September 30, 2021, the Company paid $2.5 million to former co-founders towards the principal balance due to them, along with a $25 thousand interest payment (Note 13).
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