Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

v3.24.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions
20. Related Party Transactions
A summary of the Company’s related party transactions during the years ended December 31, 2023 and 2022 is presented below:
Amount Due to Related Party as of
Total Payments in the Years Ended December 31, December 31, December 31,
Nature of Relationship 2023 2022 2023 2022
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. $ 23,910  $ 28,042  $ 10,843  $ 3,728 
X-Bow Equity Method Investee
The Company had a less than 20% investment in X-Bow and held one Board seat through November 2023 when it sold its investment.
 — 900  —  — 
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. 458  583  42  — 
Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 8,092  11,388  750  693 
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.
 375  —  22,793  20,787 
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.
 1,042  —  61,785  56,345 
The Company recorded revenue from related parties of $11.5 million and $0 for the years ended December 31, 2023 and 2022, respectively. Accounts receivable from related parties was $0 as of December 31, 2023 and 2022.
On May 9, 2023, BlackSky and its subsidiaries entered into an Amendment to its Amended and Restated Loan and Security Agreement with Intelsat and Seahawk, dated October 31, 2019 and previously amended on September 9, 2021. The Company incurred $0.4 million of offering costs to related parties in relation to the Amendment. See Note 13 for information regarding the Amendment.
Interest on the term loan facility is accrued and is due semi-annually. The Company made interest payments of $1.0 million    and $0 during the years ended December 31, 2023 and 2022, respectively. As of
December 31, 2023, the Company had interest due to related parties of $1.7 million, of which $0.3 million is to be paid as cash interest on a semi-annual basis and was included in other current liabilities and $1.4 million is paid in kind as principal due on the maturity date and was included in other liabilities. As of December 31, 2022, the Company had interest due to related parties of $1.2 million that was included in other current liabilities.