Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

Related Party Transactions
3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions
13. Related Party Transactions
A summary of the Company’s related party transactions during the three months ended March 31, 2023 is presented below:
Amount Due to Related Party as of
March 31, December 31,
2023 2022
Name Nature of Relationship Description of the Transactions (in thousands)
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.
$ 20,787  $ 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.
56,345  56,345 
Amount Due to Related Party as of
Total Payments in the three months ended March 31, March 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. $ 5,519  $ 9,697  $ 2,377  $ 3,728 
X-Bow Equity Method Investee
In 2017, the Company received stock in X-Bow. As of March 31, 2023, the Company had a less than 20% investment in X-Bow and had one Board seat. The Company has engaged X-Bow to develop a rocket for the Company.
—  —  — 
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. 83  167  42  — 
Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 3,464  1,892  —  693 
In January 2023, the Company finalized a settlement agreement with LeoStella whereby the Company agreed to pay certain outstanding invoices of $1.4 million and LeoStella agreed to purchase certain satellite testing equipment from the Company for $1.0 million. In February 2023, the Company paid LeoStella $0.4 million, the net amount due under the agreement.
Interest on the term loan facility is accrued and is due semi-annually. No significant interest payments were made in the three months ended March 31, 2023 or 2022. The Company had interest due to related parties of $2.9 million and $1.2 million included in other current liabilities as of March 31, 2023 and December 31, 2022, respectively.