BlackSky Technology Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Debt and Other Financing (Tables)

Debt and Other Financing (Tables)

9 Months Ended

Sep. 30, 2025

The carrying value of the Company’s outstanding debt consisted of the following amounts:


	September 30,		December 31,
	2025		2024
	(in thousands)
Current portion of long-term debt	$	5,813	$	2,000
Non-current portion of long-term debt	196,250		107,034
Total long-term debt	202,063		109,034
Unamortized debt issuance costs	(7,002)		(1,371)
Outstanding balance	$	195,061	$	107,663


	Effective Interest Rate	September 30,		December 31,
Name of Loan		2025		2024
		(in thousands)
Convertible Notes	8.73%	$	185,000	$	—
Satellite launch vendor financing	7.77% - 11.62%	17,063		6,000
Loans from related parties	12.23% - 12.57%	—		93,034
Commercial bank line	10.98%	—		10,000
Total		$	202,063	$	109,034

Contractual Obligation, Fiscal Year Maturity

Debt Maturities

Under the Company’s loan agreements, minimum required maturities are as follows:


For the years ending December 31,	(in thousands)

2025	$	1,125
2026	6,250
2027	6,250
2028	3,438
2029	—
Thereafter	185,000
Total outstanding	$	202,063

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair Value of Debt

The following table presents the fair value hierarchy of the Company’s outstanding long-term debt as of September 30, 2025:


September 30, 2025	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Convertible Notes	$	207,283	$	—	$	—
Satellite launch vendor financing	—		—		17,052
	$	207,283	$	—	$	17,052

Interest Income and Interest Expense Disclosure

The following table summarizes the interest expense for the Convertible Notes for the three and nine months ended September 30, 2025.


	Three and Nine Months Ended September 30,
		2025
		(in thousands)

Coupon interest		$	2,926
Amortization of debt issuance costs		170
Total interest expense		$	3,096

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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