[Form 4] BlackSky Technology Inc. Insider Trading Activity

Rhea-AI Filing Summary

BlackSky Technology Inc. (BKSY) director William D. Porteous received 1,116 shares of Class A common stock on 09/30/2025 in lieu of cash under the companys Outside Director Compensation Policy; the shares were awarded based on the closing price that day and were issued at a price of $0 to the reporting person. After the transaction, the Form 4 shows Mr. Porteous beneficially owns 74,191 shares directly and 719,881 shares indirectly through RRE Ventures IV, L.P., where he is identified as one of the managing members of the general partner. The filing was signed by an attorney-in-fact on 10/01/2025.

Positive

• Director equity award received in lieu of cash aligns management incentives with shareholders
• Substantial indirect stake (719,881 shares) via RRE Ventures IV indicates meaningful insider exposure

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received equity compensation and retains substantial indirect ownership via RRE Ventures IV, signaling continued alignment with shareholders.

The 1,116-share award in lieu of cash is a routine, non-cash director compensation event and does not reflect a market purchase. The reported direct holding of 74,191 shares plus an indirect stake of 719,881 shares indicates meaningful aggregate exposure to the companys equity. For investors, the filing documents alignment of a directors incentives with equity performance but contains no information on changes to control, material disposals, or other transactions that would alter voting power.

Corporate Governance Expert

TL;DR: This is a standard director compensation disclosure with typical beneficial ownership disclaimers for venture-held shares.

The Form 4 includes customary explanatory language: the indirect holdings are held by RRE Ventures IV, L.P., with GP and individual disclaimers limiting claimed beneficial ownership to pecuniary interest only. The transaction code and explanation confirm the shares were granted as compensation, not sold or purchased, and there is no indication of related-party transfers or governance changes. The disclosure appears complete for a Section 16 insider report.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Porteous William D.

(Last) (First) (Middle)

C/O BLACKSKY TECHNOLOGY INC.,

2411 DULLES CORNER PARK, SUITE 300

(Street)

HERNDON VA 20171

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackSky Technology Inc. [ BKSY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/30/2025		A		1,116(1)	A	$0	74,191	D
Class A Common Stock								719,881	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares represent the Class A Common Stock that the Reporting Person elected to receive in lieu of cash compensation under the Issuer's Outside Director Compensation Policy for the quarter ended September 30, 2025. The number of shares awarded in lieu of cash was calculated based on the closing price of a share of Class A Common Stock on September 30, 2025.

2. These shares are held by RRE Ventures IV, L.P. ("Ventures IV"). The general partner of Ventures IV is RRE Ventures GP VI, LLC ("GP VI"). The managing members and officers of GP VI are James D. Robinson IV, Stuart J. Ellman, and William D. Porteous. Each of GP VI and Messrs. Robinson IV, Ellman, and Porteous disclaim beneficial ownership of the securities reported on this Form 4, except to the extent of its or his pecuniary interest therein, if any.

Remarks:

	/s/ Christiana L. Lin, attorney-in-fact on behalf of William D. Porteous	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transaction did William D. Porteous report on Form 4 for BKSY?

The Form 4 reports that Mr. Porteous was awarded 1,116 shares of Class A common stock on 09/30/2025 in lieu of cash under the Outside Director Compensation Policy.

How many BKSY shares does William D. Porteous beneficially own after the reported transaction?

Following the reported transaction, the filing shows Mr. Porteous beneficially owns 74,191 shares directly and 719,881 shares indirectly through RRE Ventures IV, L.P.

Was the award for the director shares paid in cash or stock and at what price?

The shares were awarded in lieu of cash and the Form 4 lists the price to the reporting person as $0, with the number of shares calculated based on the closing price on 09/30/2025.

What is the nature of the indirect ownership reported on the Form 4?

The indirect ownership consists of shares held by RRE Ventures IV, L.P.; the general partner is RRE Ventures GP VI, LLC, whose managing members include Mr. Porteous, with disclaimers limiting claimed beneficial ownership to pecuniary interest only.

Who signed the Form 4 filing for William D. Porteous and when?

The Form 4 was signed by Christiana L. Lin, attorney-in-fact on behalf of William D. Porteous on 10/01/2025.