[Form 4] BlackSky Technology Inc. Insider Trading Activity

Rhea-AI Filing Summary

BlackSky Technology Inc. insider transaction: Director Susan M. Gordon received 1,116 shares of Class A Common Stock on 09/30/2025 in lieu of cash compensation under the companys Outside Director Compensation Policy. The shares were awarded based on the closing price on 09/30/2025 and were delivered at a $0 cash price to the reporting person. After the award, Ms. Gordon beneficially owned 74,380 shares of Class A Common Stock. The Form 4 was submitted by a single reporting person and signed by an attorney-in-fact on behalf of Ms. Gordon on 10/01/2025.

Positive

• Director alignment with shareholders: Susan M. Gordon elected to receive compensation in equity, increasing her stake by 1,116 Class A shares
• Transparent disclosure: The Form 4 clearly documents the transaction date, number of shares, and basis for valuation (closing price on 09/30/2025)

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation election to receive equity instead of cash; standard governance disclosure with no unusual features.

This Form 4 reports a non-derivative acquisition of 1,116 Class A shares by a company director as compensation for the quarter ended 09/30/2025. The election to receive equity in lieu of cash is described explicitly and the award was calculated using the closing share price on the stated date. The filing is procedural and consistent with typical outside director compensation arrangements; it provides transparency about insider ownership changes without indicating any additional governance actions.

Securities Analyst

TL;DR: Small, routine share issuance to a director; immaterial to overall share count and investor valuation.

The reported transaction shows a director received 1,116 shares at no cash outlay, increasing reported beneficial ownership to 74,380 shares. The Form 4 includes the required explanatory note that the award substituted for cash compensation and was priced at the closing market price on 09/30/2025. There are no derivative transactions or disposals reported. From a securities perspective, the change is minor and does not reflect trading activity or material shifts in insider ownership control.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Gordon Susan M.

(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	74,380	D

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.

Remarks:

	/s/ Christiana L. Lin, attorney-in-fact on behalf of Susan M. Gordon	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Susan M. Gordon report on the Form 4 for BKSY?

The Form 4 reports acquisition of 1,116 Class A Common Stock shares on 09/30/2025 received in lieu of cash compensation.

How many Class A shares does Susan M. Gordon beneficially own after the transaction?

Following the reported transaction she beneficially owns 74,380 Class A shares.

At what price were the shares awarded to the director?

The number of shares awarded was calculated based on the closing price on 09/30/2025; the Form 4 lists a $0 cash price to the reporting person.

Was this Form 4 filed by more than one reporting person?

No. The form indicates it was filed by one reporting person and was signed by an attorney-in-fact on behalf of Susan M. Gordon on 10/01/2025.

Does the filing include any derivative securities or disposals?

No. Table II for derivative securities shows no entries and the transaction in Table I is an acquisition only.