[Form 4] BlackSky Technology Inc. Insider Trading Activity

Rhea-AI Filing Summary

James R. Tolonen, a director of BlackSky Technology Inc. (BKSY), reported receiving 1,116 shares of Class A common stock on 09/30/2025 as compensation elected in lieu of cash for the quarter ended 09/30/2025. The number of shares was calculated using the closing price of Class A common stock on 09/30/2025. After the award, the reporting person beneficially owned 74,197 shares of Class A common stock. The Form 4 notes the transaction was reported by an attorney-in-fact on behalf of the reporting person.

Positive

• Increased insider alignment: the director elected stock in lieu of cash, which modestly raises insider ownership to 74,197 shares
• Transparent disclosure: transaction reported on Form 4 with transaction date, share amount, and calculation method tied to closing price

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director equity award elected in lieu of cash, modestly increasing insider ownership without disclosed material impact on financials.

The Form 4 discloses a standard non-cash compensation election by a director: 1,116 Class A shares issued in place of cash for the quarter ended 09/30/2025. This increases the director's beneficial holding to 74,197 shares. The filing shows compensation tied to the stock's closing price on the transaction date, aligning pay with shareholder interests. There is no indication of larger governance actions, debt changes, or material transactions beyond this routine award.

Corporate Governance Expert

TL;DR: Compensation election reported transparently; transaction appears consistent with an outside director compensation policy and routine disclosure practice.

The report indicates the director used the issuer's Outside Director Compensation Policy to elect stock in lieu of cash for a single quarter, with shares calculated at the closing price on 09/30/2025. The disclosure follows Section 16 reporting requirements and includes beneficial ownership post-transaction (74,197 shares). No atypical governance events or related-party transactions are disclosed.

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
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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^*

TOLONEN JAMES R

(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	74,197	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 James R. Tolonen	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 BlackSky director James R. Tolonen report on Form 4 (BKSY)?

He reported receiving 1,116 Class A shares elected in lieu of cash compensation for the quarter ended 09/30/2025.

How was the number of shares determined for the BKSY Form 4 transaction?

The shares were calculated based on the closing price of BlackSky Class A common stock on 09/30/2025.

How many Class A shares does James R. Tolonen beneficially own after the reported transaction?

74,197 shares of Class A common stock are reported as beneficially owned following the award.

Was the Form 4 filing for James R. Tolonen an individual filing or a group filing?

It was filed by one reporting person, indicating an individual Form 4 submission.

What was the transaction date reported in the Form 4 for BKSY?

The transaction date was 09/30/2025, the date used to calculate the shares awarded in lieu of cash.