Mithril funds drop BlackSky stake to 0% ownership

BlackSky Technology Inc. (BKSY) received an updated Schedule 13D/A from investment entities associated with Mithril Capital Management reporting that they no longer beneficially own any Class A common stock of the company.

Rhea-AI Filing Summary

BlackSky Technology Inc. (BKSY) received an updated Schedule 13D/A from investment entities associated with Mithril Capital Management reporting that they no longer beneficially own any Class A common stock of the company. This filing is Amendment No. 4 to their original Schedule 13D.

The reporting entities, Mithril and Mithril II, each report 0 shares beneficially owned, with 0.0% of the class represented, and no sole or shared voting or dispositive power remaining. The change results from pro rata, no‑consideration distributions of BlackSky shares from Mithril funds to their partners on June 5, 2026.

Key Figures

Mithril I distributed shares: 1,298,328 shares Mithril II distributed shares: 1,030,175 shares Beneficial ownership per reporting person: 0 shares +2 more

5 metrics

Mithril I distributed shares 1,298,328 shares Pro rata distribution of BlackSky common stock to Mithril I partners on June 5, 2026

Mithril II distributed shares 1,030,175 shares Pro rata distribution of BlackSky common stock to Mithril II partners on June 5, 2026

Beneficial ownership per reporting person 0 shares Each reporting person’s aggregate amount beneficially owned after distributions

Percent of class beneficially owned 0.0% Class A common stock of BlackSky Technology Inc. reported by each reporting person

Par value of Class A Common Stock $0.0001 per share Title of class of BlackSky Technology Inc. securities

Key Terms

Schedule 13D, beneficially owned, pro rata distribution, dispositive power

4 terms

Schedule 13D regulatory

"This Amendment No. 4 amends and supplements the originally filed Schedule 13D"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person 0.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

pro rata distribution financial

"Mithril I effected a pro rata distribution without additional consideration"

A pro rata distribution is when a company or organization shares out money, assets, or benefits evenly among all eligible people based on their size or share. For example, if a company makes a profit and distributes it to shareholders, each person gets a portion proportional to how many shares they own. It ensures everyone gets their fair part based on their ownership or stake.

dispositive power financial

"Sole Dispositive Power 0.00 Shared Dispositive Power 0.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change in ownership of BKSY does this Schedule 13D/A report?

The reporting entities associated with Mithril Capital report they now beneficially own 0 shares of BlackSky Technology Inc. Class A common stock, representing 0.0% of the class, with no remaining voting or dispositive power over BKSY shares.

Why did Mithril-related entities reduce their reported BKSY holdings to zero?

On June 5, 2026, Mithril I and Mithril II each effected a pro rata distribution of their BlackSky common stock holdings to their partners without additional consideration, leading to reported beneficial ownership of zero.

How many BKSY shares did Mithril I distribute on June 5, 2026?

Mithril I effected a pro rata distribution of 1,298,328 shares of BlackSky Technology Inc. common stock to its partners on June 5, 2026, with no additional consideration paid in connection with the distribution.

How many BKSY shares did Mithril II distribute on June 5, 2026?

Mithril II effected a pro rata distribution of 1,030,175 shares of BlackSky Technology Inc. common stock to its partners on June 5, 2026, also without additional consideration to Mithril II.

What percentage of BKSY does each Mithril reporting person now beneficially own?

Each reporting person in the filing, including Mithril and Mithril II, reports 0.0% of the class of BlackSky Technology Inc. Class A common stock as beneficially owned after the June 5, 2026 distributions.

What type of security is covered in this BKSY Schedule 13D/A?

The filing covers BlackSky Technology Inc.’s Class A Common Stock, with a par value of $0.0001 per share, as the class of securities subject to the Schedule 13D/A Amendment No. 4.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/20/2026 - 04:37 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

BlackSky Technology, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

09263B207

(CUSIP Number)

Ajay Royan
c/o Mithril Capital Management, 111 Congress Avenue, Suite 500
Austin, TX, 78701
512-717-3770

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/05/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 09263B207

1

Name of reporting person

Mithril LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 09263B207

1

Name of reporting person

Mithril II LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: BlackSky Technology, Inc.
(c)	Address of Issuer's Principal Executive Offices: 2411 Dulles Corner Park, Suite 300, Herndon, VIRGINIA , 20171.
Item 1 Comment: This Amendment No. 4 (this "Amendment No. 4") amends and supplements the Schedule 13D originally filed by the Reporting Persons with the Commission on September 20, 2021, as it has been amended by Amendment No. 1 filed with the Commission on April 20, 2024, Amendment No. 2 filed with the Commission on November 12, 2024 and Amendment No. 3 filed with the Commission on August 11, 2025 (collectively, the "Original Schedule 13D"). The agreement among the Reporting Persons to file jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act is attached to the Original Schedule 13D as Exhibit 1. Only those items that are hereby reported are amended; all other items reported in the Original Schedule 13D remain unchanged. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable. Capitalized terms not defined in this Amendment No. 4 have the meanings ascribed to them in the Original Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	See Items 7-11 and 13 of the cover pages of this Amendment No. 4 for each Reporting Person and the corresponding comments.
(b)	See Items 7-11 and 13 of the cover pages of this Amendment No. 4 for each Reporting Person and the corresponding comments.
(c)	On June 5, 2026, Mithril I effected a pro rata distribution without additional consideration of 1,298,328 shares of Common Stock to its partners. On June 5, 2026, Mithril II effected a pro rata distribution without additional consideration of 1,030,175 shares of Common Stock to its partners.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Mithril LP

Signature:	/s/ Ajay Royan
Name/Title:	Ajay Royan, Authorized Person of Mithril GP LP, the general partner of Mithril LP
Date:	08/20/2026

Mithril II LP

Signature:	/s/ Ajay Royan
Name/Title:	Ajay Royan, Managing Member of Mithril II UGP LLC, the general partner of Mithril II GP LP, the general partner of Mithril II LP
Date:	08/20/2026