[SCHEDULE 13G/A] BlackSky Technology Inc. SEC Filing

Rhea-AI Filing Summary

AWM Investment Company, Inc. reports beneficial ownership of 2,209,926 shares of BlackSky Technology Inc. common stock, representing 6.3% of the class. AWM states it is the investment adviser to several funds (Special Situations Cayman Fund, Special Situations Fund III QP, Special Situations Private Equity Fund, Special Situations Technology Fund and Special Situations Technology Fund II) and holds sole voting and sole dispositive power over the shares held by those funds, including both common shares and warrants. The filing discloses specific share counts by fund and notes that certain warrants may only be exercised to the extent total beneficial ownership does not exceed 4.99%.

Positive

• Clear disclosure of beneficial ownership: 2,209,926 shares representing 6.3% of BlackSky common stock
• Detailed breakdown of holdings by affiliated funds and explicit statement of sole voting and dispositive power
• Warrant exercise limitation disclosed: warrants may be exercised only to keep total beneficial ownership at or below 4.99%

Negative

• None.

Insights

Financial Analyst

TL;DR: AWM discloses a 6.3% stake in BlackSky with sole voting and dispositive power across multiple affiliated funds.

AWM aggregates holdings across five funds to report beneficial ownership of 2,209,926 shares, providing transparency on concentration of ownership. The report itemizes holdings by fund and discloses associated warrants and an exercise limitation tied to a 4.99% beneficial ownership cap. For investors, this clarifies who controls voting rights for a meaningful minority stake and the mechanical limits on warrant conversion.

Corporate Governance Expert

TL;DR: The filing clarifies control lines: AWM holds sole voting and dispositive power for multiple funds, improving governance transparency.

The statement identifies AWM as the investment adviser and names principals who are controlling members of relevant general partner entities. It documents sole voting/dispositive authority over specified share blocks and zero shared power, which is important for proxy context and governance engagement. The warrant exercise restriction limiting conversion to keep ownership below 4.99% is explicitly stated.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

BlackSky Technology Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

09263B207

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 09263B207

1

Names of Reporting Persons

AWM Investment Company, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,209,926.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,209,926.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,209,926.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.3 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: AWM Investment Company, Inc., a Delaware Corporation (AWM), is the investment adviser to Special Situations Cayman Fund, L.P. (CAYMAN), Special Situations Fund III QP, L.P. (SSFQP), Special Situations Private Equity Fund, L.P. (SSPE), Special Situations Technology Fund, L.P. (TECH) and Special Situations Technology Fund II, L.P. (TECH II). (CAYMAN, SSFQP, TECH and TECH II will hereafter be referred to as the Funds). As the investment adviser to the Funds, AWM holds sole voting and investment power over 257,170 Shares of Common Stock of the Issuer (the Shares)held by CAYMAN, 934,310 Shares of Common Stock held by SSFQP, 128,581 Shares of Common Stock held by SSPE, 147,224 Shares and 431,063 Warrants*** to purchase 53,883 Shares held by TECH and 742,641 Shares of Common Stock and 2,354,608 Warrants*** to purchase 294,326 Shares held by TECH II. Warrants described herein may only be exercised into Common Shares to the extent that the total number of Common Shares then beneficially owned does not exceed 4.99% of the outstanding shares

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BlackSky Technology Inc.
(b)	Address of issuer's principal executive offices: 2411 DULLES CORNER PARK, SUITE 300, HERNDON, VIRGINIA, 20171
Item 2.
(a)	Name of person filing: The person filing this report is AWM Investment Company, Inc., a Delaware corporation (AWM), which is the investment adviser to Special Situations Cayman Fund, L.P., a Cayman Islands Limited Partnership (CAYMAN), Special Situations Fund III QP, L.P., a Delaware limited partnership (SSFQP), Special Situations Private Equity Fund, L.P. a Delaware Limited Partnership (SSPE), Special Situations Technology Fund, L.P., a Delaware limited partnership (TECH) and Special Situations Technology Fund II, L.P., a Delaware limited partnership (TECH II). The principal business of each Fund is to invest in equity and equity-related securities and other securities of any kind or nature. David M. Greenhouse (Greenhouse) and Adam C. Stettner (Stettner) are members of: SSCayman, L.L.C., a Delaware limited liability company (SSCAY), the general partner of CAYMAN; members of MGP Advisers Limited Partnership, a Delaware limited partnership (MGP), the general partner of SSFQP, MG Advisers, L.L.C., a New York limited liability company (MG), the general partner of SSPE and SST Advisers, L.L.C., a Delaware limited liability company (SSTA), the general partner of TECH and TECH II. Greenhouse and Stettner are also controlling principals of AWM.
(b)	Address or principal business office or, if none, residence: The principal business address for AWM is c/o Special Situations Funds, 527 Madison Avenue, Suite 2600, New York, NY 10022
(c)	Citizenship: AWM is a Delaware Corporation
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 09263B207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,209,926
(b)	Percent of class: 6.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole voting power over 257,170 Shares of Common Stock of the Issuer (the Shares)held by CAYMAN, 934,310 Shares of Common Stock held by SSFQP, 128,581 Shares of Common Stock held by SSPE, 147,224 Shares and 431,063 Warrants*** to purchase 53,883 Shares held by TECH and 742,641 Shares of Common Stock and 2,354,608 Warrants*** to purchase 294,326 Shares held by TECH II. Greenhouse and Stettner are members of: SSCAY, the general partner of CAYMAN; MGP, the general partner of SSFQP and SSTA, the general partner of TECH and TECH II. Greenhouse and Stettner are also controlling principals of AWM. *** Warrants described herein may only be exercised into Common Shares to the extent that the total number of Common Shares then beneficially owned does not exceed 4.99% of the outstanding shares.
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole investment power over 257,170 Shares of Common Stock of the Issuer (the Shares)held by CAYMAN, 934,310 Shares of Common Stock held by SSFQP, 128,581 Shares of Common Stock held by SSPE, 147,224 Shares and 431,063 Warrants*** to purchase 53,883 Shares held by TECH and 742,641 Shares of Common Stock and 2,354,608 Warrants*** to purchase 294,326 Shares held by TECH II. Greenhouse and Stettner are members of: SSCAY, the general partner of CAYMAN; MGP, the general partner of SSFQP and SSTA, the general partner of TECH and TECH II. Greenhouse and Stettner are also controlling principals of AWM. *** Warrants described herein may only be exercised into Common Shares to the extent that the total number of Common Shares then beneficially owned does not exceed 4.99% of the outstanding shares.
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

AWM Investment Company, Inc.

Signature:	Adam Stettner
Name/Title:	Executive Vice President
Date:	08/14/2025

FAQ

How many BlackSky (BKSY) shares does AWM Investment Company, Inc. beneficially own?

AWM reports beneficial ownership of 2,209,926 shares, equal to 6.3% of the outstanding common stock.

Which funds does AWM manage that hold BlackSky shares?

AWM is investment adviser to Special Situations Cayman Fund, Special Situations Fund III QP, Special Situations Private Equity Fund, Special Situations Technology Fund, and Special Situations Technology Fund II.

Does AWM have voting control over the reported shares of BKSY?

Yes. AWM states it holds sole voting power and sole dispositive power over the shares held by the listed funds.

Are there warrants included in the reported position and are there limits on exercise?

Yes. The filing lists warrants held by TECH and TECH II and discloses that warrants may only be exercised to the extent total beneficial ownership does not exceed 4.99%.

What percent of the class does the reported ownership represent?

The aggregate amount represents 6.3% of the class of BlackSky common stock.