BlackSky Technology Inc. Fair Value Disclosure
December 31, 2025 | Quoted Prices in Active Markets | Significant Other Observable Input | Significant Other Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Public Warrants | $ | 810 | $ | — | $ | — | ||||||||||||||
Private Placement Warrants - Issued October 2019 | — | — | 245 | |||||||||||||||||
Private Placement Warrants - Issued March 2023 | — | — | 16,843 | |||||||||||||||||
Sponsor Shares | — | — | 2,750 | |||||||||||||||||
$ | 810 | $ | — | $ | 19,838 | |||||||||||||||
December 31, 2024 | Quoted Prices in Active Markets | Significant Other Observable Input | Significant Other Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Public Warrants | $ | 1,728 | $ | — | $ | — | ||||||||||||||
Private Placement Warrants - Issued October 2019 | — | — | 713 | |||||||||||||||||
Private Placement Warrants - Issued March 2023 | — | — | 13,820 | |||||||||||||||||
Sponsor Shares | — | — | 1,703 | |||||||||||||||||
$ | 1,728 | $ | — | $ | 16,236 | |||||||||||||||
Sponsor Shares | Private Placement Warrants - Issued October 2019 | Private Placement Warrants - Issued March 2023 | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance as of January 1, 2025 | $ | 1,703 | $ | 713 | $ | 13,820 | |||||||||||
Warrant exercises | — | — | (10,961) | ||||||||||||||
Loss (gain) from changes in fair value | 1,047 | (468) | 13,984 | ||||||||||||||
Balance as of December 31, 2025 | $ | 2,750 | $ | 245 | $ | 16,843 | |||||||||||
Sponsor Shares | Private Placement Warrants - Issued October 2019 | Private Placement Warrants - Issued March 2023 | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance as of January 1, 2024 | $ | 1,304 | $ | 583 | $ | 12,467 | |||||||||||
Loss from changes in fair value | 399 | 130 | 1,353 | ||||||||||||||
Balance as of December 31, 2024 | $ | 1,703 | $ | 713 | $ | 13,820 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 17, 2026 | Showing above |
| 2024 | Mar 20, 2025 | |
| 2023 | Mar 20, 2024 | |
| 2022 | Mar 23, 2023 | |
| 2021 | Mar 31, 2022 | |
| 2020 | Mar 31, 2021 | |
| 2019 | Mar 6, 2020 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.