The Black Hole Explorer (BHEX) mission will enable the study of the fine photon ring structure, aiming to reveal the clear universal signatures of multiple photon orbits and true tests of general relativity, while also giving astronomers access to a much greater population of black hole shadows. Spacecraft orbits can sample interferometric Fourier spacings that are inaccessible from the ground, providing unparalleled angular resolution for the most detailed spatial studies of accretion and photon orbits and better time resolution. The BHEX mission concept provides space Very Long Baseline Interferometry (VLBI) at submillimeter wavelengths measurements to study black holes in coordination with the Event Horizon Telescope and other radio telescopes. This report presents the BHEX engineering goals, objectives and TRL analysis for a selection of the BHEX subsystems. This work aims to lay some of the groundwork for a near-term Explorers class mission proposal.