Core Viewpoint - The investment thesis for Boston Omaha Corporation has not materialized as expected, leading to a decision to sell the remaining shares after years of holding [3][15]. Company Overview - Boston Omaha Corporation was initially seen as a promising investment, drawing comparisons to Berkshire Hathaway due to its focus on three main businesses: billboards, broadband, and insurance [6][5]. - The company had notable successes, including a significant return on its minority investment in Dream Finders Homes and rapid growth in its billboard business [7]. Recent Performance - Recent business results have been disappointing, with billboard revenue growing only 2.5% year over year, and broadband assets failing to deliver expected cash flow [8]. - The asset management business is being wound down due to unsuccessful capital raising efforts [9]. Management Issues - There have been significant management concerns, including excessive bonuses awarded to co-CEOs and a lack of effective communication with investors [10][11]. - The abrupt departure of co-CEO Alex Rozek raised further red flags, as he received a substantial payout for his stake in the company [10]. Investor Sentiment - Despite some recent efforts to boost investor confidence, such as an upsized buyback program and insider share purchases, the overall sentiment remains negative due to the lack of tangible business improvements [12]. - The stock is perceived to be undervalued relative to its net asset value, but the market's skepticism towards management and the business model persists [13][14].

Core Points - Boston Omaha Corporation announced a share repurchase program allowing the company to buy back up to $30 million of its Class A common stock by December 31, 2026 [1] - The program will commence on or about November 18, 2025, and will include open market purchases and privately-negotiated transactions [1][3] - The Board has authorized the establishment of "Rule 10b5-1 trading plans" to facilitate share repurchases during periods when the company may be restricted from buying back shares [2] Financial Considerations - The actual timing, number, and value of shares repurchased will depend on various factors, including SEC regulations, market conditions, and alternative investment opportunities [3] - The share buyback program does not obligate the company to acquire a specific number of shares and may be modified or discontinued at any time [3] Company Overview - Boston Omaha Corporation is a public holding company with four majority-owned businesses in outdoor advertising, broadband telecommunications, surety insurance, and asset management [4]

Group 1 - The article discusses the expertise of a senior analyst and private portfolio manager with over 10 years of experience in generating value ideas in European and North American markets [1] - The analyst contributes to investing groups that cover various European markets, including Scandinavia, Germany, France, UK, Italy, Spain, Portugal, and Eastern Europe, focusing on reasonably valued stock ideas [1] Group 2 - The article emphasizes the importance of due diligence and research for investors before making any investment decisions, particularly in short-term trading and options trading [2] - It highlights the specific risks associated with investing in European and non-US stocks, including withholding tax risks that may affect dividends [2]

Financial Performance - Total revenues for Q3 2025 were $28,734,355, an increase from $27,700,936 in Q3 2024, representing a growth of 3.7%[3] - Net loss attributable to common stockholders for Q3 2025 was $2,587,905, compared to a loss of $1,595,136 in Q3 2024, indicating a 62.3% increase in losses year-over-year[3] Cash and Investments - Cash inflow from operations for the nine months ended September 30, 2025, was $12.1 million, unchanged from the same period in 2024[6] - Total unrestricted cash and investments as of September 30, 2025, amounted to $56,203,902, up from $41,659,941 at the end of 2024[3] - The investment in Sky Harbour Class A common stock and warrants was valued at $82.7 million as of September 30, 2025[5] Assets and Liabilities - Total assets as of September 30, 2025, were $721,354,111, a decrease from $728,345,729 at the end of 2024[3] - Total liabilities increased to $173,429,102 as of September 30, 2025, compared to $165,626,276 at the end of 2024[3] Other Financial Metrics - The book value per share decreased to $16.80 at September 30, 2025, from $16.99 at December 31, 2024[7] - Net other expense included an unrealized loss of $1.5 million on Sky Harbour warrants and $2.0 million in losses related to the 24th Street Funds[4] Future Outlook - The company anticipates future growth and plans to focus on market expansion and new product development, although specific financial projections were not disclosed[9]

Business Operations - As of September 30, 2025, the company operates approximately 3,950 billboards with about 7,570 advertising faces, having increased its billboard count from approximately 2,900 since 2015[188] - The broadband services segment has approximately 48,900 customers, including 18,700 fiber subscribers, and 44,500 fiber passings completed as of September 30, 2025[190] - The company has expanded its surety insurance business to all 50 states and the District of Columbia, enhancing its market reach significantly[189] - The company plans to continue expanding its broadband services in Arizona, Florida, Nevada, Utah, and other locations, focusing on fiber-to-the-home infrastructure[190] - The company aims to grow its outdoor billboard advertising business through acquisitions of existing billboard assets at attractive prices[188] Financial Performance - In the third quarter of fiscal 2025, total revenues increased by 3.7% to $28,734,355 compared to $27,700,936 in the third quarter of fiscal 2024[203] - Billboard rentals generated $11,788,400, accounting for 41.1% of total revenues, while broadband services contributed $10,150,921, representing 35.3% of total revenues[203] - Premiums earned from the insurance subsidiary increased by 3.9% to $5,636,732, maintaining a consistent 19.6% of total revenues[203] - The company reported a net loss attributable to common stockholders of $5,577,273 in the first nine months of fiscal 2025, translating to a loss per share of $0.18, compared to a net loss of $6,638,436 or $0.21 per share in the same period of fiscal 2024[220] - Total revenues for the first nine months of fiscal 2025 were $84,668,519, representing a 5.4% increase from $80,341,450 in the first nine months of fiscal 2024[213] Costs and Expenses - Employee costs were $8,434,406, or 29.3% of total revenues, slightly down from 30.0% in the previous year[205][206] - Total costs and expenses decreased to $87,338,564 in the first nine months of fiscal 2025 from $87,536,368 in the same period of fiscal 2024, with the percentage of total revenues dropping from 109.0% to 103.2%[214] - Professional fees increased to $1,318,570, or 4.6% of total revenues, in Q3 fiscal 2025, up from $1,052,542, or 3.8% of total revenues, in Q3 fiscal 2024[212] - Employee costs decreased to $25,898,396, or 30.6% of total revenues, in the first nine months of fiscal 2025, down from $28,764,730, or 35.8% of total revenues, in the same period of fiscal 2024[214] Investments and Acquisitions - The acquisition of 24th Street Asset Management LLC was completed for a total consideration of $5,016,494, which included $2,759,072 in cash at closing and additional cash subject to holdback[192] - The company has invested approximately $19 million in CB&T Holding Corporation, representing 15.6% of its outstanding common stock[194] - The company invested approximately $3 million in MyBundle.TV Inc. in July 2023, focusing on the broadband industry[198] - The company plans to continue acquiring billboard locations, insurance businesses, and broadband service providers to generate positive cash flows[246] Cash Flow and Financing - Net cash provided by operating activities was $12,050,193 for the first nine months of fiscal 2025, slightly down from $12,117,191 in the same period of fiscal 2024[242] - Net cash used in investing activities was $2,277,900 for the first nine months of fiscal 2025, a significant decrease from $29,893,384 in the same period of fiscal 2024[243] - Net cash provided by financing activities was $5,259,282 during the first nine months of fiscal 2025, compared to net cash used of $48,879,743 in the same period of fiscal 2024[244] - The company has raised funds through various means, including public offerings and term loan financing, to support its operations and growth initiatives[249] Debt and Financial Covenants - As of September 30, 2025, Link's long-term debt includes approximately $25,900,000 in Term Loan borrowings, with $880,000 classified as current[256] - Link is required to maintain a consolidated leverage ratio of not greater than 3.50 to 1.00 starting from the fiscal quarter ended June 30, 2024, reducing to 3.00 to 1.00 by December 31, 2027[257] - Future acquisitions may require additional capital through long-term debt borrowings or the sale of securities if current cash and securities are insufficient[269] - The company is subject to financial covenants that limit its ability to incur additional indebtedness and make acquisitions[269] Market and Operational Risks - The company may need to take steps to avoid being deemed an investment company under the Investment Company Act, which could impact its operations and financial condition[271] - The company's operations are conducted entirely within the U.S., resulting in no significant exposure to foreign currency exchange rate risk[277] - The preparation of financial statements requires estimates affecting reported amounts of assets, liabilities, revenue, and expenses, based on historical results and reasonable assumptions[279] - There have been no material changes to the critical accounting policies and estimates as previously disclosed in the 2024 Form 10-K[279] Shareholder Actions - The company repurchased 111,323 shares of its Class A common stock for a total cost of approximately $1.6 million under the Share Repurchase Program[247]

Link Media Outdoor - Revenue increased by 2.5% YoY to $11.8 million in Q3 2025[9, 11] - Adjusted EBITDA reached a record high of approximately $4.8 million, a 5.6% increase YoY[9, 11] - Land costs accounted for 18.2% of revenue[9, 11] Boston Omaha Broadband - Total new fiber passings were approximately 4.2k, with approximately 1.7k new fiber subscribers YTD 2025[14] - Adjusted EBITDA was approximately $3.2 million, which excludes Fiber Fast Homes[9] - Fiber Fast Homes revenue increased by 68.4% YoY to $0.7 million in Q3 2025[17] - Fiber Fast Homes had approximately 0.4k new fiber passings and approximately 1.2k new fiber subscribers YTD 2025[17, 18] General Indemnity Group - Revenue increased by 4.7% YoY[9, 21] - The loss ratio was 25.3%, attributed to larger claim payments and increased reserves on outstanding contract bonds[9, 21] - Adjusted EBITDA was approximately negative $0.3 million[9] Investments and Cash - Sky Harbour investments had a GAAP value of $82.7 million and a market value of $126.9 million[24] - The company had unrestricted cash of $22.9 million and U S Treasury securities of $18.2 million as of September 30, 2025[26]

Core Viewpoint - Boston Omaha Corporation has faced significant challenges over the past couple of years, including the unexpected departure of a co-CEO and the abandonment of growth plans, leading to a decline in stock performance [1] Financial Performance - The company recently reported its latest results, which have contributed to its stock reaching an all-time low [1] Market Position - Boston Omaha is currently the worst performer in the portfolio of the analyst, indicating a challenging market position [1]

[Second Quarter 2025 Financial Results Overview](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results%20Overview) [Announcement and Report Access](index=1&type=section&id=Announcement%20and%20Report%20Access) Boston Omaha Corporation announced its second-quarter financial results for the period ended June 30, 2025, and filed its Form 10-Q quarterly report with the SEC; the company encourages shareholders to review the supplemental presentation on its investor relations website for additional business metrics - Boston Omaha Corporation announced its Q2 2025 financial results and filed its Form 10-Q report[1](index=1&type=chunk) - Shareholders are encouraged to review the supplemental presentation on the investor relations website for additional business metrics used by management to measure performance across key business segments and investments[2](index=2&type=chunk) [Summary Financial Data](index=1&type=section&id=Summary%20Financial%20Data) The company achieved year-over-year total revenue growth in Q2 and H1 2025; despite a slight increase in Q2 net loss attributable to common stockholders, H1 net loss significantly improved year-over-year, with total assets and liabilities increasing and total equity slightly decreasing as of June 30, 2025 Key Financial Data for Q2 and H1 2025 | Metric | Q2 2025 | Q2 2024 | YoY Change (QoQ) | H1 2025 | H1 2024 | YoY Change (YoY) | | :--------------------------------- | :------------- | :------------- | :------------- | :------------- | :------------- | :------------- | | **Revenue** | | | | | | | | Billboard Leases, Net | $11,440,033 | $11,437,468 | +0.02% | $22,204,508 | $22,134,128 | +0.32% | | Broadband Services | $10,233,463 | $9,787,983 | +4.55% | $20,553,593 | $19,471,412 | +5.56% | | Earned Premiums | $5,565,360 | $4,737,056 | +17.49% | $11,129,133 | $8,740,115 | +27.33% | | Insurance Commissions | $448,192 | $527,055 | -14.97% | $1,027,485 | $1,029,743 | -0.22% | | Investment and Other Income | $516,622 | $598,221 | -13.64% | $1,019,445 | $1,265,116 | -19.42% | | **Total Revenue** | **$28,203,670** | **$27,087,783** | **+4.12%** | **$55,934,164** | **$52,640,514** | **+6.26%** | | Depreciation and Amortization Expense | $6,164,312 | $5,512,274 | +11.83% | $12,156,295 | $10,903,072 | +11.49% | | Net Operating Loss | $(820,490) | $(4,396,615) | +81.34% | $(1,617,893) | $(6,454,896) | +74.93% | | Other (Expense) Income, Net | $(4,492,520) | $2,357,407 | -290.54% | $(6,309,717) | $231,444 | -2826.7% | | **Net Loss Attributable to Common Stockholders** | **$(2,320,083)** | **$(2,235,219)** | **-3.80%** | **$(2,989,368)** | **$(5,043,300)** | **+40.73%** | | Basic and Diluted Net Loss Per Share | $(0.07) | $(0.07) | 0.00% | $(0.10) | $(0.16) | +37.50% | Balance Sheet Summary (As of Period End) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--------------------------------- | :------------- | :------------- | :------------- | | Total Unrestricted Cash and Investments | $48,934,766 | $41,659,941 | +17.46% | | Total Assets | $730,629,347 | $728,345,729 | +0.31% | | Total Liabilities | $175,352,678 | $165,626,276 | +5.88% | | Total Equity Attributable to Boston Omaha Stockholders | $530,966,694 | $532,819,509 | -0.35% | | Noncontrolling Interests | $24,309,975 | $29,899,944 | -18.69% | | **Total Equity** | **$555,276,669** | **$562,719,453** | **-1.32%** | [Key Financial Details and Investment Insights](index=2&type=section&id=Key%20Financial%20Details%20and%20Investment%20Insights) In Q2 2025, 'Other (Expense) Income, Net' was primarily impacted by unrealized losses on Sky Harbour warrants and BOAM-related losses, partially offset by income from unconsolidated affiliates and realized gains on Sky Harbour stock; the company's investment in Sky Harbour is valued at $84.8 million under the equity method but would be $127.2 million at fair value, with H1 operating cash inflows slightly increasing and book value per share slightly decreasing - Key components of 'Other (Expense) Income, Net' in Q2 2025: * Unrealized loss on Sky Harbour warrants: **$10.7 million** * BOAM-related losses (primarily from fair value changes in 24th Street Funds assets): **$2.6 million** * Interest expense: **$0.6 million** * Income from unconsolidated affiliates (primarily from equity method investment in Sky Harbour): **$6.1 million** * Realized gain on sale of 509,206 shares of Sky Harbour Class A common stock: **$2.9 million** * Interest and dividend income: **$0.2 million**[5](index=5&type=chunk) Sky Harbour Investment Valuation (As of June 30, 2025) | Valuation Method | Amount | | :--------------- | :---------- | | Equity Method | $84.8 million | | Fair Value | $127.2 million | - Cash flow from operating activities: * H1 2025: **$7.1 million** * H1 2024: **$6.9 million** * Year-over-year increase: **$0.2 million**[7](index=7&type=chunk) Book Value Per Share | Date | Book Value Per Share | | :----------------- | :------------- | | June 30, 2025 | $16.88 | | December 31, 2024 | $16.99 | | Change | -0.65% | - As of June 30, 2025, and August 12, 2025, **30,872,876 shares of Class A common stock** and **580,558 shares of Class B common stock** were outstanding[8](index=8&type=chunk) [Company Information and Disclosures](index=2&type=section&id=Company%20Information%20and%20Disclosures) [About Boston Omaha Corporation](index=2&type=section&id=About%20Boston%20Omaha%20Corporation) Boston Omaha Corporation is a publicly traded holding company with four primary operating businesses encompassing outdoor advertising, broadband telecommunications services, surety insurance, and asset management - Boston Omaha Corporation's four primary businesses include: * Outdoor advertising * Broadband telecommunications services * Surety insurance * Asset management[9](index=9&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements protected by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995; actual results may differ materially due to various risks and uncertainties, and the company undertakes no obligation to update these statements in the future - Forward-looking statements involve the company's future expectations, plans, and prospects, including financing strategies, operations, financial condition, market growth, and revenue[10](index=10&type=chunk) - Actual results may differ materially from forward-looking statements due to various risks and uncertainties, including but not limited to: estimates of market opportunity, industry competition, economic conditions, ability to integrate acquisitions, reinsurance counterparty risk, investment risks, historical losses and future profitability, and other risks described in SEC filings[10](index=10&type=chunk) - The company undertakes no obligation to update these forward-looking statements in the future and emphasizes that these statements should not be relied upon as representing views as of any subsequent date[10](index=10&type=chunk) [Investor Resources and Contacts](index=3&type=section&id=Investor%20Resources%20and%20Contacts) The company encourages investors to visit its investor relations website, which provides SEC filings, corporate governance information, and press releases, and also provides contact information for inquiries - The investor relations website (https://investor.bostonomaha.com) serves as a comprehensive resource for company SEC filings, corporate governance information, and press releases[11](index=11&type=chunk) - Contact information: Josh Weisenburger, 402-210-2633, contact@bostonomaha.com[12](index=12&type=chunk)

Billboard Operations - As of June 30, 2025, the company operates approximately 3,950 billboards with about 7,570 advertising faces, having increased its billboard count from 2,900 through acquisitions since 2015[185] - The company aims to grow its outdoor billboard advertising business through further acquisitions of billboard assets in the United States[185] - Billboard rentals remained flat at $11,440,033, accounting for 40.6% of total revenues, while broadband services revenue increased by 4.6% to $10,233,463, representing 36.3% of total revenues[200] - Billboard operating revenues for the second quarter of fiscal 2025 were $11,440,033, remaining constant compared to $11,437,468 in the second quarter of fiscal 2024[223] - Billboard rentals for the first six months of fiscal 2025 were $22,204,508, a slight increase from $22,134,128 in the same period of fiscal 2024[232] - The gross margin for billboard operations was 66.0% in the first six months of fiscal 2025, compared to 65.3% in the same period of fiscal 2024[232] Broadband Services - The broadband services segment has approximately 48,400 broadband customers, including 17,800 fiber subscribers, and 43,400 fiber passings completed as of June 30, 2025[187] - The company plans to continue expanding its broadband services in Arizona, Florida, Nevada, Utah, and other locations, focusing on fiber-to-the-home infrastructure[187] - Broadband revenues increased by 4.6% to $10,233,463 in the second quarter of fiscal 2025, up from $9,787,983 in the second quarter of fiscal 2024, driven by subscriber growth[225] - Total operating revenues for the first six months of fiscal 2025 increased by 5.6% to $20,553,593 compared to $19,471,412 in fiscal 2024, driven by subscriber growth[235] - Broadband segment gross margin improved to 77.2% in fiscal 2025 from 74.5% in fiscal 2024, reflecting a decrease in network operations and data costs as a percentage of revenues from 13.6% to 12.6%[235] Insurance Operations - Premiums earned from the UCS insurance subsidiary rose by 17.5% to $5,565,360, contributing 19.7% to total revenues[200] - Premiums earned in the insurance segment rose by 27.3% to $11,129,133 in fiscal 2025, compared to $8,740,115 in fiscal 2024, primarily due to increased production[237] - Total operating revenues for the insurance segment increased by 21.1% to $13,158,398 in fiscal 2025 from $10,864,375 in fiscal 2024[237] - Losses and loss adjustment expenses in the insurance segment increased from 12.4% to 22.4% of total segment operating revenues, mainly due to higher claim payments[237] Financial Performance - In the second quarter of fiscal 2025, total revenues increased by 4.1% to $28,203,670 compared to $27,087,783 in the second quarter of fiscal 2024[200] - Total revenues for the first six months of fiscal 2025 were $55,934,164, representing a 6.3% increase from $52,640,514 in the same period of fiscal 2024[211] - Total costs and expenses decreased from $31,484,398 in the second quarter of fiscal 2024 to $29,024,160 in the second quarter of fiscal 2025, with the percentage of total revenues dropping from 116.2% to 102.9%[202] - The net loss from operations for the first six months of fiscal 2025 was $1,617,893, or 2.9% of total revenues, significantly improved from a net loss of $6,454,896, or 12.3% of total revenues in the same period of fiscal 2024[216] - Net income attributable to common stockholders for Q2 2025 was $819,497, representing 12.6% of total revenues, compared to $660,332 or 11.3% in Q2 2024[227] Investments and Acquisitions - The acquisition of 24th Street Asset Management LLC was completed for a total consideration of $5,016,494, which included $2,759,072 in cash at closing and 45,644 shares of Class A common stock[190] - The company invested $10 million in Dream Finders Holdings LLC, which has generated gross proceeds of approximately $81 million from the sale of shares since its initial public offering[191] - The company has invested approximately $19 million in CB&T Holding Corporation, representing 15.6% of its outstanding common stock, primarily in the subprime automobile lending sector[191] - The company plans to continue acquiring billboard locations, insurance businesses, and broadband service providers, expecting to finance future acquisitions with cash, debt, and equity securities[246] Cash Flow and Liquidity - Net cash provided by operating activities increased to $7,114,835 for the first six months of fiscal 2025, up from $6,920,547 in the same period of fiscal 2024, driven by improved cash flow in the broadband business and lower expenses in asset management[242] - Net cash used in investing activities was $11,381,922 for the first six months of fiscal 2025, compared to net cash provided of $30,155,714 in the same period of fiscal 2024, primarily due to $14,158,366 in capital expenditures in broadband businesses[243] - Net cash provided by financing activities was $9,909,797 in the first six months of fiscal 2025, a significant improvement from net cash used of $39,086,411 in the same period of fiscal 2024, mainly from $7,500,000 in borrowings on BOB's credit facility[244] - As of June 30, 2025, the company had approximately $29.7 million in unrestricted cash and $18.4 million in short-term U.S. Treasury securities, indicating strong liquidity[246] Debt and Financial Covenants - Long-term debt as of June 30, 2025, included approximately $26,100,000 in Term Loan borrowings and $9,100,000 related to the revolving line of credit[255] - The company is required to maintain a consolidated leverage ratio of not greater than 3.50 to 1.00, which will decrease to 3.00 to 1.00 by December 31, 2027, and was in compliance with these covenants as of June 30, 2025[256] - The BOB Credit Agreement allows subsidiaries to borrow up to $20,000,000 for capital expenditures, with loans secured by all assets of the borrowers[259] - The credit facilities impose financial covenants, including a consolidated leverage ratio not greater than 3.50 to 1.00 and a minimum fixed charge coverage ratio of 1.15 to 1.00[261] Asset Management - The asset management subsidiary, Boston Omaha Asset Management, is winding down operations and focusing on managing real estate funds while implementing cost-cutting measures[188] - The BFR Fund subsidiary was wound down earlier than planned due to market challenges, with a focus on selling entitled land assets to public homebuilders[195] - Professional fees in the asset management segment increased significantly due to a services agreement related to the wind down of operations, with total expenses reaching $144,142 in Q2 2025[230] - The asset management segment reported a net loss attributable to common stockholders of $1,052,247 in fiscal 2025, compared to a loss of $481,429 in fiscal 2024[240] Other Financial Information - The company has no significant exposure to foreign currency exchange rate risk as operations are conducted entirely within the U.S.[275] - The company does not have off-balance sheet financing arrangements, except for normal operating leases[273] - The company may incur debt or issue additional equity to maintain compliance with the Investment Company Act, which could adversely affect its financial condition[269]

Revenue Performance - Total revenues for Q1 2025 were $27,730,494, an increase of 8.5% compared to $25,552,731 in Q1 2024[3] - Billboard Rentals generated $10,764,475 in revenue, slightly up from $10,696,660 in the same period last year[3] - Broadband Services revenue increased to $10,320,130 from $9,683,429, reflecting a growth of 6.6%[3] - Premiums Earned rose to $5,563,773, a significant increase of 39% compared to $4,003,059 in Q1 2024[3] Financial Losses and Gains - Net loss attributable to common stockholders decreased to $669,285, compared to a loss of $2,808,081 in Q1 2024[3] - Cash inflow from operations was $2.6 million, up from $2.4 million in Q1 2024[7] - Non-cash losses from unconsolidated affiliates amounted to $2.3 million, primarily related to the equity method position in Sky Harbour[5] Cash and Investments - Total unrestricted cash and investments reached $44,193,606, an increase from $41,659,941 at the end of 2024[3] - The investment in Sky Harbour Class A common stock and warrants was valued at $92.2 million on the balance sheet as of March 31, 2025[6] Shareholder Information - Book value per share was $16.95 as of March 31, 2025, slightly down from $16.99 at December 31, 2024[8]