Core Viewpoint - Palomar Holdings, Inc. has successfully completed the acquisition of The Gray Casualty & Surety Company, enhancing its position in the surety sector with a total cash consideration of $300 million [1][2]. Group 1: Acquisition Details - The acquisition was initially announced in October 2025, with Palomar agreeing to acquire Gray Surety from Bernhard Capital Partners and The Gray Insurance Company for a total cash consideration of $300 million [2]. - The financing for the acquisition includes a $150 million revolving credit facility and a $300 million term loan [2]. Group 2: Financing Arrangements - U.S. Bank National Association and KeyBank National Association served as Joint Lead Arrangers and Joint Book Runners for the financing [3]. - U.S. Bank acted as Administrative Agent, while KeyBank served as Syndication Agent [3]. - Additional banks involved in the financing include Citizens Bank, The Huntington National Bank, PNC Bank, and Wells Fargo Bank, with JPMorgan Chase Bank participating in the term loan [3]. Group 3: Management Commentary - Mac Armstrong, Chairman and CEO of Palomar, expressed satisfaction with the successful closing of the acquisition, highlighting Gray Surety's exceptional management team [4]. - The transaction is expected to significantly strengthen Palomar's surety franchise, adding scale and geographic reach, and complementing existing operations [5]. - The acquisition aligns with Palomar's strategic framework aimed at building a market leader in the surety sector [5].

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]

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]