BOSTON OMAHA Corp

Previous wording

Outdoor Billboard Advertising. In June 2015, we commenced our billboard business operations through acquisitions by Link, our wholly-owned subsidiary, of smaller billboard companies located in the Southeastern United States and Wisconsin. During July and August 2018, we acquired the membership interest or assets of three larger billboard companies which increased our overall billboard count to approximately 2,900 billboards. In addition, we have made several billboard acquisitions on a smaller scale since that date. We believe that we are a leading outdoor billboard advertising company in the markets we serve in the Midwest. As of March 31, 2025, we operate approximately 4,000 billboards with approximately 7,600 advertising faces. One of our principal business objectives is to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us.

Current wording

Outdoor Billboard Advertising. In June 2015, we commenced our billboard business operations through acquisitions by Link, our wholly-owned subsidiary, of smaller billboard companies located in the Southeastern United States and Wisconsin. During July and August 2018, we acquired the membership interest or assets of three larger billboard companies which increased our overall billboard count to approximately 2,900 billboards. In addition, we have made several billboard acquisitions on a smaller scale since that date. We believe that we are a leading outdoor billboard advertising company in the markets we serve in the Midwest. As of June 30, 2025, we operate approximately 3,950 billboards with approximately 7,570 advertising faces. One of our principal business objectives is to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us.

Previous wording

Broadband Services. In March 2020, we commenced our broadband services business with the acquisition of substantially all of the business assets of FibAire, a rural broadband internet provider that served over 8,000 customers in communities in southern Arizona with a high-speed fixed wireless internet service and is building an all fiber-to-the-home network in select Arizona markets. In December 2020, we acquired substantially all of the business assets of UBB, a broadband internet provider that provided high-speed internet to over 10,000 customers throughout Utah. In September 2021, we announced the launch of Fiber Fast Homes, LLC, which we refer to as "FFH," which partners with builders, developers, and build for rent communities to build fiber-to-the-home infrastructure and provide fiber internet service to residents. In April 2022, we acquired substantially all of the business assets of InfoWest, which are fiber and fixed wireless internet service providers with over 20,000 customers throughout Southern and Central Utah, Northern Arizona, and Moapa Valley, Nevada. In addition, over the last few years, we have also acquired additional smaller broadband businesses located in Utah. As of March 31, 2025, we have approximately 47,900 broadband customers (17,100 fiber subscribers) and 42,100 fiber passings completed. We hope to continue to expand in Arizona, Florida, Nevada, Utah, and other locales.

Current wording

Broadband Services. In March 2020, we commenced our broadband services business with the acquisition of substantially all of the business assets of FibAire, a rural broadband internet provider that served over 8,000 customers in communities in southern Arizona with a high-speed fixed wireless internet service and is building an all fiber-to-the-home network in select Arizona markets. In December 2020, we acquired substantially all of the business assets of UBB, a broadband internet provider that provided high-speed internet to over 10,000 customers throughout Utah. In September 2021, we announced the launch of Fiber Fast Homes, LLC, which we refer to as "FFH," which partners with builders, developers, and build for rent communities to build fiber-to-the-home infrastructure and provide fiber internet service to residents. In April 2022, we acquired substantially all of the business assets of InfoWest, which are fiber and fixed wireless internet service providers with over 20,000 customers throughout Southern and Central Utah, Northern Arizona, and Moapa Valley, Nevada. In addition, over the last few years, we have also acquired additional smaller broadband businesses located in Utah. As of June 30, 2025, we have approximately 48,400 broadband customers (17,800 fiber subscribers) and 43,400 fiber passings completed. We hope to continue to expand in Arizona, Florida, Nevada, Utah, and other locales.

Previous wording

***Asset Management.***In September 2017, we established an asset management subsidiary, Boston Omaha Asset Management, LLC, which we refer to as “BOAM,” designed to raise third-party capital and invest alongside Boston Omaha Corporation in specific assets and businesses that may offer attractive long-term returns on invested capital. During 2021, we established a subsidiary, Fund One: Boston Omaha Build for Rent, LP ("BFR Fund"), within BOAM to operate a proposed build-for-rent business, focusing on developing, building, and managing single family detached and/or townhomes for long term rentals. In 2022, we started having initial conversations to raise third-party capital to "fund finance" the growth of our fiber business. In May 2023, we acquired 100% of the membership interests in 24th Street Asset Management LLC (“24th Street”), from the other members of 24th Street. 24th Street is the manager of two funds, 24th Street Fund I, LLC and 24th Street Fund II, LLC, which we refer to as “the 24th Street Funds,” focusing on secured lending and direct investments in commercial real estate. In recent years, BOAM has been staffed and equipped to support the growth of the fiber and real estate businesses. We have determined that the high costs and significant risks associated with "fund financing" based on current market conditions leads us to conclude that it would be more appropriate to pursue self-funding, bank debt, and other funding options for our fiber business at this time. As a result, we are winding down BOAM's operations and over the past several months have implemented significant cost cutting measures as BOAM now only manages real estate funds. For our funds under management (the 24th Street Funds and the BFR Fund), we plan to sell the assets at the highest price the market will bear while maintaining the business plans for these assets. Additionally, we will be returning capital to our fund partners during the wind-down process on the remaining portion of these assets.

Current wording

***Asset Management.***In September 2017, we established an asset management subsidiary, Boston Omaha Asset Management, LLC, which we refer to as “BOAM,” designed to raise third-party capital and invest alongside Boston Omaha Corporation in specific assets and businesses that may offer attractive long-term returns on invested capital. During 2021, we established a subsidiary, Fund One: Boston Omaha Build for Rent, LP ("BFR Fund"), within BOAM to operate a proposed build-for-rent business, focusing on developing, building, and managing single family detached and/or townhomes for long term rentals. In 2022, we started having initial conversations to raise third-party capital to "fund finance" the growth of our fiber business. In May 2023, we acquired 100% of the membership interests in 24th Street Asset Management LLC (“24th Street”), from the other members of 24th Street. 24th Street is the manager of two funds, 24th Street Fund I, LLC and 24th Street Fund II, LLC, which we refer to as “the 24th Street Funds,” focusing on secured lending and direct investments in commercial real estate. In recent years, BOAM has been staffed and equipped to support the growth of the fiber and real estate businesses. The high costs and significant risks associated with "fund financing" based on current market conditions led us to conclude that it would be more appropriate to pursue self-funding, bank debt, and other funding options for our fiber business at this time. As a result, we are winding down BOAM's operations and over the past several months have implemented significant cost cutting measures as BOAM now only manages real estate funds. With respect to our funds under management (the 24th Street Funds and the BFR Fund), we plan to sell the assets at the highest price the market will bear while maintaining the business plans for these assets. Additionally, we will be returning capital to our fund partners during the wind-down process on the remaining portion of these assets.

Previous wording

The following is a comparison of our results of operations for the three months ended March 31, 2025, which we refer to as the “first quarter of fiscal 2025,” compared to the three months ended March 31, 2024, which we refer to as the “first quarter of fiscal 2024.”

Current wording

The following is a comparison of our results of operations for the three months ended June 30, 2025, which we refer to as the “second quarter of fiscal 2025,” compared to the three months ended June 30, 2024, which we refer to as the “second quarter of fiscal 2024.”

Previous wording

Revenues. For the first quarter of fiscal 2025 and the first quarter of fiscal 2024, our revenues in dollars and as a percentage of total revenues were as follows:

Current wording

Revenues. For the second quarter of fiscal 2025 and the second quarter of fiscal 2024, our revenues in dollars and as a percentage of total revenues were as follows:

Previous wording

We realized total revenues of $27,730,494 during the first quarter of fiscal 2025, an increase of 8.5% over revenues of $25,552,731 during the first quarter of fiscal 2024. The key factors impacting revenue across each of our businesses during the first quarter of fiscal 2025 were as follows:

Current wording

We realized total revenues of $28,203,670 during the second quarter of fiscal 2025, an increase of 4.1% over revenues of $27,087,783 during the second quarter of fiscal 2024. The key factors impacting revenue across each of our businesses during the second quarter of fiscal 2025 were as follows:

Previous wording

Expenses.** **For the first quarter of fiscal 2025 and the first quarter of fiscal 2024, our expenses, in dollars, and as a percentage of total revenues, were as follows:

Current wording

Expenses.** **For the second quarter of fiscal 2025 and the second quarter of fiscal 2024, our expenses, in dollars, and as a percentage of total revenues, were as follows:

Previous wording

During the first quarter of fiscal 2025, we had total costs and expenses of $28,527,897, as compared to total costs and expenses of $27,611,012 in the first quarter of fiscal 2024. Total costs and expenses as a percentage of total revenues decreased from 108.1% in the first quarter of fiscal 2024 to 102.9% in the first quarter of fiscal 2025. The key factors impacting costs and expenses across each of our businesses during the first quarter of fiscal 2025 were as follows:

Current wording

During the second quarter of fiscal 2025, we had total costs and expenses of $29,024,160, as compared to total costs and expenses of $31,484,398 in the second quarter of fiscal 2024. Total costs and expenses as a percentage of total revenues decreased from 116.2% in the second quarter of fiscal 2024 to 102.9% in the second quarter of fiscal 2025. The key factors impacting costs and expenses across each of our businesses during the second quarter of fiscal 2025 were as follows:

Previous wording

Net Loss from Operations. Net loss from operations for thefirst quarter of fiscal 2025 was $797,403, or 2.9% of total revenues, as compared to a net loss from operations of $2,058,281, or 8.1% of total revenues, in thefirst quarter of fiscal 2024. Thedecrease in net loss from operations was primarily due to improved operations within our broadband business as well as lower expenses within our asset management business and at Boston Omaha's parent company, which were partially offset by an increase in expenses within our billboard and insurance businesses. Our net loss from operations included $5,991,983 from non-cash depreciation, amortization and accretion expenses inthe first quarter of fiscal 2025, as compared to $5,390,798 inthe first quarter of fiscal 2024.

Current wording

Net Loss from Operations. Net loss from operations for thesecond quarter of fiscal 2025 was $820,490, or 2.9% of total revenues, as compared to a net loss from operations of $4,396,615, or 16.2% of total revenues, in thesecond quarter of fiscal 2024. Thedecrease in net loss from operations was primarily due to improved operations within our broadband business as well as lower expenses within our asset management business and Boston Omaha's parent company, which were partially offset by higher loss and loss adjustment expense within our insurance business and increased employee costs within our billboard business. Our net loss from operations included $6,164,312 from non-cash depreciation, amortization and accretion expenses inthe second quarter of fiscal 2025, as compared to $5,512,274 inthe second quarter of fiscal 2024.

Previous wording

Additionally, we have evaluated our investment in Sky Harbour as of March 31, 2025, and determined that there was not an other-than-temporary impairment. Our conclusion was based on several contributing factors, including: (i) our assessment that the underlying business and financial condition of Sky Harbour is favorable, (ii) Sky Harbour's stock price trading above our carrying value for an extended period of time, and (iii) our ability and intent to hold the investment. We will continue to review our investment in Sky Harbour for an other-than-temporary impairment on a quarterly basis or upon the occurrence of certain events. If Sky Harbour's stock price drops below our carrying value of $5.61 per share for a sustained period of time, it will likely result in an impairment of our investment. There may also be a future impairment of our investment if our expectations about Sky Harbour's prospective results of operations and cash flows decline, which could be influenced by a variety of factors including adverse market conditions.

Current wording

Additionally, we have evaluated our investment in Sky Harbour as of June 30, 2025, and determined that there was not an other-than-temporary impairment. Our conclusion was based on several contributing factors, including: (i) our assessment that the underlying business and financial condition of Sky Harbour is favorable, (ii) Sky Harbour's stock price trading above our carrying value for an extended period of time, and (iii) our ability and intent to hold the investment. We will continue to review our investment in Sky Harbour for an other-than-temporary impairment on a quarterly basis or upon the occurrence of certain events. If Sky Harbour's stock price drops below our carrying value of $6.14 per share for a sustained period of time, it will likely result in an impairment of our investment. There may also be a future impairment of our investment if our expectations about Sky Harbour's prospective results of operations and cash flows decline, which could be influenced by a variety of factors including adverse market conditions.

Previous wording

*Net Loss Attributable to Common Stockholders.*We had a net loss attributable to common stockholders in the amount of $669,285 in thefirst quarter of fiscal 2025, or a loss per share of$0.02, based on 31,428,298 diluted weighted average shares outstanding. This is compared to a net loss attributable to common stockholders of $2,808,081 in thefirst quarter of fiscal 2024, or a loss per share of $0.09, based on 31,331,597 diluted weighted average shares outstanding.

Current wording

*Net Loss Attributable to Common Stockholders.*We had a net loss attributable to common stockholders in the amount of $2,320,083 in thesecond quarter of fiscal 2025, or a loss per share of$0.07, based on 31,453,434 diluted weighted average shares outstanding. This is compared to a net loss attributable to common stockholders of $2,235,219 in thesecond quarter of fiscal 2024, or a loss per share of $0.07, based on 31,853,692 diluted weighted average shares outstanding.

Previous wording

*Other Expense.*During thefirst quarter of fiscal 2025, we had net other expense of $1,817,197. Net other expense included non-cash losses of $2,314,405 from unconsolidated affiliates mainly related to our equity method position in Sky Harbour and interest expense of $541,720 mainly incurred under Link's term loan and revolver and BOB's credit facility. These items were partially offset by $736,010 in other investment income mainly driven by $1,275,676 in realized gains on the sale of 220,889 shares of Sky Harbour Class A common stock and a $1,235,165 unrealized gain on the Sky Harbour warrants held by Boston Omaha, which was partially offset by other investment losses of $2,019,748 within BOAM primarily related to changes in the fair value of the remaining assets within the 24th Street and BFR Funds, and interest and dividend income of $302,918. During thefirst quarter of fiscal 2024, we had net other expense of $2,125,963, which included non-cash losses of $10,171,615 from unconsolidated affiliates mainly related to our equity method position in Sky Harbour and interest expense of $282,033 mainly incurred under Link's term loan. These items were partially offset by $7,788,445 in other investment income mainly related to the Sky Harbour warrants held by Boston Omaha and interest and dividend income of $539,240.

Current wording

*Other Income (Expense).*During thefirst six months of fiscal 2025, we had net other expense of $6,309,717. Net other expense included losses of $9,573,102 in other investment losses mainly driven by a $9,418,130 unrealized loss on the Sky Harbour warrants held by Boston Omaha and losses of $4,659,948 within BOAM primarily related to changes in the fair value of the remaining assets within the 24th Street and BFR Funds, which was partially offset by $4,134,847 in realized gains on the sale of 730,095 shares of Sky Harbour Class A common stock, and interest expense of $1,114,798 mainly incurred under Link's term loan and revolver and BOB's credit facility. These items were partially offset by income of $3,833,176 from unconsolidated affiliates mainly related to our equity method position in Sky Harbour and interest and dividend income of $545,007. During thefirst six months of fiscal 2024, we had net other income of $231,444, which included $7,243,060 in other investment income mainly driven by a $4,014,285 unrealized gain on the Sky Harbour warrants held by Boston Omaha, $1,957,056 in non-cash gains associated with the transfer of Sky Harbour Class A common stock to our former Co-CEO as a part of his separation and stock repurchase agreement, $894,324 in realized gains on the sale of 246,389 shares of Sky Harbour Class A common stock, and interest and dividend income of $853,015. These items were partially offset by a non-cash loss of $7,214,228 from unconsolidated affiliates mainly related to our equity method position in Sky Harbour and interest expense of $650,403 mainly incurred under Link's term loan and revolver.

Previous wording

The following tables report results for the following four segments in which we operate: billboards, broadband, insurance and asset management for the first quarter of fiscal 2025 and the first quarter of fiscal 2024:

Current wording

The following tables report results for the following four segments in which we operate: billboards, broadband, insurance and asset management for the second quarter of fiscal 2025 and the second quarter of fiscal 2024:

Previous wording

*Comparison of the First Quarter of Fiscal 2025 to the First Quarter of Fiscal 2024.*In the first quarter of fiscal 2025, total operating revenues increased by 6.6% when compared to the first quarter of fiscal 2024 mainly reflecting subscriber growth across a number of our markets. The key factors affecting our broadband operations results during the first quarter of fiscal 2025 were as follows:

Current wording

*Comparison of the Second Quarter of Fiscal 2025 to the Second Quarter of Fiscal 2024.*In the second quarter of fiscal 2025, total operating revenues increased by 4.6% when compared to the second quarter of fiscal 2024 mainly reflecting subscriber growth across a number of our markets. The key factors affecting our broadband operations results during the second quarter of fiscal 2025 were as follows:

Previous wording

*Comparison of the First Quarter of Fiscal 2025 to the First Quarter of Fiscal 2024.*In the first quarter of fiscal 2025, total operating revenues increased by 31.6% when compared to the first quarter of fiscal 2024, mainly due to increased earned premium at our UCS insurance subsidiary. The key factors affecting our insurance operations results during the first quarter of fiscal 2025 were as follows:

Current wording

*Comparison of the Second Quarter of Fiscal 2025 to the Second Quarter of Fiscal 2024.*In the second quarter of fiscal 2025, total operating revenues increased by 12.1% when compared to the second quarter of fiscal 2024, mainly due to increased earned premium at our UCS insurance subsidiary. The key factors affecting our insurance operations results during the second quarter of fiscal 2025 were as follows:

Previous wording

*Comparison of the First Quarter of Fiscal 2025 to the First Quarter of Fiscal 2024.*In September 2017, we formed our asset management business. Throughout fiscal 2022 and fiscal 2023 we had been hiring within our asset management business to ensure adequate staffing for the anticipated demands and needs of the business. In May 2023, we acquired 100% of the membership interests in 24th Street from the members of 24th Street other than BOAM. As previously mentioned, we are winding down BOAM's operations and have implemented significant cost-cutting measures, which occurred principally in the second half of fiscal 2024. Therefore, comparisons of our asset management results for the first quarter of fiscal 2025 to the first quarter of fiscal 2024 may not be meaningful. The key factors affecting our asset management operations results during the first quarter of fiscal 2025 were as follows:

Current wording

*Comparison of the Second Quarter of Fiscal 2025 to the Second Quarter of Fiscal 2024.*In September 2017, we formed our asset management business. Throughout fiscal 2022 and fiscal 2023 we had been hiring within our asset management business to ensure adequate staffing for the anticipated demands and needs of the business. In May 2023, we acquired 100% of the membership interests in 24th Street from the members of 24th Street other than BOAM. As previously mentioned, we are winding down BOAM's operations and have implemented significant cost-cutting measures, which occurred principally in the second half of fiscal 2024. Therefore, comparisons of our asset management results for the second quarter of fiscal 2025 to the second quarter of fiscal 2024 may not be meaningful. The key factors affecting our asset management operations results during the second quarter of fiscal 2025 were as follows:

Previous wording

*Comparison of the First Quarter of Fiscal 2025 to the First Quarter of Fiscal 2024.*In the first quarter of fiscal 2025, there was a 0.6% increase in net billboard revenues from the first quarter of fiscal 2024, reflecting steady rental and occupancy rates across a number of our markets. The key factors affecting our billboard operations results during the first quarter of fiscal 2025 were as follows:

Current wording

*Comparison of the First Six Months of Fiscal 2025 to the First Six Months of Fiscal 2024.*In the first six months of fiscal 2025, there was a 0.3% increase in net billboard revenues from the first six months of fiscal 2024, reflecting steady rental and occupancy rates across a number of our markets. The key factors affecting our billboard operations results during the first six months of fiscal 2025 were as follows:

Previous wording

Cash Flows for the First Three Months of Fiscal 2025 compared to the First Three Months of Fiscal 2024

Current wording

Cash Flows for the First Six Months of Fiscal 2025 compared to the First Six Months of Fiscal 2024

Previous wording

The table below summarizes our cash flows, in dollars, for the first three months of fiscal 2025 and the first three months of fiscal 2024:

Current wording

The table below summarizes our cash flows, in dollars, for the first six months of fiscal 2025 and the first six months of fiscal 2024:

Previous wording

Net Cash Provided by Operating Activities. Net cash provided by operating activities was $2,555,668 for the first three months of fiscal 2025 compared to net cash provided by operating activities of $2,415,294 for the first three months of fiscal 2024. The increase in net cash provided by operating activities was mainly driven by improved cash flow generation within our broadband business as well as lower expenses within our asset management business and at Boston Omaha's parent company. These items were partially offset by an increase in expenses within our billboard and insurance businesses as well as a decrease in accounts payable and accrued expenses.

Current wording

Net Cash Provided by Operating Activities. Net cash provided by operating activities was $7,114,835 for the first six months of fiscal 2025 compared to net cash provided by operating activities of $6,920,547 for the first six months of fiscal 2024. The increase in net cash provided by operating activities was mainly driven by improved cash flow generation within our broadband business as well as lower expenses within our asset management business and Boston Omaha's parent company. These items were partially offset by an increase in expenses within our billboard and insurance businesses as well as a decrease in accounts payable and accrued expenses.

Previous wording

Net Cash (Used in) Provided by Investing Activities. Net cash used in investing activities was $11,226,609 for the first three months of fiscal 2025 as compared with net cash provided by investing activities of $22,884,604 for the first three months of fiscal 2024. During the first three months of fiscal 2025, net cash used in investing activities is primarily attributable to $6,858,590 in capital expenditures mainly within our broadband businesses as well as $4,368,019 in net cash used to purchase U.S. Treasury securities.

Current wording

Net Cash (Used in) Provided by Investing Activities. Net cash used in investing activities was $11,381,922 for the first six months of fiscal 2025 as compared with net cash provided by investing activities of $30,155,714 for the first six months of fiscal 2024. During the first six months of fiscal 2025, net cash used in investing activities is primarily attributable to $14,158,366 in capital expenditures mainly within our broadband businesses which was partially offset by $2,790,957 in net cash proceeds mainly from the sale of marketable equity securities and U.S. Treasury securities.

Previous wording

Net Cash Provided by (Used in) Financing Activities. Net cash provided by financing activities was $6,825,958 during the first three months of fiscal 2025 as compared to net cash used in financing activities of $4,646,567 during the first three months of fiscal 2024. During the first three months of fiscal 2025, net cash provided by financing activities mainly consisted of $4,916,822 in collateral received at UCS, $3,500,000 in borrowings on BOB's credit facility, and $525,256 in proceeds from the issuance of stock related to Magnolia Capital Fund, LP's exercise of its Class B warrants. These items were partially offset by $1,669,886 in distributions to noncontrolling interests from the 24th St and BFR Funds and $359,064 in principal payments on long-term debt.

Current wording

Net Cash Provided by (Used in) Financing Activities. Net cash provided by financing activities was $9,909,797 during the first six months of fiscal 2025 as compared to net cash used in financing activities of $39,086,411 during the first six months of fiscal 2024. During the first six months of fiscal 2025, net cash provided by financing activities mainly consisted of $7,500,000 in borrowings on BOB's credit facility, $4,855,349 in collateral received at UCS, and $525,256 in proceeds from the issuance of stock related to Magnolia Capital Fund, LP's exercise of its Class B warrants. These items were partially offset by $1,669,886 in distributions to noncontrolling interests from the 24th St and BFR Funds and $1,297,984 in principal payments on long-term debt.

Previous wording

Currently, we own billboards in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia and Wisconsin, a surety insurance company we acquired in December 2016, surety insurance brokerage firms we acquired in 2016, 2017 and 2021, broadband services providers whose assets we acquired in 2020, 2022 and 2023, an asset management business, minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, and a developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars. At March 31, 2025, we had approximately $22.3 million in unrestricted cash and approximately $19.3 million in short-term U.S. Treasury securities. Our strategy is to continue to acquire other billboard locations, insurance businesses, and broadband service providers as well as acquire other businesses and open new businesses which we believe have the potential to generate positive cash flows when made at what we believe to be attractive prices relative to other opportunities generally available to us. We currently expect to finance any future acquisitions and investments with cash, debt, and seller or third-party financing. In the future, we may satisfy all or a portion of the purchase price for an acquisition with our equity securities. In addition, we have made investments in several companies and expect to continue to make investments in the securities of both publicly traded and privately held companies.

Current wording

Currently, we own billboards in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia and Wisconsin, a surety insurance company we acquired in December 2016, surety insurance brokerage firms we acquired in 2016, 2017 and 2021, broadband services providers whose assets we acquired in 2020, 2022 and 2023, an asset management business, minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, and a developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars. At June 30, 2025, we had approximately $29.7 million in unrestricted cash and approximately $18.4 million in short-term U.S. Treasury securities. Our strategy is to continue to acquire other billboard locations, insurance businesses, and broadband service providers as well as acquire other businesses and open new businesses which we believe have the potential to generate positive cash flows when made at what we believe to be attractive prices relative to other opportunities generally available to us. We currently expect to finance any future acquisitions and investments with cash, debt, and seller or third-party financing. In the future, we may satisfy all or a portion of the purchase price for an acquisition with our equity securities. In addition, we have made investments in several companies and expect to continue to make investments in the securities of both publicly traded and privately held companies.

Previous wording

On July 23, 2024, the Board approved and authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company intends to repurchase up to $20 million of its Class A common stock, from time to time, in the open market, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The Board also authorized the Company, in its discretion, to establish “Rule 10b5-1 trading plans” for these share repurchases. The Share Repurchase Program went into effect on or about August 15, 2024 and will terminate on September 30, 2025, unless earlier terminated in the discretion of the Board. The actual timing, number, and value of shares repurchased under the Share Repurchase Program will depend on a number of factors, including constraints specified in applicable SEC regulations, price, general business and market conditions, and alternative investment opportunities. Pursuant to the Share Repurchase Program, the Company is not obligated to repurchase any specific number of shares of its Class A common stock and shall not repurchase more than 25% of the average daily volume of its stock over the previous 20 trading days. To date, we have repurchased 111,323 shares of our Class A common stock for a total cost of approximately $1.6 million. We did not repurchase any shares of our Class A common stock during the first three months of fiscal 2025 due to a stock repurchase blackout period.

Current wording

On July 23, 2024, the Board approved and authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company intends to repurchase up to $20 million of its Class A common stock, from time to time, in the open market, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The Board also authorized the Company, in its discretion, to establish “Rule 10b5-1 trading plans” for these share repurchases. The Share Repurchase Program went into effect on or about August 15, 2024 and will terminate on September 30, 2025, unless earlier terminated in the discretion of the Board. The actual timing, number, and value of shares repurchased under the Share Repurchase Program will depend on a number of factors, including constraints specified in applicable SEC regulations, price, general business and market conditions, and alternative investment opportunities. Pursuant to the Share Repurchase Program, the Company is not obligated to repurchase any specific number of shares of its Class A common stock and shall not repurchase more than 25% of the average daily volume of its stock over the previous 20 trading days. To date, we have repurchased 111,323 shares of our Class A common stock for a total cost of approximately $1.6 million. We did not repurchase any shares of our Class A common stock during the first six months of fiscal 2025 due to stock repurchase blackout periods which covered much of the first six months of the year.

Previous wording

Long-term debt included within our Consolidated Balance Sheets as of March 31, 2025 consists of Link’s Term Loan borrowings of approximately $26,300,000, of which approximately $860,000 is classified as current, and $9,600,000 related to the revolving line of credit.

Current wording

Long-term debt included within our Condensed Consolidated Balance Sheets as of June 30, 2025 consists of Link’s Term Loan borrowings of approximately $26,100,000, of which approximately $870,000 is classified as current, and $9,100,000 related to the revolving line of credit.

Previous wording

Long-term debt included within our Consolidated Balance Sheets as of March 31, 2025 consists of approximately $6,800,000 under BOB's credit facility, of which approximately $700,000 is classified as current.

Current wording

Long-term debt included within our Condensed Consolidated Balance Sheets as of June 30, 2025 consists of approximately $10,600,000 under BOB's credit facility, of which approximately $1,050,000 is classified as current.

Previous wording

We believe that our existing cash and short-term investments, funds available through the Credit Agreement Link entered into on August 12, 2019, as amended, funds available through the Credit Agreement Boston Omaha Broadband entered into on September 17, 2024, any funds that we may receive from cash flows from operations, future potential sales of our Sky Harbour stock, and any funds that we may receive through the sale of real estate assets in the 24th Street and BFR Funds will be sufficient to meet working capital requirements and anticipated capital expenditures for the next 12 months. At March 31, 2025, we had approximately $22.3 million in unrestricted cash and approximately $19.3 million in short-term U.S. Treasury securities.

Current wording

We believe that our existing cash and short-term investments, funds available through the Credit Agreement Link entered into on August 12, 2019, as amended, funds available through the Credit Agreement Boston Omaha Broadband entered into on September 17, 2024, any funds that we may receive from cash flows from operations, future potential sales of our Sky Harbour stock, and any funds that we may receive through the sale of real estate assets in the 24th Street and BFR Funds will be sufficient to meet working capital requirements and anticipated capital expenditures for the next 12 months. At June 30, 2025, we had approximately $29.7 million in unrestricted cash and approximately $18.4 million in short-term U.S. Treasury securities.

Previous wording

The preparation of the consolidated financial statements and related notes to the consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. We base these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates. Information with respect to our critical accounting policies that we believe could have the most significant effect on our reported results or require subjective or complex judgments by management is contained inItem 7,Management’s Discussion and Analysis of Financial Condition and Results of Operations, and in theNotes to the Consolidated Financial Statements each in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on March 27, 2024.

Current wording

The preparation of the condensed consolidated financial statements and related notes to the consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. We base these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates. Information with respect to our critical accounting policies that we believe could have the most significant effect on our reported results or require subjective or complex judgments by management is contained inItem 7,Management’s Discussion and Analysis of Financial Condition and Results of Operations, and in theNotes to the Consolidated Financial Statements each in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on March 28, 2025. There have been no material changes to the critical accounting policies and estimates as previously disclosed in Item 7 of our 2024 Form 10-K.