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of Contents](#toc)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n** **\n\n**FORM 10-Q**\n\n \n\n** **\n\n**(MARK ONE)**\n\n \n\n☒\n\n**QUARTERLY REPORT****PURSUANT TO****SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\nFor the quarterly period ended March 31, 2026\n\n \n\n☐\n\n**TRANSITION REPORT****PURSUANT TO****SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\nFor the transition period from                      to                     \n\n** **\n\n**Commission file number****001-38113**\n\n \n\n**BOSTON OMAHA CORPORATION**\n\n**(Exact Name of Registrant as Specified in Its Charter)**\n\n \n\n \n  \n\n**Delaware**\n\n \n\n**27-0788438**\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n \n\n(I.R.S. Employer Identification No.)\n\n** **\n\n**1601 Dodge Street, Suite 3300, Omaha, Nebraska 68102**\n\n(Address of principal executive offices, Zip Code)\n\n** **\n\n**(857) 256-0079**\n\n(Registrant’s telephone number, including area code)\n\n \n\n \n\nSecurities registered under Section 12(b) of the Exchange Act:\n\n** **\n\n**Title of Class**\n\n**Trading Symbol**\n\n**Name of Exchange on Which Registered**\n\nClass A common stock,\n$0.001 par value per share\n\nBOC\n\nThe New York Stock Exchange\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒   No ☐ \n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n☐\n\n    \n\nNon-accelerated filer\n\n☒ \n\nSmaller reporting company\n☐\n\n    \n\n  \nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒\n\n \n\nIndicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 29,823,849 shares of Class A common stock and 580,558 shares of Class B common stock as of May 13, 2026.\n\n \n\n1\n\n[Table of Contents](#toc)\n\n \n\n \n\n \n\n**BOSTON OMAHA CORPORATION**\n\n**QUARTERLY REPORT ON FORM 10-Q**\n\n**FOR THE PERIOD END****ED March 31, 2026**\n\n**TABLE OF CONTENTS**\n\n** **\n\n \n\nPage\n\n[Part I – Financial Information](#part1)\n\n[4](#part1)\n\n[Item 1. Condensed Consolidated Financial Statements (Unaudited).](#part1)\n[4](#part1)\n\n[Condensed Consolidated Balance Sheets – March 31, 2026 and December 31, 2025](#part1)\n[4](#part1)\n\n[Condensed Consolidated Statements of Operations – Three Months Ended March 31, 2026 and 2025](#ops)\n[6](#ops)\n\n[Condensed Consolidated Statements of Changes in Stockholders’ Equity – Three Months Ended March 31, 2026 and 2025](#equity)\n[7](#equity)\n\n[Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2026 and March 31, 2025](#cf)\n[9](#cf)\n\n[Notes to Condensed Consolidated Financial Statements](#notes)\n[11](#notes)\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.](#item2)\n\n[31](#item2)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk.](#item3)\n\n[45](#item3)\n\n[Item 4. Controls and Procedures.](#item4)\n\n[45](#item4)\n\n[Part II – Other Information](#p2)\n\n[47](#p2)\n\n[Item 1. Legal Proceedings.](#p2item1)\n\n[47](#p2item1)\n\n[Item 1A. Risk Factors.](#p2item1a)\n\n[47](#p2item1a)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.](#p2item2)\n\n[47](#p2item2)\n\n[Item 3. Defaults Upon Senior Securities.](#p2item3)\n\n[47](#p2item3)\n\n[Item 4. Mine Safety Disclosures.](#p2item4)\n\n[47](#p2item4)\n\n[Item 5. Other Information.](#p2item5)\n\n[47](#p2item5)\n\n[Item 6. Exhibits.](#p2item6)\n\n[47](#p2item6)\n\n[Exhibit Index](#exindex)\n\n[48](#exindex)\n\n[Signatures](#sigs)\n\n[50](#sigs)\n\n \n\n*References**in this**Quarterly Report on**Form 10-Q to**“**the**Company**,**” “our Company,” “we,” “us,” “our,”*and*“Boston Omaha” refer to Boston Omaha Corporation and its consolidated subsidiaries, unless otherwise noted.*\n\n \n\n2\n\n[Table of Contents](#toc)\n\n  ****\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n** **\n\n**BOSTON OMAHA CORPORATION**\n\n**and SUBSIDIARIES**\n\n** **\n\n**Condensed Consolidated Financial Statements**\n\n**Unaudited**\n\n** **\n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n3\n\n[Table of Contents](#toc)\n\n \n\n \n\n**BOSTON OMAHA CORPORATION**\n\n**and SUBSIDIARIES**\n\n \n\n**Condensed Consolidated Balance Sheets**\n\n**Unaudited**\n\n*(in thousands, except share data)*\n\n \n\n**ASSETS**\n\n         \n\n  \n**March 31,**\n  \n**December 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n         \n\n**Current Assets:**\n   ** **   ** **\n\nCash and cash equivalents\n $28,791  $28,624 \n\nCash held by BOAM funds and other\n  2,223   4,180 \n\nAccounts receivable, net\n  11,613   16,022 \n\nShort-term investments\n  28,460   28,186 \n\nMarketable equity securities\n  214   868 \n\nU. S. Treasury securities\n  19,389   20,670 \n\nFunds held as collateral assets\n  13,897   13,910 \n\nPrepaid expense and other current assets\n  5,485   6,475 \n\n         \n\nTotal Current Assets\n  110,072   118,935 \n\n         \n\nProperty and Equipment, net\n  174,522   172,604 \n\n         \n\n**Other Assets:**\n   ** **   ** **\n\nGoodwill\n  182,380   182,380 \n\nIntangible assets, net\n  49,572   51,359 \n\nInvestments\n  46,561   51,434 \n\nInvestments in unconsolidated affiliates\n  73,054   74,817 \n\nDeferred policy acquisition costs\n  3,145   2,945 \n\nRight of use assets\n  56,681   58,427 \n\nOther\n  172   172 \n\n         \n\nTotal Other Assets\n  411,565   421,534 \n\n         \n\nTotal Assets\n $696,159  $713,073 \n\n \n\nSee accompanying notes to the unaudited condensed consolidated financial statements.\n\n \n\n4\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION**\n\n**and SUBSIDIARIES**\n\n \n\n**Condensed Consolidated Balance Sheets (Continued)**\n\n**Unaudited**\n\n*(in thousands, except share data)*\n\n \n\n**LIABILITIES AND STOCKHOLDERS' EQUITY**\n\n         \n\n  \n**March 31,**\n  \n**December 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n         \n\n**Current Liabilities:**\n   ** **   ** **\n\nAccounts payable and accrued expenses\n $12,261  $13,952 \n\nShort-term payables for business acquisitions\n  1,361   1,361 \n\nLease liabilities\n  4,973   5,270 \n\nFunds held as collateral\n  13,897   13,910 \n\nUnpaid losses and loss adjustment expenses\n  7,786   6,539 \n\nUnearned premiums\n  13,278   13,576 \n\nCurrent maturities of long-term debt\n  2,396   2,387 \n\nDeferred revenue\n  3,330   3,178 \n\n         \n\nTotal Current Liabilities\n  59,282   60,173 \n\n         \n\n**Long-term Liabilities:**\n   ** **   ** **\n\nAsset retirement obligations\n  4,286   4,231 \n\nLease liabilities\n  52,501   54,384 \n\nLong-term debt, less current maturities\n  45,779   46,385 \n\nOther long-term liabilities\n  73   88 \n\nDeferred tax liability\n  11,070   11,739 \n\n         \n\nTotal Liabilities\n  172,991   177,000 \n\n         \n\n**Stockholders' Equity:**\n   ** **   ** **\n\nPreferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding\n  -   - \n\nClass A common stock, $.001 par value, 38,838,884 shares authorized, 31,023,416 and 31,019,355 shares issued, respectively\n  31   31 \n\nClass B common stock, $.001 par value, 1,161,116 shares authorized, 580,558 and 580,558 shares issued and outstanding, respectively\n  1   1 \n\nAdditional paid-in capital\n  540,760   540,710 \n\nTreasury stock, at cost, 937,896 and 117,115 shares, respectively\n  (12,246)  (7,429)\n\nAccumulated deficit\n  (19,325)  (17,176)\n\n         \n\nTotal Boston Omaha Stockholders' Equity\n  509,221   516,137 \n\nNoncontrolling interests\n  13,947   19,936 \n\nTotal Equity\n  523,168   536,073 \n\n         \n\nTotal Liabilities and Stockholders' Equity\n $696,159  $713,073 \n\n \n\nSee accompanying notes to the unaudited condensed consolidated financial statements.\n\n \n\n5\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION**\n\n**and SUBSIDIARIES**\n\n \n\n \n\n**Condensed Consolidated Statements of Operations**\n\n**Unaudited**\n\n*(in thousands, except share data)*\n\n \n\n \n \n\n**For the Three Months Ended**\n\n \n\n \n \n\n**March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n \n \n \n \n \n\n**Revenues:**\n\n \n \n \n** **\n \n \n \n** **\n\nBillboard rentals, net\n\n \n$\n10,973\n \n \n$\n10,764\n \n\nBroadband services\n\n \n \n10,750\n \n \n \n10,320\n \n\nPremiums earned\n\n \n \n5,457\n \n \n \n5,564\n \n\nInsurance commissions\n\n \n \n631\n \n \n \n579\n \n\nInvestment and other income\n\n \n \n438\n \n \n \n503\n \n\n \n \n \n \n \n \n \n \n \n\nTotal Revenues\n\n \n \n28,249\n \n \n \n27,730\n \n\n \n \n \n \n \n \n \n \n \n\n**Costs and Expenses:**\n\n \n \n \n** **\n \n \n \n** **\n\nCost of billboard revenues (exclusive of depreciation and amortization)\n\n \n \n3,490\n \n \n \n3,844\n \n\nCost of broadband revenues (exclusive of depreciation and amortization)\n\n \n \n2,565\n \n \n \n2,373\n \n\nCost of insurance revenues (exclusive of depreciation and amortization)\n\n \n \n4,722\n \n \n \n2,864\n \n\nEmployee costs\n\n \n \n8,326\n \n \n \n8,810\n \n\nProfessional fees\n\n \n \n1,101\n \n \n \n741\n \n\nGeneral and administrative\n\n \n \n3,879\n \n \n \n3,780\n \n\nAmortization\n\n \n \n1,877\n \n \n \n1,911\n \n\nDepreciation\n\n \n \n4,446\n \n \n \n4,027\n \n\n(Gain) loss on disposition of assets\n\n \n \n(24\n)\n \n \n124\n \n\nAccretion\n\n \n \n55\n \n \n \n54\n \n\n \n \n \n \n \n \n \n \n \n\nTotal Costs and Expenses\n\n \n \n30,437\n \n \n \n28,528\n \n\n \n \n \n \n \n \n \n \n \n\nNet Loss from Operations\n\n \n \n(2,188\n)\n \n \n(798\n)\n\n \n \n \n \n \n \n \n \n \n\n**Other Income (Expense):**\n\n \n \n \n** **\n \n \n \n** **\n\nInterest and dividend income\n\n \n \n271\n \n \n \n303\n \n\nEquity in loss of unconsolidated affiliates\n\n \n \n(1,691\n)\n \n \n(2,314\n)\n\nOther investment income\n\n \n \n992\n \n \n \n736\n \n\nInterest expense\n\n \n \n(609\n)\n \n \n(542\n)\n\n \n \n \n \n \n \n \n \n \n\nNet Loss Before Income Taxes\n\n \n \n(3,225\n)\n \n \n(2,615\n)\n\nIncome tax benefit\n\n \n \n669\n \n \n \n187\n \n\n \n \n \n \n \n \n \n \n \n\nNet Loss\n\n \n \n(2,556\n)\n \n \n(2,428\n)\n\nNoncontrolling interest in subsidiary loss\n\n \n \n407\n \n \n \n1,758\n \n\n \n \n \n \n \n \n \n \n \n\nNet Loss Attributable to Common Stockholders\n\n \n$\n(2,149\n)\n \n$\n(670\n)\n\n \n \n \n \n \n \n \n \n \n\nBasic Net Loss per Share\n\n \n$\n(0.07\n)\n \n$\n(0.02\n)\n\n \n \n \n \n \n \n \n \n \n\nDiluted Net Loss per Share\n\n \n$\n(0.07\n)\n \n$\n(0.02\n)\n\n \n \n \n \n \n \n \n \n \n\nBasic Weighted Average Class A and Class B Common Shares Outstanding\n\n \n \n30,804,628\n \n \n \n31,428,298\n \n\n \n \n \n \n \n \n \n \n \n\nDiluted Weighted Average Class A and Class B Common Shares Outstanding\n\n \n \n30,804,628\n \n \n \n31,428,298\n \n\n \n\nSee accompanying notes to the unaudited condensed consolidated financial statements.** **\n\n \n\n6\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION**\n\n**and SUBSIDIARIES**\n\n \n\n**Condensed Consolidated Statements of Changes in Stockholders' Equity**\n\n**Unaudited**\n\n*(in thousands, except share data)*\n\n \n\n \n \n\n**No. of shares**\n\n \n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n\n \n \n\n**Class A Common Stock**\n\n \n \n\n**Class B Common Stock**\n\n \n \n\n**Class A Common Stock**\n\n \n \n\n**Class B Common Stock**\n\n \n \n\n**Additional Paid-in Capital**\n\n \n \n\n**Treasury Stock**\n\n \n \n\n**Non-controlling Interest**\n\n \n \n\n**Retained Earnings**\n\n \n \n\n**Total**\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBeginning Balance, December 31, 2024\n\n \n \n30,943,349\n \n \n \n527,780\n \n \n$\n31\n \n \n$\n1\n \n \n$\n539,126\n \n \n$\n(1,589\n)\n \n$\n29,900\n \n \n$\n(4,749\n)\n \n$\n562,720\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nStock issued for cash\n\n \n \n-\n \n \n \n52,778\n \n \n \n-\n \n \n \n-\n \n \n \n525\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n525\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nStock issued as compensation\n\n \n \n46,642\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n702\n \n \n \n(87\n)\n \n \n-\n \n \n \n-\n \n \n \n615\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDistributions to noncontrolling interests, Build for Rent subsidiary\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(1,120\n)\n \n \n-\n \n \n \n(1,120\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDistributions to noncontrolling interests, 24th Street Asset Management\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(549\n)\n \n \n-\n \n \n \n(549\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet loss attributable to noncontrolling interests\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(1,758\n)\n \n \n-\n \n \n \n(1,758\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet loss attributable to common stockholders, March 31, 2025\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(669\n)\n \n \n(669\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nEnding Balance, March 31, 2025\n\n \n \n30,989,991\n \n \n \n580,558\n \n \n$\n31\n \n \n$\n1\n \n \n$\n540,353\n \n \n$\n(1,676\n)\n \n$\n26,473\n \n \n$\n(5,418\n)\n \n$\n559,764\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n** **See accompanying notes to the unaudited condensed consolidated financial statements.\n\n \n\n7\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION**\n\n**and SUBSIDIARIES**\n\n \n\n**Condensed Consolidated Statements of Changes in Stockholders' Equity (Continued)**\n\n**Unaudited**\n\n*(in thousands, except share data)*\n\n \n\n \n \n\n**No. of shares**\n\n \n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n \n \n* *\n** **\n\n \n \n\n**Class A Common Stock**\n\n \n \n\n**Class B Common Stock**\n\n \n \n\n**Class A Common Stock**\n\n \n \n\n**Class B Common Stock**\n\n \n \n\n**Additional Paid-in Capital**\n\n \n \n\n**Treasury Stock**\n\n \n \n\n**Non-controlling Interest**\n\n \n \n\n**Retained Earnings (Accumulated Deficit)**\n\n \n \n\n**Total**\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBeginning Balance, December 31, 2025\n\n \n \n31,019,355\n \n \n \n580,558\n \n \n$\n31\n \n \n$\n1\n \n \n$\n540,710\n \n \n$\n(7,429\n)\n \n$\n19,936\n \n \n$\n(17,176\n)\n \n$\n536,073\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTreasury stock purchased\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(4,808\n)\n \n \n-\n \n \n \n-\n \n \n \n(4,808\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nStock issued as compensation\n\n \n \n4,061\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n50\n \n \n \n(9\n)\n \n \n-\n \n \n \n-\n \n \n \n41\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDistributions to noncontrolling interests, Build for Rent subsidiary\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(1,909\n)\n \n \n-\n \n \n \n(1,909\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDistributions to noncontrolling interests, 24th Street Asset Management\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(3,672\n)\n \n \n-\n \n \n \n(3,672\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDistributions to minority owners\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(1\n)\n \n \n-\n \n \n \n(1\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet loss attributable to noncontrolling interests\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(407\n)\n \n \n-\n \n \n \n(407\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet loss attributable to common stockholders, March 31, 2026\n\n \n \n*-*\n \n \n \n*-*\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(2,149\n)\n \n \n(2,149\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nEnding Balance, March 31, 2026\n\n \n \n31,023,416\n \n \n \n580,558\n \n \n$\n31\n \n \n$\n1\n \n \n$\n540,760\n \n \n$\n(12,246\n)\n \n$\n13,947\n \n \n$\n(19,325\n)\n \n$\n523,168\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n** **See accompanying notes to the unaudited condensed consolidated financial statements.\n\n \n\n8\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION**\n\n**and SUBSIDIARIES**\n\n \n\n**Condensed Consolidated Statements of Cash Flows**\n\n**Unaudited**\n\n*(in thousands, except share data)*\n\n \n\n  \n**For the Three Months Ended**\n \n\n  \n**March 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n**Cash Flows from Operating Activities:**\n   ** **   ** **\n\nNet Loss\n $(2,556) $(2,428)\n\nAdjustments to reconcile net loss to cash provided by operating activities:\n        \n\nAmortization of right of use assets\n  1,454   1,378 \n\nDepreciation, amortization, and accretion\n  6,378   5,992 \n\nIncome taxes\n  (669)  (190)\n\n(Gain) Loss on disposition of assets\n  (24)  124 \n\nBad debt expense\n  81   54 \n\nEquity in loss of unconsolidated affiliates\n  1,691   2,314 \n\nAmortization of bond premium\n  (237)  311 \n\nOther investment income\n  (992)  (736)\n\nCompensation paid in stock\n  50   702 \n\nOther\n  73   - \n\nChanges in operating assets and liabilities:\n        \n\nAccounts receivable\n  (77)  (159)\n\nInterest receivable\n  -   (27)\n\nPrepaid expenses\n  989   131 \n\nDeferred policy acquisition costs\n  (200)  (165)\n\nOther assets\n  -   (3)\n\nOther liabilities, exclusive of debt\n  (16)  (19)\n\nAccounts payable, accrued expenses, unpaid losses and loss adjustments\n  (444)  (3,156)\n\nLease liabilities\n  (1,495)  (1,462)\n\nUnearned premiums\n  (298)  (389)\n\nDeferred revenue\n  154   283 \n\n         \n\nNet Cash Provided by Operating Activities\n  3,862   2,555 \n\n         \n\n**Cash Flows from Investing Activities:**\n   ** **   ** **\n\nCapital expenditures\n  (6,484)  (6,859)\n\nProceeds from sales of investments\n  84,210   56,980 \n\nPurchases of investments\n  (72,391)  (61,348)\n\n         \n\nNet Cash Provided by (Used in) Investing Activities\n  5,335   (11,227)\n\n \n\nSee accompanying notes to the unaudited condensed consolidated financial statements.\n\n \n\n9\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION**\n\n**and SUBSIDIARIES**\n\n \n\n**Condensed Consolidated Statements of Cash Flows (Continued)**\n\n**Unaudited**\n\n*(in thousands, except share data)*\n\n \n\n \n \n\n**For the Three Months Ended**\n\n \n\n \n \n\n**March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n \n \n \n \n \n\n**Cash Flows from Financing Activities:**\n\n \n \n \n** **\n \n \n \n** **\n\nProceeds from the issuance of stock\n\n \n$\n-\n \n \n$\n525\n \n\nStock repurchased\n\n \n \n(4,808\n)\n \n \n(87\n)\n\nProceeds from long term credit facility\n\n \n \n-\n \n \n \n3,500\n \n\nPrincipal payments of long-term debt\n\n \n \n(596\n)\n \n \n(359\n)\n\nCollateral (release) receipt, net\n\n \n \n(13\n)\n \n \n4,916\n \n\nDistributions to noncontrolling interests\n\n \n \n(5,583\n)\n \n \n(1,669\n)\n\n \n \n \n \n \n \n \n \n \n\nNet Cash (Used in) Provided by Financing Activities\n\n \n \n(11,000\n)\n \n \n6,826\n \n\n \n \n \n \n \n \n \n \n \n\nNet Decrease in Cash, Cash Equivalents, and Restricted Cash\n\n \n \n(1,803\n)\n \n \n(1,846\n)\n\nCash, Cash Equivalents, and Restricted Cash, Beginning of Period\n\n \n \n46,714\n \n \n \n41,197\n \n\n \n \n \n \n \n \n \n \n \n\nCash, Cash Equivalents, and Restricted Cash, End of Period\n\n \n$\n44,911\n \n \n$\n39,351\n \n\n \n \n \n \n \n \n \n \n \n\nInterest Paid in Cash\n\n \n$\n609\n \n \n$\n576\n \n\nIncome Taxes Paid in Cash\n\n \n$\n4\n \n \n$\n3\n \n\n \n\nSee accompanying notes to the unaudited condensed consolidated financial statements.\n\n \n\n10\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n*(in thousands, except share data)*\n\n \n\n \n\n \n\n**NOTE 1.     ****ORGANIZATION AND BACKGROUND**\n\n*** ***\n\nBoston Omaha Corporation (\"Boston Omaha,\" the \"Company,\" \"we,\" \"us,\" and \"our\") was organized on *August 11, 2009*with present management taking over operations in *February 2015.*Our operations include (i) our outdoor advertising business with multiple billboards across Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia, and Wisconsin; (ii) our insurance business that specializes in surety bond underwriting and brokerage; (iii) our broadband business that provides high-speed broadband services to its customers; (iv) our asset management business; and (v) our minority investments primarily in real estate, real estate services, private aviation infrastructure, and banking. Our billboard operations are conducted through our subsidiary, Link Media Holdings, LLC, our insurance operations are conducted through our subsidiary, General Indemnity Group, LLC, our broadband operations are conducted through our subsidiary, Boston Omaha Broadband, LLC, and our asset management operations are conducted through our subsidiary, Boston Omaha Asset Management, LLC.\n\n \n\nWe completed an acquisition of an outdoor advertising business and entered the outdoor advertising industry on *June 19, 2015.*From *2015* through *2025,* we have completed more than *twenty* additional acquisitions of outdoor advertising businesses. \n\n \n\nOn *April 20, 2016,*we completed an acquisition of a surety bond brokerage business. On *December 7, 2016,*we acquired a fidelity and surety bond insurance company. From *2017* through *2025,* we completed *four* additional acquisitions of surety brokerage businesses.\n\n \n\nOn *March 10, 2020,*we completed the acquisition of a rural broadband internet provider located in Arizona. On *December 29, 2020,*we completed the acquisition of a *second* broadband internet provider located in Utah. On *April 1, 2022,*we completed the acquisition of our *third* broadband internet provider located in Utah.\n\n \n\nOn *September 25, 2020,*we filed a Registration Statement on Form S-*1* with the Securities and Exchange Commission for a proposed initial public offering of units of a special purpose acquisition company, which we refer to as the “SPAC,” named Yellowstone Acquisition Company, which we refer to as “Yellowstone.” Yellowstone completed its initial public offering on *October 26, 2020,*and on *January 25, 2022*completed a business combination with Sky Harbour Group, and Yellowstone changed its name to Sky Harbour Group Corporation (see Note *7* for further discussion).\n\n \n\n \n\n \n\n**NOTE 2.     ****SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n** **\n\nThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are *not* necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the *2025* Form *10*-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.\n\n \n\n****\n\n**Consolidation Policy**\n\n*** ***\n\nThe financial statements of Boston Omaha Corporation include the accounts of the Company and our consolidated subsidiaries, which are comprised of voting interest entities in which we have a controlling financial interest and variable interest entities for which we have determined that we are the primary beneficiary. All intercompany profits, losses, transactions, and balances have been eliminated in consolidation.\n\n \n\n*Variable Interest Entities (VIEs)* \n\n \n\nWe determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. Our determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based *first* on a qualitative analysis, and then a quantitative analysis, if necessary.\n\n \n\nWe analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary beneficiary, we evaluate our direct and indirect economic interests in the entity. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both: (i) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment.\n\n \n\n*11*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 2.     ****SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**** (Continued)**\n\n** **\n\n****\n\nWe consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but *not* limited to, the ability to direct operating decisions and activities. In addition, we consider the rights of other investors to participate in those decisions. We determine whether we are the primary beneficiary of a VIE at the time we become involved with a variable interest entity and reconsider that conclusion continually. We consolidate any VIE of which we are the primary beneficiary. Such VIEs consist of *24th* Street Fund I and *24th* Street Fund II, collectively “the *24th* Street Funds,” and Fund One Boston Omaha Build for Rent LP, which we refer to as \"BFR\". \n\n \n\nTotal assets of the consolidated VIEs included within our Condensed Consolidated Balance Sheets were approximately $21 million and $32 million as of *March 31, 2026* and *December 31, 2025,*respectively. Total liabilities of the consolidated VIEs included within our Condensed Consolidated Balance Sheets were approximately $54 thousand and $2 thousand as of *March 31, 2026* and *December 31, 2025,*respectively. As of *March 31, 2026* and *December 31, 2025,*the aggregate fair value of the *24th* Street Funds’ and BFR's investments in special purpose entities was approximately $19.7 million and $24.3 million, respectively. During the *first* quarter of *2026**,* the *24th* Street Funds’ and BFR's investments in special purpose entities recognized other investment loss of approximately $376 thousand, and distributions to the funds of approximately $4.1 million. The assets of the consolidated VIEs *may*only be used to settle obligations of the same VIE.\n\n \n\nOur consolidated subsidiaries at *March 31, 2026* include: \n\n \n\nLink Media Holdings, LLC which we refer to as “LMH\" and “Link”\n\nLink Media Alabama, LLC which we refer to as “LMA”\n\nLink Media Florida, LLC which we refer to as “LMF”\n\nLink Media Wisconsin, LLC which we refer to as “LMW”\n\nLink Media Georgia, LLC which we refer to as “LMG”\n\nLink Media Midwest, LLC which we refer to as “LMM”\n\nLink Media Omaha, LLC which we refer to as “LMO”\n\nLink Media Properties, LLC which we refer to as “LMP”\n\nLink Media Southeast, LLC which we refer to as “LMSE”\n\nLink Media Services, LLC which we refer to as “LMS”\n\nLink Billboards Oklahoma, LLC which we refer to as “LBO”\n\nGeneral Indemnity Group, LLC which we refer to as “GIG”\n\nUnited Casualty and Surety Insurance Company which we refer to as “UCS”\n\nBOSS Bonds Insurance Agency, LLC, which we refer to as \"BOSS Bonds\", formerly known as South Coast Surety Insurance Services, LLC, which we refer to as “SCS”\n\nBoston Omaha Investments, LLC which we refer to as “BOIC”\n\nBoston Omaha Asset Management, LLC which we refer to as “BOAM”\n\nFund One Boston Omaha Build for Rent LP which we refer to as “BFR”\n\nBOAM BFR, LLC which we refer to as “BOAM BFR”\n\nBOC Business Services, LLC which we refer to as “BBS” \n\nBOC Yellowstone, LLC which we refer to as “BOC Yellowstone”\n\nBOC Yellowstone II, LLC which we refer to as “BOC Yellowstone II”\n\n*24th* Street Asset Management LLC which we refer to as *“24th* Street”\n\n*24th* Street Fund I, LLC which we refer to as *“24th* Street Fund I”\n\n*24th* Street Fund II, LLC which we refer to as *“24th* Street Fund II”\n\nBoston Omaha Broadband, LLC which we refer to as “BOB”\n\nFIF AireBeam, LLC which we refer to as “AireBeam”\n\nFiber Fast Homes, LLC which we refer to as “FFH”\n\nFIF Utah, LLC which we refer to as “FIF Utah”\n\nFIF St George, LLC which we refer to as “FIF St George” or \"InfoWest\"\n\n \n\n*12*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 2.     ****SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES****(Continued)**\n\n \n\n****\n\n****\n\n**Revenues**\n\n** **\n\nThe majority of our advertising revenues are derived from contracts for advertising space on billboard structures and broadband internet services and are accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” *606**,* *Revenue* *from Contracts with Customers,*and under ASC *842,* *Leases.*\n\n \n\nPremium revenues derived from our insurance operations are subject to ASC *944,* *Financial Services*–*Insurance*.\n\n** **\n\n****\n\n**Revenue Recognition**\n\n \n\nBillboard Rentals\n\n \n\nWe generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the contracts range from less than one month to three years and are generally billed monthly. Revenue for advertising space rental is recognized on a straight-line basis over the term of the contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for operations. Payments received in advance of being earned are recorded as deferred revenue.    \n\n \n\nAnother component of billboard rentals consists of production services which include creating and printing advertising copy. Contract revenues for production services are accounted for under ASC *606,* *Revenue* *from Contracts with Customers*. Revenues are recognized at a point in time upon satisfaction of the contract, which is typically less than *one* week. \n\n \n\nPractical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC *606.* We generally expense sales commissions when incurred because the amortization period is *one* year or less. These costs are recorded within costs of billboard revenues exclusive of depreciation and amortization. We do *not* disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than *one* year. For contracts with customers which exceed *one* year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer.\n\n \n\nDeferred Revenues\n\n \n\nWe record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is *not* significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred revenue is considered short-term and will be recognized in revenue within *twelve* months.\n\n \n\nPremiums and Unearned Premium Reserves\n\n \n\nPremiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded of $1.6 million and $995 thousand for the *three* months ended *March 31, 2026* and *2025,* respectively, are included within “Premiums earned” in our Condensed Consolidated Statements of Operations.\n\n \n\nCommissions\n\n \n\nWe generate revenue from commissions on surety bond sales and account for commissions under ASC *606.* Insurance commissions are earned from various insurance companies based upon our agency agreements with them. We arrange with various insurance companies for the provision of a surety bond for entities that require a surety bond. The insurance company sets the price of the bond. The contract with the insurance company is fulfilled when the bond is issued by the insurance agency on behalf of the insurance company. The insurance commissions are calculated based upon a stated percentage applied to the gross premiums on bonds. Commissions are recognized at a point in time, on a bond-by-bond basis as of the policy effective date and are generally nonrefundable.\n\n \n\nBroadband Revenues\n\n \n\nBroadband revenue is derived principally from internet services and is recognized on a straight-line basis over the term of the contract in the period the services are rendered. Revenue received or receivable in advance of the delivery of services is included in deferred revenue.\n\n \n\n*13*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 2.     ****SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES****(Continued)**\n\n \n\n****\n\n**Recently Issued Accounting Pronouncements**\n\n \n\nIn *November 2024, *the FASB issued ASU *2024*-*03,* *Disaggregation of Income Statement Expenses*, which requires disclosures about specific types of expenses included in expense captions presented on the face of the Condensed Consolidated Statement of Operations. This guidance is effective for public entities for fiscal years beginning after *December 15, 2026. *We are currently reviewing this guidance and its impact on our condensed consolidated financial statements.\n\n \n\nIn *November 2025**,* the FASB issued ASU *2025*-*11**,* *Interim Reporting (Topic* *270): Narrow-Scope Improvements*, which clarifies certain aspects of interim reporting guidance, including the application of existing recognition and disclosure requirements in interim periods. The amendments are intended to improve the consistency and clarity of interim reporting practices. The amendments in ASU *2025*-*11* are effective for fiscal years beginning after *December 15, 2026**.* We are currently reviewing this guidance and its impact on our condensed consolidated financial statements.\n\n \n\nIn *December 2025**,* the FASB issued ASU *2025*-*12**,* *Codification Improvements*, which amends various sections of the Accounting Standards Codification to correct errors, clarify guidance, and make other incremental improvements to GAAP. The amendments address a wide range of topics including earnings per share, beneficial interests, transfers of receivables, treasury stock accounting, and certain disclosure requirements. The amendments are effective for fiscal years beginning after *December 15, 2026**.* We are currently reviewing this guidance and its impact on our consolidated financial statements.\n\n \n\n*14*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n \n\n**NOTE 3.     ****CASH, CASH EQUIVALENTS, AND RESTRICTED CASH**\n\n** **\n\nThe following table sets forth a reconciliation of cash, cash equivalents, and restricted cash reported in the Condensed Consolidated Statements of Cash Flows that agrees to the total of those amounts as presented in the Condensed Consolidated Statements of Cash Flows. \n\n \n\n  \n**March 31,**\n  \n**December 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n         \n\nCash and cash equivalents\n $28,791  $28,624 \n\nFunds held as collateral assets\n  13,897   13,910 \n\nCash held by BOAM funds and other\n  2,223   4,180 \n\n         \n\nTotal Cash, Cash Equivalents, and Restricted Cash as Presented in the Condensed Consolidated Statements of Cash Flows\n $44,911  $46,714 \n\n \n\n \n\n \n\n**NOTE 4.     ****ACCOUNTS RECEIVABLE**\n\n** **\n\nAccounts receivable consist of the following:    \n\n \n\n \n \n\n**March 31,**\n\n \n \n\n**December 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n \n \n \n \n \n\nTrade accounts\n\n \n$\n6,514\n \n \n$\n6,186\n \n\nPremiums\n\n \n \n4,348\n \n \n \n4,356\n \n\nRecoverables from reinsurers\n\n \n \n490\n \n \n \n1,218\n \n\nOther\n\n \n \n380\n \n \n \n4,405\n \n\nAllowance for credit losses\n\n \n \n(119\n)\n \n \n(143\n)\n\n \n \n \n \n \n \n \n \n \n\nTotal Accounts Receivable, net\n\n \n$\n11,613\n \n \n$\n16,022\n \n\n \n\n \n\n \n\n**NOTE 5.     ****PROPERTY AND EQUIPMENT**\n\n \n\nProperty and equipment consist of the following:   \n\n \n\n  \n**March 31,**\n  \n**December 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n         \n\nStructures and displays\n $69,472  $68,996 \n\nFiber, towers, and broadband equipment\n  157,712   151,933 \n\nLand\n  599   599 \n\nVehicles and equipment\n  11,576   11,493 \n\nOffice furniture and equipment\n  5,890   5,881 \n\nAccumulated depreciation\n  (70,727)  (66,298)\n\n         \n\nTotal Property and Equipment, net\n $174,522  $172,604 \n\n \n\nDepreciation expense for the *three* months ended *March 31, 2026*and *2025* was $4.4 million and $4 million, respectively.\n\n \n\n*15*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n****\n\n \n\n \n\n**NOTE 6.     ****INTANGIBLE ASSETS**\n\n** **\n\nIntangible assets consist of the following: \n\n \n\n  \n**March 31, 2026**\n  \n**December 31, 2025**\n \n\n   * *** ** \n**Accumulated**\n   * *** **  * *** ** \n**Accumulated**\n   * *** **\n\n  \n**Cost**\n  \n**Amortization**\n  \n**Balance**\n  \n**Cost**\n  \n**Amortization**\n  \n**Balance**\n \n\n                         \n\nCustomer relationships\n $72,028  $(45,622) $26,406  $72,028  $(44,283) $27,745 \n\nPermits, licenses, and lease acquisition costs\n  11,997   (8,008)  3,989   11,993   (7,745)  4,248 \n\nSite location\n  849   (490)  359   849   (476)  373 \n\nNoncompetition agreements\n  215   (215)  -   215   (215)  - \n\nTechnology\n  1,128   (732)  396   1,128   (707)  421 \n\nTrade names and trademarks\n  11,152   (3,007)  8,145   11,152   (2,861)  8,291 \n\nNonsolicitation agreement\n  325   (319)  6   325   (313)  12 \n\nCapitalized contract costs\n  3,495   (1,016)  2,479   3,408   (931)  2,477 \n\nIndefinite lived intangibles\n  7,792   *-*   7,792   7,792   *-*   7,792 \n\n                         \n\nTotal\n $108,981  $(59,409) $49,572  $108,890  $(57,531) $51,359 \n\n \n\n**Future Amortization**\n\n \n\nThe future amortization associated with the intangible assets is as follows:\n\n \n\n  \n**March 31,**\n   * *** **  * *** **\n\n  \n**2027**\n  \n**2028**\n  \n**2029**\n  \n**2030**\n  \n**2031**\n  \n**Thereafter**\n  \n**Total**\n \n\n                             \n\nCustomer relationships\n $5,425  $5,391  $4,242  $3,300  $2,919  $5,129  $26,406 \n\nPermits, licenses, and lease acquisition costs\n  1,066   1,028   590   243   167   895   3,989 \n\nSite location\n  57   57   57   57   57   74   359 \n\nNoncompetition agreements\n  -   -   -   -   -   -   - \n\nTechnology\n  99   99   99   99   -   -   396 \n\nTrade names and trademarks\n  575   526   526   526   526   5,466   8,145 \n\nNonsolicitation agreement\n  6   -   -   -   -   -   6 \n\nCapitalized contract costs\n  349   349   349   349   349   734   2,479 \n\n                             \n\nTotal\n $7,577  $7,450  $5,863  $4,574  $4,018  $12,298  $41,780 \n\n \n\nAmortization expense for the *three* months ended *March 31, 2026*and *2025* was $1.9 million and $1.9 million, respectively.\n\n** **\n\n*16*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 6.     ****INTANGIBLE ASSETS****(Continued)**\n\n** **\n\n****\n\nAs of *March 31, 2026*, the weighted average amortization period, in months, for intangible assets is as follows: \n\n \n\nCustomer relationships\n  58 \n\nPermits, licenses, and lease acquisition costs\n  43 \n\nSite location\n  76 \n\nTechnology\n  48 \n\nTrade names and trademarks\n  165 \n\nNonsolicitation agreement\n  3 \n\nCapitalized contract costs\n  85 \n\n \n\n \n\n \n\n**NOTE 7.     ****I****NVESTMENTS****, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD**\n\n** **\n\n**Short-term Investments**\n\n \n\nShort-term investments consist of U.S. Treasury securities and common stock warrants. The U.S. Treasury securities are held by UCS, classified as held to maturity, mature in less than *twelve* months, and are reported at amortized cost which approximates fair value. Our common stock warrants of Sky Harbour Group Corporation are measured at fair value, with any unrealized holding gains and losses during the period included in Other investment income. \n\n \n\n \n \n\n**March 31,**\n\n \n \n\n**December 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n \n \n \n \n \n\nU.S. Treasury notes held to maturity\n\n \n$\n23,056\n \n \n$\n23,198\n \n\nCommon stock warrants of Sky Harbour Group Corporation\n\n \n \n5,404\n \n \n \n4,988\n \n\n \n \n \n \n \n \n \n \n \n\nTotal\n\n \n$\n28,460\n \n \n$\n28,186\n \n\n \n\n**Marketable Equity Securities**\n\n \n\nOur marketable equity securities are publicly traded stocks measured at fair value using quoted prices for identical assets in active markets and classified as Level *1* within the fair value hierarchy. Our marketable equity securities are held by UCS. Marketable equity securities as of *March 31, 2026* and *December 31, 2025* are as follows:  \n\n \n\n \n \n \n* *\n** **\n \n\n**Gross**\n\n \n \n \n* *\n** **\n\n \n \n \n* *\n** **\n \n\n**Unrealized**\n\n \n \n\n**Fair**\n\n \n\n \n \n\n**Cost**\n\n \n \n\n**Gain (Loss)**\n\n \n \n\n**Value**\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nMarketable equity securities, March 31, 2026\n\n \n$\n209\n \n \n$\n5\n \n \n$\n214\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nMarketable equity securities, December 31, 2025\n\n \n$\n1,074\n \n \n$\n(206\n)\n \n$\n868\n \n\n \n\n*17*\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 7.     ****INVESTMENTS, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD****(Continued)**\n\n** **\n\n**U.S. Treasury Trading Securities**\n\n \n\nWe classify our investments in debt securities that are bought and held principally for the purpose of selling them in the near term as trading securities. Our debt securities classified as trading are carried at fair value in the Condensed Consolidated Balance Sheets, with the change in fair value during the period included in earnings. Interest income is recognized at the coupon rate. \n\n \n\nDebt securities classified as trading as of *March 31, 2026* and *December 31, 2025* are as follows:  \n\n \n\n \n \n \n* *\n** **\n \n\n**Gross**\n\n \n \n \n* *\n** **\n\n \n \n \n* *\n** **\n \n\n**Unrealized**\n\n \n \n\n**Fair**\n\n \n\n \n \n\n**Cost**\n\n \n \n\n**Gain (Loss)**\n\n \n \n\n**Value**\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nU.S. Treasury trading securities, March 31, 2026\n\n \n$\n19,340\n \n \n$\n49\n \n \n$\n19,389\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nU.S. Treasury trading securities, December 31, 2025\n\n \n$\n20,612\n \n \n$\n58\n \n \n$\n20,670\n \n\n \n\n**Long-term Investments**\n\n \n\nLong-term investments consist of U.S. Treasury securities held to maturity, investments in special purpose entities, and equity investments in *three* private companies. We have the intent and the ability to hold the U.S. Treasury securities to maturity. Treasury securities are stated at amortized cost which approximates fair value and are held by UCS. \n\n \n\n*24th Street Fund I & 24th Street Fund II*\n\n \n\nOn *May 1, 2023,*our subsidiary, Boston Omaha Asset Management, LLC, acquired 100% of the membership interests in *24th* Street Asset Management LLC, from the members of *24th* Street other than BOAM, for cash and BOC Class A common stock for a total purchase price of approximately $5 million in the aggregate. Prior to the transaction, BOAM indirectly owned 48% of the membership interests of *24th* Street. The consideration consisted of approximately $2.7 million in cash at closing, an additional $1.3 million in cash subject to holdback, and 45,644 shares of BOC Class A common stock.  \n\n \n\nEach of the *24th* Street Funds holds investments in special purpose entities whose primary assets are real estate property. We include the *24th* Street Funds’ investments in special purpose entities within long-term investments in our Condensed Consolidated Balance Sheets. \n\n \n\n*Equity Investments*\n\n \n\nDuring *May 2018,*we invested approximately $19 million in voting common stock of CB&T Holding Corporation, which we refer to as “CB&T,” the privately-held parent company of Crescent Bank & Trust. Our investment represents 15.60% of CB&T’s outstanding common stock. CB&T is a closely held corporation, whose majority ownership rests with *one* family.\n\n \n\nIn *July 2023,*we invested approximately $3 million in voting preferred stock of MyBundle.TV Inc., which we refer to as “MyBundle.” The preferred stock has *one* vote per share and is convertible into whole shares of common stock, determined according to the conversion formula contained in MyBundle’s amended and restated articles of incorporation.\n\n \n\n \n \n\n**March 31,**\n\n \n \n\n**December 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n \n \n \n \n \n\nU.S. Treasury securities held to maturity\n\n \n$\n4,777\n \n \n$\n4,769\n \n\nInvestments in special purpose entities\n\n \n \n19,726\n \n \n \n24,258\n \n\nPreferred stock\n\n \n \n-\n \n \n \n349\n \n\nVoting preferred stock of MyBundle TV Inc.\n\n \n \n3,000\n \n \n \n3,000\n \n\nVoting common stock of CB&T Holding Corporation\n\n \n \n19,058\n \n \n \n19,058\n \n\n \n \n \n \n \n \n \n \n \n\nTotal\n\n \n$\n46,561\n \n \n$\n51,434\n \n\n \n\nWe reviewed our investments as of *March 31, 2026* and *December 31, 2025 *and concluded that *no* impairment to the carrying value was required.\n\n \n\n*18*\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 7.     ****INVESTMENTS, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD****(Continued)**\n\n** **\n\n**Investment in Unconsolidated Affiliates**\n\n \n\nWe have various investments in equity method affiliates, whose businesses are in real estate, real estate services, and private aviation infrastructure. One of the investments in affiliates, Logic Real Estate Companies, LLC, which we refer to as “Logic,” is managed by an entity controlled by a member of our board of directors.\n\n \n\n*Sky Harbour Group Corporation*\n\n \n\nIn *October 2020,*our subsidiary BOC Yellowstone LLC, served as sponsor for the underwritten initial public offering of a special purpose acquisition company named Yellowstone Acquisition Company. Yellowstone sold in its public offering 13,598,898 units at a price of $10.00 per unit, each unit consisting of one share of Class A common stock and a redeemable warrant to purchase one-half of a share of Class A common stock at an exercise price of $11.50 per share. Between *August*and *November 2020,*we invested, through BOC Yellowstone, approximately $7.8 million through the purchase of 3,399,724 shares of Class B common stock and 7,719,779 non-redeemable private placement warrants (the \"private placement warrants\"), each warrant entitling us to purchase one share of Class A common stock at $11.50 per share. BOC Yellowstone, as the sponsor of Yellowstone and under the terms of the public offering, owned approximately 20% of Yellowstone’s issued and outstanding common stock. The purpose of the offering was to pursue a business combination in an industry other than the *three* industries in which we owned and operated businesses at that time: outdoor advertising, surety insurance, and broadband services businesses. \n\n \n\nOn *August 1, 2021,*Yellowstone entered into a business combination agreement with Sky Harbour LLC (“SHG”), a developer of private aviation infrastructure focused on building, leasing, and managing business aviation hangars. On *September 14, 2021,*our subsidiary BOC YAC Funding LLC completed the previously-announced investment of $55 million in Series B Preferred Units of SHG. In addition to our $55 million investment, we also agreed to provide SHG an additional $45 million through the purchase of additional shares of Yellowstone Class A common stock at a price of $10 per share through a private placement investment (“PIPE”).\n\n \n\nOn *January 25, 2022,*Yellowstone completed the previously announced proposed business combination with SHG following stockholder approval. As a result, SHG became a consolidated subsidiary of Yellowstone and Yellowstone was renamed Sky Harbour Group Corporation, which we refer to as “Sky Harbour.” In connection with the business combination, our Series B Preferred Units of SHG converted into 5,500,000 shares of Sky Harbour Group Class A common stock at a price of $10 per share. Also, in connection with the business combination, we entered into a subscription agreement with Sky Harbour, pursuant to which Sky Harbour sold to us 4,500,000 shares of Class A common stock at a price of $10 per share, for total cash consideration of $45 million.\n\n \n\n*19*\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 7.     ****INVESTMENTS, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD****(Continued)**\n\n \n\nOn *November 2, 2023,*Sky Harbour entered into a securities purchase agreement with certain investors, pursuant to which Sky Harbour agreed to sell and issue to the Investors at an initial closing an aggregate of 6,586,154 shares of the Company’s Class A common stock, par value $0.0001 per share and accompanying warrants to purchase up to an aggregate of 1,141,600 shares of Class A Common Stock, for an aggregate purchase price of approximately $42.8 million. On *November 29, 2023,*Sky Harbour sold and issued to the Investors an aggregate of 2,307,692 PIPE shares of the Company's Class A common stock, par value $0.0001 per share and accompanying PIPE warrants to purchase an aggregate of 400,000 shares of Class A Common Stock for an aggregate purchase price of $15 million. Together with the *first* closing on *November 2, 2023,*the aggregate PIPE financing through the Purchase Agreement totaled $57.8 million. In connection with Sky Harbour's financing transactions occurring in *November 2023,*we recorded a dilution loss of approximately $2.2 million within ‘Equity in income of unconsolidated affiliates’ to reflect the decrease in our ownership of Sky Harbour's net assets.  \n\n \n\nOn *October 25, 2024, *Sky Harbour entered into a securities purchase agreement with certain investors, pursuant to which Sky Harbour agreed to sell and issue to the Investors at an initial closing an aggregate of 3,955,790 PIPE shares of its Class A Common stock for an aggregate purchase price of approximately $37.6 million. On *December 20, 2024, *Sky Harbour issued an additional 3,955,790 PIPE shares of its Class A Common Stock in connection with the exercise of all the rights to purchase additional shares provided to PIPE investors who participated in the *October 2024 *closing for net proceeds of approximately $37.6 million, at a sale price of $9.50 per share. Aggregate proceeds from both closings were approximately $75.2 million, representing the full capacity of the equity raise. In connection with Sky Harbour's financing transactions occurring during the *fourth* quarter of fiscal *2024**,* we recorded a dilution gain of approximately $5.1 million within ‘Equity in income of unconsolidated affiliates’ to reflect the change in our ownership of Sky Harbour's net assets.\n\n \n\nAll the shares of Sky Harbour Class A common stock and Sky Harbour warrants to purchase Class A common stock that we hold have been registered under the Securities Act. However, our ability to resell any significant portion of these shares is limited by both the large number of shares and warrants we hold relative to the average trading volume of these securities which *may*prevent us from selling shares as we retain *one* seat on Sky Harbour’s Board of Directors. The terms of the Sky Harbour business combination prohibited us from selling any of our securities in Sky Harbour prior to *January 25, 2023,*and have since expired. The carrying value of our investment in Sky Harbour’s Class A common stock as of *March 31, 2026* is approximately $72.4 million. If our investment in Sky Harbour’s Class A common stock was accounted for at fair value based on its quoted market price as of *March 31, 2026* and *December 31, 2025,*it would be valued at approximately $112 million and $105 million, respectively.\n\n \n\nThe following table is a reconciliation of our investments in equity affiliates as presented in investments in unconsolidated affiliates on our Condensed Consolidated Balance Sheets, together with combined summarized financial data related to the unconsolidated affiliates:\n\n \n\n \n \n\n**March 31,**\n\n \n \n\n**December 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n \n \n \n \n \n\nBeginning of year\n\n \n$\n74,817\n \n \n$\n72,436\n \n\nAdditional investments in unconsolidated affiliates\n\n \n \n-\n \n \n \n-\n \n\nDistributions received\n\n \n \n(72\n)\n \n \n(60\n)\n\nTransfer of interest\n\n \n \n-\n \n \n \n-\n \n\nSale of interest\n\n \n \n-\n \n \n \n(4,104\n)\n\nEquity in income (loss) of unconsolidated affiliates\n\n \n \n(1,691\n)\n \n \n6,545\n \n\n \n \n \n \n \n \n \n \n \n\nEnd of period\n\n \n$\n73,054\n \n \n$\n74,817\n \n\n \n\nCombined summarized financial data for these affiliates is as follows:  \n\n \n\n \n \n\n**For the Three Months Ended**\n\n \n\n \n \n\n**March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n \n \n \n \n \n\nRevenue\n\n \n$\n11,023\n \n \n$\n6,408\n \n\nGross profit\n\n \n \n9,568\n \n \n \n5,673\n \n\nNet loss from operations\n\n \n \n(6,366\n)\n \n \n(6,948\n)\n\nNet loss\n\n \n$\n(8,085\n)\n \n$\n(8,872\n)\n\n \n\n*20*\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n \n\n**NOTE 8.     ****FAIR VALUE**\n\n** **\n\nThe fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into *three* broad levels:\n\n \n\n*Level 1* — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities.  \n\n \n\n*Level 2* — Inputs other than quoted prices in active markets that are observable either directly or indirectly, including: quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are *not* active or other inputs that are observable or can be corroborated by observable market data.\n\n \n\n*Level 3* — Unobservable inputs that are supported by little or *no* market data and require the reporting entity to develop its own assumptions.\n\n \n\nAt *March 31, 2026* and *December 31, 2025*, our financial instruments included cash, cash equivalents, receivables, marketable securities, investments, accounts payable, and long-term debt. The carrying value of cash, cash equivalents, receivables, and accounts payable approximates fair value due to the short-term nature of the instruments (level *1* in the fair value hierarchy). The carrying value of borrowings under our billboard revolving line of credit facility as well as our broadband term loan facility approximates fair value because of the variable market interest rate charged to us for these borrowings (level *1* in the fair value hierarchy). The fair value of borrowings under our billboard term loan facilities is estimated using quoted prices for similar debt (level *2* in the fair value hierarchy). At *March 31, 2026*, the estimated fair value of our billboard term loan borrowings included within long-term debt was $24.6 million, which is less than the approximate carrying amount of $25.5 million. At *December 31, 2025*, the estimated fair value of our billboard term loan borrowings included within long-term debt was $24.7 million, which was less than the approximate carrying amount of $25.7 million.\n\n \n\n*Warrants*\n\n \n\nOur Private Placement warrants related to Sky Harbour are considered level *2* and measured at fair value using observable inputs for similar assets in an active market. Our re-measurement of the Private Placement warrants from *January 1, 2026 *to *March 31, 2026* and *January 1, 2025 *to *March 31, 2025,*resulted in a gain of approximately $416 thousand and a gain of $1.2 million, respectively, which are included within \"Other investment income\" within our Condensed Consolidated Statements of Operations.\n\n \n\n*Fund I, Fund II and BFR Special Purpose Entities*\n\n \n\nWe report fund investments on our Condensed Consolidated Balance Sheets at their estimated fair value, with gains (losses) resulting from changes in fair value reflected within \"Other investment income\" in the accompanying Condensed Consolidated Statements of Operations. Each of the *24th* Street Funds’ and BFR's investments in special purpose entities invested in real estate are categorized in Level *3* of the fair value hierarchy. The primary asset held by each special purpose entity is real estate property, for which *third*-party appraisals are obtained annually. Appraisals on the investments in special purpose entities used an income capitalization and/or comparable sales approach to value the underlying real estate property. The income capitalization approach used capitalization rates ranging from 5.43% to 6.62%. The comparable sales approach used observable market transactions to value the underlying real estate property.\n\n \n\nAs of *March 31, 2026* and *December 31, 2025,*the estimated aggregate fair value of the *24th* Street Funds’ and BFR's investments in special purpose entities was approximately $19.7 million and $24.3 million, respectively.\n\n \n\n*Marketable Equity Securities*\n\n \n\nOn an investment life-to-date basis, we have realized net gains on the sale of equity securities within the marketable equity portfolio held at Boston Omaha of approximately $84 million. These amounts exclude any realized gains on equity securities held within the marketable equity portfolio managed by UCS.\n\n \n\n*Sky Harbour Group Corporation Class A common stock*\n\n \n\nWe account for our 15.3% equity interest in Sky Harbour, comprised of 11,671,494 shares of Class A common stock, under the equity method. If our investment in Sky Harbour’s Class A common stock was accounted for at fair value based on its quoted market price as of *March 31, 2026*, it would be valued at approximately $112 million. As of *December 31, 2025*, our equity interest in Sky Harbour was 15.3% and was comprised of 11,671,494 shares of Class A common stock. If our investment in Sky Harbour’s Class A common stock was accounted for at fair value based on its quoted market price as of *December 31, 2025*, it would be valued at approximately $105 million.\n\n \n\n*21*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 8.     ****FAIR VALUE**** (Continued)**\n\n \n\n*Marketable Equity Securities and U.S. Treasury Trading Securities*\n\n \n\nMarketable equity securities and U.S. Treasury trading securities are reported at fair values. Substantially all of the fair value is determined using observed prices of publicly traded securities, level *1* in the fair value hierarchy.\n\n \n\n  \n**Total Carrying Amount in Condensed Consolidated Balance Sheet**\n  \n**Quoted Prices in Active Markets for Identical Assets**\n  \n**Realized Gains and (Losses) Included in Current Period Earnings (Loss)**\n  \n**Total Changes in Fair Values Included in Current Period Earnings (Loss)**\n \n\n                 \n\nMarketable equity securities and U.S. Treasury trading securities at March 31, 2026\n $19,603  $19,603  $955  $1,009 \n\n                 \n\nMarketable equity securities and U.S. Treasury trading securities at December 31, 2025\n $21,538  $21,538  $137  $(12)\n\n \n\n \n\n \n\n**NOTE 9****.     ****ASSET RETIREMENT OBLIGATIONS**\n\n \n\nOur asset retirement obligations include the costs associated with the removal of structures, resurfacing of the land and retirement cost, if applicable, related to our outdoor advertising and broadband assets. The following table reflects information related to our asset retirement obligations:   \n\n \n\nBalance, December 31, 2025\n $4,231 \n\nAdditions\n  - \n\nLiabilities settled\n  - \n\nAccretion expense\n  55 \n\n     \n\nBalance, March 31, 2026\n $4,286 \n\n \n\n \n\n \n\n**NOTE****10****.     ****CAPITAL STOCK**\n\n \n\nOn *April 25, 2022,*we filed a new shelf registration statement on Form S-*3* (File *No.* *333*-*264470*) that was declared effective on *May 11, 2022,*relating to the offering of Class A common stock, preferred stock, par value $0.001 per share, which we refer to as “preferred stock,” debt securities and warrants of the Company for up to $500 million (the *\"2022* Shelf Registration Statement\"). Additionally, in the *2022* Shelf Registration Statement, we registered for resale up to 8,297,039 shares of Class A common stock acquired in *2018* or earlier in private placements in accordance with the terms of a *2018* registration rights agreement. We will *not* receive any proceeds from the sale of Class A common stock by the selling shareholders. The selling stockholders are the Massachusetts Institute of Technology, or “MIT,” as well as *238* Plan Associates LLC, an MIT pension and benefit fund and a limited partnership holding our Class A common stock for the economic benefit of MIT. In *May 2022,*we also registered 1,018,660 shares of Class A common stock held by Magnolia Group, LLC (\"Magnolia\") and Boulderado Partners, LLC (\"Boulderado\") and their affiliates. All of the shares held by Boulderado were repurchased by the Company in *May 2024*and, as a result, the remaining 522,231 shares of our Class A common stock *not* repurchased are available for resale under that registration statement. As of *March 31, 2026*, based upon filings by these shareholders with the SEC, and as it relates to shares held by Mr. Peterson, certain of our stockholders still hold 7,713,933 registered shares of our Class A common stock. This assumes that MIT continues to own all shares reflected in its Schedule *13G/A* filing with the SEC on *January 20, 2026. *The *2022* Shelf Registration Statement expired in *May 2025.*\n\n \n\nOn *July 23, 2024,*the Board approved and authorized a share repurchase program (the *“2024* Share Repurchase Program”), pursuant to which the Company could 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 *2024* Share Repurchase Program went into effect on or about *August 15, 2024,*following the release of the quarterly report on Form *10*-Q for the quarter ended *June 30, 2024*and terminated on *September 30, 2025.*On *November 14, 2025,*the Board approved and authorized a share repurchase program (the *“2025* Share Repurchase Program”), pursuant to which we announced our intention to repurchase up to $30 million of our 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 *2025* Share Repurchase Program went into effect on or about *November **18,* *2025* and will terminate on *December 31, 2026,*unless earlier terminated in the discretion of the Board. The actual timing, number, and value of shares repurchased under the *2025* 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 *2025* 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. During *2024,* we repurchased 111,323 shares of our Class A common stock for a total cost of approximately $1.6 million under the *2024* Share Repurchase Program. We did not repurchase any shares in *2025* under the *2024* Share Repurchase Plan due to numerous blackout periods during the *first* *nine* months of *2025.* During the year ended *December 31, 2025, *we repurchased 444,753 shares of our Class A common stock for a total cost of approximately $5.8 million under the *2025* Share Repurchase Program. During the *three* months ended *March 31, 2026*, we repurchased 375,286 shares of our Class A common stock for a total cost of approximately $4.8 million under the *2025* Share Repurchase Program.\n\n \n\n*22*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE****10****.     ****CAPITAL STOCK**** (Continued)**\n\n \n\nAs of *March 31, 2025,*there were 784 outstanding warrants for our Class A common stock. These warrants expired in *June *of *2025.* As a result, there were no outstanding warrants for our Class A common stock as of *March 31, 2026*.\n\n \n\nOn *January 10, 2025, *Magnolia Capital Fund, LP (\"MCF\") exercised, in full, Class B warrants, issued in *2015* and expiring in *June 2025, *to purchase shares of our Class B common stock. Under the terms of the warrants, MCF purchased 52,778 shares of Class B common stock at an exercise price of approximately $525 thousand paid in cash. Following this transaction, there were *no* other warrants outstanding issued by BOC to purchase Class B common stock as of *March 31, 2025. *Each share of Class B common stock is identical to Class A common stock in liquidation, dividend and similar rights. The only differences between our Class B common stock and our Class A common stock are that each share of Class B common stock has 10 votes for each share held, while the Class A common stock has a single vote per share, and certain actions cannot be taken without the approval of the holders of the Class B common stock. \n\n \n\n**Separation Agreement with Alex Rozek**\n\n \n\n*Separation and Benefits*\n\n \n\nOn *May 9, 2024, *the Company, Alex B. Rozek, and certain other parties set forth therein, entered into a Separation and Stock Repurchase Agreement (the “Separation Agreement”). Effective as of *May 9, 2024, *Mr. Rozek resigned as an officer and director of the Company and all its direct and indirect subsidiaries. Mr. Rozek continues to serve as a member of the board of directors of Sky Harbour. All amounts due and payable to Mr. Rozek were paid in *2024* and *2025* and *no* severance, expense reimbursement, or other sums are due to Mr. Rozek in *2026* or beyond under the Separation Agreement.\n\n \n\n*Securities Repurchase*\n\n \n\nPursuant to the Separation Agreement, the Company repurchased from Mr. Rozek and Boulderado Partners, LLC, an entity controlled by Mr. Rozek, in the aggregate, 210,000 shares of Company Class A Common Stock, 527,780 shares of Company Class B Common Stock, and 51,994 warrants to acquire 51,994 shares of Company Class B Common Stock. \n\n \n\nThe price of the Class A shares repurchased was based on the *30*-trading day volume-weighted average price of the Class A Common Stock for the *30* trading days ending *two* trading days prior to the execution of the Separation Agreement. The price of the Class B shares repurchased was based on the *30*-trading day volume-weighted average price of the Class A Common Stock for the *30* trading days ending *two* trading days prior to the execution of the Separation Agreement plus a blocking/control premium, for which management employed a *third*-party valuation expert.\n\n \n\nThe aggregate purchase price paid to Mr. Rozek was approximately $9.2 million, comprised of cash payments of $8.8 million and 36,705 shares of Class A Common Stock of Sky Harbour. The aggregate purchase price paid to Boulderado was approximately $10 million, comprised of cash payments of approximately $8 million and 194,738 shares of Class A Common Stock of Sky Harbour. \n\n \n\n*Separation and Benefits*\n\n \n\nPursuant to the Separation Agreement, (a) in *2024,* we transferred to Mr. Rozek 200,000 shares of Class A Common Stock, par value $0.0001 of Sky Harbour, as consideration for his efforts in connection with the successful launch of Sky Harbour, (b) Mr. Rozek received severance of $960 thousand, which was paid in equal monthly installments for a period of *18* months, and (c) Mr. Rozek received employee benefits of $75 thousand, which was paid in equal monthly installments for a period of *18* months, each of which are included within \"Employee costs\" within our Consolidated Statements of Operations for the year ended *December 31, 2024. *\n\n \n\nMr. Rozek agreed to customary non-solicitation, non-competition, confidentiality, cooperation, and return of property covenants. As consideration for entering into a non-competition agreement, we paid Mr. Rozek $250 thousand.\n\n \n\nIn addition, Mr. Rozek and the named executive officers and board of directors of the Company agreed to a mutual non-disparagement covenant, and the Company agreed, subject to certain conditions, to retain Mr. Rozek as its representative on the board of directors of Sky Harbour until *December 31, 2026.*\n\n \n\n*23*\n\n[Table of Contents](#toc)\n\n \n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n \n\n**NOTE 11.    LONG-TERM DEBT**\n\n \n\n*Link Credit Facility*\n\n \n\nOn *August 12, 2019,*Link entered into a Credit Agreement (the “Credit Agreement”) with First National Bank of Omaha (the “Lender”) under which Link could borrow up to $40 million (the “Credit Facility”). The Credit Agreement provided an initial term loan (“Term Loan *1”*), an incremental term loan (“Term Loan *2”*) and a revolving line of credit. Link initially borrowed approximately $18 million under Term Loan *1* and $5.5 million under Term Loan *2.* These loans are secured by all assets of Link and its operating subsidiaries, including a pledge of equity interests of each of Link’s subsidiaries. In addition, each of Link’s subsidiaries has joined as a guarantor to the obligations under the Credit Agreement. These loans are *not* guaranteed by BOC or any of BOC’s non-billboard businesses.\n\n \n\nOn *December 6, 2021,*Link entered into a Fourth Amendment to the Credit Agreement with the Lender which modified the original Credit Agreement by merging all outstanding principal amounts under both Term Loan *1* and Term Loan *2* into *one* term loan (the “Term Loan”) having a fixed interest rate of 4.00% per annum, and increasing the total Term Loan borrowing limit to $30 million.\n\n \n\nOn *May 31, 2022,*Link entered into a Fifth Amendment to the Credit Agreement with the Lender which modified the Credit Agreement by extending the period of time under which Link *may*issue to BOC a cash dividend from *January 31, 2022*to *June 30, 2022*in the amount up to approximately $8.1 million in the aggregate.\n\n \n\nOn *April 6, 2023,*Link entered into a Sixth Amendment to Credit Agreement (the “Sixth Amendment”) with the Lender. The Sixth Amendment modifies the Credit Agreement to provide additional flexibility for Link in making “Investment Capital Expenditures” by *no* longer deducting expenditures which qualify as Investment Capital Expenditures from EBITDA in calculating the Consolidated Fixed Charge Coverage Ratio. As a result, only “Maintenance Capital Expenditures” shall be deducted from EBITDA in testing the Consolidated Fixed Charge Coverage Ratio. The amount of unfunded Investment Capital Expenditures (Investment Capital Expenditures other than expenditures funded by BOC) allowable during any test period shall *not* exceed the Investment Capital Expenditure Available Amount during such test period.\n\n \n\nOn *September 22, 2023,*Link entered into a Seventh Amendment to the Credit Agreement with the Lender which modified the Credit Agreement by increasing the maximum availability under the revolving line of credit loan facility from $5 million to $10 million.\n\n \n\nOn *February 14, 2024,*Link entered into an Eighth Amendment to the Credit Agreement with the Lender which modified the Credit Agreement to provide additional flexibility for Link to issue dividends to BOC.\n\n \n\nOn *May 30, 2024,*Link entered into a Ninth Amendment to the Credit Agreement with the Lender which modified the Credit Agreement by increasing the maximum availability under the revolving line of credit loan facility from $10 million to $15 million.\n\n \n\nOn *October 20, 2025, *Link entered into a Tenth Amendment to Credit Agreement, which modified the Credit Agreement by extending the revolving line of credit maturity date and updating the definition of the consolidated fixed charge coverage ratio. The revolving line of credit is now due and payable on *August 12, 2029**.* In order to consolidate the various amendments to the Credit Agreement, the Tenth Amendment to Credit Agreement incorporated the previous amendments to the Credit Agreement into a Restated Credit Agreement.\n\n \n\nAs of *March 31, 2026*, Link has borrowed $30 million through the Term Loan under the Credit Facility. Principal amounts under the Term Loan are payable in monthly installments according to a *25*-year amortization schedule. Principal payments commenced on *July 1, 2020*for amounts previously borrowed under Term Loan *1* and *October 1, 2020*for amounts previously borrowed under Term Loan *2.* The Term Loan is payable in full on *December 6, 2028.*\n\n \n\nThe revolving line of credit loan facility has a $15 million maximum availability. Interest payments are based on the *30*-day U.S. Prime Rate minus an applicable margin ranging between 0.65% and 1.15% dependent on Link’s consolidated leverage ratio. On *October 20, 2025,*Link entered into a Tenth Amendment to Credit Agreement, which modified the Credit Agreement by extending the revolving line of credit maturity date and updating the definition of the consolidated fixed charge coverage ratio. The revolving line of credit is due and payable on *August 12, 2029.*\n\n \n\nLong-term debt included within our Condensed Consolidated Balance Sheets as of *March 31, 2026* consists of Term Loan borrowings of approximately $25.5 million, of which approximately $0.9 million is classified as current. As of *March 31, 2026*, there was $9.1 million outstanding related to the revolving line of credit, which is included within long-term debt in our Condensed Consolidated Balance Sheets.\n\n \n\nDuring the term of the Credit Facility, Link is required to comply with the following financial covenants: A consolidated leverage ratio for any test period ending on the last day of any fiscal quarter of Link (a) beginning with the fiscal quarter ended *June 30, 2024 *of *not* greater than 3.50 to *1.00,* (b) beginning with the fiscal quarter ending *December 31, 2026 *of *not* greater than 3.25 to *1.00* and (c) beginning with the fiscal quarter ending *December 31, 2027 *and thereafter of *not* greater than 3.00 to *1.00,* and a minimum consolidated fixed charge coverage ratio of *not* less than 1.15 to *1.00* measured quarterly, based on rolling *four* quarters. Link was in compliance with these covenants as of *March 31, 2026*.\n\n \n\nThe Credit Agreement includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings of this type. Upon the occurrence of an event of default, the Lender *may*accelerate the loans. Upon the occurrence of certain insolvency and bankruptcy events of default, the loans will automatically accelerate.\n\n \n\nThe aggregate minimum principal payments required on long-term debt as of *March 31, 2026 *were as follows: $665 thousand in *2026**,* $923 thousand in *2027**,* and $23.9 million in *2028**.*\n\n \n\n*24*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 11.    LONG-TERM DEBT (Continued)**\n\n \n\n*Boston Omaha Broadband Credit Facility*\n\n \n\nOn *September 17, 2024,*three operating subsidiaries of BOB entered into a Credit Agreement (the “BOB Credit Agreement”) with First National Bank of Omaha (the “Lender”) under which certain subsidiaries of BOB can borrow up to $20 million in the aggregate in term loans (the “BOB Credit Facility”). The three operating subsidiaries which are the borrowers under the BOB Credit Agreement are FIF AireBeam, LLC, FIF St George, LLC, and FIF Utah, LLC (collectively, the “Borrowers”). The loan is guaranteed by BOB but is *not* guaranteed by BOC or any other businesses owned by BOC and its other subsidiaries. The loans under the BOB Credit Facility are secured by all assets of each of the Borrowers. Funds available under the BOB Credit Facility are to be used for capital expenditures associated with capital acquisition and leasing of capital equipment for expansion of the Borrowers’ businesses and had to be drawn by *December 31, 2025.*The BOB Credit Agreement was subsequently split into separate credit agreements with each of the Borrowers in order to allow certain borrowers to apply for federal loan funding, hereinafter referred to as the \"BOB Credit Agreements.\" All material terms of the original BOB Credit Agreement remain unchanged in the Amended and Restated Credit Agreement for FIF AireBeam, LLC and FIF St George, LLC and the Credit Agreement for FIF Utah, LLC.\n\n \n\nThe BOB Credit Agreements provided for incremental drawdowns of the term loan in minimum increments of $1 million. Each term loan is due five years following the borrowing date of such term loan. Principal under each term loan is amortized in equal monthly payments over a 10-year period from the date of each term loan. Interest under each term loan accrues at the “Applicable Margin,” which is set at (a) 2.75% per annum with respect to any SOFR Loan, and (b) 1.75% per annum with respect to any Base Rate Loan. There was a fee during the *first* year of the Credit Facility equal to 0.25% of any unused portion of the $20 million loan commitment. As of *March 31, 2026*, the outstanding term loan end dates range from *October 1, 2029*to *November 18, 2030.*\n\n \n\nPursuant to the BOB Credit Agreements, BOB is required to comply with the following financial covenants: A consolidated leverage ratio for any test period ending on the last day of any fiscal quarter of BOB of *not* greater than 3.50 to *1.00,* a minimum consolidated fixed charge coverage ratio of *not* less than 1.15 to *1.00* measured quarterly, based on rolling *four* quarters, and maximum capital expenditures *not* exceeding Consolidated Adjusted EBITDA less dividends and distributions paid to BOB, the cash portion of taxes, unfinanced maintenance capital expenditures, principal amortization payments or redemptions on indebtedness to be paid in cash, cash payments made with respect to capital lease obligations during the period, and cash interest expense for the period.\n\n \n\nThe BOB Credit Agreements include representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants, and events of default customary for financings of this type. Upon the occurrence of an event of default, the Lender *may*accelerate the loan. Upon the occurrence of certain insolvency and bankruptcy events of default, the loan will automatically accelerate. All assets of the Borrowers, their Subsidiaries and BOB are secured by the grant of a security interest in substantially all their assets to the Lender. BOB was in compliance with these covenants as of *March 31, 2026*.\n\n \n\nAs of *March 31, 2026*, there was approximately $13.6 million outstanding under the BOB Credit Agreements, of which approximately $1.5 million is classified as current. The aggregate minimum principal payments required on long-term debt as of *March 31, 2026* were as follows: $1.1 million in *2026**,* $1.5 million in *2027**,* $1.5 million in *2028,* $1.5 million in *2029,* and approximately $8 million thereafter*.*\n\n \n\n*25*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n \n\n**NOTE 12****.     ****LEASES**\n\n \n\nWe enter into operating lease contracts primarily for land and office space. Agreements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases include land lease contracts and contracts for the use of office space.\n\n \n\nRight of use assets, which we refer to as “ROU assets,” represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term.\n\n \n\nCertain of our operating lease agreements include rental payments based on a percentage of revenue and others include rental payments adjusted periodically for inflationary changes. Percentage rent contracts, in which lease expense is calculated as a percentage of advertising revenue, and payments due to changes in inflationary adjustments are included within variable rent expense, which is accounted for separately from periodic straight-line lease expense.\n\n \n\nMany of our leases entered into in connection with land provide options to extend the terms of the agreements. Generally, renewal periods are included in minimum lease payments when calculating the lease liabilities as, for most leases, we consider exercise of such options to be reasonably certain. As a result, optional terms and payments are included within the lease liability. Our lease agreements do *not* contain any material residual value guarantees or material restrictive covenants.\n\n \n\nThe implicit rate within our lease agreements is generally *not* determinable. As such, we use the incremental borrowing rate, which we refer to as “IBR,” to determine the present value of lease payments at the commencement of the lease. The IBR, as defined in ASC *842,* is “the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.” \n\n \n\n**Operating Lease Cost**\n\n** **\n\nOperating lease cost is as follows:\n\n \n\n  \n**For the Three Months Ended**\n * *\n\n  \n**March 31,**\n * *\n\n  \n**2026**\n  \n**2025**\n \n**Statement of Operations Classification**\n\n          \n\nLease cost\n $2,251  $2,178 \n*Cost of billboard revenues, cost of broadband revenues and general and administrative*\n\nVariable and short-term lease cost\n  530   877 \n*Cost of billboard revenues, cost of broadband revenues and general and administrative*\n\n          \n\nTotal Lease Cost\n $2,781  $3,055 * *\n\n \n\nSupplemental cash flow information related to operating leases is as follows:\n\n \n\n  \n**For the Three Months Ended**\n \n\n  \n**March 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n         \n\nCash payments for operating leases\n $2,293  $2,235 \n\nNew operating lease assets obtained in exchange for operating lease liabilities\n $670  $2,137 \n\n \n\n*26*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 12****.     ********LEASES****(Continued)**\n\n \n\n**Operating Lease Assets and Liabilities**\n\n \n\n  \n**March 31, 2026**\n  \n**December 31, 2025**\n \n**Balance Sheet Classification**\n\n          \n\nLease assets\n $56,681  $58,427 \n*Other Assets: Right of use assets*\n\n          \n\nCurrent lease liabilities\n $4,973  $5,270 \n*Current Liabilities: Lease liabilities*\n\nNoncurrent lease liabilities\n  52,501   54,384 \n*Long-term Liabilities: Lease liabilities*\n\n          \n\nTotal Lease Liabilities\n $57,474  $59,654 * *\n\n \n\n**Maturity of Operating Lease Liabilities**\n\n \n\n  \n**March 31, 2026**\n \n\n     \n\n2027\n $8,039 \n\n2028\n  8,096 \n\n2029\n  7,625 \n\n2030\n  6,894 \n\n2031\n  6,112 \n\nThereafter\n  51,171 \n\n     \n\nTotal lease payments\n  87,937 \n\nLess imputed interest\n  (30,463)\n\n     \n\nPresent Value of Lease Liabilities\n $57,474 \n\n \n\nAs of *March 31, 2026*, our operating leases have a weighted-average remaining lease term of 15.44 years and a weighted-average discount rate of 5.51%.\n\n \n\n*27*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n \n\n**NOTE****13****.     ****I****N****DUSTRY SEGMENTS**\n\n** **\n\nThis summary presents our current segments, as described below.\n\n** **\n\n**General Indemnity Group, LLC**\n\n \n\nGIG conducts our insurance operations through its subsidiaries, UCS and BOSS Bonds. Both BOSS Bonds and UCS clients are nationwide. Revenue consists of surety bond sales and insurance commissions. GIG’s corporate resources are used to support BOSS Bonds and UCS, and to make additional business acquisitions in the insurance industry. \n\n \n\n**Link Media Holdings, LLC**\n\n \n\nLMH conducts our billboard rental operations. LMH billboards are located in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia, and Wisconsin.\n\n \n\n**Boston Omaha Broadband, LLC**\n\n \n\nBOB conducts our broadband operations. BOB provides high-speed broadband services to its customers located mainly in Arizona, Florida, Nevada, and Utah. \n\n \n\n**Boston Omaha Asset Management, LLC**\n\n \n\nBOAM conducts our asset management operations. BOAM's primary objective is to achieve long-term returns while seeking to limit the risk of capital and purchasing power loss in our investments in other companies and our real estate activities. We commenced reporting BOAM as a separate segment based on our acquisition of *24th* Street Asset Management on *May 1, 2023 *and are in the process of winding down its operations. \n\n \n\nThe accounting policies of the above segments are the same as those described within Footnote *2* “Summary of Significant Accounting Policies” of the *2025* Form *10*-K.\n\n \n\nResources are allocated and performance is assessed by our CEO, whom we have determined to be our Chief Operating Decision Maker (CODM). The CODM evaluates the performance of our segments and allocates resources to them based on segment operating income and segment adjusted EBITDA. We define adjusted EBITDA as net income (loss) before income tax expense (benefit), noncontrolling interest in subsidiary income (loss), interest expense, interest and dividend income, equity in income (loss) of unconsolidated affiliates, depreciation, amortization, accretion, gain or loss on disposition of assets, and other investment income (loss).\n\n \n\nThe cost and expense information provided below is based on the information regularly provided to the CODM. Given the diversity of our operating segments and the differences in revenue streams and cost structures, there are variances in the form, content, and levels of such expense information significant to the business. Expenses considered significant for one operating segment *may **not* be significant for others.\n\n \n\n*28*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 13****.     ****INDUSTRY SEGMENTS****(Continued)**\n\n \n\n   * *** **  * *** **  * *** **  * *** **  * *** ** \n**Total**\n \n\n**Three Months Ended March 31, 2026**\n \n**GIG**\n  \n**LMH**\n  \n**BOB**\n  \n**BOAM**\n  \n**Unallocated**\n  \n**Consolidated**\n \n\n                         \n\nOperating Revenues\n $6,525  $10,973  $10,750  $1  $-  $28,249 \n\nCost of Revenues\n  4,722   3,490   2,565   -   -   10,777 \n\nGross Margin\n  1,803   7,483   8,185   1   -   17,472 \n\n**Other Operating Expenses**\n                        \n\nEmployee costs\n  2,421   2,230   3,176   -   499   8,326 \n\nProfessional fees\n  176   90   115   216   504   1,101 \n\nGeneral and administrative\n  767   984   1,679   60   389   3,879 \n\nDepreciation\n  30   1,331   3,065   -   20   4,446 \n\nAmortization\n  40   952   885   -   -   1,877 \n\nAccretion\n  -   52   3   -   -   55 \n\nLoss (gain) on disposition of assets\n  -   4   (28)  -   -   (24)\n\nTotal expenses\n  3,434   5,643   8,895   276   1,412   19,660 \n\nSegment (Loss) Income from Operations\n  (1,631)  1,840   (710)  (275)  (1,412)  (2,188)\n\n                         \n\nInterest expense\n  -   (382)  (227)  -   -   (609)\n\nInterest and dividend income\n  -   44   19   5   203   271 \n\nEquity in loss of unconsolidated affiliates\n  (431)  -   -   -   (1,260)  (1,691)\n\nOther investment income (loss)\n  956   -   -   (376)  412   992 \n\nNoncontrolling interest in subsidiary (income) loss\n  -   -   (8)  415   -   407 \n\nIncome tax benefit\n  -   -   -   -   669   669 \n\nNet (Loss) Income Attributable to Common Stockholders\n $(1,106) $1,502  $(926) $(231) $(1,388) $(2,149)\n\n                         \n\nSegment adjusted EBITDA\n $(1,561) $4,179  $3,215  $(275) $(1,392) $4,166 \n\n                         \n\nCapital expenditures\n $-  $564  $5,920  $-  $-  $6,484 \n\n \n\n   * *** **  * *** **  * *** **  * *** **  * *** ** \n**Total**\n \n\n**Three Months Ended March 31, 2025**\n \n**GIG**\n  \n**LMH**\n  \n**BOB**\n  \n**BOAM**\n  \n**Unallocated**\n  \n**Consolidated**\n \n\n                         \n\nOperating Revenues\n $6,633  $10,764  $10,320  $13  $-  $27,730 \n\nCost of Revenues\n  2,864   3,844   2,373   -   -   9,081 \n\nGross Margin\n  3,769   6,920   7,947   13   -   18,649 \n\n**Other Operating Expenses**\n   ** **   ** **   ** **   ** **   ** **   ** **\n\nEmployee costs\n  2,507   2,226   3,589   -   488   8,810 \n\nProfessional fees\n  98   62   126   256   199   741 \n\nGeneral and administrative\n  857   989   1,521   33   380   3,780 \n\nDepreciation\n  43   1,290   2,667   -   27   4,027 \n\nAmortization\n  40   962   868   -   41   1,911 \n\nAccretion\n  -   51   3   -   -   54 \n\nLoss on disposition of assets\n  -   74   50   -   -   124 \n\nTotal expenses\n  3,545   5,654   8,824   289   1,135   19,447 \n\nSegment Income (Loss) from Operations\n  224   1,266   (877)  (276)  (1,135)  (798)\n\n                         \n\nInterest expense\n  -   (422)  (120)  -   -   (542)\n\nInterest and dividend income\n  -   47   18   8   230   303 \n\nEquity in income (loss) of unconsolidated affiliates\n  163   -   -   -   (2,477)  (2,314)\n\nOther investment income (loss)\n  283   -   -   (2,020)  2,473   736 \n\nNoncontrolling interest in subsidiary loss\n  -   -   -   1,758   -   1,758 \n\nIncome tax benefit\n  -   -   -   -   187   187 \n\nNet Income (Loss) Attributable to Common Stockholders\n $670  $891  $(979) $(530) $(722) $(670)\n\n                         \n\nSegment adjusted EBITDA\n $307  $3,643  $2,711  $(276) $(1,067) $5,318 \n\n                         \n\nCapital expenditures\n $-  $700  $6,159  $-  $-  $6,859 \n\n \n\n*29*\n\n[Table of Contents](#toc)\n\n \n\n****\n\n**BOSTON OMAHA CORPORATION and SUBSIDIARIES**\n\n**Notes to Condensed Unaudited Consolidated Financial Statements**\n\n \n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n \n\n \n\n**NOTE 13****.     ****INDUSTRY SEGMENTS****(Continued)**\n\n \n\n   * *** **  * *** **  * *** **  * *** **  * *** ** \n**Total**\n \n\n**As of March 31, 2026**\n \n**GIG**\n  \n**LMH**\n  \n**BOB**\n  \n**BOAM**\n  \n**Unallocated**\n  \n**Consolidated**\n \n\n                         \n\nAccounts receivable, net\n $5,915  $4,199  $1,232  $252  $15  $11,613 \n\nGoodwill\n  11,325   130,904   39,614   537   -   182,380 \n\nTotal assets\n  100,310   249,681   212,334   24,739   109,095   696,159 \n\n \n\n   * *** **  * *** **  * *** **  * *** **  * *** ** \n**Total**\n \n\n**As of December 31, 2025**\n \n**GIG**\n  \n**LMH**\n  \n**BOB**\n  \n**BOAM**\n  \n**Unallocated**\n  \n**Consolidated**\n \n\n                         \n\nAccounts receivable, net\n $6,440  $4,121  $751  $4,695  $15  $16,022 \n\nGoodwill\n  11,325   130,904   39,614   537   -   182,380 \n\nTotal assets\n  102,689   252,802   211,435   35,489   110,658   713,073 \n\n \n\n \n\n \n\n**NOTE 14.     ****UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES**\n\n \n\nThe following table provides a reconciliation of the beginning and ending reserve balances at UCS for losses and loss adjustment expenses (“LAE”) for the *three* months ended *March 31, 2026* and *2025.*   \n\n \n\n  \n**2026**\n  \n**2025**\n \n\nGross reserve for unpaid losses and loss adjustment expenses, beginning of period\n $6,539  $5,873 \n\nLess: reinsurance recoverable on unpaid losses\n  999   1,804 \n\nNet reserve for unpaid losses and loss adjustment expenses, beginning of period\n  5,540   4,069 \n\n         \n\nIncurred losses and loss adjustment expenses:\n        \n\nCurrent year\n  1,899   989 \n\nPrior year\n  747   178 \n\nTotal net losses and loss adjustment expense incurred\n  2,646   1,167 \n\n         \n\nPayments:\n        \n\nCurrent year\n  499   467 \n\nPrior year\n  908   544 \n\nTotal payments:\n  1,407   1,011 \n\n         \n\nNet reserves for unpaid losses and loss adjustment expenses, end of period\n  6,779   4,225 \n\nReinsurance recoverable on unpaid losses, net of allowance\n  1,007   1,804 \n\n         \n\nGross reserves for unpaid losses and loss adjustment expenses, end of period\n $7,786  $6,029 \n\n \n\nFor the *three* months ended *March 31, 2026*, there was an unfavorable prior year loss development. For the *three* months ended *March 31, 2025*, there was an unfavorable prior year loss development. Favorable and unfavorable prior year loss developments are the result of a re-estimation of amounts ultimately to be paid on prior year losses and loss adjustment expense. Original estimates are increased or decreased as additional information becomes known regarding individual claims. \n\n \n\n \n\n \n\n**NOTE 15****.     ****CUSTODIAL RISK**\n\n** **\n\nAs of *March 31, 2026*, we had approximately $39.6 million in excess of federally insured limits on deposit with financial institutions. \n\n \n\n \n\n \n\n**NOTE 16.     ****SUBSEQUENT EVENTS**\n\n** **\n\nSubsequent to *March 31, 2026,*we repurchased 261,671 shares of our Class A common stock for a total cost of approximately $3.2 million.\n\n \n\nSubsequent to *March 31, 2026,*we sold 331,500 shares of Sky Harbour stock for total proceeds of approximately $3 million.\n\n \n\n*30*\n\n[Table of Contents](#toc)"}