Here are 1-2 brief analogies to describe Boston Omaha:

• Like a mini-Berkshire Hathaway, but focused on infrastructure and real estate.
• A diversified holding company for physical assets (billboards, fiber), similar to a smaller IAC/InterActiveCorp for the digital world.

Boston Omaha (BOC) provides the following major services and products:

• Outdoor Advertising: Operates a portfolio of billboard advertising structures across various markets in the United States.
• Fiber Optic Internet Services: Develops and operates high-speed fiber-to-the-home internet networks, primarily serving residential and commercial customers.
• Insurance: Provides various insurance products, including surety bonds and property & casualty insurance, through its insurance subsidiaries.
• Real Estate Development and Investment: Engages in the acquisition, development, and management of real estate properties.

Boston Omaha Corporation (symbol: BOC) is a diversified holding company with operations in three primary segments: Billboards, Insurance, and Broadband. Based on the nature of these business lines, Boston Omaha primarily sells its services and products to other companies.

However, due to the highly fragmented nature of its customer base across its various operating subsidiaries (Link Media Outdoors for billboard advertising, General Indemnity Group for commercial insurance and surety bonds, and Aksarben / ALLO Communications for business broadband), Boston Omaha does not publicly disclose specific "major customer companies." Its customers consist of thousands of diverse businesses, ranging from local enterprises to regional and national brands, none of which individually account for a significant portion of Boston Omaha's overall revenue. Therefore, specific names of major customer companies cannot be listed.

Adam Peterson, Chairman and Chief Executive Officer

Adam Peterson has served as Co-Chairman and Co-Chief Executive Officer of Boston Omaha Corporation since 2015, and became the sole CEO and Chairman in May 2024. He is the founder and managing member of The Magnolia Group, LLC, an investment advisor managing private partnerships, which he established in 2005. From 2005 to 2014, he also served as the Chief Investment Officer of Magnolia Capital Partners, LP and related entities. Peterson was also Co-Chairman and Co-CEO of Yellowstone Acquisition Company, a special purpose acquisition company (SPAC), which completed a business combination with Sky Harbour Group in January 2022, resulting in Sky Harbour Group Corp. He currently serves on the board of directors of Nelnet Inc. and Old Market Capital Corporation.

Joshua P. Weisenburger, Chief Financial Officer, Secretary and Treasurer

Joshua P. Weisenburger has served as Boston Omaha Corporation's Chief Financial Officer, Secretary, and Treasurer since June 2017. He joined the company in 2016 and has also held the roles of Chief Accounting Officer and Controller. Additionally, Mr. Weisenburger serves as the Chief Financial Officer of Yellowstone Acquisition Company. Prior to his tenure at Boston Omaha, he was employed by Ecolab, Inc. from July 2011 to June 2016, where he worked as a finance manager and then a finance controller across various divisions. Before Ecolab, he held several treasury roles at Kiewit Corporation from June 2005 to August 2009.

Max Meisinger, CEO of Boston Omaha Broadband, LLC

Max Meisinger joined Boston Omaha in May 2019 as Corporate Controller and was later promoted to Chief Accounting Officer of Boston Omaha Corporation. Effective June 18, 2025, he resigned from his role as Chief Accounting Officer of Boston Omaha Corporation to focus on his responsibilities as the full-time CEO of Boston Omaha Broadband, LLC, a position he assumed in August 2024. Previously, Mr. Meisinger worked for KPMG.

The key risks to Boston Omaha (BOC) include its exposure to underperforming investments, leadership instability and governance concerns, and a persistent inability to achieve consistent profitability.

1. Underperforming Investments and Valuation Risk: Boston Omaha faces significant risk from its minority investments, particularly its stake in Sky Harbour (SKYH). These investments have led to substantial unrealized and accounting losses, directly impacting the company's net earnings and overall valuation. For instance, the company recorded an unrealized loss of $1.5 million on Sky Harbour warrants and losses of $2.0 million within BOAM in the third quarter of fiscal 2025. In 2024, Boston Omaha reported a $17.3 million accounting loss from its asset management arm's investment in Sky Harbour. This ongoing underperformance of key investments contributes to valuation risk and raises concerns about their ability to generate sufficient returns to offset these losses.
2. Leadership Instability and Governance Concerns: The company has experienced leadership instability, including the departure of co-CEOs and other key personnel. Such changes can lead to uncertainty regarding strategic direction and operational execution. Analyst reports indicate that persistent governance risks, including concerns about opaque executive compensation and a lack of board oversight, challenge the company's long-term investment viability and have eroded investor confidence.
3. Inability to Achieve and Maintain Profitability: Boston Omaha has a history of negative earnings and ongoing net losses. Despite revenue growth in some of its core segments like broadband and insurance, these operations have not been consistently profitable enough to offset losses from its investments and other expenses. For example, in the third quarter of 2025, the company reported a net loss of $2.59 million, driven by operational losses and other expenses, which its broadband and billboard segments were unable to offset. This persistent lack of profitability is a fundamental risk to the company's financial health and shareholder value.

Low Earth Orbit (LEO) satellite internet services (e.g., Starlink) and 5G Fixed Wireless Access (FWA) are emerging as significant threats to Boston Omaha's fiber-to-the-home broadband segment. These technologies offer high-speed internet access without the need for extensive physical wireline infrastructure, directly competing for customers in the underserved and rural markets that BOC's broadband segment targets. As LEO satellite networks expand and FWA coverage improves, they present disruptive alternatives that can bypass traditional fiber deployments, challenging the economics and market share of wireline broadband providers.

Boston Omaha Corporation (BOC) operates in several key business segments, each with its own addressable market. The primary markets for their main products and services, primarily within the United States, are as follows:

• Outdoor Billboard Advertising: The addressable market for outdoor billboard advertising in the U.S. is significant. In 2025, the market size for Billboard & Outdoor Advertising in the U.S. is projected to be $8.7 billion. More broadly, the U.S. billboard & signs market was valued at approximately $14.8 billion in 2024, with projections to reach $18.4 billion by 2032. The United States Outdoor Advertising Market was valued at USD 10.34 Billion in 2024.

• Broadband Services (Fiber-Optic Internet): Boston Omaha's broadband operations, primarily focused on fiber-optic internet, target a growing market in the U.S. The United States fiber optics market size reached approximately $3.1 billion in 2024 and is expected to grow to about $7.8 billion by 2033. Another estimate for the U.S. fiber-optic cable market valued it at $2.9 billion in 2024, with a projected increase to $5.3 billion by 2032.

• Surety Insurance: The surety market, where Boston Omaha operates its surety insurance and related brokerage activities, is substantial. The global surety market was valued at approximately $22.33 billion in 2024. North America holds a significant portion of this market, accounting for 50.44% of the global surety market in 2024, which translates to an estimated $11.26 billion for the region. The U.S. surety insurance segment's underwriting income was reported at $2.2 billion in 2023.

• Asset Management (including Private Aviation Infrastructure): Boston Omaha's asset management segment includes minority investments in areas like private aviation infrastructure. The addressable market for air charter services in the U.S. was valued at $12.2 billion in 2024. The broader Charter Flights industry in the United States is projected to reach $40.5 billion in revenue by the end of 2025. Similarly, the North American private aircraft market held a value of approximately $11.97 billion in 2024.

Boston Omaha Corporation (BOC) is expected to drive future revenue growth over the next two to three years through several key initiatives across its diverse business segments:

1. Expansion of Broadband Services: Boston Omaha Broadband is identified as a primary growth driver, focusing on increasing fiber passings and acquiring new subscribers in underserved rural and suburban areas. The company is actively expanding its fiber network, with significant capital expenditure in this segment, anticipating long periods of return as these passings convert to subscribers.
2. Organic Growth in Outdoor Advertising: The Link Media Outdoor segment, which is the sixth-largest billboard company in the U.S., is expected to continue its organic revenue growth. This business unit consistently demonstrates resilient performance and strong gross margins, providing a steady revenue stream.
3. Growth in Surety Insurance Premiums: Boston Omaha's General Indemnity Group, operating in the surety insurance sector, is projected to contribute to revenue growth by continuing to increase its gross written premiums. This segment has shown consistent growth in premiums and net income.
4. Strategic Capital Allocation and Internal Investments: CEO Adam Peterson's strategy of deploying capital for internal investments, particularly within the high-growth broadband business, is a crucial driver. This focus on internal growth, rather than external acquisitions, aims to maximize long-term value and capitalize on existing opportunities within a defined timeframe for broadband expansion.

Share Repurchases

• Boston Omaha's Board of Directors authorized a share repurchase program of up to $20 million of its Class A common stock through September 30, 2025.
• In fiscal year 2024, the company repurchased 111,323 shares of its Class A common stock for a total cost of $1.6 million.
• As of June 30, 2025, $18.4 million remained in the company's share repurchase authorization.

Share Issuance

• In April 2021, Boston Omaha completed a public offering of 2,345,000 shares of Class A common stock, generating approximately $58.6 million in gross proceeds to the company.

Outbound Investments

• As of June 30, 2025, Boston Omaha's investment in Sky Harbour Group had a GAAP value of $84.8 million and a market value of $127.2 million.
• The company reported a net change in long-term investments of $61 million in 2024, $3 million in 2023, and $180 million in 2022.
• Boston Omaha acquired broadband construction equipment and related assets for $2,881,000 in cash in June 2023.

Capital Expenditures

• Boston Omaha Broadband invested $6.6 million in capital expenditures during the second quarter of 2025, primarily for expanding its fiber infrastructure by adding approximately 2,100 new fiber passings and 700 new fiber subscribers.
• The company's Property, Plant & Equipment, reflecting accumulated capital expenditures, grew from $101.72 million at the end of 2020 to $227.66 million by June 2025.