Boston Omaha Corporation (BOC) SEC Filings & Earnings Calls

No risk signals; filing is a routine presentation.

Unrealized loss on Sky Harbour warrants and fair value changes in funds create earnings volatility.

“Net Other Expense included an unrealized loss of $1.9 million on Sky Harbour warrants, losses of $0.8 million within BOAM.”

Decline in unrestricted cash and investments from $36.7M to $31.8M may indicate cash burn.

“Total Unrestricted Cash and Investments $31,750k at June 30, 2026 vs $36,726k at December 31, 2025.”

Broadband margin pressure from network costs

“Cost of broadband revenues increased as a percentage of broadband revenues from 22.6% in the second quarter of fiscal 2025 to 25.4% in the second quarter of fiscal 2026. The increase was mainly driven by higher network operations and data costs as a percentage of broadband revenues.” · word for word

Asset management wind-down losses

“Other investment loss of $844 in the second quarter of fiscal 2026 primarily included the changes in the fair value of the 24th Street Funds and BFR Fund, mainly driven by a decline in value of the underlying real estate properties.” · word for word

Insider control risk

“Magnolia Capital Fund, LP controls all of the Company’s Class B common stock... controls 32.15% of all votes which may be cast at the Annual Meeting.”

No performance-based incentive alignment

“There are no compensation plans currently in place which set forth specific bonus plans or performance goals for fiscal 2026.” · word for word

Loan is guaranteed by parent company, adding contingent liability. Deployment execution risk exists.

“Boston Omaha Corporation unconditionally guaranteed the sums due under the loan”

Transaction subject to regulatory approvals; closing risk exists. Post-closing indemnification cap of $5.25M.

“Transaction expected to close in H2 2026 following receipt of regulatory approvals; indemnification cap $5,250,000”

Insurance adverse claims development

“Losses and loss adjustment expenses as a percentage of total segment operating revenues increased from 17.6% in the first quarter of fiscal 2025 to 40.6% in the first quarter of fiscal 2026, mainly driven by additional claim payments and increased reserves due to adverse development on prior year claims.” · word for word

Sky Harbour impairment risk

“If Sky Harbour's stock price drops below our carrying value of $6.20 per share for a sustained period of time, it will likely result in an impairment of our investment.” · word for word

Leverage covenant compliance risk

“Link’s ability as well as Boston Omaha Broadband's ability to comply with these loan covenants may be affected by factors beyond their control and a breach of any loan covenants would likely result in an event of default under either Credit Agreement” · word for word

Widening operating losses despite modest revenue growth

“Net Loss from Operations increased from -$0.798M to -$2.188M”

Key man risk - CEO holds 33.5% voting power

“Adam K. Peterson ... 33.50%”

Related party transactions - BOAM wind-down with director Keating

“BOAM and Brendan J. Keating entered into a Services Agreement ... Local received fees totaling $444,864” · word for word

Concentrated ownership - CEO controls Magnolia entities

“Mr. Peterson has the direct or indirect right to control the voting of the shares ... owned by Magnolia Capital Fund, L.P., Magnolia MBOC I, LP” · word for word

Large unrealized loss on Sky Harbour warrants ($17.6M) and other investment losses

“Net other expense $14.5M including $17.6M unrealized loss on Sky Harbour warrants”

NOL limitation risk

“If an ownership change occurs, Section 382 generally imposes an annual limitation on the use of pre-ownership change net operating losses” · word for word

No obligation to repurchase shares; program may be terminated early at Board discretion.

“Company is not obligated to repurchase any specific number of shares and program may be terminated earlier in the discretion of the Board.” · word for word

Insurance loss ratio deterioration

“Losses and loss adjustment expenses as a percentage of total segment operating revenues increased from 14.4% in the third quarter of fiscal 2024 to 21.0% in the third quarter of fiscal 2025, mainly due to an increase in claim payments.” · word for word

Sky Harbour investment impairment risk

“If Sky Harbour's stock price drops below our carrying value of $6.08 per share for a sustained period of time, it will likely result in an impairment of our investment.” · word for word

Asset management wind-down losses

“Other investment loss in the third quarter of fiscal 2025 primarily included the changes in the fair value of the 24th Street Funds mainly driven by a decline in value of the underlying real estate properties.” · word for word

Net other expense increased sharply due to unrealized losses on investments and equity method losses.

“Net Other Expense ($4.11M) vs ($1.07M) YoY; includes $1.5M unrealized loss on Sky Harbour warrants, $2.0M losses in BOAM, $0.6M losses from unconsolidated affiliates”