BOSTON OMAHA CORP, 10-Q filed on 5/14/2026
Quarterly Report
v3.26.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2026
May 13, 2026
Document Information [Line Items]    
Entity Central Index Key 0001494582  
Entity Registrant Name BOSTON OMAHA Corp  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2026  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-38113  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-0788438  
Entity Address, Address Line One 1601 Dodge Street, Suite 3300  
Entity Address, City or Town Omaha  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68102  
City Area Code 857  
Local Phone Number 256-0079  
Title of 12(b) Security Class A common stock, $0.001 par value per share  
Trading Symbol BOC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   580,558
Common Class A [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   29,823,849
v3.26.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents $ 28,791 $ 28,624
Cash held by BOAM funds and other 2,223 4,180
Accounts receivable, net 11,613 16,022
Short-term investments 28,460 28,186
Marketable equity securities 214 868
U. S. Treasury securities 19,389 20,670
Funds held as collateral assets 13,897 13,910
Prepaid expense and other current assets 5,485 6,475
Total Current Assets 110,072 118,935
Property and Equipment, net 174,522 172,604
Other Assets:    
Goodwill 182,380 182,380
Intangible assets, net 49,572 51,359
Investments 46,561 51,434
Investments in unconsolidated affiliates 73,054 74,817
Deferred policy acquisition costs 3,145 2,945
Right of use assets 56,681 58,427
Other 172 172
Total Other Assets 411,565 421,534
Total Assets 696,159 713,073
Current Liabilities:    
Accounts payable and accrued expenses 12,261 13,952
Short-term payables for business acquisitions 1,361 1,361
Lease liabilities 4,973 5,270
Funds held as collateral 13,897 13,910
Unpaid losses and loss adjustment expenses 7,786 6,539
Unearned premiums 13,278 13,576
Current maturities of long-term debt 2,396 2,387
Deferred revenue 3,330 3,178
Total Current Liabilities 59,282 60,173
Long-term Liabilities:    
Asset retirement obligations 4,286 4,231
Lease liabilities 52,501 54,384
Long-term debt, less current maturities 45,779 46,385
Other long-term liabilities 73 88
Deferred tax liability 11,070 11,739
Total Liabilities 172,991 177,000
Stockholders' Equity:    
Preferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding 0 0
Additional paid-in capital 540,760 540,710
Treasury stock, at cost, 937,896 and 117,115 shares, respectively (12,246) (7,429)
Accumulated deficit (19,325) (17,176)
Total Boston Omaha Stockholders' Equity 509,221 516,137
Noncontrolling interests 13,947 19,936
Total Equity 523,168 536,073
Total Liabilities and Stockholders' Equity 696,159 713,073
Common Class A [Member]    
Stockholders' Equity:    
Common stock 31 31
Common Class B [Member]    
Stockholders' Equity:    
Common stock $ 1 $ 1
v3.26.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock, shares (in shares) 937,896 117,115
Common Class A [Member]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 38,838,884 38,838,884
Common stock, shares issued (in shares) 31,023,416 31,019,355
Common Class B [Member]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,161,116 1,161,116
Common stock, shares issued (in shares) 580,558 580,558
Common stock, shares outstanding (in shares) 580,558 580,558
v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Premiums earned $ 5,457 $ 5,564
Insurance commissions 631 579
Investment and other income 438 503
Total Revenues 28,249 27,730
Costs and Expenses:    
Employee costs 8,326 8,810
Professional fees 1,101 741
General and administrative 3,879 3,780
Amortization 1,877 1,911
Depreciation 4,446 4,027
(Gain) Loss on disposition of assets (24) 124
Accretion 55 54
Total Costs and Expenses 30,437 28,528
Segment (Loss) Income from Operations (2,188) (798)
Other Income (Expense):    
Interest and dividend income 271 303
Equity in income (loss) of unconsolidated affiliates (1,691) (2,314)
Other investment income (loss) 992 736
Interest expense (609) (542)
Net Loss Before Income Taxes (3,225) (2,615)
Income tax benefit 669 187
Net Loss (2,556) (2,428)
Noncontrolling interest in subsidiary (income) loss 407 1,758
Net (Loss) Income Attributable to Common Stockholders $ (2,149) $ (669)
Basic Net Loss per Share (in dollars per share) $ (0.07) $ (0.02)
Diluted Net Loss per Share (in dollars per share) $ (0.07) $ (0.02)
Basic Weighted Average Class A and Class B Common Shares Outstanding (in shares) 30,804,628 31,428,298
Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) 30,804,628 31,428,298
Billboard Rentals [Member]    
Revenues:    
Revenues $ 10,973 $ 10,764
Costs and Expenses:    
Cost of revenues (exclusive of depreciation and amortization) 3,490 3,844
Broadband Services [Member]    
Revenues:    
Revenues 10,750 10,320
Costs and Expenses:    
Cost of revenues (exclusive of depreciation and amortization) 2,565 2,373
Insurance [Member]    
Costs and Expenses:    
Cost of revenues (exclusive of depreciation and amortization) $ 4,722 $ 2,864
v3.26.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Build for Rent Subsidiary [Member]
Common Stock [Member]
Common Class A [Member]
Build for Rent Subsidiary [Member]
Common Stock [Member]
Common Class B [Member]
Build for Rent Subsidiary [Member]
Additional Paid-in Capital [Member]
Build for Rent Subsidiary [Member]
Treasury Stock, Common [Member]
Build for Rent Subsidiary [Member]
Noncontrolling Interest [Member]
Build for Rent Subsidiary [Member]
Retained Earnings [Member]
Build for Rent Subsidiary [Member]
The 24th Street Asset Management, LLC [Member]
Common Stock [Member]
Common Class A [Member]
The 24th Street Asset Management, LLC [Member]
Common Stock [Member]
Common Class B [Member]
The 24th Street Asset Management, LLC [Member]
Additional Paid-in Capital [Member]
The 24th Street Asset Management, LLC [Member]
Treasury Stock, Common [Member]
The 24th Street Asset Management, LLC [Member]
Noncontrolling Interest [Member]
The 24th Street Asset Management, LLC [Member]
Retained Earnings [Member]
The 24th Street Asset Management, LLC [Member]
Minority Owners [Member]
Common Stock [Member]
Common Class A [Member]
Minority Owners [Member]
Common Stock [Member]
Common Class B [Member]
Minority Owners [Member]
Additional Paid-in Capital [Member]
Minority Owners [Member]
Treasury Stock, Common [Member]
Minority Owners [Member]
Noncontrolling Interest [Member]
Minority Owners [Member]
Retained Earnings [Member]
Minority Owners [Member]
Common Stock [Member]
Common Class A [Member]
Common Stock [Member]
Common Class B [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common [Member]
Noncontrolling Interest [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Dec. 31, 2024                                           30,943,349 527,780          
Balance at Dec. 31, 2024                                           $ 31 $ 1 $ 539,126 $ (1,589) $ 29,900 $ (4,749) $ 562,720
Stock issued for cash (in shares)                                           0 52,778          
Stock issued for cash                                           $ 0 $ 0 525 0 0 0 525
Stock issued as compensation (in shares)                                           46,642 0          
Stock issued as compensation                                           $ 0 $ 0 702 (87) 0 0 615
Distributions to noncontrolling interests $ 0 $ 0 $ 0 $ 0 $ (1,120) $ 0 $ (1,120) $ 0 $ 0 $ 0 $ 0 $ (549) $ 0 $ (549)                            
Net loss attributable to noncontrolling interests                                           0 0 0 0 (1,758) 0 (1,758)
Net loss attributable to common stockholders, March 31, 2025                                           $ 0 $ 0 0 0 0 (669) (669)
Balance (in shares) at Mar. 31, 2025                                           30,989,991 580,558          
Balance at Mar. 31, 2025                                           $ 31 $ 1 540,353 (1,676) 26,473 (5,418) 559,764
Net loss attributable to common stockholders, March 31, 2026                                           $ 0 $ 0 0 0 0 (669) (669)
Balance (in shares) at Dec. 31, 2024                                           30,943,349 527,780          
Balance at Dec. 31, 2024                                           $ 31 $ 1 539,126 (1,589) 29,900 (4,749) 562,720
Balance (in shares) at Dec. 31, 2025                                           31,019,355 580,558          
Balance at Dec. 31, 2025                                           $ 31 $ 1 540,710 (7,429) 19,936 (17,176) 536,073
Stock issued as compensation (in shares)                                           4,061 0          
Stock issued as compensation                                           $ 0 $ 0 50 (9) 0 0 41
Distributions to noncontrolling interests $ 0 $ 0 $ 0 $ 0 $ (1,909) $ 0 $ (1,909) $ 0 $ 0 $ 0 $ 0 $ (3,672) $ 0 $ (3,672) $ 0 $ 0 $ 0 $ 0 $ (1) $ 0 $ (1)              
Net loss attributable to noncontrolling interests                                           0 0 0 0 (407) 0 (407)
Net loss attributable to common stockholders, March 31, 2025                                           $ 0 $ 0 0 0 0 (2,149) (2,149)
Balance (in shares) at Mar. 31, 2026                                           31,023,416 580,558          
Balance at Mar. 31, 2026                                           $ 31 $ 1 540,760 (12,246) 13,947 (19,325) 523,168
Treasury stock purchased                                           0 0 0 (4,808) 0 0 (4,808)
Net loss attributable to common stockholders, March 31, 2026                                           $ 0 $ 0 $ 0 $ 0 $ 0 $ (2,149) $ (2,149)
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net Loss $ (2,556) $ (2,428)
Adjustments to reconcile net loss to cash provided by operating activities:    
Amortization of right of use assets 1,454 1,378
Depreciation, amortization, and accretion 6,378 5,992
Income taxes (669) (190)
(Gain) Loss on disposition of assets (24) 124
Bad debt expense 81 54
Equity in loss of unconsolidated affiliates 1,691 2,314
Amortization of bond premium (237) 311
Other investment income (992) (736)
Compensation paid in stock 50 702
Other 73 0
Changes in operating assets and liabilities:    
Accounts receivable (77) (159)
Interest receivable 0 (27)
Prepaid expenses 989 131
Deferred policy acquisition costs (200) (165)
Other assets 0 (3)
Other liabilities, exclusive of debt (16) (19)
Accounts payable, accrued expenses, unpaid losses and loss adjustments (444) (3,156)
Lease liabilities (1,495) (1,462)
Unearned premiums (298) (389)
Deferred revenue 154 283
Net Cash Provided by Operating Activities 3,862 2,555
Cash Flows from Investing Activities:    
Capital expenditures (6,484) (6,859)
Proceeds from sales of investments 84,210 56,980
Purchases of investments (72,391) (61,348)
Net Cash Provided by (Used in) Investing Activities 5,335 (11,227)
Cash Flows from Financing Activities:    
Proceeds from the issuance of stock 0 525
Stock repurchased (4,808) (87)
Proceeds from long term credit facility 0 3,500
Principal payments of long-term debt (596) (359)
Collateral (release) receipt, net (13) 4,916
Distributions to noncontrolling interests (5,583) (1,669)
Net Cash (Used in) Provided by Financing Activities (11,000) 6,826
Net Decrease in Cash, Cash Equivalents, and Restricted Cash (1,803) (1,846)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 46,714 41,197
Cash, Cash Equivalents, and Restricted Cash, End of Period 44,911 39,351
Interest Paid in Cash 609 576
Income Taxes Paid in Cash $ 4 $ 3
v3.26.1
Note 1 - Organization and Background
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1.     ORGANIZATION AND BACKGROUND

 

Boston 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.

 

We 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. 

 

On 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.

 

On 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.

 

On 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).

 
v3.26.1
Note 2 - Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

NOTE 2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The 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.

 

Consolidation Policy

 

The 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.

 

Variable Interest Entities (VIEs) 

 

We 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.

 

We 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.

 

We 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". 

 

Total 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.

 

Our consolidated subsidiaries at  March 31, 2026 include: 

 

Link Media Holdings, LLC which we refer to as “LMH" and “Link”

Link Media Alabama, LLC which we refer to as “LMA”

Link Media Florida, LLC which we refer to as “LMF”

Link Media Wisconsin, LLC which we refer to as “LMW”

Link Media Georgia, LLC which we refer to as “LMG”

Link Media Midwest, LLC which we refer to as “LMM”

Link Media Omaha, LLC which we refer to as “LMO”

Link Media Properties, LLC which we refer to as “LMP”

Link Media Southeast, LLC which we refer to as “LMSE”

Link Media Services, LLC which we refer to as “LMS”

Link Billboards Oklahoma, LLC which we refer to as “LBO”

General Indemnity Group, LLC which we refer to as “GIG”

United Casualty and Surety Insurance Company which we refer to as “UCS”

BOSS 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”

Boston Omaha Investments, LLC which we refer to as “BOIC”

Boston Omaha Asset Management, LLC which we refer to as “BOAM”

Fund One Boston Omaha Build for Rent LP which we refer to as “BFR”

BOAM BFR, LLC which we refer to as “BOAM BFR”

BOC Business Services, LLC which we refer to as “BBS” 

BOC Yellowstone, LLC which we refer to as “BOC Yellowstone”

BOC Yellowstone II, LLC which we refer to as “BOC Yellowstone II”

24th Street Asset Management LLC which we refer to as “24th Street”

24th Street Fund I, LLC which we refer to as “24th Street Fund I”

24th Street Fund II, LLC which we refer to as “24th Street Fund II”

Boston Omaha Broadband, LLC which we refer to as “BOB”

FIF AireBeam, LLC which we refer to as “AireBeam”

Fiber Fast Homes, LLC which we refer to as “FFH”

FIF Utah, LLC which we refer to as “FIF Utah”

FIF St George, LLC which we refer to as “FIF St George” or "InfoWest"

 

Revenues

 

The 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.

 

Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services – Insurance.

 

Revenue Recognition

 

Billboard Rentals

 

We 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.    

 

Another 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. 

 

Practical 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.

 

Deferred Revenues

 

We 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.

 

Premiums and Unearned Premium Reserves

 

Premiums 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.

 

Commissions

 

We 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.

 

Broadband Revenues

 

Broadband 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.

 

Recently Issued Accounting Pronouncements

 

In  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.

 

In  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.

 

In  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.

 
v3.26.1
Note 3 - Cash, Cash Equivalents, and Restricted Cash
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]

NOTE 3.     CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

The 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. 

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 
         

Cash and cash equivalents

 $28,791  $28,624 

Funds held as collateral assets

  13,897   13,910 

Cash held by BOAM funds and other

  2,223   4,180 
         

Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Condensed Consolidated Statements of Cash Flows

 $44,911  $46,714 

 
v3.26.1
Note 4 - Accounts Receivable
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Financing Receivables [Text Block]

NOTE 4.     ACCOUNTS RECEIVABLE

 

Accounts receivable consist of the following:    

 

   

March 31,

    

December 31,

  
   

2026

    

2025

  
                 

Trade accounts

   $ 6,514     $ 6,186  

Premiums

     4,348       4,356  

Recoverables from reinsurers

     490       1,218  

Other

     380       4,405  

Allowance for credit losses

     (119 )     (143 )
                 

Total Accounts Receivable, net

   $ 11,613     $ 16,022  

 
v3.26.1
Note 5 - Property and Equipment
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Property, Plant, and Equipment [Text Block]

NOTE 5.     PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:   

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 
         

Structures and displays

 $69,472  $68,996 

Fiber, towers, and broadband equipment

  157,712   151,933 

Land

  599   599 

Vehicles and equipment

  11,576   11,493 

Office furniture and equipment

  5,890   5,881 

Accumulated depreciation

  (70,727)  (66,298)
         

Total Property and Equipment, net

 $174,522  $172,604 

 

Depreciation expense for the three months ended March 31, 2026 and 2025 was $4.4 million and $4 million, respectively.

 
v3.26.1
Note 6 - Intangible Assets
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Intangible Asset [Text Block]

NOTE 6.     INTANGIBLE ASSETS

 

Intangible assets consist of the following: 

 

  

March 31, 2026

  

December 31, 2025

 
      

Accumulated

          

Accumulated

     
  

Cost

  

Amortization

  

Balance

  

Cost

  

Amortization

  

Balance

 
                         

Customer relationships

 $72,028  $(45,622) $26,406  $72,028  $(44,283) $27,745 

Permits, licenses, and lease acquisition costs

  11,997   (8,008)  3,989   11,993   (7,745)  4,248 

Site location

  849   (490)  359   849   (476)  373 

Noncompetition agreements

  215   (215)  -   215   (215)  - 

Technology

  1,128   (732)  396   1,128   (707)  421 

Trade names and trademarks

  11,152   (3,007)  8,145   11,152   (2,861)  8,291 

Nonsolicitation agreement

  325   (319)  6   325   (313)  12 

Capitalized contract costs

  3,495   (1,016)  2,479   3,408   (931)  2,477 

Indefinite lived intangibles

  7,792   -   7,792   7,792   -   7,792 
                         

Total

 $108,981  $(59,409) $49,572  $108,890  $(57,531) $51,359 

 

Future Amortization

 

The future amortization associated with the intangible assets is as follows:

 

  

March 31,

         
  

2027

  

2028

  

2029

  

2030

  

2031

  

Thereafter

  

Total

 
                             

Customer relationships

 $5,425  $5,391  $4,242  $3,300  $2,919  $5,129  $26,406 

Permits, licenses, and lease acquisition costs

  1,066   1,028   590   243   167   895   3,989 

Site location

  57   57   57   57   57   74   359 

Noncompetition agreements

  -   -   -   -   -   -   - 

Technology

  99   99   99   99   -   -   396 

Trade names and trademarks

  575   526   526   526   526   5,466   8,145 

Nonsolicitation agreement

  6   -   -   -   -   -   6 

Capitalized contract costs

  349   349   349   349   349   734   2,479 
                             

Total

 $7,577  $7,450  $5,863  $4,574  $4,018  $12,298  $41,780 

 

Amortization expense for the three months ended March 31, 2026 and 2025 was $1.9 million and $1.9 million, respectively.

 

As of  March 31, 2026, the weighted average amortization period, in months, for intangible assets is as follows: 

 

Customer relationships

  58 

Permits, licenses, and lease acquisition costs

  43 

Site location

  76 

Technology

  48 

Trade names and trademarks

  165 

Nonsolicitation agreement

  3 

Capitalized contract costs

  85 

 
v3.26.1
Note 7 - Investments, Including Investments Accounted for Using the Equity Method
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Investment [Text Block]

NOTE 7.     INVESTMENTS, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

 

Short-term Investments

 

Short-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. 

 

   

March 31,

    

December 31,

  
   

2026

    

2025

  
                 

U.S. Treasury notes held to maturity

   $ 23,056     $ 23,198  

Common stock warrants of Sky Harbour Group Corporation

     5,404       4,988  
                 

Total

   $ 28,460     $ 28,186  

 

Marketable Equity Securities

 

Our 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:  

 

           

Gross

          
           

Unrealized

    

Fair

  
   

Cost

    

Gain (Loss)

    

Value

  
                         

Marketable equity securities, March 31, 2026

   $ 209     $ 5     $ 214  
                         

Marketable equity securities, December 31, 2025

   $ 1,074     $ (206 )   $ 868  

 

BOSTON OMAHA CORPORATION
and SUBSIDIARIES


Notes to Condensed Unaudited Consolidated Financial Statements

 

For the Three Months Ended March 31, 2026 and 2025

 

 

NOTE 7.     INVESTMENTS, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (Continued)

 

U.S. Treasury Trading Securities

 

We 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. 

 

Debt securities classified as trading as of  March 31, 2026 and December 31, 2025 are as follows:  

 

           

Gross

          
           

Unrealized

    

Fair

  
   

Cost

    

Gain (Loss)

    

Value

  
                         

U.S. Treasury trading securities, March 31, 2026

   $ 19,340     $ 49     $ 19,389  
                         

U.S. Treasury trading securities, December 31, 2025

   $ 20,612     $ 58     $ 20,670  

 

Long-term Investments

 

Long-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. 

 

24th Street Fund I & 24th Street Fund II

 

On 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.  

 

Each 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. 

 

Equity Investments

 

During 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.

 

In 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.

 

   

March 31,

    

December 31,

  
   

2026

    

2025

  
                 

U.S. Treasury securities held to maturity

   $ 4,777     $ 4,769  

Investments in special purpose entities

     19,726       24,258  

Preferred stock

     -       349  

Voting preferred stock of MyBundle TV Inc.

     3,000       3,000  

Voting common stock of CB&T Holding Corporation

     19,058       19,058  
                 

Total

   $ 46,561     $ 51,434  

 

We reviewed our investments as of March 31, 2026 and December 31, 2025 and concluded that no impairment to the carrying value was required.

 

BOSTON OMAHA CORPORATION
and SUBSIDIARIES


Notes to Condensed Unaudited Consolidated Financial Statements

 

For the Three Months Ended March 31, 2026 and 2025

 

 

NOTE 7.     INVESTMENTS, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (Continued)

 

Investment in Unconsolidated Affiliates

 

We 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.

 

Sky Harbour Group Corporation

 

In 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. 

 

On 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”).

 

On  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.

 

BOSTON OMAHA CORPORATION
and SUBSIDIARIES


Notes to Condensed Unaudited Consolidated Financial Statements

 

For the Three Months Ended March 31, 2026 and 2025

 

 

NOTE 7.     INVESTMENTS, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (Continued)

 

On  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.  

 

On  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.

 

All 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.

 

The 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:

 

   

March 31,

    

December 31,

  
   

2026

    

2025

  
                 

Beginning of year

   $ 74,817     $ 72,436  

Additional investments in unconsolidated affiliates

     -       -  

Distributions received

     (72 )     (60 )

Transfer of interest

     -       -  

Sale of interest

     -       (4,104 )

Equity in income (loss) of unconsolidated affiliates

     (1,691 )     6,545  
                 

End of period

   $ 73,054     $ 74,817  

 

Combined summarized financial data for these affiliates is as follows:  

 

   

For the Three Months Ended

  
   

March 31,

  
   

2026

    

2025

  
                 

Revenue

   $ 11,023     $ 6,408  

Gross profit

     9,568       5,673  

Net loss from operations

     (6,366 )     (6,948 )

Net loss

   $ (8,085 )   $ (8,872 )

 

BOSTON OMAHA CORPORATION
and SUBSIDIARIES


Notes to Condensed Unaudited Consolidated Financial Statements

 

For the Three Months Ended March 31, 2026 and 2025

 
v3.26.1
Note 8 - Fair Value
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

NOTE 8.     FAIR VALUE

 

The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three broad levels:

 

Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities.  

 

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.

 

Level 3 — Unobservable inputs that are supported by little or no market data and require the reporting entity to develop its own assumptions.

 

At 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.

 

Warrants

 

Our 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.

 

Fund I, Fund II and BFR Special Purpose Entities

 

We 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.

 

As 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.

 

Marketable Equity Securities

 

On 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.

 

Sky Harbour Group Corporation Class A common stock

 

We 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.

 

Marketable Equity Securities and U.S. Treasury Trading Securities

 

Marketable 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.

 

  

Total Carrying Amount in Condensed Consolidated Balance Sheet

  

Quoted Prices in Active Markets for Identical Assets

  

Realized Gains and (Losses) Included in Current Period Earnings (Loss)

  

Total Changes in Fair Values Included in Current Period Earnings (Loss)

 
                 

Marketable equity securities and U.S. Treasury trading securities at March 31, 2026

 $19,603  $19,603  $955  $1,009 
                 

Marketable equity securities and U.S. Treasury trading securities at December 31, 2025

 $21,538  $21,538  $137  $(12)

 
v3.26.1
Note 9 - Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Asset Retirement Obligation Disclosure [Text Block]

NOTE 9.     ASSET RETIREMENT OBLIGATIONS

 

Our 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:   

 

Balance, December 31, 2025

 $4,231 

Additions

  - 

Liabilities settled

  - 

Accretion expense

  55 
     

Balance, March 31, 2026

 $4,286 

 
v3.26.1
Note 10 - Capital Stock
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Equity [Text Block]

NOTE 10.     CAPITAL STOCK

 

On 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.

 

On 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.

 

As 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.

 

On  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. 

 

Separation Agreement with Alex Rozek

 

Separation and Benefits

 

On  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.

 

Securities Repurchase

 

Pursuant 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. 

 

The 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.

 

The 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. 

 

Separation and Benefits

 

Pursuant 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. 

 

Mr. 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.

 

In 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.

 
v3.26.1
Note 11 - Long-term Debt
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE 11.    LONG-TERM DEBT

 

Link Credit Facility

 

On 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.

 

On  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.

 

On  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.

 

On  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.

 

On 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.

 

On 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.

 

On 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.

 

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 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.

 

As 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.

 

The 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.

 

Long-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.

 

During 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.

 

The 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.

 

The 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.

 

Boston Omaha Broadband Credit Facility

 

On 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.

 

The 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.

 

Pursuant 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.

 

The 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.

 

As 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.

 
v3.26.1
Note 12 - Leases
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

NOTE 12.     LEASES

 

We 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.

 

Right 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.

 

Certain 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.

 

Many 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.

 

The 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.” 

 

Operating Lease Cost

 

Operating lease cost is as follows:

 

  

For the Three Months Ended

  
  

March 31,

  
  

2026

  

2025

 

Statement of Operations Classification

          

Lease cost

 $2,251  $2,178 

Cost of billboard revenues, cost of broadband revenues and general and administrative

Variable and short-term lease cost

  530   877 

Cost of billboard revenues, cost of broadband revenues and general and administrative

          

Total Lease Cost

 $2,781  $3,055  

 

Supplemental cash flow information related to operating leases is as follows:

 

  

For the Three Months Ended

 
  

March 31,

 
  

2026

  

2025

 
         

Cash payments for operating leases

 $2,293  $2,235 

New operating lease assets obtained in exchange for operating lease liabilities

 $670  $2,137 

 

Operating Lease Assets and Liabilities

 

  

March 31, 2026

  

December 31, 2025

 

Balance Sheet Classification

          

Lease assets

 $56,681  $58,427 

Other Assets: Right of use assets

          

Current lease liabilities

 $4,973  $5,270 

Current Liabilities: Lease liabilities

Noncurrent lease liabilities

  52,501   54,384 

Long-term Liabilities: Lease liabilities

          

Total Lease Liabilities

 $57,474  $59,654  

 

Maturity of Operating Lease Liabilities

 

  

March 31, 2026

 
     

2027

 $8,039 

2028

  8,096 

2029

  7,625 

2030

  6,894 

2031

  6,112 

Thereafter

  51,171 
     

Total lease payments

  87,937 

Less imputed interest

  (30,463)
     

Present Value of Lease Liabilities

 $57,474 

 

As 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%.

 
v3.26.1
Note 13 - Industry Segments
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

NOTE 13.     INDUSTRY SEGMENTS

 

This summary presents our current segments, as described below.

 

General Indemnity Group, LLC

 

GIG 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. 

 

Link Media Holdings, LLC

 

LMH 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.

 

Boston Omaha Broadband, LLC

 

BOB conducts our broadband operations. BOB provides high-speed broadband services to its customers located mainly in Arizona, Florida, Nevada, and Utah. 

 

Boston Omaha Asset Management, LLC

 

BOAM 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. 

 

The 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.

 

Resources 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).

 

The 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.

 

                      

Total

 

Three Months Ended March 31, 2026

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Operating Revenues

 $6,525  $10,973  $10,750  $1  $-  $28,249 

Cost of Revenues

  4,722   3,490   2,565   -   -   10,777 

Gross Margin

  1,803   7,483   8,185   1   -   17,472 

Other Operating Expenses

                        

Employee costs

  2,421   2,230   3,176   -   499   8,326 

Professional fees

  176   90   115   216   504   1,101 

General and administrative

  767   984   1,679   60   389   3,879 

Depreciation

  30   1,331   3,065   -   20   4,446 

Amortization

  40   952   885   -   -   1,877 

Accretion

  -   52   3   -   -   55 

Loss (gain) on disposition of assets

  -   4   (28)  -   -   (24)

Total expenses

  3,434   5,643   8,895   276   1,412   19,660 

Segment (Loss) Income from Operations

  (1,631)  1,840   (710)  (275)  (1,412)  (2,188)
                         

Interest expense

  -   (382)  (227)  -   -   (609)

Interest and dividend income

  -   44   19   5   203   271 

Equity in loss of unconsolidated affiliates

  (431)  -   -   -   (1,260)  (1,691)

Other investment income (loss)

  956   -   -   (376)  412   992 

Noncontrolling interest in subsidiary (income) loss

  -   -   (8)  415   -   407 

Income tax benefit

  -   -   -   -   669   669 

Net (Loss) Income Attributable to Common Stockholders

 $(1,106) $1,502  $(926) $(231) $(1,388) $(2,149)
                         

Segment adjusted EBITDA

 $(1,561) $4,179  $3,215  $(275) $(1,392) $4,166 
                         

Capital expenditures

 $-  $564  $5,920  $-  $-  $6,484 

 

                      

Total

 

Three Months Ended March 31, 2025

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Operating Revenues

 $6,633  $10,764  $10,320  $13  $-  $27,730 

Cost of Revenues

  2,864   3,844   2,373   -   -   9,081 

Gross Margin

  3,769   6,920   7,947   13   -   18,649 

Other Operating Expenses

                        

Employee costs

  2,507   2,226   3,589   -   488   8,810 

Professional fees

  98   62   126   256   199   741 

General and administrative

  857   989   1,521   33   380   3,780 

Depreciation

  43   1,290   2,667   -   27   4,027 

Amortization

  40   962   868   -   41   1,911 

Accretion

  -   51   3   -   -   54 

Loss on disposition of assets

  -   74   50   -   -   124 

Total expenses

  3,545   5,654   8,824   289   1,135   19,447 

Segment Income (Loss) from Operations

  224   1,266   (877)  (276)  (1,135)  (798)
                         

Interest expense

  -   (422)  (120)  -   -   (542)

Interest and dividend income

  -   47   18   8   230   303 

Equity in income (loss) of unconsolidated affiliates

  163   -   -   -   (2,477)  (2,314)

Other investment income (loss)

  283   -   -   (2,020)  2,473   736 

Noncontrolling interest in subsidiary loss

  -   -   -   1,758   -   1,758 

Income tax benefit

  -   -   -   -   187   187 

Net Income (Loss) Attributable to Common Stockholders

 $670  $891  $(979) $(530) $(722) $(670)
                         

Segment adjusted EBITDA

 $307  $3,643  $2,711  $(276) $(1,067) $5,318 
                         

Capital expenditures

 $-  $700  $6,159  $-  $-  $6,859 

 

                      

Total

 

As of March 31, 2026

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $5,915  $4,199  $1,232  $252  $15  $11,613 

Goodwill

  11,325   130,904   39,614   537   -   182,380 

Total assets

  100,310   249,681   212,334   24,739   109,095   696,159 

 

                      

Total

 

As of December 31, 2025

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $6,440  $4,121  $751  $4,695  $15  $16,022 

Goodwill

  11,325   130,904   39,614   537   -   182,380 

Total assets

  102,689   252,802   211,435   35,489   110,658   713,073 

 
v3.26.1
Note 14 - Unpaid Losses and Loss Adjustment Expenses
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Insurance Disclosure [Text Block]

NOTE 14.     UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES

 

The 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.   

 

  

2026

  

2025

 

Gross reserve for unpaid losses and loss adjustment expenses, beginning of period

 $6,539  $5,873 

Less: reinsurance recoverable on unpaid losses

  999   1,804 

Net reserve for unpaid losses and loss adjustment expenses, beginning of period

  5,540   4,069 
         

Incurred losses and loss adjustment expenses:

        

Current year

  1,899   989 

Prior year

  747   178 

Total net losses and loss adjustment expense incurred

  2,646   1,167 
         

Payments:

        

Current year

  499   467 

Prior year

  908   544 

Total payments:

  1,407   1,011 
         

Net reserves for unpaid losses and loss adjustment expenses, end of period

  6,779   4,225 

Reinsurance recoverable on unpaid losses, net of allowance

  1,007   1,804 
         

Gross reserves for unpaid losses and loss adjustment expenses, end of period

 $7,786  $6,029 

 

For 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. 

 
v3.26.1
Note 15 - Custodial Risk
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Custodial Risk Disclosure [Text Block]

NOTE 15.     CUSTODIAL RISK

 

As of March 31, 2026, we had approximately $39.6 million in excess of federally insured limits on deposit with financial institutions. 

 
v3.26.1
Note 16 - Subsequent Events
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 16.     SUBSEQUENT EVENTS

 

Subsequent to  March 31, 2026, we repurchased 261,671 shares of our Class A common stock for a total cost of approximately $3.2 million.

 

Subsequent to  March 31, 2026, we sold 331,500 shares of Sky Harbour stock for total proceeds of approximately $3 million.

 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual [Table]  
Material Terms of Trading Arrangement [Text Block]

Item 5. Other Information.

 

During the fiscal quarter ended March 31, 2026, none of the Company’s officers or directors adopted or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as those terms are defined in Regulation S-K, Item 408).
Rule 10b5-1 Arrangement Terminated [Flag] false
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
v3.26.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]

Consolidation Policy

 

The 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.

 

Variable Interest Entities (VIEs) 

 

We 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.

 

We 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.

 

We 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". 

 

Total 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.

 

Our consolidated subsidiaries at  March 31, 2026 include: 

 

Link Media Holdings, LLC which we refer to as “LMH" and “Link”

Link Media Alabama, LLC which we refer to as “LMA”

Link Media Florida, LLC which we refer to as “LMF”

Link Media Wisconsin, LLC which we refer to as “LMW”

Link Media Georgia, LLC which we refer to as “LMG”

Link Media Midwest, LLC which we refer to as “LMM”

Link Media Omaha, LLC which we refer to as “LMO”

Link Media Properties, LLC which we refer to as “LMP”

Link Media Southeast, LLC which we refer to as “LMSE”

Link Media Services, LLC which we refer to as “LMS”

Link Billboards Oklahoma, LLC which we refer to as “LBO”

General Indemnity Group, LLC which we refer to as “GIG”

United Casualty and Surety Insurance Company which we refer to as “UCS”

BOSS 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”

Boston Omaha Investments, LLC which we refer to as “BOIC”

Boston Omaha Asset Management, LLC which we refer to as “BOAM”

Fund One Boston Omaha Build for Rent LP which we refer to as “BFR”

BOAM BFR, LLC which we refer to as “BOAM BFR”

BOC Business Services, LLC which we refer to as “BBS” 

BOC Yellowstone, LLC which we refer to as “BOC Yellowstone”

BOC Yellowstone II, LLC which we refer to as “BOC Yellowstone II”

24th Street Asset Management LLC which we refer to as “24th Street”

24th Street Fund I, LLC which we refer to as “24th Street Fund I”

24th Street Fund II, LLC which we refer to as “24th Street Fund II”

Boston Omaha Broadband, LLC which we refer to as “BOB”

FIF AireBeam, LLC which we refer to as “AireBeam”

Fiber Fast Homes, LLC which we refer to as “FFH”

FIF Utah, LLC which we refer to as “FIF Utah”

FIF St George, LLC which we refer to as “FIF St George” or "InfoWest"

 
Revenue [Policy Text Block]

Revenues

 

The 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.

 

Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services – Insurance.

 

Revenue Recognition

 

Billboard Rentals

 

We 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.    

 

Another 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. 

 

Practical 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.

 

Deferred Revenues

 

We 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.

 

Premiums and Unearned Premium Reserves

 

Premiums 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.

 

Commissions

 

We 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.

 

Broadband Revenues

 

Broadband 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.

 
New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

 

In  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.

 

In  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.

 

In  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.

 
v3.26.1
Note 3 - Cash, Cash Equivalents, and Restricted Cash (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Restrictions on Cash and Cash Equivalents [Table Text Block]
  

March 31,

  

December 31,

 
  

2026

  

2025

 
         

Cash and cash equivalents

 $28,791  $28,624 

Funds held as collateral assets

  13,897   13,910 

Cash held by BOAM funds and other

  2,223   4,180 
         

Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Condensed Consolidated Statements of Cash Flows

 $44,911  $46,714 
v3.26.1
Note 4 - Accounts Receivable (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Receivables with Imputed Interest [Table Text Block]
   

March 31,

    

December 31,

  
   

2026

    

2025

  
                 

Trade accounts

   $ 6,514     $ 6,186  

Premiums

     4,348       4,356  

Recoverables from reinsurers

     490       1,218  

Other

     380       4,405  

Allowance for credit losses

     (119 )     (143 )
                 

Total Accounts Receivable, net

   $ 11,613     $ 16,022  
v3.26.1
Note 5 - Property and Equipment (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Property, Plant, and Equipment [Table Text Block]
  

March 31,

  

December 31,

 
  

2026

  

2025

 
         

Structures and displays

 $69,472  $68,996 

Fiber, towers, and broadband equipment

  157,712   151,933 

Land

  599   599 

Vehicles and equipment

  11,576   11,493 

Office furniture and equipment

  5,890   5,881 

Accumulated depreciation

  (70,727)  (66,298)
         

Total Property and Equipment, net

 $174,522  $172,604 
v3.26.1
Note 6 - Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Intangible Asset and Goodwill [Table Text Block]
  

March 31, 2026

  

December 31, 2025

 
      

Accumulated

          

Accumulated

     
  

Cost

  

Amortization

  

Balance

  

Cost

  

Amortization

  

Balance

 
                         

Customer relationships

 $72,028  $(45,622) $26,406  $72,028  $(44,283) $27,745 

Permits, licenses, and lease acquisition costs

  11,997   (8,008)  3,989   11,993   (7,745)  4,248 

Site location

  849   (490)  359   849   (476)  373 

Noncompetition agreements

  215   (215)  -   215   (215)  - 

Technology

  1,128   (732)  396   1,128   (707)  421 

Trade names and trademarks

  11,152   (3,007)  8,145   11,152   (2,861)  8,291 

Nonsolicitation agreement

  325   (319)  6   325   (313)  12 

Capitalized contract costs

  3,495   (1,016)  2,479   3,408   (931)  2,477 

Indefinite lived intangibles

  7,792   -   7,792   7,792   -   7,792 
                         

Total

 $108,981  $(59,409) $49,572  $108,890  $(57,531) $51,359 
Intangible Asset, Finite-Lived, and Capitalized Cost, Software to be Sold, Leased, or Marketed, Estimated Amortization Expense [Table Text Block]
  

March 31,

         
  

2027

  

2028

  

2029

  

2030

  

2031

  

Thereafter

  

Total

 
                             

Customer relationships

 $5,425  $5,391  $4,242  $3,300  $2,919  $5,129  $26,406 

Permits, licenses, and lease acquisition costs

  1,066   1,028   590   243   167   895   3,989 

Site location

  57   57   57   57   57   74   359 

Noncompetition agreements

  -   -   -   -   -   -   - 

Technology

  99   99   99   99   -   -   396 

Trade names and trademarks

  575   526   526   526   526   5,466   8,145 

Nonsolicitation agreement

  6   -   -   -   -   -   6 

Capitalized contract costs

  349   349   349   349   349   734   2,479 
                             

Total

 $7,577  $7,450  $5,863  $4,574  $4,018  $12,298  $41,780 

Customer relationships

  58 

Permits, licenses, and lease acquisition costs

  43 

Site location

  76 

Technology

  48 

Trade names and trademarks

  165 

Nonsolicitation agreement

  3 

Capitalized contract costs

  85 
v3.26.1
Note 7 - Investments, Including Investments Accounted for Using the Equity Method (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Investment [Table Text Block]
   

March 31,

    

December 31,

  
   

2026

    

2025

  
                 

U.S. Treasury notes held to maturity

   $ 23,056     $ 23,198  

Common stock warrants of Sky Harbour Group Corporation

     5,404       4,988  
                 

Total

   $ 28,460     $ 28,186  
   

March 31,

    

December 31,

  
   

2026

    

2025

  
                 

U.S. Treasury securities held to maturity

   $ 4,777     $ 4,769  

Investments in special purpose entities

     19,726       24,258  

Preferred stock

     -       349  

Voting preferred stock of MyBundle TV Inc.

     3,000       3,000  

Voting common stock of CB&T Holding Corporation

     19,058       19,058  
                 

Total

   $ 46,561     $ 51,434  
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]
           

Gross

          
           

Unrealized

    

Fair

  
   

Cost

    

Gain (Loss)

    

Value

  
                         

Marketable equity securities, March 31, 2026

   $ 209     $ 5     $ 214  
                         

Marketable equity securities, December 31, 2025

   $ 1,074     $ (206 )   $ 868  
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]
           

Gross

          
           

Unrealized

    

Fair

  
   

Cost

    

Gain (Loss)

    

Value

  
                         

U.S. Treasury trading securities, March 31, 2026

   $ 19,340     $ 49     $ 19,389  
                         

U.S. Treasury trading securities, December 31, 2025

   $ 20,612     $ 58     $ 20,670  
Investments in and Advances to Affiliates [Table Text Block]
   

March 31,

    

December 31,

  
   

2026

    

2025

  
                 

Beginning of year

   $ 74,817     $ 72,436  

Additional investments in unconsolidated affiliates

     -       -  

Distributions received

     (72 )     (60 )

Transfer of interest

     -       -  

Sale of interest

     -       (4,104 )

Equity in income (loss) of unconsolidated affiliates

     (1,691 )     6,545  
                 

End of period

   $ 73,054     $ 74,817  
Equity Method Investments [Table Text Block]
   

For the Three Months Ended

  
   

March 31,

  
   

2026

    

2025

  
                 

Revenue

   $ 11,023     $ 6,408  

Gross profit

     9,568       5,673  

Net loss from operations

     (6,366 )     (6,948 )

Net loss

   $ (8,085 )   $ (8,872 )
v3.26.1
Note 8 - Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]
  

Total Carrying Amount in Condensed Consolidated Balance Sheet

  

Quoted Prices in Active Markets for Identical Assets

  

Realized Gains and (Losses) Included in Current Period Earnings (Loss)

  

Total Changes in Fair Values Included in Current Period Earnings (Loss)

 
                 

Marketable equity securities and U.S. Treasury trading securities at March 31, 2026

 $19,603  $19,603  $955  $1,009 
                 

Marketable equity securities and U.S. Treasury trading securities at December 31, 2025

 $21,538  $21,538  $137  $(12)
v3.26.1
Note 9 - Asset Retirement Obligations (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Change in Asset Retirement Obligation [Table Text Block]

Balance, December 31, 2025

 $4,231 

Additions

  - 

Liabilities settled

  - 

Accretion expense

  55 
     

Balance, March 31, 2026

 $4,286 
v3.26.1
Note 12 - Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Lease, Cost [Table Text Block]
  

For the Three Months Ended

  
  

March 31,

  
  

2026

  

2025

 

Statement of Operations Classification

          

Lease cost

 $2,251  $2,178 

Cost of billboard revenues, cost of broadband revenues and general and administrative

Variable and short-term lease cost

  530   877 

Cost of billboard revenues, cost of broadband revenues and general and administrative

          

Total Lease Cost

 $2,781  $3,055  
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block]
  

For the Three Months Ended

 
  

March 31,

 
  

2026

  

2025

 
         

Cash payments for operating leases

 $2,293  $2,235 

New operating lease assets obtained in exchange for operating lease liabilities

 $670  $2,137 
Operating Lease Assets and Liabilities [Table Text Block]
  

March 31, 2026

  

December 31, 2025

 

Balance Sheet Classification

          

Lease assets

 $56,681  $58,427 

Other Assets: Right of use assets

          

Current lease liabilities

 $4,973  $5,270 

Current Liabilities: Lease liabilities

Noncurrent lease liabilities

  52,501   54,384 

Long-term Liabilities: Lease liabilities

          

Total Lease Liabilities

 $57,474  $59,654  
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]
  

March 31, 2026

 
     

2027

 $8,039 

2028

  8,096 

2029

  7,625 

2030

  6,894 

2031

  6,112 

Thereafter

  51,171 
     

Total lease payments

  87,937 

Less imputed interest

  (30,463)
     

Present Value of Lease Liabilities

 $57,474 
v3.26.1
Note 13 - Industry Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Segment Reporting [Table Text Block]
                      

Total

 

Three Months Ended March 31, 2026

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Operating Revenues

 $6,525  $10,973  $10,750  $1  $-  $28,249 

Cost of Revenues

  4,722   3,490   2,565   -   -   10,777 

Gross Margin

  1,803   7,483   8,185   1   -   17,472 

Other Operating Expenses

                        

Employee costs

  2,421   2,230   3,176   -   499   8,326 

Professional fees

  176   90   115   216   504   1,101 

General and administrative

  767   984   1,679   60   389   3,879 

Depreciation

  30   1,331   3,065   -   20   4,446 

Amortization

  40   952   885   -   -   1,877 

Accretion

  -   52   3   -   -   55 

Loss (gain) on disposition of assets

  -   4   (28)  -   -   (24)

Total expenses

  3,434   5,643   8,895   276   1,412   19,660 

Segment (Loss) Income from Operations

  (1,631)  1,840   (710)  (275)  (1,412)  (2,188)
                         

Interest expense

  -   (382)  (227)  -   -   (609)

Interest and dividend income

  -   44   19   5   203   271 

Equity in loss of unconsolidated affiliates

  (431)  -   -   -   (1,260)  (1,691)

Other investment income (loss)

  956   -   -   (376)  412   992 

Noncontrolling interest in subsidiary (income) loss

  -   -   (8)  415   -   407 

Income tax benefit

  -   -   -   -   669   669 

Net (Loss) Income Attributable to Common Stockholders

 $(1,106) $1,502  $(926) $(231) $(1,388) $(2,149)
                         

Segment adjusted EBITDA

 $(1,561) $4,179  $3,215  $(275) $(1,392) $4,166 
                         

Capital expenditures

 $-  $564  $5,920  $-  $-  $6,484 
                      

Total

 

Three Months Ended March 31, 2025

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Operating Revenues

 $6,633  $10,764  $10,320  $13  $-  $27,730 

Cost of Revenues

  2,864   3,844   2,373   -   -   9,081 

Gross Margin

  3,769   6,920   7,947   13   -   18,649 

Other Operating Expenses

                        

Employee costs

  2,507   2,226   3,589   -   488   8,810 

Professional fees

  98   62   126   256   199   741 

General and administrative

  857   989   1,521   33   380   3,780 

Depreciation

  43   1,290   2,667   -   27   4,027 

Amortization

  40   962   868   -   41   1,911 

Accretion

  -   51   3   -   -   54 

Loss on disposition of assets

  -   74   50   -   -   124 

Total expenses

  3,545   5,654   8,824   289   1,135   19,447 

Segment Income (Loss) from Operations

  224   1,266   (877)  (276)  (1,135)  (798)
                         

Interest expense

  -   (422)  (120)  -   -   (542)

Interest and dividend income

  -   47   18   8   230   303 

Equity in income (loss) of unconsolidated affiliates

  163   -   -   -   (2,477)  (2,314)

Other investment income (loss)

  283   -   -   (2,020)  2,473   736 

Noncontrolling interest in subsidiary loss

  -   -   -   1,758   -   1,758 

Income tax benefit

  -   -   -   -   187   187 

Net Income (Loss) Attributable to Common Stockholders

 $670  $891  $(979) $(530) $(722) $(670)
                         

Segment adjusted EBITDA

 $307  $3,643  $2,711  $(276) $(1,067) $5,318 
                         

Capital expenditures

 $-  $700  $6,159  $-  $-  $6,859 
                      

Total

 

As of March 31, 2026

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $5,915  $4,199  $1,232  $252  $15  $11,613 

Goodwill

  11,325   130,904   39,614   537   -   182,380 

Total assets

  100,310   249,681   212,334   24,739   109,095   696,159 
                      

Total

 

As of December 31, 2025

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $6,440  $4,121  $751  $4,695  $15  $16,022 

Goodwill

  11,325   130,904   39,614   537   -   182,380 

Total assets

  102,689   252,802   211,435   35,489   110,658   713,073 
v3.26.1
Note 14 - Unpaid Losses and Loss Adjustment Expenses (Tables)
 3 Months Ended
Mar. 31, 2026
Notes Tables  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]
  

2026

  

2025

 

Gross reserve for unpaid losses and loss adjustment expenses, beginning of period

 $6,539  $5,873 

Less: reinsurance recoverable on unpaid losses

  999   1,804 

Net reserve for unpaid losses and loss adjustment expenses, beginning of period

  5,540   4,069 
         

Incurred losses and loss adjustment expenses:

        

Current year

  1,899   989 

Prior year

  747   178 

Total net losses and loss adjustment expense incurred

  2,646   1,167 
         

Payments:

        

Current year

  499   467 

Prior year

  908   544 

Total payments:

  1,407   1,011 
         

Net reserves for unpaid losses and loss adjustment expenses, end of period

  6,779   4,225 

Reinsurance recoverable on unpaid losses, net of allowance

  1,007   1,804 
         

Gross reserves for unpaid losses and loss adjustment expenses, end of period

 $7,786  $6,029 
v3.26.1
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Assets $ 696,159   $ 713,073
Liabilities 172,991   177,000
Other Investment Income (Loss) 992 $ 736  
Ceded Premiums Earned $ 1,600 995  
Minimum [Member]      
Lessor, Operating Lease, Term of Contract (Month) 1 month    
Maximum [Member]      
Lessor, Operating Lease, Term of Contract (Month) 3 years    
The 24th Street Funds, Special Purpose Entities [Member]      
Investment Owned, Fair Value $ 19,700 24,300 $ 24,300
Other Investment Income (Loss) 376    
Fund Distributions 4,100    
Variable Interest Entity, Primary Beneficiary [Member]      
Assets 21,000 32,000  
Liabilities $ 54 $ 2  
v3.26.1
Note 3 - Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Cash and cash equivalents $ 28,791 $ 28,624    
Funds held as collateral assets 13,897 13,910    
Cash held by BOAM funds and other 2,223 4,180    
Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Condensed Consolidated Statements of Cash Flows $ 44,911 $ 46,714 $ 39,351 $ 41,197
v3.26.1
Note 4 - Accounts Receivable - Schedule of Receivables (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Allowance for credit losses $ (119) $ (143)
Accounts receivable, net 11,613 16,022
Trade Accounts Receivable [Member]    
Accounts receivable, gross 6,514 6,186
Premium [Member]    
Accounts receivable, gross 4,348 4,356
Recoverables From Reinsurers [Member]    
Accounts receivable, gross 490 1,218
Other [Member]    
Accounts receivable, gross $ 380 $ 4,405
v3.26.1
Note 5 - Property and Equipment (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Depreciation $ 4,446 $ 4,027
v3.26.1
Note 5 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accumulated depreciation $ (70,727) $ (66,298)
Total Property and Equipment, net 174,522 172,604
Structures and Displays [Member]    
Property, plant and equipment, gross 69,472 68,996
Fiber, Towers, and Broadband Equipment [Member]    
Property, plant and equipment, gross 157,712 151,933
Land [Member]    
Property, plant and equipment, gross 599 599
Vehicles and Equipment [Member]    
Property, plant and equipment, gross 11,576 11,493
Office Furniture and Equipment [Member]    
Property, plant and equipment, gross $ 5,890 $ 5,881
v3.26.1
Note 6 - Intangible Assets (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Amortization $ 1,877 $ 1,911
v3.26.1
Note 6 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accumulated amortization $ (59,409) $ (57,531)
Balance 41,780  
Balance 7,792 7,792
Total, cost 108,981 108,890
Intangible assets, net 49,572 51,359
Customer Relationships [Member]    
Cost 72,028 72,028
Accumulated amortization (45,622) (44,283)
Balance 26,406 27,745
Permits, Licenses and Lease Acquisition Costs [Member]    
Cost 11,997 11,993
Accumulated amortization (8,008) (7,745)
Balance 3,989 4,248
Site Location [Member]    
Cost 849 849
Accumulated amortization (490) (476)
Balance 359 373
Noncompete Agreements [Member]    
Cost 215 215
Accumulated amortization (215) (215)
Balance 0 0
Technology-Based Intangible Assets [Member]    
Cost 1,128 1,128
Accumulated amortization (732) (707)
Balance 396 421
Trademarks and Trade Names [Member]    
Cost 11,152 11,152
Accumulated amortization (3,007) (2,861)
Balance 8,145 8,291
Nonsolicitation Agreement [Member]    
Cost 325 325
Accumulated amortization (319) (313)
Balance 6 12
Capitalized Contract Costs [Member]    
Cost 3,495 3,408
Accumulated amortization (1,016) (931)
Balance $ 2,479 $ 2,477
v3.26.1
Note 6 - Intangible Assets - Schedule of Future Amortization, Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
2027 $ 7,577  
2028 7,450  
2029 5,863  
2030 4,574  
2031 4,018  
Thereafter 12,298  
Total 41,780  
Customer Relationships [Member]    
2027 5,425  
2028 5,391  
2029 4,242  
2030 3,300  
2031 2,919  
Thereafter 5,129  
Total $ 26,406 $ 27,745
Customer Relationships [Member] | Weighted Average [Member]    
Intangible assets, weighted average useful life (Month) 58 months  
Permits, Licenses and Lease Acquisition Costs [Member]    
2027 $ 1,066  
2028 1,028  
2029 590  
2030 243  
2031 167  
Thereafter 895  
Total $ 3,989 4,248
Permits, Licenses and Lease Acquisition Costs [Member] | Weighted Average [Member]    
Intangible assets, weighted average useful life (Month) 43 months  
Site Location [Member]    
2027 $ 57  
2028 57  
2029 57  
2030 57  
2031 57  
Thereafter 74  
Total $ 359 373
Site Location [Member] | Weighted Average [Member]    
Intangible assets, weighted average useful life (Month) 76 months  
Technology-Based Intangible Assets [Member]    
2027 $ 99  
2028 99  
2029 99  
2030 99  
2031 0  
Thereafter 0  
Total $ 396 421
Technology-Based Intangible Assets [Member] | Weighted Average [Member]    
Intangible assets, weighted average useful life (Month) 48 months  
Trademarks and Trade Names [Member]    
2027 $ 575  
2028 526  
2029 526  
2030 526  
2031 526  
Thereafter 5,466  
Total $ 8,145 8,291
Trademarks and Trade Names [Member] | Weighted Average [Member]    
Intangible assets, weighted average useful life (Month) 165 months  
Noncompete Agreements [Member]    
2027 $ 0  
2028 0  
2029 0  
2030 0  
2031 0  
Thereafter 0  
Total 0 0
Nonsolicitation Agreement [Member]    
2027 6  
2028 0  
2029 0  
2030 0  
2031 0  
Thereafter 0  
Total $ 6 12
Nonsolicitation Agreement [Member] | Weighted Average [Member]    
Intangible assets, weighted average useful life (Month) 3 months  
Capitalized Contract Costs [Member]    
2027 $ 349  
2028 349  
2029 349  
2030 349  
2031 349  
Thereafter 734  
Total $ 2,479 $ 2,477
Capitalized Contract Costs [Member] | Weighted Average [Member]    
Intangible assets, weighted average useful life (Month) 85 months  
v3.26.1
Note 7 - Investments, Including Investments Accounted for Using the Equity Method (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 4 Months Ended
Dec. 20, 2024
Oct. 25, 2024
Nov. 02, 2023
May 01, 2023
Jan. 25, 2022
Sep. 14, 2021
May 01, 2018
Nov. 29, 2023
Jul. 31, 2023
Oct. 31, 2020
Dec. 20, 2024
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Nov. 30, 2020
Mar. 31, 2026
Dec. 31, 2025
May 31, 2023
Apr. 25, 2022
May 31, 2018
Common Stock, Par or Stated Value Per Share (in dollars per share)                                     $ 0.001  
Stock Issued During Period, Value, New Issues                       $ 525                
Common Class A [Member]                                        
Common Stock, Par or Stated Value Per Share (in dollars per share)                               $ 0.001 $ 0.001      
CB&T Holding Corporation [Member]                                        
Equity Method Investment, Ownership Percentage                                       15.60%
Yellowstone Acquisition Company [Member]                                        
Equity Method Investment, Ownership Percentage                             20.00%          
Sky Harbour Group Corporation [Member]                                        
Payments to Acquire Equity Method Investments           $ 55,000                            
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic                         $ 5,100              
Sky Harbour Group Corporation Class A Common Stock [Member]                                        
Equity Method Investment, Ownership Percentage                               15.30% 15.30%      
Payments to Acquire Equity Method Investments         $ 45,000                              
Equity Method Investment, Shares, Converted from Other Equity (in shares)         5,500,000                              
Equity Method Investment, Price Per Share (in dollars per share)         $ 10                              
Equity Method Investment, Shares (in shares)         4,500,000                     11,671,494 11,671,494      
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic                           $ 2,200            
Equity Method Investments                               $ 72,400        
Equity Method Investment, Quoted Market Value                               $ 112,000 $ 105,000      
Yellowstone Acquisition Company [Member] | IPO [Member]                                        
Units Issued During Period, Number (in shares)                   13,598,898                    
Units Issued During Period, Price Per Unit (in dollars per share)                   $ 10                    
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)                   $ 11.5                    
Yellowstone Acquisition Company [Member] | IPO [Member] | Common Class A [Member]                                        
Units Issued During Period, Number of Common Stock, Shares (in shares)                   1                    
Yellowstone Acquisition Company Warrants [Member] | IPO [Member]                                        
Units Issued During Period, Number of Warrants (in shares)                   0.5                    
BOC Yellowstone LLC [Member] | Non-redeemable Private Placement Warrants [Member]                                        
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)                             $ 11.5          
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)                             7,719,779          
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)                             1          
BOC Yellowstone LLC [Member] | Class B Common Stock of Yellowstone Acquisition Company [Member]                                        
Payments to Acquire Investments, Total                             $ 7,800          
Investment Owned, Balance, Shares (in shares)                             3,399,724          
Sky Harbour Group Corporation [Member] | Private Placement [Member]                                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)     1,141,600                                  
Stock Issued During Period, Shares, New Issues (in shares) 3,955,790 3,955,790 6,586,154                                  
Common Stock, Par or Stated Value Per Share (in dollars per share)     $ 0.0001                                  
Proceeds from Issuance or Sale of Equity                     $ 75,200                  
Stock Issued During Period, Value, New Issues $ 37,600 $ 37,600                                    
Shares Issued, Price Per Share (in dollars per share) $ 9.5                   $ 9.5                  
Sky Harbour Group Corporation [Member] | Additional PIPE Offering [Member]                                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)               400,000                        
Common Stock, Par or Stated Value Per Share (in dollars per share)               $ 0.0001                        
Proceeds from Issuance or Sale of Equity     $ 42,800         $ 57,800                        
Equity Offering, Maximum Shares (in shares)               2,307,692                        
Equity Offering, Maximum Amount               $ 15,000                        
The 24th Street Asset Management, LLC [Member] | Boston Omaha Asset Management, LLC [Member]                                        
Business Acquisition, Percentage of Voting Interests Acquired       100.00%                                
Business Combination, Consideration Transferred       $ 5,000                                
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage                                   48.00%    
Payments to Acquire Businesses, Gross       $ 2,700                                
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)       45,644                                
The 24th Street Asset Management, LLC [Member] | Boston Omaha Asset Management, LLC [Member] | Holdback Cash Consideration [Member]                                        
Payments to Acquire Businesses, Gross       $ 1,300                                
CB&T Holding Corporation [Member]                                        
Payments to Acquire Businesses, Gross             $ 19,000                          
My Bundle TV Inc. [Member]                                        
Payments to Acquire Businesses, Gross                 $ 3,000                      
Business Combination Agreement with SHG [Member]                                        
Payments to Acquire Businesses, Gross           55,000                            
Business Acquisition, Backstop Agreed to Be Provided to Acquiree, Maximum Value           $ 45,000                            
Business Acquisition, Backstop Agreed to Be Provided to Acquiree, Price Per Share (in dollars per share)           $ 10                            
v3.26.1
Note 7 - Investments, Including Investments Accounted for Using the Equity Method - Schedule of Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Short-term Investments $ 28,460 $ 28,186
Long-term investments 46,561 51,434
U.S. Treasury Notes and Corporate Bonds [Member]    
Short-term Investments 23,056 23,198
U.S. Treasury Securities Held To Maturity [Member]    
Long-term investments 4,777 4,769
Common Stock Warrants of Sky Harbour Group Corporation [Member]    
Short-term Investments 5,404 4,988
Special Purpose Entities [Member]    
Long-term investments 19,726 24,258
Preferred Stock [Member]    
Long-term investments 0 349
My Bundle TV Inc. [Member]    
Long-term investments 3,000 3,000
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member]    
Long-term investments $ 19,058 $ 19,058
v3.26.1
Note 7 - Investments, Including Investments Accounted for Using the Equity Method - Marketable Equity Securities and Trading Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Marketable equity securities, Cost $ 209 $ 1,074
Marketable equity securities, Gross Unrealized Gain (Loss) 5 (206)
Marketable equity securities $ 214 $ 868
v3.26.1
Note 7 - Investments, Including Investments Accounted for Using the Equity Method - Available for Sale Securities (Details) - US Treasury Notes Securities [Member] - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
U.S. Treasury notes, Cost $ 19,340 $ 20,612
U.S. Treasury notes, Gross Unrealized Gain (Loss) 49 58
U.S. Treasury notes, Fair Value $ 19,389 $ 20,670
v3.26.1
Note 7 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) - Reconciliation of the Company's Investments in Equity Affiliates (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Beginning of year $ 74,817 $ 72,436 $ 72,436
Additional investments in unconsolidated affiliates 0   0
Distributions received (72)   (60)
Transfer of interest 0   0
Sale of interest 0   (4,104)
Equity in income (loss) of unconsolidated affiliates (1,691) $ (2,314) 6,545
End of period $ 73,054   $ 74,817
v3.26.1
Note 7 - Investments, Including Investments Accounted for Using the Equity Method - Summarized Financial Data (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue $ 28,249 $ 27,730
Gross profit 17,472 18,649
Net loss (2,556) (2,428)
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]    
Revenue 11,023 6,408
Gross profit 9,568 5,673
Net loss from operations (6,366) (6,948)
Net loss $ (8,085) $ (8,872)
v3.26.1
Note 8 - Fair Value (Details Textual)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
shares
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
shares
Jan. 25, 2022
shares
Long-Term Debt $ 25,500   $ 25,700  
Boston Omaha [Member]        
Equity Securities, FV-NI 84,000      
The 24th Street Funds, Special Purpose Entities [Member]        
Investment Owned, Fair Value $ 19,700 $ 24,300 $ 24,300  
The 24th Street Funds, Special Purpose Entities [Member] | Measurement Input, Cap Rate [Member] | Minimum [Member]        
Investment Company, Investment Owned, Measurement Input 0.0543      
The 24th Street Funds, Special Purpose Entities [Member] | Measurement Input, Cap Rate [Member] | Maximum [Member]        
Investment Company, Investment Owned, Measurement Input 0.0662      
Sky Harbour Group Corporation Class A Common Stock [Member]        
Equity Method Investment, Ownership Percentage 15.30%   15.30%  
Equity Method Investment, Shares (in shares) | shares 11,671,494   11,671,494 4,500,000
Equity Method Investment, Quoted Market Value $ 112,000   $ 105,000  
Private Placement Warrants [Member]        
Fair Value Adjustment of Warrants 416 $ 1,200    
Fair Value, Inputs, Level 2 [Member]        
Long-Term Debt, Fair Value $ 24,600   $ 24,700  
v3.26.1
Note 8 - Fair Value - Fair Values for Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Realized gains (losses) $ 955 $ 137
Changes in fair values 1,009 (12)
Reported Value Measurement [Member]    
Carrying amount 19,603 21,538
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Carrying amount $ 19,603 $ 21,538
v3.26.1
Note 9 - Asset Retirement Obligations - Asset Retirement Obligations (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Balance $ 4,231
Additions 0
Liabilities settled 0
Accretion expense 55
Balance $ 4,286
v3.26.1
Note 10 - Capital Stock (Details Textual)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 14, 2025
USD ($)
Jan. 10, 2025
USD ($)
shares
May 09, 2024
USD ($)
$ / shares
shares
May 31, 2024
shares
Mar. 31, 2026
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
shares
Jul. 23, 2024
USD ($)
May 31, 2022
shares
Apr. 25, 2022
$ / shares
shares
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares                     $ 0.001
Offering of Debt Securities and Warrants, Maximum (in shares)                     500,000,000
Treasury Stock, Value, Acquired, Cost Method | $         $ 4,808            
Payments for Repurchase of Equity | $         $ 4,808 $ 87          
Separation Agreement [Member]                      
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares     $ 0.0001                
Securities Repurchase Agreement, Consideration Transferred | $     $ 9,200                
Payments for Repurchase of Equity | $     $ 8,800                
Stock Issued During Period, Shares, Repurchase of Equity (in shares)     36,705                
Deferred Compensation Arrangement with Individual, Shares Issued (in shares)     200,000                
Severance Costs | $     $ 960                
Deferred Compensation Arrangement with Individual, Recorded Liability | $     75                
Compensation Expense, Excluding Cost of Good and Service Sold | $     $ 250                
Warrants for Common Class A Stock [Member]                      
Class of Warrant or Right, Outstanding (in shares)         0 784          
Class of Warrant or Right, Exercised During Period (in shares)   52,778                  
Class of Warrant or Right, Exercised Shares, Value | $   $ 525                  
Common Stock, Voting Rights Per Share               10      
Warrants for Common Class B Stock [Member] | Separation Agreement [Member]                      
Class of Warrant or Right, Repurchased During the Period (in shares)     51,994                
Boulderado [Member] | Separation Agreement [Member]                      
Securities Repurchase Agreement, Consideration Transferred | $     $ 10,000                
Payments for Repurchase of Equity | $     $ 8,000                
Common Class A [Member]                      
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares         $ 0.001   $ 0.001        
Maximum Shares of Common Stock Registered by Certain Selling Shareholders (in shares)                     8,297,039
Shares of Common Stock Registered by Certain Selling Shareholders (in shares)         7,713,933            
Common Class A [Member] | Separation Agreement [Member]                      
Stock Repurchased During Period, Shares (in shares)     210,000                
Common Class A [Member] | Share Repurchase Program [Member]                      
Treasury Stock, Shares, Acquired (in shares)             0 111,323      
Treasury Stock, Value, Acquired, Cost Method | $               $ 1,600      
Common Class A [Member] | Share Repurchase Program [Member]                      
Share Repurchase Program, Authorized, Amount | $                 $ 20,000    
Common Class A [Member] | The 2025 Share Repurchase Program [Member]                      
Treasury Stock, Shares, Acquired (in shares)         375,286   444,753        
Share Repurchase Program, Authorized, Amount | $ $ 30,000                    
Share Repurchase Program, Authorized, Percentage of Outstanding Shares 25.00%                    
Treasury Stock, Value, Acquired, Cost Method | $         $ 4,800   $ 5,800        
Common Class A [Member] | Boulderado and Magnolia [Member]                      
Maximum Shares of Common Stock Registered by Certain Selling Shareholders (in shares)                   1,018,660  
Treasury Stock, Shares, Acquired (in shares)       522,231              
Common Class B [Member]                      
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares         $ 0.001   $ 0.001        
Common Class B [Member] | Separation Agreement [Member]                      
Stock Repurchased During Period, Shares (in shares)     527,780                
Sky Harbour Group Corporation Class A Common Stock [Member] | Boulderado [Member] | Separation Agreement [Member]                      
Securities Repurchase Agreement, Equity Issued (in shares)     194,738                
v3.26.1
Note 11 - Long-term Debt (Details Textual)
$ in Thousands
 6 Months Ended
Sep. 17, 2024
USD ($)
Jun. 24, 2024
USD ($)
Dec. 31, 2027
Dec. 31, 2026
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
Jun. 30, 2024
May 30, 2024
USD ($)
Sep. 22, 2023
USD ($)
Sep. 21, 2023
USD ($)
Jun. 30, 2022
USD ($)
Dec. 06, 2021
USD ($)
Aug. 12, 2019
USD ($)
Long-Term Debt         $ 25,500 $ 25,700                
Long-Term Debt, Current Maturities         2,396 $ 2,387                
First National Bank of Omaha [Member] | Link Credit Facility [Member]                            
Line of Credit Facility, Maximum Borrowing Capacity   $ 15,000             $ 15,000 $ 10,000 $ 5,000     $ 40,000
Credit Agreement, Maximum Dividend Amount                       $ 8,100    
Long-Term Line of Credit         9,100                  
Minimum Consolidated Leverage Ratio Requirement               3.5            
Consolidated Fixed Charge Ratio Requirement             1.15              
Long-Term Debt, Maturity, Remainder of Fiscal Year         665                  
Long-Term Debt, Maturity, Year One         923                  
Long-Term Debt, Maturity, Year Two         23,900                  
First National Bank of Omaha [Member] | Link Credit Facility [Member] | Forecast [Member]                            
Minimum Consolidated Leverage Ratio Requirement     3 3.25                    
First National Bank of Omaha [Member] | Link Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member]                            
Debt Instrument, Basis Spread on Variable Rate   0.65%                        
First National Bank of Omaha [Member] | Link Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member]                            
Debt Instrument, Basis Spread on Variable Rate   1.15%                        
First National Bank of Omaha [Member] | Link Credit Facility [Member] | Term Loan 1 [Member]                            
Debt Instrument, Face Amount                         $ 30,000 18,000
Debt Instrument, Interest Rate, Stated Percentage                         4.00%  
Long-Term Debt, Gross         30,000                  
Long-Term Debt         25,500                  
Long-Term Debt, Current Maturities         900                  
First National Bank of Omaha [Member] | Link Credit Facility [Member] | Term Loan 2 [Member]                            
Debt Instrument, Face Amount                           $ 5,500
First National Bank of Omaha [Member] | Boston Omaha Broadband Credit Facility [Member]                            
Long-Term Line of Credit         13,600                  
Minimum Consolidated Leverage Ratio Requirement 3.5                          
Consolidated Fixed Charge Ratio Requirement 1.15                          
Long-Term Debt, Maturity, Remainder of Fiscal Year         1,100                  
Long-Term Debt, Maturity, Year One         1,500                  
Long-Term Debt, Maturity, Year Two         1,500                  
Line of Credit, Current         1,500                  
Long-Term Debt, Maturity, Year Three         1,500                  
Long-Term Debt, Maturity, Thereafter         $ 8,000                  
First National Bank of Omaha [Member] | Boston Omaha Broadband Credit Facility [Member] | Credit Facility [Member]                            
Line of Credit Facility, Maximum Borrowing Capacity $ 20,000                          
Number of Operating Subsidiaries 3                          
Debt Instrument, Incremental Drawdowns $ 1,000                          
Debt Instrument, Term (Year) 5 years                          
Debt Instrument, Term, Principle Payments (Year) 10 years                          
Unused Portion of Debt, Fee, Percent 0.25%                          
First National Bank of Omaha [Member] | Boston Omaha Broadband Credit Facility [Member] | Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member]                            
Debt Instrument, Basis Spread on Variable Rate 2.75%                          
First National Bank of Omaha [Member] | Boston Omaha Broadband Credit Facility [Member] | Credit Facility [Member] | Base Rate [Member]                            
Debt Instrument, Basis Spread on Variable Rate 1.75%                          
v3.26.1
Note 12 - Leases (Details Textual)
Mar. 31, 2026
Operating Lease, Weighted Average Remaining Lease Term (Year) 15 years 5 months 8 days
Operating Lease, Weighted Average Discount Rate, Percent 5.51%
v3.26.1
Note 12 - Leases - Operating Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lease cost $ 2,251 $ 2,178
Variable and short-term lease cost 530 877
Total Lease Cost $ 2,781 $ 3,055
v3.26.1
Note 12 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash payments for operating leases $ 2,293 $ 2,235
New operating lease assets obtained in exchange for operating lease liabilities $ 670 $ 2,137
v3.26.1
Note 12 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Lease assets $ 56,681 $ 58,427
Current lease liabilities 4,973 5,270
Noncurrent lease liabilities 52,501 54,384
Total Lease Liabilities $ 57,474 $ 59,654
v3.26.1
Note 12 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
2027 $ 8,039  
2028 8,096  
2029 7,625  
2030 6,894  
2031 6,112  
Thereafter 51,171  
Total lease payments 87,937  
Less imputed interest (30,463)  
Present Value of Lease Liabilities $ 57,474 $ 59,654
v3.26.1
Note 13 - Industry Segments (Details Textual)
 3 Months Ended
Mar. 31, 2026
Number of Reportable Segments 4
v3.26.1
Note 13 - Industry Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Operating Revenues $ 28,249 $ 27,730  
Cost of Revenues 10,777 9,081  
Gross Margin 17,472 18,649  
Employee costs 8,326 8,810  
Professional fees 1,101 741  
General and administrative 3,879 3,780  
Depreciation 4,446 4,027  
Amortization 1,877 1,911  
Accretion 55 54  
(Gain) Loss on disposition of assets (24) 124  
Total expenses 19,660 19,447  
Segment (Loss) Income from Operations (2,188) (798)  
Interest expense (609) (542)  
Interest and dividend income 271 303  
Equity in income (loss) of unconsolidated affiliates (1,691) (2,314) $ 6,545
Other investment income (loss) 992 736  
Noncontrolling interest in subsidiary (income) loss 407 1,758  
Income tax benefit (669) (187)  
Net (Loss) Income Attributable to Common Stockholders (2,149) (669)  
Segment adjusted EBITDA 4,166 5,318  
Capital expenditures 6,484 6,859  
Income tax benefit 669 187  
Accounts receivable, net 11,613   16,022
Goodwill 182,380   182,380
Total assets 696,159   713,073
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]      
Operating Revenues 0 0  
Cost of Revenues 0 0  
Gross Margin 0 0  
Employee costs 499 488  
Professional fees 504 199  
General and administrative 389 380  
Depreciation 20 27  
Amortization 0 41  
Accretion 0 0  
(Gain) Loss on disposition of assets 0 0  
Total expenses 1,412 1,135  
Segment (Loss) Income from Operations (1,412) (1,135)  
Interest expense 0 0  
Interest and dividend income 203 230  
Equity in income (loss) of unconsolidated affiliates (1,260) (2,477)  
Other investment income (loss) 412 2,473  
Noncontrolling interest in subsidiary (income) loss 0 0  
Income tax benefit (669) (187)  
Net (Loss) Income Attributable to Common Stockholders (1,388) (722)  
Segment adjusted EBITDA (1,392) (1,067)  
Capital expenditures 0 0  
Income tax benefit 669 187  
Accounts receivable, net 15   15
Goodwill 0   0
Total assets 109,095   110,658
GIG [Member] | Operating Segments [Member]      
Operating Revenues 6,525 6,633  
Cost of Revenues 4,722 2,864  
Gross Margin 1,803 3,769  
Employee costs 2,421 2,507  
Professional fees 176 98  
General and administrative 767 857  
Depreciation 30 43  
Amortization 40 40  
Accretion 0 0  
(Gain) Loss on disposition of assets 0 0  
Total expenses 3,434 3,545  
Segment (Loss) Income from Operations (1,631) 224  
Interest expense 0 0  
Interest and dividend income 0 0  
Equity in income (loss) of unconsolidated affiliates (431) 163  
Other investment income (loss) 956 283  
Noncontrolling interest in subsidiary (income) loss 0 0  
Income tax benefit (0) (0)  
Net (Loss) Income Attributable to Common Stockholders (1,106) 670  
Segment adjusted EBITDA (1,561) 307  
Capital expenditures 0 0  
Income tax benefit 0 0  
Accounts receivable, net 5,915   6,440
Goodwill 11,325   11,325
Total assets 100,310   102,689
LMH [Member] | Operating Segments [Member]      
Operating Revenues 10,973 10,764  
Cost of Revenues 3,490 3,844  
Gross Margin 7,483 6,920  
Employee costs 2,230 2,226  
Professional fees 90 62  
General and administrative 984 989  
Depreciation 1,331 1,290  
Amortization 952 962  
Accretion 52 51  
(Gain) Loss on disposition of assets 4 74  
Total expenses 5,643 5,654  
Segment (Loss) Income from Operations 1,840 1,266  
Interest expense (382) (422)  
Interest and dividend income 44 47  
Equity in income (loss) of unconsolidated affiliates 0 0  
Other investment income (loss) 0 0  
Noncontrolling interest in subsidiary (income) loss 0 0  
Income tax benefit (0) (0)  
Net (Loss) Income Attributable to Common Stockholders 1,502 891  
Segment adjusted EBITDA 4,179 3,643  
Capital expenditures 564 700  
Income tax benefit 0 0  
Accounts receivable, net 4,199   4,121
Goodwill 130,904   130,904
Total assets 249,681   252,802
BOB [Member] | Operating Segments [Member]      
Operating Revenues 10,750 10,320  
Cost of Revenues 2,565 2,373  
Gross Margin 8,185 7,947  
Employee costs 3,176 3,589  
Professional fees 115 126  
General and administrative 1,679 1,521  
Depreciation 3,065 2,667  
Amortization 885 868  
Accretion 3 3  
(Gain) Loss on disposition of assets (28) 50  
Total expenses 8,895 8,824  
Segment (Loss) Income from Operations (710) (877)  
Interest expense (227) (120)  
Interest and dividend income 19 18  
Equity in income (loss) of unconsolidated affiliates 0 0  
Other investment income (loss) 0 0  
Noncontrolling interest in subsidiary (income) loss (8) 0  
Income tax benefit (0) (0)  
Net (Loss) Income Attributable to Common Stockholders (926) (979)  
Segment adjusted EBITDA 3,215 2,711  
Capital expenditures 5,920 6,159  
Income tax benefit 0 0  
Accounts receivable, net 1,232   751
Goodwill 39,614   39,614
Total assets 212,334   211,435
BOAM [Member] | Operating Segments [Member]      
Operating Revenues 1 13  
Cost of Revenues 0 0  
Gross Margin 1 13  
Employee costs 0 0  
Professional fees 216 256  
General and administrative 60 33  
Depreciation 0 0  
Amortization 0 0  
Accretion 0 0  
(Gain) Loss on disposition of assets 0 0  
Total expenses 276 289  
Segment (Loss) Income from Operations (275) (276)  
Interest expense 0 0  
Interest and dividend income 5 8  
Equity in income (loss) of unconsolidated affiliates 0 0  
Other investment income (loss) (376) (2,020)  
Noncontrolling interest in subsidiary (income) loss 415 1,758  
Income tax benefit (0) (0)  
Net (Loss) Income Attributable to Common Stockholders (231) (530)  
Segment adjusted EBITDA (275) (276)  
Capital expenditures 0 0  
Income tax benefit 0 $ 0  
Accounts receivable, net 252   4,695
Goodwill 537   537
Total assets $ 24,739   $ 35,489
v3.26.1
Note 14 - Unpaid Losses and Loss Adjustment Expenses - Reserves Balance for Losses and Loss Adjustment Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Gross reserve for unpaid losses and loss adjustment expenses, beginning of period $ 6,539 $ 5,873
Less: reinsurance recoverable on unpaid losses 999 1,804
Net reserve for unpaid losses and loss adjustment expenses, beginning of period 5,540 4,069
Provision for losses and LAE claims arising in current year 1,899 989
Provision for losses and LAE claims arising in prior year 747 178
Total net losses and loss adjustment expense incurred 2,646 1,167
Losses and LAE payments for claims arising in current year 499 467
Losses and LAE payments for claims arising in prior years 908 544
Losses and LAE payments for claims arising in total payments 1,407 1,011
Net reserves for unpaid losses and loss adjustment expenses, end of period 6,779 4,225
Reinsurance recoverable on unpaid losses, net of allowance 1,007 1,804
Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 7,786 $ 6,029
v3.26.1
Note 15 - Custodial Risk (Details Textual)
$ in Millions
Mar. 31, 2026
USD ($)
Cash, Uninsured Amount $ 39.6
v3.26.1
Note 16 - Subsequent Events (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2026
Mar. 31, 2026
Treasury Stock, Value, Acquired, Cost Method   $ 4,808
Subsequent Event [Member]    
Investment Owned, Shares Sold (in shares) 331,500  
Proceeds from Sale of Investments $ 3,000  
Subsequent Event [Member] | Common Class A [Member]    
Treasury Stock, Shares, Acquired (in shares) 261,671  
Treasury Stock, Value, Acquired, Cost Method $ 3,200