1
B O S T O N
O M A H A
CORPORATION
2024 Annual Letter
2
To the Shareholders of Boston Omaha Corporation:
Calendar 2024 was a good year for our three business segments and the
management teams at each deserve the credit.
• Our Link Media (“Link”) billboard business grew revenue organically
by approximately 4%, net income by 21%, adjusted EBITDA1 by 10%
and free cash flow by double digits which excludes acquisitions or
other growth investments.
• Boston Omaha Broadband (“BOB”) fiber passings grew by
approximately 50% and fiber customers by approximately 63% but,
more importantly, at a cost basis well below our view of the intrinsic
value of each. Revenues grew by approximately 11%, net income
declined by 6% and adjusted EBITDA grew by 99% - though it's
worth noting that the adjusted EBITDA growth stems from a small
base so I would not get too excited…yet. In addition, BOB has
developed a backlog of advantaged fiber builds, providing a runway
for additional incremental capital deployment at what we estimate
as durable, attractive rates of return.
• General Indemnity Group (“GIG”) grew gross written premium
through United Casualty and Surety Insurance Company (“UCS”) by
approximately 40%, earned premium by 42%, consolidated net
income by 32% and adjusted EBITDA by 54%; all while maintaining
an attractive loss ratio. In December of 2024, Boston Omaha
Corporation (“BOC” or “Boston Omaha”) added significant capital to
our insurance subsidiary’s surplus to support potential future
growth, more on this in a moment.
Within our other business interests and minority investments the news in
2024 is also mostly good.
• Sky Harbour Group Corporation (“SKYH” or “Sky Harbour”) again
added several new land leases to support new hangar locations, and
raised important equity capital to continue their impressive growth
1 In this letter, we use adjusted EBITDA as a non-GAAP measure. Our reasons for why we believe this non-GAAP measure
is helpful to investors and the applicable adjustments to GAAP are spelled out in greater detail under “Non-GAAP
Measures” starting on page 16. Adjusted EBITDA is defined as net income (loss) before income tax expense (benefit),
noncontrolling interest in subsidiary income (loss), interest expense, interest and dividend income, depreciation,
amortization, accretion, gain or loss on disposition of assets, and other investment income (loss).
3
in what we believe is a high return durable asset. In our opinion, the
newly planned locations are of higher economic value than many of
the past locations, which is a tribute to management.
• Our investments and general partner (“GP”) ownership in real estate
funds at Boston Omaha Asset Management (“BOAM”) returned to us
a good amount of capital in 2024 and we expect additional material
sums over the next year or two. Our returns on capital in the
aggregate have been in our view attractive to date and future returns
appear similar as I write this letter, but future proceeds are of course
also subject to changes in real estate pricing. More detail on our
proceeds to date later in this letter.
• Last year, we reported that Crescent Bank & Trust (“CB&T”) had
more mixed news due to expected losses on certain vintages of auto
loans. As we stand today, those losses have come in better than was
originally expected. The bank is on a much-improved path in 2025
and evolving with the competitive environment. Next year or even
by our planned AGM, I should have much more to report.
Remember, we in no way control CB&T as we are a passive, but
important, minority shareholder.
Capital Allocation
When looking back at 2024, three areas stand out in terms of capital
allocation. These are in no particular order:
In December, Boston Omaha moved $19.1mm of capital to our UCS
insurance subsidiary in the form of Sky Harbour common stock, nearly doubling
UCS’ surplus and our ability to grow insurance premiums. We remain excited
about SKYH’s business and its management. Whether the stock is held at the
BOC level or within our insurance subsidiary is of little significance to us from an
investment standpoint. With the shares sitting at UCS, we can earn a potential
future investment return on SKYH just the same, while also using this capital
contribution of these shares to allow UCS to increase its ability to write
materially more premium. The challenge will be strategically growing insurance
premiums written while maintaining a low loss ratio.
4
In 2024, BOB went through some major changes, including but not limited
to: new leadership, continued operational integration of our four broadband
subsidiaries, and capital allocation priorities. The team at BOB has done a great
job over several years building a backlog of future fiber projects, both general
overbuilding in less competitive areas but also within what we would call
advantaged builds (HOA, manufactured home community, and government
program contracts to name the largest categories). Our focus and capital within
broadband, including a new term loan facility for certain BOB subsidiaries (which
is guaranteed by BOB but not Boston Omaha), will be more focused pursuing
these advantaged builds until we exhaust our opportunity set within these types
of projects.
Lastly, we authorized a share repurchase program, which went into effect
last August and allows us to repurchase up to $20 million shares of our Class A
common stock. Our approach will be opportunistic and disciplined: we will only
buy back shares when we believe they trade significantly below our conservative
estimate of intrinsic value, and when doing so makes more economic sense than
deploying capital into our existing businesses or potential acquisitions.
Repurchases are also dependent on our excess cash availability at any given time.
Shareholders should expect any repurchases to be lumpy in their timing
because of the above factors, but also subject to volume and other restrictions on
such a program imposed under federal securities laws and our limitations on
repurchasing shares during blackout periods. To date, we have purchased
approximately 7.5% of the amounts authorized to be repurchased.
******
Since inception to year-end 2024, management and our board of directors
believe the intrinsic value of Boston Omaha has grown at a reasonable rate of
return on a per share basis, the primary metric we focus on. Scaling our three
primary businesses took time and capital, which led to lower immediate returns,
but held the prospect for superior returns in the future as incremental capital is
invested and each business achieves economy of scale. Simultaneously to
building scale in our controlled businesses, we were fortunate to be able to invest
excess capital at much higher returns opportunistically such as with Dream
Finders Homes, Sky Harbour (which to date we have sold only a small percentage
of our ownership), various common stocks, and commercial real estate.
Looking forward, under present conditions, I believe the returns we can
now obtain internally via incremental capital within our controlled businesses
5
provide attractive optionality that we believe can often beat, on a risk/return
basis, one-off investment ideas. Our board and I agree that having this internal
option on a regular basis can prove valuable over the long term without some of
the risks inherent in investments in companies which we do not control.
When it comes to the performance of our stock price since inception, that
is another matter and the news to date has not been great. However, this is not
abnormal in our experience. Stocks at times sell for very high prices relative to
intrinsic value and at other times large discounts, neither of which we can
control. If we are fortunate enough to have excess cash on hand during periods
of negativity, we have a wonderful additional option for capital in repurchasing
our shares from willing sellers at an attractive price. Over time, that option could
add significant value to the long-term owner as we expect our aggregate earnings
power to continue to grow.
Operating Businesses at Boston Omaha Corporation
Below is a breakout of the net2 assets of our operating businesses at the end
of each fiscal year. This table includes everything except the investments at
BOAM, which we break out separately.
($ in millions)
2024
2023
2022
2021
2020
Cash3
$31.1
$30.5
$52.5
$152.4
$69.5
Billboards4
159.4
176.4
176.5
165.9
139.2
Insurance5
47.9
36.0
32.9
36.1
34.0
Broadband4
180.0
166.7
121.4
51.3
43.5
Total
$418.4
$409.6
$383.3
$405.7
$286.2
2 Assets (excl. cash balances mentioned below in note 2) less liabilities.
3 Includes short-term U.S. Treasury securities but excludes cash balances held within UCS, our wholly owned
underwriting business, and at Yellowstone (during 2020 and 2021), a SPAC previously sponsored by a subsidiary of
Boston Omaha.
4 Excludes cash balances held within billboard and broadband operations as they are captured in “Cash” as shown above.
5 Includes cash balances held within UCS, our wholly owned underwriting business.
6
In terms of debt obligations, there are still none at the parent company and
a modest amount (primarily term debt) at both our billboard business and
broadband business, which is non-recourse to Boston Omaha.
Billboard Operations at Link Media Holdings
In 2024, Link grew revenue organically just over 4% and lowered land
costs to 18.3% of revenue. The result was another year of record performance by
Scott LaFoy and his team.
Below we provide our annual chart of Link’s progress.
($ in millions)
2024
2023
2022
Revenue
$45.2
$42.9
$39.2
Land Cost %6
18.3%
18.6%
19.7%
Overhead %7
6.4%
6.7%
6.6%
Net Income
$6.9
$5.7
$4.6
Adjusted EBITDA
$17.6
$16.0
$14.0
Net Working Capital8
$1.3
$2.6
$1.0
Tangible PP&E, Net
$44.1
$46.9
$49.4
During the year, Link also converted 6 static faces to digital, purchased 3
easements, and built 5 new structures which added 12 faces within our markets.
All three of these items we view as growth investments which will generate
anywhere from good (in the case of easement purchases) to great (digital
conversions and new builds) returns on invested capital.
On the acquisition front, we have been far less active over the past two
years. One reason is simply fewer tuck-in opportunities have been for sale,
which are the most accretive acquisitions we could make providing the highest
6 Land lease expense on billboards where we do not own the land as a percentage of revenue.
7 Overhead is Link Media expenses related to corporate employees, office and software as a percentage of revenue.
8 Adjusted for current portion of lease liabilities related to ASC 842 implementation and assumes a certain maximum level
of cash in business for operational purposes.
7
year one free cash flow yield. A second reason is the opportunity within our
broadband business where we believe we can earn a higher return on capital over
a 5-year period through advantaged fiber builds. Over time, we will never be able
to control when tuck-in acquisitions are available at reasonable prices. However,
advantaged fiber builds sit squarely in front of us and the window for these
builds is limited. Once fiber reaches a home or business, that location is no
longer available to serve and predicting the number of new appealing deals we
can secure over time can be challenging.
We continue to be big fans of the billboard business and especially our
roadside asset base coupled with a great management team. Our days of adding
to our billboard business via acquisition are not over.
Insurance Operations at General Indemnity Group
GIG is our insurance subsidiary that writes one line of business, surety
bonds, coast to coast. We are attracted to surety insurance due to its generally
low loss ratios, short loss exposure durations, and opportunity to grow market
share through technology, automation, and providing agents and customers
with a seamless way to book small transactional commercial bonds (which
positions us to write the larger contract bonds and vice versa).
Here is GIG’s operating performance for the past four years.
($ in millions)
2024
2023
2022
2021
Gross Written Premium
$26.4
$18.8
$13.8
$9.3
Revenue
$23.9
$17.7
$13.4
$10.2
Operating Income
$2.5
$1.5
$1.1
($0.8)
Net Income (Loss)
$2.7
$2.1
($2.5)
$1.9
Adjusted EBITDA
$2.8
$1.8
$1.4
($0.6)
Calendar 2024 was a record year for GIG across all metrics. The team
exceeded the $25mm mark for gross written premium and did so while
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continuing to grow Operating Income and adjusted EBITDA. The credit for GIG’s
success goes entirely to our hard charging management team. Dave Herman and
Bob Thomas have done an exceptional job scaling the business to profitability
while making prudent decisions about the types of business we write.
Think of GIG as a three-legged stool – it required time to grow and stabilize,
but has now reached scale:
UCS (carrier): Over the past four years, UCS written premium has
grown from $9.3mm to $26.4mm, while averaging a loss ratio of
14.6%. In December of 2024, BOC contributed $19.1mm of capital via
SKYH common stock, which along with net income approximately
doubled UCS’ surplus to $40.7mm. This additional surplus may lift
UCS’s T-Listing and financial strength rating, which in turn should help
to fuel more growth at the company. The team continues to grow
relationships and develop new sources of premium, and we look
forward to seeing what they will achieve with the improved capital
strength and continued momentum.
BOSS Bonds® (agency): In June of 2024, we consolidated the five GIG
agencies into one entity, which we renamed BOSS Bonds Insurance
Agency (“BOSS Bonds”). BOSS Bonds has been drawing significant
attention in the surety marketplace, growing its production by 23% in
2024. As a surety-only agency and with over 25+ product markets to
place business for customers, BOSS Bonds has seen growing demand
from insurance agents across the country to place their surety business.
With one agency to manage, the focus and momentum for growth has
never been stronger.
SuretyBonds.Market (technology): Although not a standalone
business, SuretyBonds.Market (SBM) has emerged as what we believe is
one of the best technology portal platforms for booking surety bonds in
the marketplace and has helped to facilitate growth throughout GIG.
Initially used by BOSS Bonds to help thousands of agents book surety,
we expanded the capabilities at the end of 2024 to allow UCS to have its
own commercial bond portal as well.
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Broadband Operations at Boston Omaha Broadband
BOB is the parent company of four wholly owned broadband businesses:
Utah Broadband (“UBB”), AireBeam (“AB”), InfoWest (“IW”), and Fiber Fast
Homes (“FFH”). In 2024, we began providing shareholders with a financial
supplemental that includes breaking out our broadband businesses into two
segments: UBB/AB/IW and then FFH separately.
Management believes it is useful to break out our financials in this way
because FFH is a start-up broadband business solely focused to date on laying
fiber in newly constructed neighborhoods. FFH’s fiber builds are completed with
an HOA contract in place with the neighborhood or in a joint-venture structure
with a developer. As a result, this segment consumes capital and incurs
operating costs in a major way upfront during the build out phase, only showing
the fruits of those investments over time as homes are constructed and
customers move in.
Our other three broadband businesses were purchased with an existing
customer base and already generating cash flow. All three pursue similar
contracts as FFH within their geographies, however the bulk of their business is
retaining and growing their broadband customer footprint while also pursuing
growth opportunities to expand their fiber networks. Opportunities that we find
most attractive are often through deals with existing manufactured home
communities, developer joint ventures, government program awards to build in
underserved areas, and/or building within adjacent communities that may have
inferior broadband technology options to fiber.
Below is an update on progress at UBB/AB/IW:
($ in millions)
2024
2023
2022
Revenue
$37.6
$34.7
$28.5
Net Income (Loss)9
($0.2)
($1.6)
$1.8
Adjusted EBITDA9
$11.1
$7.6
$8.2
Total Subscribers
43.6k
41.4k
39.2k
9 Includes allocation of broadband parent company overhead expenses.
10
Fiber Subscribers
12.4k
8.1k
4.4k
Fiber Passings
31.8k
22.4k
13.2k
Important to note, is the 19.4k fiber passings that are not yet customers.
Although we would love for every passing to become a customer, it is unlikely in
this segment of our broadband business. At the same time, we do expect a
material amount of new customers in addition to the 12.4k that we currently
have on our already built and paid for fiber, an important fact for shareholders to
understand as current cash flows may not reflect eventual steady state cash flow
on our investment.
Last year, I mentioned a mistake we may have made in our fixed wireless
business where we invested capital to improve our network (less than $3mm) yet
it was not clear to me that we would get an adequate return. The jury is still out
on that and it may be several years before we have a definitive answer. In my
opinion, our largest risk in this segment is not the new fiber being laid in
advantaged builds, but instead a certain portion of our fixed wireless customers
that reside in areas that could be open to government funded programs to switch
their service. We fully intend to pursue these types of government programs
within our geographies using both fiber and fixed wireless solutions but there is
no guarantee we will be selected.
Below is an update on progress at FFH:
($ in millions)
2024
2023
2022
Revenue
$1.5
$0.6
$0.2
Net Income (Loss)10
($7.3)
($5.4)
($4.1)
Adjusted EBITDA10
($5.3)
($4.7)
($3.8)
Fiber Subscribers
3.3k
1.5k
0.5k
Fiber Passings
8.1k
4.2k
1.7k
10 Includes allocation of broadband parent company overhead expenses.
11
We believe that the long-term outlook for FFH is better than the figures
above may imply as we get closer to scale revenue wise and have peaked in
various expense items. In this segment, a very large portion of the fiber passings
that are not yet customers should become subscribers given the nature of the
deals struck with HOA’s. Management believes the primary risk in terms of
returns on our capital is not whether the revenue will show up, but when from a
time value of money perspective and how low operating costs will be at that time.
Unfortunately, we have little control over the pace of new home sales or the
development of new neighborhoods. Nonetheless, based on the 8.1k advantaged
fiber passings already built plus our reported backlog of future builds we intend
to execute, we believe that FFH should generate material free cash flow in the
future with materially lower operating costs.
In last year’s letter, I mentioned some possible mistakes in our FFH
segment where we completed a small number of projects with decent contracts
in place, but where we determined that the future lack of ability to get scale in
these geographies could lead to subpar returns. On this front, I am disappointed
to report that these were clearly mistakes and we are not at all likely to obtain a
return on that capital. These projects amounted to around $2mm in capital
investment but also came with operating costs we carried. Unforced errors are
hard to swallow, the only silver lining is that these fiber passings could be of
some value to competitors nearby that have scale in the area.
Now to the good news, the new leadership at BOB and FFH believe we have
hit peak operating losses at FFH and the fourth quarter figures begin to show that
to a small extent. We believe this will become much more apparent in the
coming year. It is expensive to carry a multitude of fiber construction projects in
various geographies all at once, but as long as the project level returns remain
attractive, scaling makes sense. It was not all that long ago when GIG was in a
similar place. 2025 will be an important year for FFH and I look forward to
reporting to you next year on where we sit from a cash flow standpoint.
******
Overall, BOB in aggregate is at reasonable scale today and as a result
incremental capital employed should earn a return in line with project level
underwriting. Mistakes will be made, but there is no reason to bypass new
attractive fiber projects because we have made a mistake in the past. Our
expectation is that a project must achieve mid-teens or higher return on invested
capital before it is approved for development and we now have a longer track
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record of underwriting accuracy by project type thanks to our leadership headed
by Max, Butch, and their excellent team.
As to timing of cash flows, I think it is helpful to understand that in the
case of manufactured home communities or a government program award, cash
flows start to arrive to some extent within a year or two but may not fully
develop for longer. In the case of a greenfield HOA contract with a homebuilder
or land developer, cash flow can often take anywhere from three to five years
depending on the pace of development. Laying fiber is a long-term endeavor, but
we believe it is worth the wait.
Investments at Boston Omaha Asset Management
BOAM is our catch-all for investments we have made over time that we do
not control, as well as our asset management business. Below is a breakdown of
those two segments with the first section showing our aggregate asset base
according to GAAP and the second section outlining the asset management
business specifically.
Boston Omaha Asset Management Investments
GAAP asset values as of December 31, 2024:
($ in millions)
GAAP Value
Market Value
Sky Harbour11
$94.5
$170.5
Boston Omaha Build for Rent12
$5.4
CB&T Holding Corporation
$19.1
24th Street Asset Management12
$10.7
Other13
$3.8
Total BOAM Assets
$133.5
11 Includes 12,401,589 shares of Sky Harbour Class A common stock (of which 1,511,831 shares are held at UCS) and
7,719,779 warrants to purchase Sky Harbour Class A common stock. Market value total reflects closing NYSE price of our
Sky Harbour Class A common stock and warrants as of December 31, 2024.
12 Includes only BOAM’s invested capital and GP interest.
13 Includes MyBundle TV, Logic and Breezeway.
13
As mentioned in past letters, we generally won’t provide specific
commentary on the passive minority holdings in BOAM unless there is
something new or material of note to report to Boston Omaha shareholders.
Boston Omaha Asset Management Funds
Within asset management, we own the general partner plus have
investments in the underlying funds of both 24th Street and Boston Omaha Build
for Rent (“BOBFR”). The two BORE special purpose entities own commercial real
estate, and we are the general partner of both but do not have a capital
investment.
As outlined in last year’s letter, we are winding down this segment over
time and progress in 2024 on this front lead to distributions to BOAM of
approximately $18mm during the year as well as significant reductions in
overhead. Below is a table listing Boston Omaha’s initial investment in the
underlying funds and GP, total assets that remain managed, and distributions to
date.
($ in millions)
BOAM
Invested
Capital
Total Fund
Assets14
Our Share of
Distributions
to Date
24th Street Fund I
$3.0
$20.1
$3.9
24th Street Fund II
$3.0
$29.5
$3.8
BOBFR
$15.0
$11.9
$9.6
BORE Hirsch
-
$21.7
-
BORE Fourth
-
$4.4
-
General Partner
$5.1
$3.7
Total Assets Managed
$87.6
Inception to year-end 2024, we have now received approximately $21mm
in distributions on our overall cost basis of $26.1mm. Looking forward to
calendar 2025, we expect additional proceeds from both our investments in
14 As of December 31, 2024.
14
commercial real estate and our general partner profit interest, although the
amounts and timing will be lumpy and dependent on conditions within the
commercial real estate sector.
Annual Meeting and Closing Remarks
Last year at our AGM, we stated that our plan was to move up the meeting
to earlier in the year. After a lot of thought and feedback from shareholders on
communication timelines, we will instead host our 2025 AGM on August 25th in
Omaha, NE. This late summer date allows us to add a mid-year update for
shareholders, as our second quarter results are generally released in mid-August,
along with the usual annual update via this letter and our 10-K filing in the
spring. We will likely continue with this practice for the years ahead.
The Boston Omaha team thanks you for your continued belief in us and we
look forward to seeing you in Omaha.
March 2025
Adam K. Peterson
Chairman of the Board
Omaha, NE
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Safe Harbor Statement:
This Annual Letter contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities
Act and 21E of the Securities Exchange Act of 1934 regarding the future financial
performance, business prospects and growth of Boston Omaha Corporation.
These statements are only predictions based on current assumptions and
expectations. Any statements in this press release about the Company’s future
expectations, plans and prospects, including statements about our financing
strategy, future operations, future financial position and results, market growth,
total revenue, as well as other statements containing the words "anticipate,"
"believe," "continue," “goal,” “seek, ” "could," "estimate," "expect," "intend," "may,"
"might," "plan," "potential," "predict," "project," "should," "target," "will," or "would"
and similar expressions, constitute forward-looking statements within the
meaning of the safe harbor provisions of The Private Securities Litigation Reform
Act of 1995. The Company may not actually achieve the plans, intentions or
expectations disclosed in the Company’s forward-looking statements, and you
should not place undue reliance on the Company’s forward-looking statements.
Actual results or events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements the Company make as a
result of a variety of risks and uncertainties, including risks related to the
Company’s estimates regarding the potential market opportunity for the
Company’s current and future products and services, the competitive nature of
the industries in which we conduct our business, general business and economic
conditions, our ability to acquire suitable businesses, our ability to successfully
integrate acquired businesses, the effect of a loss of, or financial distress of, any
reinsurance company which reinsures the Company’s insurance operations, the
risks associated with our investments in both publicly traded securities and
privately held businesses, our history of losses and ability to maintain
profitability in the future, the Company’s expectations regarding the Company’s
sales, expenses, gross margins and other results of operations, and the other risks
and uncertainties described in the "Risk Factors" sections of the Company’s public
filings with the Securities and Exchange Commission (the "SEC") on Form 10-K
for the year ended December 31, 2024, as amended, as well as other risks and
uncertainties which may be described in any subsequent quarterly report on
Form 10-Q filed by the Company and the other reports the Company files with
16
the SEC. Copies of our SEC filings are available on our website at
www.bostonomaha.com.
In addition, the forward-looking statements included in this letter to
shareholders represent the Company’s views as of the date hereof. The Company
anticipates that general economic conditions and subsequent events and
developments may cause the Company’s views to change. However, while the
Company may elect to update these forward-looking statements at some point in
the future, the Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing the
Company’s views as of any date subsequent to the date hereof.
Non-GAAP Information:
This letter includes Company financials on an as-reported basis. The Company
also refers to and presents “Adjusted EBITDA” as the only non-GAAP financial
measure within this letter, for which additional disclosure is required as a “non-
GAAP” measure within the meaning of Regulation G under the Securities
Exchange Act of 1934.
The Company’s use of this non-GAAP financial measure includes adjustments
that reflect how management views our separately reported business segments.
The Company believes the use of this non-GAAP financial measure provides
useful supplemental information that enables investors to better compare the
Company's performance across periods, and management also uses this measure
internally to assess the operating performance of each of its business segments,
to assess performance for employee compensation purposes and to decide how to
allocate resources. However, investors should not consider the use of this non-
GAAP financial measure in isolation from, or as a substitute for, the financial
information that the Company reports. The Company's earnings releases,
including its earnings release dated March 28, 2025 for the year ended December
31, 2024, contain financial measures calculated in accordance with GAAP that
correspond to the non-GAAP financial measure included in this presentation. The
Company's earnings releases are available on the Company's website at
www.investor.bostonomaha.com/news.
17
Reconciliations of the use of this non-GAAP financial measure to the most
comparable GAAP measure are provided in the appendix to this presentation.
Disclosure:
Boston Omaha Asset Management (“BOAM”) is the business/trade name for
certain asset managers that are owned and controlled by Boston Omaha Asset
Management, LLC, a wholly owned subsidiary of Boston Omaha Corporation.
These managers currently include 24th Street Asset Management, LLC ("24th
Street") and BOAM FUND ONE: IM LLC. BOAM FUND ONE: IM LLC manages Fund
One: Boston Omaha Build for Rent (“BOBFR”). The information contained herein
Change
2024
2023
#
Net income
6.9
$
5.7
$
1.2
$
Interest expense, net
1.4
1.0
0.5
Depreciation
5.2
5.1
0.1
Amortization
3.9
3.9
(0.0)
Accretion
0.2
0.2
0.0
Loss on disposition of assets
0.1
0.2
(0.1)
Adjusted EBITDA
17.6
$
16.0
$
1.6
$
Change
2024
2023
#
Net loss
(7.4)
$
(7.0)
$
(0.5)
$
Interest expense (income), net
0.0
(0.0)
0.0
Depreciation
9.1
6.8
2.3
Amortization
3.5
3.3
0.2
Accretion
0.0
0.0
(0.0)
Loss (gain) on disposition of assets
0.7
(0.1)
0.8
Noncontrolling interest
-
(0.1)
0.1
Adjusted EBITDA
5.8
$
2.9
$
2.9
$
Change
2024
2023
#
Net income
2.7
$
2.1
$
0.7
$
Depreciation
0.2
0.2
0.0
Amortization
0.2
0.2
0.0
Other investment (income) loss
(0.2)
(0.5)
0.3
Adjusted EBITDA
2.8
$
1.8
$
1.0
$
For the Years
Link Media Outdoor
Ended December 31,
Boston Omaha Broadband
For the Years
Ended December 31,
Ended December 31,
For the Years
General Indemnity Group
18
is not an offer to sell, or a solicitation of an offer to purchase any fund managed
by these entities. Such an offer will be made only by an Offering Memorandum, a
copy of which is available to qualifying potential investors upon request.
The opinions expressed herein regarding BOAM and its investments are based on
the views and research of BOAM as of the date of this letter and are subject to
change. BOAM reserves the right to modify its current investment strategies and
techniques based on changing market dynamics. It should not be assumed that
any of the transactions or real estate assets discussed will prove to be profitable,
or that the decisions we make in the future will be profitable or will equal the
investment performance of the funds discussed herein. All fund returns, unless
otherwise notated, are net of expenses, asset management fees, and carried
interest. Inherent in any investment is the potential for a total loss of the
investment. There can be no assurance that any fund investor will receive return
of their capital.